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Stellar is a highly volatile asset capable of major price swings in a single day. Today XLM is trading for $0.161794 USD, which is higher than yesterday's trading price of $0. USD.
Before you buy Stellar, make sure you understand these unique risks as well as its legal and tax status here in Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Stellar.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Find an exchange to buy, sell and trade XLM by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we picked these
Launched in 2014, Stellar Lumens is a cryptocurrency that aims to offer fast and affordable cross-border transactions. Its distributed payments network ensures that transactions are processed within 2 to 5 seconds, for a tiny fee, typically a fraction of a cent.
On launch, Stellar was intended to serve as a value-store and transaction method for the unbanked, allowing them to participate in traditional financial instruments that are otherwise inaccessible. However, Stellar's development team soon pivoted towards servicing financial institutions and allowing them to communicate with one another through blockchain technology.
Due to the extremely low transaction fees and high speeds, Stellar intends to disrupt current cross-border payment methods that are often slow and riddled with high fees, which becomes untenable for institutions which are making constant financial transactions.
Stellar is a hard fork of the Ripple (XRP) cryptocurrency. XLM is the native token of the Stellar network and operates as a bridge that can facilitate trades between two different currencies. It is also used to pay for transaction fees, which helps in preventing spam.
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Stellar.
Once you've created an account, you will need to deposit funds to buy XLM with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy XLM:
The easiest way to buy XLM is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying XLM, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Stellar has been performing recently.
You can keep your XLM on the exchange you purchased it on, or move it to a personal wallet:
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
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Price (USD) $99 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
Despite dipping in September, the price of Bitcoin is up over 8% in the last month with Ether following at 4%. Meanwhile, Altcoins have been having a moment with BNB one of the top performers, jumping over 20% in the last 30 days alone, XRP up 6% and SOL having jumped 11%.
Meanwhile crypto exchanges in Australia will soon need to hold a financial services license (AFSL) under new draft legislation. Once rolled out, it means exchanges will be held to the same reporting and compliance standards as superfunds and online brokers.
As with any investment, it is vital you understand the risks and potential upside of the asset before making any financial decision. With regards to XLM, here are a few things you should consider:
Compare today's price of Stellar ($0.161794 USD) against its all-time-high price of $0.875563 USD on 03 January 2018. The closer the bar is to 100%, the closer XLM is to reaching its ATH again.
Disclaimer: Cryptocurrencies, including Stellar, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of XLM is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Stellar or any other cryptocurrency discussed.
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