Stellar is another product of the Blockchain network aimed at bringing people, banks, and payment systems together. The network provides a platform for moving money easily, safely, and reliably around the world.
Stellar network’s native assets are called Lumens (XLM) – these assets have managed to secure a spot among the world’s top ten most capitalized cryptocurrencies today.
Lumens are very precious cryptos, and if you are going to invest in them, then you will need to have a safe storage device. There are numerous wallets (software, hardware, and desktop) that you can choose from.
But it would be better if you went for the tried and tested ones and those that are highly recommended by the Stellar network.
To help you identify a suitable wallet, we have structured this guide in a way that will help you learn what to look out for in a Stella Lumens wallet, the recommended wallets, and how to securely store your XLM.
What to Look Out for In a Stellar Lumens Wallet?
When looking to acquire an XLM wallet, you will need to consider the following to help you make a guided choice:
Safety standards: Just like it’s normal for you to secure your fiat currency wallet, it is necessary to ensure the safety and security of your cryptocurrency wallet as well. A great way to start this is by ensuring that the wallet you choose is well-secured using controls such as data encryption, two-factor authentication, password/PIN protection, and more.
Minimum wallet balance: Every XLM wallet maintains a minimum operating balance, initially it was set at 20 XLM, but currently, you can withdraw up to a minimum of 1 XLM. This may vary from one wallet to the another, so you will need to make sure that you are comfortable with a wallet’s minimum balance before investing in it.
Private keys control: Private keys are what grant you access to your wallet. You, therefore, need to have full control of your private keys. Avoid wallets that require you to hand off your keys to third-party platforms or other individuals.
The wallet developers: If you are going to enjoy the future of cryptocurrency fully, you will need to subscribe to a platform whose developers are constantly looking for ways to upgrade and improve their services. It is not enough to come up with a gorgeous wallet. Constant development to meet the rising needs of the crypto community is equally important.
Customer support: A good wallet will have a team that is always ready to assist its users. Preferably, go for one that offers a 24/7 customer support team.
Currency support: This is perhaps one of the most important things to consider when it comes to a crypto wallet. The wallet needs to be able to support multiple currencies to enable you to store as many types of crypto as possible.
Backup and restore function: You should look out for a wallet that has an automatic backup functionality, which enables you to keep your data safe even if you lose your device. In case your wallet gets damaged, hacked, or goes missing, you can easily retrieve everything that was held in it.
5 Best Stellar Lumens Wallets
Now that you know what to look out for in a Stellar Lumens wallet, here are some of the 5 best picks for you.
Ledger Nano S Stellar Lumens Wallet
Ledger Nano S is believed to be among the best cryptocurrency wallets in existence today. The wallet is backed up by a dedicated team of developers who are always keen on making essential improvements on their gadget to meet their users’ needs.
Getting started on Ledger Nano S is quite easy, as you will see in the video below by the wallet’s team:
The wallet can hold both large and small amounts of XLM securely offline. This reduces the exposure risk that comes with storing your digital assets online which includes hackings, system failures, virus attacks, among other hazards.
Ledger Nano S is a hardware device that connects to your computer via a USB port and allows you to navigate around the wallet. However, you can still have access to the wallet’s containments even without plugging it into a computer by using its display screen and navigation buttons as can be seen in the image below, as well as in the video above.
Other than Lumens, the wallet is also capable of storing hundreds of other cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dash, among others.
Stargazer Stellar Wallet
This is both a mobile and a desktop wallet – you can use the wallet on Android mobile devices, as well as on Linux, Windows, and Mac OS. Notice that I have not listed Apple mobile devices, that means that iPhone users are currently not able to use this wallet on their devices.
Stargazer has a simple design that makes it easy for both beginners and advanced users to access and use it to send and receive XLM or other cryptos. Additionally, the wallet offers support in several languages, accommodates numerous crypto platform accounts, as well as many different types of coins.
And when it comes to the security of the wallet, it contains a multi-sig functionality, which enables users to authorize multiple transactions, a two-factor authentication, data encryption, and a backup and restoration functionality.
Lobstr Lumens Wallet
Lobstr is another popular XLM wallet that also supports a wide variety of other cryptocurrencies.
From the image above, you can see that the wallet supports both Apple and Android devices.
Being a mobile application wallet means that it is entirely web-based. It is a neat and a simple-to-use wallet that takes less than 3 minutes to sign up and get started.
Once you are done signing up on the Lobstr platform, you will be required to sign up for a Stellar account to be able to store your Lumens in the wallet. And if you already have an account on Stellar, then you can proceed to login in from the wallet and you will be provided with a seed phrase and private key. These will help you login into your wallet, as well as secure it. And in case you forget your password, your seed phrase and the private key can be used to reset it.
If you do not fancy carrying around your coins in a hardware device which can be stolen or misplaced, then this might be a great option for you.
Foxlet Wallet (formerly Stellar Desktop Client)
Foxlet is a desktop wallet that is listed by Stellar Lumens as one of its partner wallets.
Foxlet wallet is an open-source application that functions on Windows, Linux, and Mac OS computers.
The wallet enables users to store their XLM in their computers and encrypt your private keys for maximum security of your coins. On top of that, the platform does not expose your personal data to third parties which further enhances the security of your assets.
Foxlet features an easy channel for sending and receiving XLM – in addition, users have the option to deposit and withdraw funds in Chinese Yuan (CNY).
If you are looking for simplicity, style, and security under one roof, Foxlet is a great place to end your search.
Astral Web Stellar Lumens Wallet
Astral is another web-based wallet that supports the storage of Lumens and other coins on its online storage platform. Being an online platform, users can gain access to their funds from anywhere, at any time, as long as they have internet access.
Astral has an interesting partnership with Steller Lumens, whereby, when users sign up to the platform, eligible accounts get enrolled in an inflation pool, earning them bonus XLM each week depending on their account balance.
The security of the platform is top-notch and is backed up by data encryption with an AES-256 protocol and a two-factor authentication.
Foxlet is an online wallet, so, it is advisable to take caution not to expose yourself to any potential threats such as hackers.
Bonus: 3 Tips for Storing Your XLM Coins
Observe the following tips and you may have very little to worry about when it comes to the safety of your XLM assets.
- Do your homework on the various wallets: Researching about all stellar wallets will enable you to understand what really works for you; for instance, online wallets may work for one person, but not for another.
- Cold storages always seem to work: However, many online wallets offer convenience, offline storage options still remain the most secure way to store your XLM. It is always advisable to store your digital assets offline to avoid the dangers that lurk online.
- Keep your private key private: I bet you do not require lessons on this one, just like you keep your ATM PIN private, you shouldn’t give your private keys to anyone for security purposes.
Now that you have a couple of Stellar Lumens wallets to choose from, you will now need to decide what works best for you. Be guided by the fact that there is no sure way of storing your XLM, whichever way you choose to go, remember that the safety of your coins starts with you.
That said, may the best Stellar Lumens wallet win!