Stellar, or Stellar Lumens, have gained immense popularity in the last few months. Used on the Stellar network, this currency can easily be bought and sold in the UK through a variety of platforms and techniques.
In this article, we’ll talk about where to buy XLM and answer any questions you may have about how to buy Stellar Lumens UK.
Let’s get started:
What is Stellar Lumens (XLM)?
Stellar Lumens, also called XLM, refers to a digital currency that works just like Ripple. Created by Jed McCaleb, this cryptocurrency is designed to make money transfers easier, faster, and more affordable. Unlike Ripple, this currency is designed for individuals and not big institutions. This is why more and more individuals wish to know how to buy Stellar Lumens UK.
The creator has designed this digital currency by using a bottom-up approach. The currency works on The Stellar Network that is essentially a decentralized peer to peer framework with the XLM working as the network’s token.
The network was founded in 2014 and the coin has climbed several numbers since then and is the 31st largest cryptocurrency with a market cap of $5,071,013,034 with each coin valuing $0.2048 (April 2022).
The coin was at its highest in 2017 when it nearly hit the 2017 mark, however, since then it has been laying low with other digital coins also seeing a similar fate.
How to Buy Stellar Lumens in the Uk – Step by Step Guide
Now that you know about Stellar Lumens, let’s now talk about how to buy XLM UK. Since the XLM has no physical presence, you can only buy these coins through an online medium including big and small brokerages.
While the exact buying method changes from platform to platform, here’s how things will work in most cases:
Sign Up For an Account
You will not be able to buy Stellar without having an account. This is a legal requirement and the process usually only takes a few minutes to complete. You will be asked to provide personal information including your name and email address. In most cases, you will even be asked to add a phone number and activate 2FA for additional protection.
Use a platform that supports British users as some very popular brokerages do not work with clients in the UK. You will only be able to buy Stellar Lumens UK if you are at a platform that entertains British clients.
In most cases, you will not be able to sign up if the company doesn’t cater to your region, however, some companies may allow you to hold an account with no ability to trade, so be careful. We will cover some UK platforms that can be used to buy XLM UK later in this article.
Verify Your Account
Signing up takes a few seconds but you will not be able to use your account till you have verified your identity. This requires the submission of two documents:
- An identity document such as your valid passport or driver’s license
- Address proof such as a utility bill that’s not older than 90 days
It is important to upload a valid document as expired documents will not get approved. Similarly, older address proof will also get rejected. Some platforms may accept an older bill but in most cases, the limit is a maximum of 90 days.
Usually, you will only be asked to verify your identity once (when you sign up for an account) but some platforms may require you to submit documents again in the future due to security reasons.
This is a normal practice and almost all websites require the submission of these documents due to KYC requirements. You will not be able to trade until you have submitted these documents so look for a platform you can trust.
Get a Stellar Wallet
The next step is to sign up for a wallet that supports XLM. We must mention that not all wallets support this coin so look around and find a suitable option.
You can make this easier by signing up for an exchange that supports XLM so that you do not have to choose a third-party wallet.
Add a Payment Method to Your Account
The next step is to add a payment method to your account. Most exchanges encourage users to connect a bank account as it makes verification easier but you may also choose from other options including credit and debit cards and online wallets.
Each option has its own pros and cons. Bank transfers, for example, are slow and credit cards may levy additional fees.
Now that you have a payment method, it is time to buy GBP and add it to your account. You will use this money to trade on the platform. You can also choose from other options including digital coins such as BTC and ETH.
Convert GBP to Your Preferred Coin
Lastly, it is time to buy XLM. You can do it directly by using your payment method or converting any existing coin into XLM. The process will usually take only a few minutes, however, each platform has a minimum requirement so make sure to keep this point in mind when buying XLM UK.
Where Can You Buy XLM in the UK?
We have covered some of the most reliable platforms to buy XLM UK. Let’s look:
Toro needs no introduction. Founded in 2007, the company has a headquarter in the UK and a huge portfolio of digital coins including XLM. The platform is safe and secure and up to £85,000 of your money will be covered under the FSCS.
The best thing about eToro is that it has its own wallet. You will be able to create a Stellar wallet in the eToro app itself, thus not needing to turn to a third-party platform.
