Stellarport cryptocurrency exchange – review
Buy and sell on the Stellar decentralised exchange and take advantage of zero trading fees.
|Product Name||Stellarport Exchange|
|Cryptocurrencies||XLM, BTC, BCH, USDT, OMG, ZRX, KIN, MOBI & more|
|Deposit Fees||US$3 to $5 equivalent for initial deposit|
|Withdrawal Fees||US$2 to $5 equivalent|
What is Stellarport?
Stellarport is a portal to the Stellar network that allows real-time trading on the Stellar decentralised exchange. Features Stellarport boasts of include an average transaction processing time of five seconds, no trading fees, a modern trading interface and the ability to trade in real time. Users also get to retain control of their private keys and funds rather than having to hand them over to a third party.
The platform even features a wallet where you can send and receive payments in a variety of cryptocurrencies, including XLM. Stellarport also supports hardware wallets for users who wish to place a higher emphasis on security.
It’s important to note that Stellarport is not in any way related to The Stellar Foundation, but is a separate provider that has decided to build its platform in the Stellar ecosystem.
Which cryptocurrencies can I buy/sell?
Stellarport provides access to a wide range of cryptocurrencies, including:
For a full list of currencies that can be traded on the platform, you can visit Stellarport’s exchange page.
A global platform, Stellarport allows users from all around the world to interact with the Stellar network. If you’re unsure whether you’ll be able to access the portal from your country of residence, contact Stellarport directly for more information.
Which payment methods are accepted?
At the time of writing (19/03/2018), Stellarport does not accept deposits of fiat currency. Instead, it accepts cryptocurrency deposits in:
How much will it cost me to use Stellarport?
If you’re planning on trading any cryptocurrencies through Stellarport, there are no trading fees. There are withdrawal fees though, and the initial deposit will incur a fee to cover the cost of a KYC check.
The withdrawal fee is 0.5%, plus a fixed amount equivalent to about US$2 to $5 depending on the cryptocurrency. The initial deposit fee also includes a fee of about $3 to $5 to cover the cost of a KYC check.
How fast will my funds be available?
Stellar’s blockchain network settles transactions in an average of 5 seconds, with all transactions processed within a maximum of 10 seconds.
Are there any transfer limits?
No. There are no limits listed on the Stellarport website.
Is it safe to use Stellarport?
Stellarport connects you to the Stellar blockchain, allowing you to take advantage of the network’s inherent security features. As it’s a decentralised platform, you also don’t have to worry about the security risks associated with trading on a centralised exchange.
When you create an account with Stellarport, you get to retain control of your private key. This means that you retain ownership of your funds and can trade them on a peer-to-peer basis with other users.
Finally, you don’t have to complete any Know Your Customer (KYC) requirements to create a wallet, which is a useful feature for any users who value their privacy.
If you ever have a question about how to use Stellarport or how your account works, you can access a small selection of frequently asked questions online. You can also submit a request to the support team using the online contact form.
Pros and cons
- Fast processing, with transactions allegedly settled in an average of five seconds.
- Also features a wallet where you can manage your XLM.
- Allows you to retain control of your private keys.
- No trading fees.
- Decentralised trading platform.
- Interface a little confusing for new users.
- No support for fiat currency deposits.
Once you access the Stellarport website, you can sign up for an account through one of the following options:
- Generating a keystore file (default)
- Generating a new key pair
- Using a Ledger hardware wallet
Follow the prompts to create your account, deposit funds and then you can start trading.
At the time of writing, the author holds IOTA and XLM.