What Is Stellar (XLM)
The Stellar network is a distributed blockchain based ledger and database that facilitates cross-asset transfers of value, including payments. The native digital asset of Stellar is called Lumens (XLM).
In other words, Stellar is the payment network (Horizon API and Stellar Core) and Lumens (XLM) is the cryptocurrency. Those are both overseen by a non-profit called Stellar.org.
Best Stellar Lumens XLM Wallets
Let’s have a look at the best Stellar Lumens XLM wallets for 2018 now and use the one that keeps our funds secure at its best.
1.Ledger Nano S ( Hardware Wallet )
If you’re looking to hold a large amount of XLM, storing them offline in a hardware wallet is widely recommended as the most secure option. The Ledger Nano S is one of the most popular hardware wallets available, offering a simple and safe place to store your cryptocurrencies.
Here’s what it has to offer.
- Ledger Nano S is a small USB-like stick which comes with a USB data cable. The Ledger Nano S does not have a battery. It only turns on when you connect it to the computer.
- The wallet always remains offline. That means there’s near zero chance of your funds getting stolen.
- To sign a transaction, the wallet requires pressing the hardware keys.
- The private key never goes out of the Ledger Nano S. That means your private key can never get compromised.
- Ledger Nano S can synchronize with the Stellar Account viewer to control your funds.
Most of the wallets listed below can be used to store the funds in Ledger Nano S as well.
2.Stellar Desktop Client (Desktop Wallet)
Stellar Desktop Wallet is the official desktop wallet of Stellar. It is open-source and can be downloaded in their Gitbub repository.
It allows you to encrypt your XLM secret key and then store it on your own computer, ensuring that you don’t have to hand the key over to a third party. There’s no registration requirement and transactions are signed offline.
It’s easy to send and receive XLM from this wallet, while it also provides the option of depositing and withdrawing Chinese yuan (CNY). If you’re looking for a simple wallet designed with the purpose of managing XLM, this is well worth a look.
Stellar Desktop Client also allows the users to buy or sell the Lumens, which go by the XLM symbol. There are many other features of this wallet that we will cover in a separate post.
3.Stargazer (Desktop and Mobile Wallet)
Stargazer is just like the Stellar Desktop Client. This wallet is available for Windows, Mac, Linux and the Android OS.
Users install the Stargazer wallet on their computer or on their mobile phone. After installing the wallet, users can grab the address from the wallet to deposit funds in it.
By default, the wallet has a personal account for the users. This personal account has an address in it that can be used deposit funds.
From the settings of the personal wallet in Stargazer, users can create a backup of their current wallet and also protect it by a password.
4.Lobster (Desktop and Mobile Wallet)
Lobster is a web-wallet and it has its native Android and iOS application as well. It’s a very neat wallet. It requires the users to sign up using their email. Once the users have signed up, they have the access to the Lobster web-client.
After successfully signing up on Lobster, users have to create a Stellar account. The moment they create a Stellar account, it provides the users with their seed phrase and also the private key. This seed phrase and private key should be kept safe and sound. The address is also provided to deposit funds in your Lobster wallet.
Lobster wallet is light and very easy to use. If you want to avoid any kind of complexity, this is the wallet you should go with.
Stronghold is a decentralised exchange built on the Stellar blockchain. Since stellar is all about speedy transactions, this exchange implements this very feature of stellar. The transactions happening through the stronghold exchange are extremely fast. It takes a few seconds for a transaction to happen.
Stronghold supports various cryptocurrencies. It has the Bitcoin, Ethereum and the XLM assets listed at the moment. Stronghold also uses the seed phrase and the private key to lock the funds. Stronghold is not exactly a wallet, but it’s good enough to use as a wallet for your XLM tokens.
6.Astral (web wallet)
Astral is a web-based Stellar wallet with a host of handy features. At the top of the list is the fact that it provides simple and convenient access to your XLM whenever you need it, allowing you to quickly send and receive Lumens as required.
When you sign up for an Astral account, all eligible accounts are automatically enrolled in an inflation pool, earning inflationary XLM every week based on your account balance. Two-factor authentication is also mandatory, while data is encrypted with AES-256 and email confirmation is required when you withdraw funds to new addresses. There’s also the added flexibility of being able to generate multiple addresses for easy funds organisation.
However, before choosing a web wallet it’s important to be aware of the security risks associated with online wallets. If you have a large balance you want to store, keeping your XLM in an offline wallet is widely seen as a safer choice.
5 tips for Storing and Sending Lumens Safely
Don’t store your lumens on an exchange
When you buy some lumens, you’re more than likely dealing with an exchange so it’s always convenient to keep them there which is understandable. The problem is that you’re now trusting someone that you shouldn’t necessarily trust to hold your coins which can be very dangerous. There have been many crypto exchanges that have been hacked but one of the biggest was the hack of Mt. Gox22. Your lumens mightn’t be worth too much to you at this moment in time, but that could easily change very soon.
Remember: You don’t own your lumens unless you’re the one that has access to the private key of that particular address. Get those lumens off the exchange as soon as possible!
Send small amounts first
If you’re about to send a good amount to lumens to another address, don’t send them all at once. Imagine you want to send 100,000 lumens to another address (could be to a friend, another address that you own etc.). To be extra safe, it’s recommended to send a small amount first to that address to make sure you haven’t made a mistake. For example, send 20 lumens to the address, then send the remaining 99,980 lumens. This way, if you copied and pasted the wrong address or made any other mistake, you’ll lose 20 lumens rather than 100,000
Have a backup of your private key
If you’ve only got one copy of your private key, you’re living dangerously! Always have more than one copy of your private key and make sure that they are safe and secure. It’s not much good having your private key on one of your computers and that’s it – what would happen if it got stolen or it just stopped working?! If you lose access to your private key you can kiss your lumens goodbye! With crypto you’ve got more control over your money but at the same time you’ve got to look after your own stuff because nobody else will
Keep an eye out for hardware wallets
At this moment in time, there aren’t any hardware wallets that support lumens, but I’m sure that’ll change in the near future. Hardware wallets allow you to safely store your coins without worrying about what will happen if your computer gets a virus for example. Lader Nano
Don’t tell people how many lumens you have
I noticed there’s a thread on here asking people how many lumens you own – this seems fine at first but you could potentially make yourself a target by telling people this. If one person owns 100 lumens and another owns 100,000 lumens – who do you think a hacker would rather try go for!? At the moment you might think “Nobody will try hack me since I own so little” but in a couple of years those lumens could be worth a lot of money and now everyone knows how much you own. Sometimes you’re better off keeping some things to yourself .