Best Stellar Lumens (XML) Wallets 2022
In the piece below, we list down the current best Stellar Lumens wallets in the year 2021. While we try to do so, first we establish the cores of the Stellar Lumens wallets. These are wallets that utilize the already available cryptocurrencies.
As they are being utilized, you should know that they appear in an intangible form, meaning that the mode of storage is exactly like that of storing real money. There is no bold line between cryptocurrency and real money when it comes to Stellar wallets. However, traders should know that these wallets use a specific software system which is common on the market. It can be linked with blockchain because of its access to cryptocurrency wallets.
When it comes to the basics of Stellar wallets, one should know that they offer various payment options. These payment options affect the cross-border transfer of currency to currency. Fortunately, XML has and continues to be a popular and famous coin especially when you want to pay charges. Below, we explore more on the wallets, giving you the advantages and disadvantages of each.
What Should You Look For In A Stellar Wallet?
Choosing a Stellar wallet is not that easy. This is because there are just so many of them on the market. Therefore, it takes a lot of thorough research for you to choose the best one. Below is a list of the things that you should look for in a Stellar wallet.
1. The Minimum Balance
Each wallet has its own minimum balance that you must keep in your account. Therefore, have a look at that and see if it’s conducive for you.
Keeping and transferring money is a process that requires a lot of security. As a result, you should ensure that the wallet you choose comes with some great security features. These should include things like 2-factor authentication, SSL encryption, passwords, secure PINs, and more.
3. Private Keys
Whatever wallet that you choose, make sure that you settle for one that offers you control of any private keys. In fact, you should never hand over your private keys to any third party, no matter the circumstances.
4. Accepted Currencies
Make sure that you settle for a wallet that accepts various currencies. In this day and age, people are keeping and transacting various tokens and coins. This raises the need for a wallet that is able to accept and process various currencies.
5. Backup & Restore
You should be able to backup and recover your XLM quite easily.
6. Customer Support
It’s crucial that you go for a wallet that offers customer support service anytime. In fact, we recommend that you use one that offers 24/7 support, and offers various mediums through which you can contact support.
Best Stellar Wallets
Ledger Nano S is one of a kind because of its absolute privacy features and great deals of accessibility. As mentioned above, Ledger’s price stand at $60 and this works perfectly with XML coins that are available in-store or the stellar purse. All over the world, there are millions of worldwide units that traders experience.
Adding on, Ledger supports cryptocurrency coins dominating the market like Ethereum, Litecoin, and Bitcoin. If added together, they reach a whopping 1200.
Wallet Type: Hardware
Available Apps: Desktop, Android, iOS
Supported coins: Over 1,800
- Ledger like many wallets is safe because keys and private codes can be saved offline meaning that none can access them.
- Backup is guaranteed through the use of extra keys generating what is called a seed phrase
- Very continent because it allows traders to view their various transactions on the widescreen
- Application setup is free and ideal looking at the fact that security features can be added on top of the already set pin code
- Through instant logins and logouts, transacting is quite fast and efficient
- Beginners might find it difficult to move around Ledger settings
- If set in the wrong way, hackers can get a chance to utilize the loophole
- Though there is a tutorial on how to kick-off, there are some points filled with complications.
Lobstr is a stellar wallet made to assist in securing digital assets. It is more appropriate through mobile applications. The variety of cryptocurrencies is also part and parcel of Lobstr. This is shown through an interface of direct information on a set of screens.
Among other features that Lobstr provides includes SDEX (Stellar Decentralized Exchange). The SDEX allows traders to facilitate material trading with non-currency objects like precious metals and fiat currencies.
Wallet Type: Mobile
Available Apps: iOS and Android
Supported coins: 16
- Accessible through its fast and efficient processes and exchanges. Traders are guaranteed a complete 100% accessibility on mobile devices with iOS and Android software
- Simple through the basic interface for experienced and non-experienced participants.
- Secured through the use of fingerprint, 2FA, and security 4 digit pin. When the wallet is mobile-based, you can change them at any time
- Since it is a mobile-based wallet, chances of losing your gadget are high
- Hackers can tamper around with the Web platform of the wallet
Established in the year 2011, it was an extension of bitcoin purchases in the market. Blockchain.com came from the low ranks to become one of the most famous mainstream wallets.
The whole setup is user-friendly, new traders and beginners can operate the wallet. The blockchain database is wide enough to include many transactions, volumes of Bitcoin storage, and prices of various fluctuating coins.
