How to Buy Stellar Lumens (XLM) in Australia
Stellar’s cryptocurrency Lumens is the second of its kind to serve traditional finance. It has its parallels to Ripple’s XRP, in that XLM is the.
Stellar’s cryptocurrency Lumens is the second of its kind to serve traditional finance. It has its parallels to Ripple’s XRP, in that XLM is the bridge between traditional institutions and the decentralised financial network.
However, unlike Ripple, Stellar’s network can do so much more. Anyone can issue their own digital assets that represent real-world value. Forex exchanges can be made efficient in the network’s atomic swap network, and foreign workers can remit their earnings easily and cheaply to their families across the border.
This article explains how you can invest in XLM through trusted crypto exchanges or retailers in Australia, such as Easy Crypto. If you would like to know more in detail about what Stellar Lumens can offer, head over to our explainer article below.
How to buy Stellar Lumens (XLM) in Australia
Below is a step-by-step process of just how easy it is to buy Stellar Lumens (XLM) in Australia with Easy Crypto.
Step-by-step process of how to buy Stellar Lumens (XLM) with Easy Crypto
- Sign-up / Log in
Signing up and verifying your identity takes around 5 minutes on Easy Crypto. If you sign-up using your Google, Facebook or Twitter account, you could save more time. If you have an account with us already, go ahead and log in with your credentials.
- Placing an order for Stellar Lumens (XLM)
Now that you’ve logged into our platform, proceed to place an order for Stellar Lumens (XLM). You simply enter the amount of XLM you’d like to buy with your Aussie dollars. Then provide us with your wallet address.
- Payment with AUD
We accept transfers from major banks in Australia. For your convenience, we’ve also included POLi Payments as an option. It’s an instant payment service that collaborates with most Aussie banks.
Related: Learn more about POLi and how to use it.
- Wait until the transaction is approved
Unlike other crypto exchanges, your transaction is secured on the blockchain itself. You can even verify that your funds have arrived using the transaction ID (TXID) and the Stellar blockchain explorer.
Need help with your crypto order? This article may help you.
Important. Do not mistype your address. Cryptocurrency transfers cannot be refunded. The best and easiest way to avoid this mistake is to simply copy-paste your address, instead of typing each symbol individually.
Need help with anything? Read our FAQ or contact our Help Desk.
Things to consider before buying Stellar Lumens (XLM)
Now that you’ve gotten a grasp on how to buy Stellar Lumens (XLM) in Australia, here are some additional things to consider when purchasing XLM, or any other crypto in general.
Getting a wallet for XLM
If you are absolutely new to the world of cryptocurrencies, we suggest you start with a downloadable XLM desktop wallet that is offered by Exodus.
Your desktop wallet does not store XLM like a file inside a folder. Rather, your desktop wallet is an interface from which you can see your XLM balances and optionally send XLM to an account.
Stellar in particular has a built-in rule for minimum balances. Be sure to read this article on Exodus about how the wallet deals with this rule.
The Exodus wallet in general is a versatile crypto wallet that supports many cryptocurrencies and tokens other than XLM.
Learn more: Read our review on the Exodus wallet.
If you are planning to store large volumes of XLM, then we highly suggest you consider investing in a hardware wallet like the Ledger wallet.
Unlike Exodus, Ledger is a cold wallet – which means the wallet stores your assets in an offline environment where it stays safe from potential hacks or malicious parties attempting to compromise investments.
For those who are keen to prioritise security above all else, we recommend taking some time to learn about the cold wallet storage option.
More on crypto wallets: Read our guide on getting started with crypto wallets.
Finding a trusted crypto exchange or retailer in Australia
Most people acquire their cryptocurrencies through an exchange or a retailer in Australia. What’s the difference between an exchange and a retailer?
An exchange works a bit like a market, where buyers and sellers meet. The current market price is volatile, and changes every second, and it’s the price at which most buyers and sellers agree. You can choose to order any amount of XLM at the price of your choice. However, if you set the price too low, you may need to wait until a seller decides to sell at that price.
In contrast, a crypto retailer like Easy Crypto is more like a money changer. We buy cryptocurrencies for Aussie dollars, or sell cryptocurrencies that you can buy with Aussie dollars. It’s really that simple.
Buying from a crypto retailer in Australia can give you a better deal compared to overseas exchanges. Here are the reasons:
- You are automatically granted the right to consumer protection as an Aussie citizen. For example, Easy Crypto Australia is registered and regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
- No need to use your credit card to convert Aussie dollars to US dollars, and then back to cryptocurrencies. Such a hassle will cost time and money.
- Proof is all around you. Would you trust a crypto retailer in Australia, serving Aussies in the same continent, or an overseas exchange where the rules are slightly different?
Manage and track your XLM with our portfolio
As with any investments, keeping track of your Stellar Lumens or any other crypto assets is important.
With Easy Crypto you don’t have to deal with tedious spreadsheets or price charts – we do all that for you.
Keep track and manage your crypto assets with our built-in crypto portfolio tracker which allows you to set up your buy history only once, and our software does everything else to keep track of the market price to calculate your earnings automatically.
Before you buy, you should have an investment strategy
While it’s true that XLM is a ready-to-use technology that has been adopted by many people. However, if you’re simply buying XLM to anticipate an increased future value, you will need a solid investment strategy.
Like all cryptocurrencies, XLM is volatile. Even if you are a firm believer in the technology, you should buy XLM with moderation.
Better yet, use the dollar-cost averaging strategy to spread your risk over a longer period of time. This is made even easier with our auto-buy feature on Easy Crypto.
With our auto-buy feature, you automate the dollar-cost averaging strategy and manage your risk easily – the best of both worlds.
With that said, remember don’t rush to buy from any crypto exchanges or retailers. Do some research on how much XLM you will get if you buy from your candidate suppliers.
If you happen to land on Easy Crypto Australia and you’re about to make a purchase, the bill is always exactly the amount you will pay, with no hidden fees!
Don’t believe it? We can walk you through some crypto exchange comparisons in Australia. Then, you can decide for yourself.
Buy Stellar Lumens: Click here to buy Stellar Lumens (XLM) in Australia.
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Stellar is a promising blockchain project with real social implications.
If you believe in the technology inspired by Ripple, and you’re looking to invest in a project that captivates the hearts of individuals around the world, Stellar Lumens may be the cryptocurrency for you.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated April 8, 2022