How to Buy or Sell Stellar Lumen (XLM) Tokens

In Walkthroughs by CryptoWalkthrough Team

Trade XLM with Lowest Fees

Stellar Lumens are best bought and sold on Binance

Stellar (and their Lumen token) has recently seen a huge increase in popularity, driving market cap to over $15 billion. This guide will walk you through how to quickly and safely buy, store or sell Stellar Lumen (XLM) tokens. 
Stellar

Stellar

$0.10

XLM -6.27%

How to Buy Stellar Lumen Tokens

Stellar Lumens are tradable on a number of exchanges including Binance, Bittrex, Poloniex and Kraken. We currently DO NOT recommend trading on Poloniex or Kraken. Our favorite is Binance, as they have the highest volume, the lowest 0.1% trading fees, fun trading competitions with great prizes, and easy to set up accounts.

To buy Stellar Lumens, follow these simple steps:

  1. Open a new account with Binance. It is free and easy to setup. If you like, read our full Binance review.
  2. (OPTIONAL) After opening your account, setup Two-factor Authorization (2FA) to add another layer of security. You can skip this step if you want to buy XLM immediately, but we highly recommend setting it up afterwards to better secure your account.
  3. Ensure that you have some Bitcoin (BTC) or Ethereum (ETH) to use to purchase Stellar Lumens. Binance does not accept fiat currency deposits. If you need BTC or ETH, read our quick guide to buying cryptocurrencies with Bitcoin or Ethereum.
  4. After successfully confirming your account via the email you receive from Binance, log in with your account details, and navigate to the Funds > Deposits Withdrawals menu option.
  5. On this page, enter either BTC or ETH on the right and click the Bitcoin or Ethereum link displayed. Next, click the Copy Address button to copy the Deposit Address that is shown. It is very important that you select the correct currency deposit address. Be careful to not send BTC to your ETH deposit address for example. We recommend using ETH currently since confirmation times are much faster (meaning your ETH will be ready to be used to purchase XLM more quickly than a BTC deposit).
  6. Utilizing your wallet or exchange where you hold BTC or ETH, request a withdrawal or transfer to the Binance deposit address you just copied. Double-check the address before sending!
  7. Wait for the deposit to be confirmed. You can monitor the status in the Funds>History menu tab. For ETH deposits, assuming there are no issues with the Ethereum network, they will typically be confirmed in 10-15 minutes. For BTC, the wait can be considerably longer currently!
  8. Once confirmed, navigate to the Exchange>Basic, enter XLM into the search box on the top right and click either the small BTC or ETH button as appropriate. This will display the XLM/BTC or XLM/ETH trading pair. Click the pair. If you like, also click the star icon next to the XLM/BTC or XLM/ETH pair to mark it as a Favorite for easy access in the future.
  9. You will now see the trading view for either XLM/BTC or XLM/ETH. Look for the Buy XLM box that is below the chart of recent trade activity. The default order type is a “Limit” buy, letting you set the price you would like to pay for XLM. If you prefer a “Market” buy (at the current price), click the Market tab. For a Limit buy, enter in the price you would like to pay, and the number of XLM you would like to purchase and click the green Buy XLM button. Your trade will now be placed. Depending on the price you set it may be fulfilled immediately, or it may take some time if you set a price lower than the market.
  10. Once your trade has completed, you can find the details under the Orders>Trade History menu option, showing the exact number of XLM you have purchased and their price in BTC or ETH. Congratulations, you are now the proud owner of Stellar Lumen tokens!

How to Safely Store Stellar Lumen Tokens

Stellar Lumens can be stored in a number of different wallets. We recommend the official Stellar Desktop Client for a desktop wallet. However, we very strongly recommend that you purchase and utilize a hardware wallet such as the Ledger Nano S, which greatly improves your security and reduces the chance that your tokens can be stolen or lost through human error. The Ledger Nano S is easy to set up, supports hundreds of cryptocurrencies including Stellar Lumens, and makes managing your holdings quite simple while giving you great peace of mind. Be sure to only purchase the Ledger Nano S directly from Ledger. Do not purchase from Amazon, eBay or another reseller, since it is possible the security of the device could be compromised before you even receive it. Purchasing directly from Ledger ensures that nobody has accessed your device other than you.

How to Sell Stellar Lumen Tokens

This section assumes you already own some Stellar Lumen tokens and have them stored on another exchange or the official wallet. To sell Stellar Lumens follow these simple steps:

  1. If you do not already have one, open a new account with Binance. It is free and easy to setup. On Binance, click the Create Account link to get started. If you like, read our full Binance review.
  2. (OPTIONAL) After opening your account, setup Two-factor Authorization (2FA) to add another layer of security. You can skip this step if you want to sell XLM immediately, but we highly recommend setting it up afterwards to better secure your account.
  3. After successfully confirming your account via the email you receive from Binance, log in with your account details, and navigate to the Funds > Deposits Withdrawals menu option.
  4. On this page, click the Deposit link for XLM and copy the Deposit Address that is shown. Note that is very important that you select the correct currency deposit address. Be careful to not send XLM to your BTC deposit address for example.
  5. Utilizing your wallet or exchange where you hold Stellar Lumen tokens, request a withdrawal or transfer to the Binance deposit address you just copied. Double-check the address before sending!
  6. Wait for the deposit to be confirmed. You can monitor the status in the Funds>History menu tab.
  7. Once confirmed, navigate to the Exchange>Basic, enter XLM into the search box on the top right and click either the small BTC or ETH button based on what currency you would like to sell your XLM for. This will display the XLM/BTC or XLM/ETH trading pair. Click the pair. If you like, also click the star icon next to the XLM/BTC or XLM/ETH pair to mark it as a Favorite for easy access in the future.
  8. You will now see the trading view for either XLM/BTC or XLM/ETH. Look for the Sell XLM box that is below the chart of recent trade activity. Enter in the price you would like to sell for, and the number of XLM you would like to sell and click the red Sell XLM button. Your trade will now be placed. Depending on the price you set it may be fulfilled immediately, or it may take some time if you set a price higher than the market.
  9. Once your trade has completed, you can find the details under the Orders>Trade History menu option, showing the exact number of XLM you have sold and their price in BTC or ETH. Congratulations, you have sold your Stellar Lumen tokens!

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