How To Buy Stellar Lumens (XLM) In The USA

Last Updated October 1st 2022
6 Min Read

A beginner’s guide to buying, selling and trading XLM cryptocurrency in the USA

Thinking about adding Stellar to your portfolio?

Stellar (XLM) is an open-source and blockchain-based protocol that is designed for financial institutions and payment providers, which enables users to transfer all types of assets. Its token, XLM, is used when transferring funds using standard methods. Now, it has expanded to the extent of being traded on top cryptocurrency exchanges.

More traders and investors are purchasing XLM than ever before. That’s because of the increasing price of the token and its future outlook as well.

Buying Stellar in the USA has now become easier than in the past, as most exchanges now offer XLM order services on their platforms. So, if you’re looking to buy Stellar, going through an exchange is the right way. Hang on let’s walk you through the step-by-step process.

How To Buy Stellar In The USA – Quick Guide

To help you buy Stellar coins as quickly as possible, we broke the process down into a few easy steps:

  • Step 1: Open an account with eToro – Head to eToro’s website and click join now to open a new account.
  • Step 2: Verification – By uploading essential documents that show proof of identity and home address, you will get your account verified in a short time. 
  • Step 3: Deposit – Fund your new eToro account with a minimum of $10. 
  • Step 4: Search for Stellar on eToro – Search for XLM or Stellar in the eToro crypto market.
  • Step 5: Buy XLM – Enter the amount of the worth of Stellar you want to purchase in United States Dollars (USD), then click Open Trade. 

That’s it! By following these easy steps, you can invest in Stellar in The USA in less than 5 minutes.

 

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

Where To Buy Stellar Lumens (XLM) In The USA

Are you searching for how to buy Stellar XLM in the USA? Well, there are hundreds of crypto exchanges and brokers in the USA. This can make it hard to know which platform is right for you. 

List of the best Exchanges to buy Stellar XLM in the USA:

Looking where to buy XLM in the USA right now? Below you will find 4 of the best brokers that allow you to buy XLM in the USA. 

  • eToro - Best broker to buy Stellar (XLM) in The USA
  • Binance - Best exchange to buy Stellar XLM in the USA for asset diversity
  • Coinbase - Best exchange to buy XLM for beginners
  • OKEx - Best broker to buy XLM USA for low-cost

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

A Step-by-Step Guide To Buying Stellar Lumens (XLM)

Set up an account with an exchange that supports Stellar in three steps:

Step 1: Open an online account

In most cases, opening an account with a cryptocurrency exchange is the surest way to buy or sell any type of crypto asset or altcoin. The crypto exchange performs a similar role as a stockbroker because your broker plays the role of buying and selling stocks on your behalf. In the case of a crypto exchange, you deposit with them and ask them to carry out certain buying or selling orders.

However, registering with an exchange for the first time means you need to submit certain information. This includes your details like name, email address, proof of address, and employment detail.

Note that two major types of cryptocurrency brokers exist: those that offer a wide range of assets and those that offer only access to cryptocurrencies. The latter group provides more liquidity for crypto assets, so you should go for this group of brokers.

If you’re interested only in Stellar (XLM), you need to choose an exchange that gives you the opportunity of selling the token very fast whenever you want.

Step 2: Get a crypto wallet

After opening an account with your preferred crypto exchange, the next step is to buy a crypto wallet for storage. There are two types of crypto wallets you can buy: the hot storage wallet and the cold storage wallet. Cold storage is a physical device that stores your tokens and keeps them safe using a private key offline. On the other hand, hot storage wallets are the online methods of storing your wallets. They are less secure compared to cold storage wallets.

It’s recommended to store your wallet in a cold storage wallet that is compatible with the Stellar network. This will help you avoid the risks from theft and hack that are gradually increasing in the crypto industry.

Step 3: Buy Stellar

The next step is to buy the Stellar token. You can decide to buy at market prices or use a buy limit order to purchase the Stellar. The buy order is a set of instructions that inform your crypto exchange which crypto asset you want to buy, at what price, and how many coins you want to buy.

With the market buy order, your instruction is executive almost immediately after filling the order form.

Once the order form is filled, you are asked to review the order before it is accepted and executed. Once the order is filled, the number of coins you ordered will appear on your exchange account.

Afterwards, you can decide whether to start trading with the Stellar tokens or withdraw them to your crypto wallet if you intend to store them for a long time.

But if you’re using the buy limit order, you have to indicate at what price the order should be filled. This type of order is allowed by some exchanges, as a means to give you’re the option of buying Stellar when it hits a particular price.

Remember here that your order will not be filled until the token reaches or go below the limit you have selected. The feature can be useful if you expect a further decline in the price of Stellar before it starts moving upwards.

Don't Miss: Stellar Price Prediction

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

Trading Or Selling Your Stellar Lumens (XLM)

Selling Stellar is not a big deal anymore, unlike in the past when the market is not liquid enough. Now, you can place your sell order and it will be filled in minutes.

Once you’re ready to sell, go to the sell page on your exchange and select the right Stellar pair you want to trade. Fill out the amount and other necessary details before placing the order. 

Once the transaction is complete, the number of tokens you sold will be debited from your exchange account while the equivalent fiat currency value will appear on your account. You can decide to withdraw the funds directly to your bank via the same method you used when depositing to the exchange. That is how easy it is to sell your Stellar tokens.

Check Out: Will Stellar Make Me Rich in 10 Years?

Things To Consider When Buying Stellar Lumens (XLM) In The USA

Going into the cryptocurrency industry is not something to be taken likely. You need to consider certain things even before you choose an exchange and register with them. Here are some things you need to have in mind.

Future growth of Stellar

If you’re looking to keep Stellar for weeks before selling, you need to look at the present activities around Stellar and what the future holds for the project. This will enable you to predict whether the token will perform better shrink in its value in the future.

Protect your wallet keys

Your wallet keys give you complete access to your crypto funds. If lost or misplaced, there is no way of getting your funds back. That is why it’s important to secure your wallet keys by all means possible.

Consider the liquidity of an exchange

Before you link your account to any exchange, make sure the selected exchange is seeing enough market activities. While Bitcoin is the most liquid cryptocurrency across all exchanges, buying and selling tokens like Stellar in some exchanges may not be very swift. 

That is because, for every buy order placed on the platform, there must be a sell order for the exchange to take place. So, it’s important to choose an exchange with lots of users on the platform. This will come in handy if you are going to trade regularly on the exchange.

Conclusion

The cryptocurrency industry is booming at the moment. Everyone wants to have a share of the crypto windfall, but it’s important to conduct proper research before investing in any token. With the present developments happening around the Stella platform, investors are buying more of the token with high hopes of a future rise in its price.

If you’re looking to buy Stellar in the USA, the above tips will guide you all the way.

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

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What Will Stellar Lumens Be Worth In 10 Years?

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