The simplest option is to buy XLM with AUD, but we’ll include step-by-step instructions on each purchasing method below.
Buying XLM with fiat currency
If you want to buy XLM with AUD but don’t know how, here’s an example of how to do it.
As one of the world’s top 10 cryptocurrencies in terms of market cap, Stellar Lumens can be purchased on a wide range of crypto exchanges. The first step is to choose an exchange that suits your trading needs and then register for an account.
Melbourne-based CoinSpot is one platform that allows you to buy crypto with AUD. You can register for a CoinSpot account by providing your name, email address, mobile number, proof of residency and proof of ID.
You’ll also be required to provide a photo of yourself holding a signed statement. It’s also recommended that you enable 2-factor authentication before moving to step 2.
After logging in to your account, click on the “Deposit AUD” link on your account dashboard. You can then choose whether you want to deposit funds online using either POLi Payments or BPAY, or whether you would prefer to deposit cash at a participating newsagent using blueshyft.
The final step requires you to navigate to the trading page, find the currency pair you want to trade and enter the details of how many XLM you want to buy. However, please note that Stellar Lumens are listed on CoinSpot under the ticker symbol “STR” – this is the original code used for Stellar’s native asset and is still used instead of XLM by some exchanges, but rest assured that both refer to the same cryptocurrency.
On CoinSpot you’ll need to click the “Buy/Sell” link at the top of the screen and search for Stellar Lumens among the currencies listed. Once you’ve found it, click on “Buy STR” and then enter either the amount of STR you want to buy or the amount of AUD you want to spend.
Make sure that you take a moment to review the details of your transaction before clicking “Buy STR”.
Buying XLM with cryptocurrency
If you’d prefer to buy XLM with another cryptocurrency, here’s how you can do it.
Compare the features of a range of exchanges that list XLM in one or more crypto trading pairs before deciding on the right platform for your needs.
As one of the most popular crypto exchanges in the world, Binance lists XLM in multiple currency pairs. You can register for a Binance account by entering your email address and creating a password.
Is the cryptocurrency you’ll use to buy XLM already in your Binance wallet? If it is, skip ahead to step 3.
To transfer funds into your account, you’ll need to deposit them to the correct wallet address. You can find the relevant address on Binance by clicking “Funds” and selecting “Deposits”, then searching for the currency you want to deposit – Binance lists XLM in trading pairs alongside bitcoin, Ethereum, Tether and Binance Coin.
Once the crypto has arrived in your Binance account, click on the “Exchange” tab and select either the “Basic” or “Advanced” trading view. Use the box provided to search for the pair you want to trade, for example XLM/BTC, then choose whether you want to place a limit, market or stop-limit order.
It’s then a matter of entering the amount of XLM you want to buy, taking a moment to review all the details of your transaction, then clicking on “Buy XLM”.
How to sell XLM
If you decide that you want to sell your XLM holdings, the process you’ll need to follow is fairly similar to that detailed in step 3 above. You’ll have to:
Log in to your chosen exchange.
Click through to the trading page and search for the pair you want to trade.
Enter the details of your transaction in the “Sell” tab.
Review the transaction specifics.
Click “Sell XLM”.
Which wallets can I use to hold Stellar Lumens?
Some people opt to keep the XLM they buy in their crypto exchange account. While this is a convenient option that makes sure you have fast access to your crypto for any future trades, it’s a risky move. With crypto exchanges a popular target for hackers, it’s widely recommended that you move your XLM into a secure wallet that lets you control your private key.
Launched in 2014, Stellar 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 of approximately a single 600,000th of a cent per transaction.
To send funds on the Stellar network, you’ll need to create an account and then upload the currency you want to transfer to an “anchor”, such as a bank or remittance company. That anchor then issues virtual credit to your Stellar account, allowing you to send near-instant transfers around the world.
According to Stellar, Lumens play two main roles in the network:
Preventing spam. To prevent denial-of-service attacks, each transaction on Stellar attracts a fee of 0.00001 XLM. All accounts on the Stellar network must also hold a minimum balance of 0.5 Lumens, a measure designed to declutter the ledger.
Facilitating multi-currency transactions. Lumens facilitate trades between fiat currencies, acting as a bridge between currencies which do not have a large direct market.
The project is backed by the Stellar Development Foundation (also known as stellar.org), which has a mission to promote global financial access, literacy and inclusion.
Cryptocurrencies are highly volatile and complicated assets, so there’s a significant level of risk involved in any crypto purchase. With this in mind, you’ll need to carefully assess all the factors that could potentially have an impact on the price of a currency before you buy.
If you’re thinking of buying any XLM, remember to consider the following:
Supply. According to CoinMarketCap, at time of writing (August 2018) the circulating supply of Lumens was 18,771,744,750 XLM out of a total supply of 104,204,519,656 XLM.
Inflation. The initial supply of Lumens was 100 billion, but the currency is designed to be inflationary. A fixed inflation rate of 1% per year applies and all transaction fees paid on the network are recycled.
Distribution. Stellar.org plans to distribute the initial supply of 100 billion XLM as follows:
50% given away to individuals who sign up to the network using an invitation link.
25% given away to businesses, governments, institutions or non-profit organisations that contribute to the growth and adoption of the Stellar network.
20% given away to bitcoin and XRP holders during a giveaway completed in 2016 and 2017.
5% reserved for Stellar.org operational expenses.
ICOs. The Stellar network can also be used by new crypto projects looking to launch ICOs. Mobius Network and SureRemit are just a couple of the projects to have launched via Stellar.
Competition. Ripple is generally considered to be Stellar’s biggest blockchain-based competitor, so check out our Ripple vs Stellar comparison to find out how these two projects stack up against one another.
The main challenge for Stellar in the months and years ahead will be whether or not it can achieve widespread adoption. Make sure you thoroughly research all the ins and outs of the Stellar network, its technology and its purpose, so you can make an informed decision about whether you should buy any XLM.
Yes. It’s difficult but not impossible to buy XLM with a credit card. Platforms such as CEX.IO and Changelly accept credit and debit card deposits, but do not list AUD as a supported currency at the time of writing.
Yes, it’s possible to buy XLM with cash. For example, you could deposit cash into your CoinSpot account via a newsagent that offers blueshyft services, then use those funds to buy some XLM.
Yes. CoinSpot, for example, lets you deposit funds from your bank account via POLi Payments or BPAY and then buy XLM.
No. There is currently no way to directly buy Stellar Lumens with PayPal.
Yes. XLM is listed alongside BTC on a wide range of cryptocurrency exchanges.
XLM and STR are both ticker codes used to refer to the same cryptocurrency, Stellar Lumens. When the Stellar network was launched in 2014, its native currency was originally known as the Stellar and given the ticker code STR. Stellars were rebranded to Lumens in 2015, resulting in the new ticker code of XLM, but some exchanges still use the old STR code when referring to the currency.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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