You will need at least 2.5 XLMs to be able to create an XLM wallet. This is the minimum wallet balance that must be kept in your wallet at all times and cannot be spent. Your wallet will appear once you have bought 2.5 XLMs. Here’s how you can do it:
- Sign up for an account. You can manually enter information or link it to your Facebook or Google account.
- Submit the required documents to verify your identity.
- Add a payment method. The company supports a variety of methods including debit and credit cards and bank accounts. You might need to complete some extra verification steps based on your payment method.
- Add money to your account. Some deposit methods are instant and some might take a little while.
- You will now be able to choose Stellar from the available portfolio of digital currencies.
- Decide how much XLM you wish to buy and make sure you have enough money in your wallet and complete the transaction.
- Your XLM will get added to your XLM wallet in just a few minutes.
This is done. You have bought XLM through eToro.
Coinbase is another popular option as it is one of the oldest exchanges out there. The platform is extremely popular in the UK and has more than 89 million verified users.
Just like eToro, the Coinbase wallet also supports XLM. You will be able to not just buy and sell, but also send, convert, receive, or store Stellar on Coinbase.
Here’s how you can buy XLM through Coinbase:
- Sign up for an account and provide the required details.
- Complete the verification process that can take up to 48 hours.
- Link a payment method to your account by going to Settings and Payment Methods.
- Once linked, you will be required to add money to your wallet. Choose how much you wish to add and complete the transfer. It could take 2 hours to 24 hours based on your selected method.
- Once successful, you will see money in your account. Now, go to the XLM page and make your purchase.
- You will be able to choose how much you wish to buy with a minimum of only 2 XLM.
- Review your order and complete the purchase. Your coins will now get added to your wallet.
Last on the list is OKX with over 20 million users. Originally known as OKEx, the company was founded in 2017 and has proven to be quite reliable. It added XLM a few years ago, a move that helped the currency gain over 20 percent.
Here’s how you can purchase Stellar through OKX.
- Sign up for an account. You will only be asked for an email. OKX is one of the few websites that allow investors to trade cryptos without having to go through a verification process.
- Next, add a payment method by going to the Payment section.
- Now, go to the Deposit section and choose a cryptocurrency to deposit. You can select from a variety of options including ETC, ETH, and BTC.
- The currency that you purchased will appear in your funding account. This will have to be transferred to your Spot Account.
- This can be done by going to ‘My Assets’ and choosing ‘Transfer’. Select how much you wish to transfer and click Confirm.
- Once completed, it is time to buy XLM. Go to the Trade tab, choose Basic or Advanced under Spot Trading and select the trading pair according to the crypto that you originally bought. For example, if you choose BTC then choose XLM/BTC.
- Choose to buy XLM and sell your existing currency to own some XLM.
- You will now see XLM in your ‘My Assets’ section. The transaction usually takes a few minutes to complete.
This is all you need to know about how to buy Stellar Lumens UK through OKX.
Best Ways to Buy Stellar Lumes
Now that you know where to buy XLM, let’s now look at some ways to buy Stellar Lumens UK and find the best option.
Buy Stellar Lumens with Debit Card
Almost all platforms support debit cards and this is usually considered a good option since debit card transactions are very fast. However, there might be a small fee associated with debit card use and you may even have to pay a currency conversion fee if the platform doesn’t support your desired currency.
Also, there’s a higher risk because your information will get stored into the system.
Buy Stellar Lumens with Credit Card
This method works just like debit cards and has similar pros and cons. However, not all issuers allow credit cards to be used for buying cryptos. Also, it can end up being more costly because the money you spend will be considered a cash advance, so be careful when buying XLMs using credit cards.
Buy Stellar Lumens with PayPal
Very few platforms support PayPal but it can be a great option as online wallets are considered safe and quick. You will have to link your PayPal account to the exchange and use your existing balance to make purchases. Deposits using this method are usually free.
Buy Stellar Lumens with Bitcoin
This can be a great option if you already have Bitcoin on the existing platform as you will only have to conver your BTC to XLM. However, if not then you will first have to buy Bitcoin, which can be costly due to associated fees. Also, you will have to use cards, bank transfers, or digital wallets to buy Bitcoin.
How to Buy Stellar Lumens – Conclusion
This is all that you need to know about buying XLM UK. Make sure to find a reliable option to buy Stellar Lumens UK. The process only takes a few minutes and you will always have the option to sell XLM for other coins or fiat currency.
check also: Best Crypto Exchanges platforms in the UK 2022