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Stellar is a decentralised payment platform designed to connect banks, payments systems and people. It aims to provide a worldwide financial network that allows for fast, reliable and affordable cross-border payments.
Lumens (XLM) are the native asset of the Stellar network, and at the time of writing was one of the world’s top 10 cryptocurrencies in terms of market capitalisation.
If you’re thinking of buying Lumens, you’ll first need to find somewhere safe to store your XLM. However, there are myriad wallets available, so read on to find out more about five of the most popular options to find one that's right for your needs.
Learn more How to buy Lumens (XLM)
If you’re searching for a Stellar wallet, keep the following tips in mind before choosing how to store your XLM:
There's plenty more to learn about cryptocurrency wallets in our complete guide.
If you’re looking to hold a large amount of XLM, storing them offline in a hardware wallet is widely recommended as the most secure option. The Ledger Nano S is one of the most popular hardware wallets available, offering a simple and safe place to store your cryptocurrencies.
A small and portable device that connects to your computer via USB, the Nano S supports Lumens (XLM), bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Dash (DASH) and a host of other digital currencies. The setup process is straightforward and the Nano S works with Ledger’s own companion apps or other compatible software and online wallets to allow you to manage your holdings.
However, the main advantage of this wallet is its security. The Nano S features a secure element and dual-chip architecture and your private keys are secured by a secure PIN and never given to anyone else. Two-factor authentication is also supported, while a built-in OLED display and buttons allow you to manually check and verify transactions.
As for downsides, the major drawback of the Nano S is that it doesn’t come free. At the time of writing (26/02/2018), it was selling for €79 plus tax on the Ledger website.
This open-source desktop wallet is available for download on Windows, Mac and Linux operating systems. It allows you to encrypt your XLM secret key and then store it on your own computer, ensuring that you don’t have to hand the key over to a third party. There’s no registration requirement and transactions are signed offline.
It’s easy to send and receive XLM from this wallet, while it also provides the option of depositing and withdrawing Chinese yuan (CNY). If you’re looking for a simple wallet designed with the purpose of managing XLM, this is well worth a look.
However, there are other wallets out there with better-looking interfaces, while you may also want to consider the fact that this wallet is for XLM only. If you want to store multiple cryptocurrencies, you’ll need to look elsewhere.
Next on the list is Stargazer, a Stellar wallet available for both desktop and mobile devices. You can download Stargazer for Windows, Mac OS X and Linux operating systems, while it’s also available for Android devices from Google Play. Unfortunately, there’s no iPhone app.
Designed to be as simple and straightforward as possible, Stargazer makes the process of sending and receiving Lumens easy. It accommodates multiple accounts and multiple assets, offers support in multiple languages, and allows you to set up federated addresses and rely on multisig security.
However, it does have some shortcomings. Of the 51 reviews of the Stargazer app on Google Play at the time of writing, 25 gave it 1 star out of a possible 5, with many users pinpointing several in-app bugs as the source of their unhappiness.
One other option you may be considering is storing your Lumens in the wallet attached to your account on a cryptocurrency exchange. If you’re planning on placing a trade using your XLM, this option ensures that your funds can be quickly accessed whenever you need.
However, storing cryptocurrency on an exchange does expose you to security risks. Not only is there the risk of your account being hacked, but there’s also the important distinction that the wallet is actually owned by the exchange and not by you. This means the exchange could theoretically close your account at any time.
As a result, it’s generally recommended that you store your digital currency in a private wallet that you own and that allows you to retain control of your private keys.
If you’re looking for a no-fuss wallet designed to provide a simple way to store and manage your XLM, Lobstr is designed with you in mind. Right from step 1 of the setup process through to handling transactions on a day-to-day basis, Lobstr is functional, uncomplicated and straightforward.
Available on both Android and iOS devices, Lobstr boasts an attractive interface that crypto novices should have no trouble understanding. You can send and receive funds easily, and there’s also a quick XLM price converter for added convenience. Other features include two-factor authentication, fingerprint support and secure PIN protection.
However, it’s worth pointing out that mobile wallets will never offer the same level of security as offline wallets, and those looking to store multiple currencies won’t be able to do it in this Lumens-only wallet.
Astral is a web-based Stellar wallet with a host of handy features. At the top of the list is the fact that it provides simple and convenient access to your XLM whenever you need it, allowing you to quickly send and receive Lumens as required.
When you sign up for an Astral account, all eligible accounts are automatically enrolled in an inflation pool, earning inflationary XLM every week based on your account balance. Two-factor authentication is also mandatory, while data is encrypted with AES-256 and email confirmation is required when you withdraw funds to new addresses. There’s also the added flexibility of being able to generate multiple addresses for easy funds organisation.
However, before choosing a web wallet it’s important to be aware of the security risks associated with online wallets. If you have a large balance you want to store, keeping your XLM in an offline wallet is widely seen as a safer choice.
Want to know how to keep your XLM holdings as safe as possible? Keep the following tips in mind:
Check out our comprehensive guide to choosing a crypto wallet
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