Wallet Type: Web and mobile
Available Apps: iOS and Android
Supported coins: 5
- Has a 4 digit code that determines quality security to your wallet, just like Lobstr
- Communication between the server and the trader is guaranteed through the use of 24hr open line of emailing and verifications
- Biometrics also add up to wallet efficiency
- Has a wide coverage of nationalities that reach 20 languages
- Fiat is also possible with blockchain.com which covers about 30 countries
- Hackers can occupy your wallet space and eat up all your coins when you are connected online
- com reputation has decreased due to a large influx of traders that have swelled the system
This desktop specialty has been certified and highly recommended by Stellar engineers and software developers. Its unique software makes it versatile as compared to iOS and Android. Luckily, stellar desktop clients are able to transfer trading from one software to another hence denoting switching abilities.
What wallet engineers have done is incorporate a digital security system that allows the wallet owner to momentarily and regularly check and monitor if there are any attempts by hackers to steal coins.
Wallet Type: Desktop
Available Apps: Android, iOS
Supported coins: 1
- Security backdoors are firmly shut
- Foxlet is one of the easiest wallets to operate due to its arrangeable interface.
- Token creation processes are quite easy, even if you are new. The same tokens can be used to affect trading in Blockchain and internal payments.
- Like other wallets, security is offered by Foxlef
- Traders can mix up available apps since they can change the version at any time as compared to iOS and Android
Stellar Paper Wallet : (Paper wallet)
Unlike many wallets we have listed so far, this one is not for day-to-day storage but is more appropriate for those that have a long-term storage plan. Cryptocurrencies are heavily secured. Stellar paper is good in supporting XML coins but in as much as it is good at that, it also lags behind when it comes to daily usage.
Wallet Type: Paper
Supported coins: 1
- Safe from cybercriminals due to its natural state of offline coin saving
- Stellar is well known for its affordability
- One of the easiest wallets to operate
- It is simple since it is not bound by any technological advancements
- No need to worry about battery life or software upgrades, you rest assured of that
- A bit time consuming looking at the fact that everything is in the long term
- Details can be jeopardized by physical destructions since there is the use of paper
- Its lack of technology advancements makes it lag behind when it comes to the issue of security and privacy
This is a popular mobile wallet for storing, sending, and receiving XLM on the go. It’s user-friendly and supports many currencies.
Wallet Type: Mobile
Available apps: Android and iOS
Supported Coins: XLM and over 160,000 cryptocurrencies and tokens
- You store your private keys.
- You can use Visa or Mastercard.
- At this moment, it doesn’t support Stellar-based assets
- Available on mobile only
This exchange service is actually one of the biggest in the industry. You will be able to make deposits and withdrawals, as well as trade your XML for other cryptos. The great thing about this exchange is that it supports a lot of currencies and it allows you to earn interest on your transactions.
Wallet Type: Exchange
Available apps: Android and iOS
Supported Coins: 500+ cryptocurrencies
- Users are able to send and receive XLM securely
- You can buy using credit and debit cards, bank transfers, and various fiat currencies are accepted.
- Users can exchange or convert XLM for fiat currency or other cryptocurrencies.
- Safe and secure due to the use of advanced security features to secure user accounts.
- This platform stores your wallet’s private key. On the other hand, if you don’t think you will be able to store your own keys securely, this can actually be a good idea.
- At the moment, Binance has a low response time when it comes to customers’ inquiries.
How To Choose The Best XLM Wallet
When choosing an XLM wallet, there are precautions that you will need to take in order to get the best features. Find out below.
Because you will probably be using different platforms and operating systems, you will need to choose one that is multi-platform. That way, you will be able to use different devices, from iOS to Android, Linux, Windows, and more.
Security and Anonymity
First of all, you will need to get full access to your funds. After that, it’s critical that the wallet you choose uses high-end security software, and offers PIN and password options. This ensures that your funds will be safe and your private keys will be inaccessible.
In today’s world, you will be able to find over 300 tokens and coins and you are most probably going to be using quite a few of them. Because of that, you must settle for a wallet that accepts different currencies. That way, you will not have to switch between wallets in order to make transactions.
In most cases, when you are trading coins and tokens, you will be charged some processing fees. however, it’s ideal to go for a wallet that will not charge you any fees.
Customer support is very important, especially where issues to do with money are concerned. Therefore, it’s of uttermost importance that you choose a wallet that offers 24/7 support. In addition, users should be able t to contact support via various mediums.
How To Get Stellar Wallet
When trying to obtain a stellar wallet, make sure that you have a unique code. That code allows you to share and start trading using XML coins. You can actually receive coins and wallet details from another related network.
How To Keep Your Coins Safe
By following all the necessary privacy modes, your pin code setups, identification confirmations, and private keys traders are rest assured of bitcoin safety. At some points, make sure that you save the wallet details while you are offline so that hackers won’t access any loopholes.
Stellar wallets have had a fair share of the market of late. They have accounted for a number of mobile, web, paper, desktop, and hardware-based wallets. Such differentiation has enabled traders and investors to know where to buy stellar coins. Luckily for traders, security has been the major priority by Stellar and it is well commended for that.