How to Buy Stellar Lumens (XLM) in Australia

1. Choose a crypto exchange

First things first, you need an exchange that both has Stellar Lumens, and is trustworthy!

You can find our top 3 exchanges for buying Stellar Lumens here, alternatively you can also check our comparison of the best Australian crypto trading platforms, if you’re generally interested in seeing which exchanges work for Australians.

2. Sign up with the crypto exchange

Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.

3. Fund your account

The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.

4. Buy Stellar Lumens

And of course, the final step is to find Stellar Lumens on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.

Where to Buy Stellar Lumens (XLM)

ExchangeRatingAvailable CryptocurrenciesFeesVisit Site
Swyftx Logo5/5350+0.6%VISIT SITE
Binance Logo4.5/5300+0.1%VISIT SITE
Digital Surge Logo4/5200+VariesVISIT SITE

How to Sell Stellar Lumens

  1. Sign into the exchange
  2. Find where you stored your Stellar Lumens, either on a hardware wallet or on the exchange.
  3. Transfer your Stellar Lumens to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
  4. Sell Stellar Lumens.
Businessman looking at crypto trend

Considerations when looking to buy Stellar Lumens.

Stellar (XLM), a peer to peer (P2P), decentralized network, was created by the Stellar Development Foundation in 2014. This network was officially launched in 2015 to connect the financial systems of the world and provide a protocol for financial institutions and payment providers. It is designed to transfer financial resources quickly and reliably, at minimal cost. Stellar connects people, banks and payment processors. It allows users to create and send multiple types of cryptocurrency.

The network's native digital currency XLM (or Lumens) is the foundation. XLM is used as an intermediary currency and to pay transaction fees. It works like this: The protocol converts money quickly into XLM and then into the requested currency.

The Stellar payment protocol uses distributed ledger technology, an open-source development that is community-owned and distributed within the community. Stellar's crypto asset helps cross-border transactions by overcoming the difficulties of slow processes and high fees. XLM is more concerned with individuals transferring money than it is institutions. Stellar allows people to send money quickly and at a low cost around the globe.

Stellar is a decentralized marketplace and exchange that also has an order book that tracks Stellar assets ownership. Platform users have the ability to manage buy/sell orders and select their preferred assets for settlements. XLM, a built-in cryptocurrency that reduces transaction fees, is available.

The network is secure. To be able to stay active on the network, XLM holders need at least one token. This nuance serves a global purpose - to execute network transactions efficiently and at minimal time. Lumens provides protection against flood attacks, making microtransactions too costly for hackers without any chance of profit. This keeps Stellar Network secure from serious threats.

The benefits of Stellar (XLM), summarized in one sentence, are:

  • Simplicity: Both in terms of the simplified currency exchange process as well as the ease of access. All transactions can be seamlessly completed for both the recipient and sender thanks to XLM. All retail users will need a stable internet connection, Lumen-enabled software, and XLM to join Stellar Network.
  • Decentralization: Stellar's database is open-source. Lumens movement is controlled by multiple authorities. The community authorizes transactions. All data are stored on the Blockchain and can be accessed by anyone.
  • The Stellar consensus mechanism facilitates high speed transaction confirmation and transfer speeds. Transactions take approximately 3-5 seconds. Confirmation is made possible by the Stellar consensus system. This is much faster than cross-border transfers and bank transfers. Stellar Blockchain can support thousands of transactions per second, making it possible to use smart contract and multi-signatures.
  • Stellar Blockchain offers low translation costs compared to other methods. It has an annual inflation rate (fixed amount) of 1%.

Stellar, in simple terms, is an open network that allows money movement and storage. It was launched in July 2014. One of its initial goals was to increase financial inclusion by reaching the unbanked world. But soon after, Stellar's priorities changed to help financial institutions connect through blockchain technology.

Lumens, the network's native token serves as a bridge to make it easier to trade assets across countries. This is all to challenge the existing payment providers that often charge high fees for similar services.

This may sound familiar? Stellar was created originally on the Ripple labs protocol. The hard fork that led to the creation of the blockchain and subsequent rewriting of the code resulted in the creation of the blockchain.