Key Takeaways
- Stellar (XLM) is a decentralized network for creating and trading cryptocurrencies, with fast transaction speeds and low fees.
- To buy XLM in Australia, it is recommended to choose a secure and trusted cryptocurrency exchange such as CoinSpot.
- The process involves signing up with the exchange, verifying your account, depositing funds, navigating to the Buy section, selecting the desired amount of XLM, and confirming the purchase.
- After buying XLM, you can store it in your CoinSpot wallet or transfer it to a personal wallet for added security.
Launched in 2015, Stellar is a decentralised network that lets users create and trade multiple types of cryptocurrencies, with Lumen (XLM) being its native cryptocurrency. It all began in 2014 when Jed McCaleb, who previously worked for Ripple, decided to create a new financial system.
A few months later, Stripe’s CEO and McCaleb decided to create a non-profit organisation Stellar Development Foundation, which stands behind the Stellar network. Stellar has gained a lot of success ever since and housed almost three million user accounts in the first year.
Let’s mention some of the obvious benefits of Stellar. At first, it provides an amazing transaction speed of between two and five seconds per transaction, and transactions feature almost unnoticeable fees. For example, trading fees go between 0.1 and 0.125 percent, and the withdrawal fee is 0.01 XLM.
It is also good to know that Stellar supports both smart contracts as well as ICOs, and can process thousands of transactions per second. However, there are a few more things to note. For example, Stellar has many strong competitors, such as Ethereum and Ripple. Also, the development on Stellar is quite slow, and due to the risk of volatility, only a certain amount of coins can be released.
If you believe in the future of Stellar and want to invest in some XLM now, we will show you how in this easy step-by-step guide.
Where to buy XLM (Stellar)?
XLM is a very popular coin, and a large cryptocurrency by market capitalisation, so you will be able to find it at many crypto exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.
In this guide of how to buy XLM (Stellar), I will include screenshots from my personal CoinSpot account, so you can also open an account with CoinSpot if you want to easily follow along. The reason I choose CoinSpot as my cryptocurrency exchange is for the following reasons:
- Over 410+ different cryptocurrencies supported, including XLM
- Most secure and trusted crypto exchange in Australia
- Largest Australian exchange with more than 2.5 million users
- Staking on 21 coins
- Live Chat support
- NFT marketplace where you can buy NFTs using any cryptocurrency you like
Exchanges where you can buy XLM
How to buy XLM (Stellar)?
7 easy steps
Buying XLM (Stellar) in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own XLM in no time.
1. Sign up with a crypto exchange
The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.
To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.
2. Verify your account
After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.
3. Deposit money into your account
Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.
4. Go to the Buy section in your account
Once your money is in your CoinSpot account, you are ready to buy some XLM (Stellar). Click on Buy/Sell in the menu along the top, then search XLM. Click on Buy XLM and you will see the purchase screen, like the screenshot below. The price of XLM is shown clearly in the middle of the screen.
5. Select how much XLM you want to buy
Select how much AUD you want to spend on XLM, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive.
6. Buy XLM (Stellar)
When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some XLM!
7. Store your XLM safely
Now that you have made your purchase of XLM (Stellar) you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much XLM you own, and the value in AUD. You can leave your XLM in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your XLM to a personal wallet. You can click here to read about the best crypto wallets for Australians.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell and own XLM (Stellar) in Australia.
Not many Australian crypto exchanges support debit and credit cards, but Swyftx does. You can click here to open an account with Swyftx, or read our full review here first.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy XLM in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy XLM (Stellar) using their platform.
If you want to buy other cryptocurrency such as Bitcoin, Dogecoin or Ethereum, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of XLM.