If you’re based in Australia and wish to buy XLM – the process is very simple. All you need to do is find a regulated online broker that offers competitive fees, deposit some funds with a debit/credit card, and decide how much you wish to buy.
The guide will explain the best way to buy Stellar (XLM) in Australia. You will also understand the step-by-step method of buying XLM in a cryptocurrency exchange.
Stellar is a type of cryptocurrency used to refer to the virtual or digital currency that the Stellar Development Foundation created. The currency of the organization is known as Lumen. This is then traded by using the symbol – XLM – on different cryptocurrency exchanges.
Lumens are acceptable to be used for trading on the Stellar digital network. This Stellar network is a distributed ledger network based on the blockchain. It connects different banks, systems of payments, and different people to create low-cost, value transfer of cross-assets that includes payments.
If you’re looking to buy the XLM crypto asset in Australia, this guide will help you throughout the buying process.
What's in this guide?
In this guide, people looking to buy Stellar in Australia will find all the information they need. The guide explicitly describes all the processes you will need to purchase the Stellar cryptocurrency through an exchange. Also you will get important information on how to sell your Stellar by using an exchange.
- QUICK GUIDE: HOW TO BUY STELLAR XLM IN AUSTRALIA
- Where to buy Stellar in Australia
- A Step-by-Step Guide to Buying XLM in Australia
- How to sell Stellar
- Which wallets can I use to hold Stellar?
- How Stellar works
- Things to consider before you buy Stellar
QUICK GUIDE: HOW TO BUY STELLAR XLM IN AUSTRALIA
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select XLM.
- Enter how many Stellar XLM coins you want to buy.
- Check the details and confirm your purchase.
Where to buy Stellar in Australia
People looking to buy Stellar can do this by using a cryptocurrency exchange. This exchange can also be called a broker. These crypto exchanges look much like stock brokerage firms as they enable sellers and buyers to exchange assets. This is the best alternative for beginners in cryptocurrency.
A Step-by-Step Guide to Buying XLM in Australia
Stellar can be bought either through a different cryptocurrency or through the use of fiat currencies.
Buying Stellar with a Fiat currency
1). Register on a cryptocurrency exchange
Stellar is among the leading ten cryptocurrencies in the world by market capitalization. Stellar can be bought on numerous cryptocurrency exchanges. To buy Stellar from an exchange, you will need to choose the exchange you like and set up an account with them.
Some platforms will need you to provide a passport and enable the 2-level authentication feature before you deposit any money.
2). Deposit money into the account
Soon as your account is fully activated, you will now be required to deposit some money. There is a link on the dashboard of your account that allows you to do this. Depending on the platform that you choose, there are several ways that you can deposit the money.
3). Buying XLM
In the last step, you will need to buy some XLMs. All you need do is to look for the pair that you are trying to sell. Input the details of the amount of XLM that you are looking to purchase.
Buy Stellar with another cryptocurrency.
1). Sign up for an account
You can compare the different features of different exchanges with various lists of Stellar with one or more cryptocurrency trading pairs before you decide on your suitable platform.
There are several popular exchanges that list Stellar with multiple currency pairs. You can easily register with these crypto exchanges. Lastly, always remember to activate the two-level authentication in the account before you deposit any money.
2). Depositing money into your account
If you have the cryptocurrency to buy Stellar in your account, you can move to the third step. If not, you will need to transfer some cash and buy cryptocurrency.
To do this, you will need to transfer some money into the account and make sure that it is sent to the correct wallet address. You will be able to find a suitable address on the exchange when you click funds. You will then go ahead and select "Deposits" and look for the currency you need to deposit.
You will then select the token or the coin that you need and copy the correct wallet address, or you could scan up the QR code. With this address, you will be depositing the funds into your private wallet.
3). Purchase the Stellar
When you have the crypto transferred to your account, you can then click to exchange the cryptocurrencies. You could choose either the advanced or the basic trading view. Look for the pair you are trying to exchange, then select if you will place a limit, stop-limit, or the market order.
After inputting all the details of the amount of Stellar you are purchasing, you can then take out some time to crosscheck all the information of the transaction before you can now click to buy Stellar.
How to sell Stellar
For holders of Stellar looking to sell their cryptocurrencies can do this in several short and easy steps. Since you already have an account, selling your Stellar cryptocurrency is as easy as buying.
Log into your account to the exchange of your choice. You can then click on the trading page and look for the currency you are looking to trade. Input all the relevant details of the transaction and click on the tab to sell. Before you finally sell, review all the details of the transaction.
After reviewing the details, you can then click the tab to sell your Stellar.
Which wallets can I use to hold Stellar?
Certain people prefer to keep their Stellar in their crypto exchange account. This is convenient; it is also a risky option. Due to the risk of your account getting hacked, it is recommended that you move your Stellar to an account that is secured and allows you to control the account with the use of a private key. There are several wallets that support the storage of Stellar.
How Stellar works
Stellar was launched in 2014 and aims to deliver an affordable and fast cross-border transaction. It comes with a distributed payment system that ensures that you get transactions that are processed in the space of between 2 and 5 seconds. There is also a tiny fee that is charged for every transaction.
The two primary roles of Stellar in the network is to prevent spam and to facilitate multi-currency transactions.
Things to consider before you buy Stellar
Cryptocurrencies are digital assets that are complicated and highly volatile, which means that every crypto purchase comes with its own risk. Considering this, you will need to carefully consider every one of the factors that can impact the XLM currency price before you purchase it.
People looking to buy Stellar can think of the following considerations before they buy.
Supply: There was a current circulating supply of 20 billion Stellar out of a total amount of 104 billion.
Inflation: Initially, about 100 billion of Stellar supplied; however, the currency can inflate. There is a fixed 1% inflation rate every year, and this affects, and all paid transaction fees on this network are fully recycled.
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Can I purchase Stellar using a debit card or credit card?
It is possible to buy Stellar by using a debit/credit card. Several platforms accept deposits through cards.
Can I buy Stellar with cash?
It is certainly possible to buy Stellar by using cash. For instance, you can open an account and deposit cash, after which you can then proceed to buy Stellar.
Can I buy Stellar using my bank account?
Of course, you can deposit funds through your bank accounts, as some exchanges allow you to do this.