Stellar is open-source software that allows conducting transactions. It is a decentralised network where you can convert digital money to traditional money. The transfers are low-cost and make it possible for cross-border transactions. 

Lumens is the built-in token of this thriving network, and it plays an important role. It is crucial to maintain a Lumens balance if you wish to keep using the Stellar network. The transaction cost is also deducted in the form of Lumens. This makes it necessary to have Lumen tokens as a Stellar user. In this article, we discuss the various methods to get XLM. 

1

What to Consider When Buying Lumen?

If you are thinking of buying Lumens, consider these factors before making a decision:

The cost of buying XLM 

The cost is the most important thing you need to look at while buying XLM. At the end of the day, Lumen is a cryptocurrency, so the prices fluctuate heavily.

Before you buy XLM, check the price. If it is too high, you can wait for some time because it will come down. There is no need to exceed your budget.

Finding a reputable exchange 

You should find a reputable exchange to get your Lumens from. Just like there is always a risk of stumbling across traditional counterfeit money, you could also be hoodwinked into buying fake digital money.

Since the whole process is online, it is easy to get scammed. If you want to avoid such circumstances, it is best to buy your Stellar Lumens from a reputable crypto exchange.

Bonuses at crypto platforms

Offering bonuses is a great way for various cryptocurrencies to grab people’s attention. So, there are frequent bonuses on crypto platforms for specific cryptocurrencies.

Check whether Lumen is one of them. For example, a crypto platform might offer deals where you get an extra discount for using particular cryptocurrencies.

Is the platform user-friendly?

The workings of cryptocurrencies are not usually easy to comprehend. The technology that these platforms use is quite complicated. But that should not stop it from being user-friendly.

People want to use cryptocurrencies because they allow more freedom in their transactions than banks. But a complex platform would deter users. Check if Stellar is an accessible network to use.

2

Where to Get Stellar Lumens?

You are probably wondering where to get Lumens that can be used on the Stellar network. Well, don’t worry. We have got you covered. There are various platforms where you can get Lumens. These are discussed below:

Cryptocurrency exchanges

There are cryptocurrency exchanges where you can convert other currencies into Stellar Lumens. Be it other cryptocurrencies like Ethereum and Bitcoin or additional traditional money, you can use any of them.

Trading pairs like XLM/DOGE or USD/XLM show the currencies you can exchange to get XLM.

Trading apps

There are trading apps where you can buy or sell Stellar Lumens. But the catch is that you can only use other cryptocurrencies to make the payment.

Unlike on exchange platforms, you don’t just exchange currencies on trading apps. Instead, you buy and sell them for XLM.

Most trading apps today function as crypto exchanges as well. Popular apps include Lobstr, Kraken, Gemini and CoinBase.

Lumen ATMs

You can also get XLM from the numerous Lumen ATMs available. These are likely regular ATMs where you can buy or sell Lumen.

To buy XLM, you need to have a debit or a credit card initiate the process. If you want to sell XLM, you will receive cash in return.

Brokerages

Brokerages are third party institutions that mediate cryptocurrency transactions. It can be an individual or a firm. They help buyers and sellers to finish the transactions smoothly.

If you use a brokerage, you don’t need to understand the market. Instead, the brokerage would conduct the transaction for you.

3

The Steps of Acquiring Stellar Lumens

So you finally know where you can get Stellar Lumens. Now it is time to learn about the steps you need to follow to acquire them. Just follow these steps listed below:

  1. Choose a platform to buy Lumens from

As you saw, there is a wide range of platforms that offer Lumens. Collect information about these platforms, and choose one that suits your needs the best.

  1. Decide on a payment option to pay for XLM

The next step is to pay for your Lumens. The good news is that most platforms offer a long list of payment options for buying XLM. Go through the list, and decide which payment option is the best for you.

You can use platforms like PayPal or pay using bank transfers. Some platforms even offer to exchange other cryptocurrencies for XLM.

  1. Place your order

After making your payment, it is finally time to place your order. Decide the number of tokens you wish to buy, and complete the order.

  1. Receive and safely store your XLM

Once your order is processed, you will receive the XLM tokens in your account. Ensure you have an account in a crypto wallet; otherwise, you cannot accept the XLM.

A reputable crypto wallet will not only help you store your XLM but will keep it secure too.

FAQ

What is Stellar Lumens?

Stellar Lumens is a decentralised, open-source network that facilitates low-cost cross-border transactions. Lumen is the built-in token of the Stellar network.

Where can I get Stellar Lumens?

There are a lot of platforms where you can get Lumens. They include cryptocurrency exchanges, trading apps, brokerages or Lumen ATMs.

Can I use other cryptocurrencies to buy Lumens? 

Yes, you can use other cryptocurrencies to buy Lumens. The valid digital currencies for doing so depend on the exchange or the trading app you are using. 

What is a cryptocurrency exchange?

A cryptocurrency exchange enables you to convert digital money into crypto or fiat cryptocurrencies.

What is a Lumens ATM?

A Lumens ATM is a cryptocurrency ATM where you can buy and sell your Lumens. You need a debit/credit card to buy XLM. If you sell your XLM on them, you will receive cash. 

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