Stellar Lumens are also known as XLM is also known to be one of the widest cryptocurrencies in the terms of value in the market.
Although it is among the top 11 digital aids yet there are numerous investors all around the globe who have no idea how to buy Stellar Lumens on Binance. At the same, XLM has plenty of areas to grow in.
So through this page we shall try to guide you on ‘How to buy Stellar Lumens (XLM) on Binance which is known as the largest exchange platform in the world.
A brief on Stellar Lumens (XLM)
- Like XRP and Ripple, Stellar is a network on blockchain, and Lumen (XLM) is a cryptocurrency that is used in Stellar.
- It enables in serving cheap, instant cross-border trading mainly focusing on banking and the financial sectors.
- The main concept of Stellar is that it functions as the currency exchange program, where it allows individuals to transfer easily between the different currencies, with the use of Lumens as the go-between. In short, one can assume, if any person desires to trade on USD to EUR, then Stellar will do so by exchange USD to Lumens and then Lumens to EUR.
- Their goal is to make it cheaper and easier for financial companies and individuals all over the world to perform cross-border transactions.
- To employ the Stellar users must have Lumens (XLM) in order to spend on transactions and form accounts on the Stellar network.
- The reasonable means to buy Stellar is firstly to buy a currency like Bitcoin or Ethereum and then trade for the Stellar Lumens on exchange as Binance.
- Binance is the largest online asset cryptocurrency exchange in the market.
- XLM includes several pairs for trading in the market and be bought for Bitcoin (BTC), Binance Coin (BNB), Paxos Standard (PAX), Ethereum (ETH), TrueUSD (TUSD), Tether (USDT), USD Coin (USDC).
Here let us look into the steps on ‘How to buy Stellar Lumens on Binance’
In order to buy Stellar Lumens on Binance you need to follow the below mentioned steps:
- To register on the Binance
At first, you must register with an account on Binance. It has a user-friendly interface and the registering process won’t take much time. You just need to fill the required credentials in the blank provided.
- Verifying the account
The next step is to verify the account. You need to submit different KYC verifying documents before starting to trade on the Binance digital platform.
You must also set and enable the security 2 FA (Factor Authentication) which will protect the account.
- Send either BTC or ETH to the registered Binance account
1. When the accounts get active, then you need to deposit either Bitcoin (BTC) or Ethereum (ETH) into the wallet of Binance.
2. If you do not possess any of these currencies then you can buy by using your debit card or credit card through any exchange like Coinbase, Coinmama, etc.
3. Once you get these coins and is available to send it to the Binance, you need to perform this step:
Click on ‘Funds’ which is on the upper navigation bar.
Next, select the ‘Deposits’ option.
4. Then choose from the menu list the one you wish to deposit i.e BTC or ETH.
5. Next, an address will be delivered to you where the coins need to be sent.
6. Ensure to send the desired currency only to that provided address i.e send Bitcoin only to the Bitcoin address. If you make any mistakes by sending another coin, then the coin might get lost.
- Wait for Confirm mail
Relying on the condition of the network, the transaction might take a few moments to go through.
- Search and choose the pairs of BTC or ETH
1- Once you have deposited the desired coin to the Binance wallet, then you must navigate to the ‘Exchange’ section which is on top of the navigation bar on Binance.
2- Click on ‘Basic’.
3- Move to the right side of the screen where it indicates the pairs for the coins such as BTC, BNB, ETH, and USDT.
4- Now, select the coin which you had deposited.
5- Look for Stellar Lumens XLM.
6- Then, tap on the displayed pairing to get the XLM screen of trading.
Optional: Go for the advanced tools on Binance to buy at the perfect time:
A number of data charts and tools are offered by Binance which will help you on tracking the performance of coins over time. By using these details, it will surely help you to buy at low and then sell at high.
The screen on trading will reveal to you the price and history of the orders for each of the pairs.
It gives the choice so as to set the limits for buying and selling which means that one can set the price on which Binance will make the trading for you automatically once you set the limits.
- Select the amount on XLM that you desire to buy
Below the chart price, you will be able to set your desired price on which you want to buy.
- Now, buy Stellar Lumens on Binance
Tap the button on ‘XLM’ and it’s done.
Move the coins to the secure wallet on Stellar
The best you can do is to shift the funds to the cryptocurrency wallet which is mainly designed so as to store digital support.
It seems to be most essential as it will enable the users to safely stock up their funds and use it when needed.
A wallet will be needed that supports the Stellar Lumens.
Once the wallet on Stellar Lumens is set up and is ready: then once again you go to the ‘Funds’ section.
Next, click on ‘Withdrawals’.
From there, you must search for XLM from the pop-up list.
Then, add the XLM wallet address and in the next step, you can select on much you wish to withdraw.
Hit on the ‘Submit button.
Wait for a while to get the transactions to be confirmed. The coins will get reflected in the wallet.
To buy Stellar Lumens on Binance is the reasonable outcome that an investor can make in comparison to the liquid exchange platform with fewer security measures.
So we hope that now you have learned ‘How to buy Stellar Lumens on Binance’ and can start investing in it to get at its best prices.