Storing Stellar (XLM) Coins

There are many third-party websites that have developed wallets for storing stellar lumens (XLM) and apps that help users interact with the Stellar network. In this manner, there are two types of wallets which can store your XLM cryptocurrency, including:

Hardware wallets: The Ledger Nano S, Trezor

Downloadable wallets: Keybase, Solar Wallet, Lobstr

Web-based wallets: Coinbase

The Ledger hardware wallet supports many currencies including the most popular ones such as ethereum, bitcoin, and litecoin and of course, Stellar. You can create a few addresses for storing stellar and each other currency. It’s fairly easy to use, all you need to do is confirm a transaction and hit a real button. Ledger Nano S is one of the most popular and trustworthy hardware wallets. You can also use apps to connect them with your wallet and backup your data to other devices. This is believed to the best wallet in the crypto community.

It’s a small and compact wallet that has a metal casing around it in order to make it more durable. The wallet fits perfectly in your pocket or your purse which means it is easily transported. Nano S works just as similar to other hardware wallets. When you first turn it on, you need to choose a PIN to protect your device. Next, you will receive a 24-word that will be used to create your private keys. You should always write this down in a safe place and by a safe place, we don’t mean your computer. It would maybe be best to write it down on a piece of paper and keep in somewhere safe or writing it down using a crypto steel device. Ledger Nano S has two buttons and this is why it is easy to control it. This should take no more than 3 minutes.

Coinbase is the largest crypto broker out there and a platform that is available in over 30 countries. The list is growing in 2018 and Coinbase is undoubtedly the leader in many aspects and a wallet where customers can buy Stellar Lumens with a connected bank account, SEPA transfer, Interac Online, and many other payment methods.

TREZOR is a hardware wallet launched in 2014 and it was the first original Bitcoin hardware wallet. It offers a high level of security and cold storage. This is an exceptionally small device that can connect to your computer with a USB cable. It stores cryptocurrencies’ private keys offline so it is safely used on a computer that could possible by infected with malware. TREZOR costs $99 and you can buy it directly from their own website with a credit card or you can buy it from Amazon.

You can control this wallet by controlling the private keys and the wallet is easily backed up with the 24 words generated while setting it up. This 24-word seed is generated by RNG from the device and it is generated offline and will eventually show up on the wallet’s screen. In order to set it up, the wallet will require a PIN code and the code will also be required for spending. You can also add one word extra in order to boost security. Make sure to remember the passphrase because the seed without it is not enough to recover it. You can recover the wallet if it’s lost and damaged. Storing stellar is quite easy just make sure to write down your passphrases and keywords.