Stellar Lumens wallets types, features, importance in USA (Lobstr, Astral, Foxlet, Stargazer & Ledger Nano S)
Stellar network is an open-source, distributed, and community-owned network used to facilitate cross-asset transfers of value, Stellar Lumens (XLM) aims to help facilitate the cross-asset transfer of value at a fraction of a penny while aiming to be an open financial system that provides people with all income levels access to low-cost financial services, Stellar Lumens can handle exchanges between fiat-based currencies & between cryptocurrencies.
Stellar Lumens (XLM)
Stellar Lumens & its XLM token are launched in 2014 by Ripple co-founder Jed McCaleb, Stellar’s ability to perform ultra-fast, secure & cost-effective transactions has earned the project an established position in the top 10 cryptocurrencies by market cap, and many different wallets now supports XLM, Stellar is a payment technology that aims to connect financial institutions and reduce the cost & time required for cross-border transfers, both payment networks used the same protocol initially.
Stellar.org is the organization that supports Stellar, It is centralized like XRP, It can handle cross-platform transactions & microtransactions like XRP, However, unlike Ripple, Stellar.org is non-profit, The platform of Stellar.org is open source and decentralized, by using its intermediary currency Lumens (XLM), a user can send any currency that they own to anyone else in a different currency.
Lobstr – Best Stellar Wallet for Mobile
Lobstr does not support multiple cryptocurrencies, as it was built specifically for Lumens, In order to get the wallet, you first need to go through a simple registration process, All you need to offer is your email address along with a password.
In terms of security, the wallet has some notable features, you have the option of setting up 2FA (which you should definitely do), the wallet offers Fingerprint and PIN logins, which add a decent layer of security on your account, when you send funds to another Stellar address, there is an in-built price converter that gives you an approximate value in fiat currency, based on current market rates.
Interstellar is a multi-currency mobile wallet that supports Stellar Lumens, as well as Bitcoin and Litecoin, It offers a decentralized exchange, It is available on Android and Windows/Mac desktop devices, Clic Wallet is a highly secure Stellar Lumens wallet available on Android, with iPhone compatibility currently in development, Registration includes a basic KYC process, so you won’t be able to remain anonymous.
Astral – Best Online Stellar Wallet
When you place convenience at the top of your list, then an online wallet like Astral might be what you are looking for, take caution, as online wallets are generally the least secure wallet type, Astral still boasts some solid security features, Not only is 2FA available, but Astral makes it compulsory, you will be required to confirm withdrawals by email, All of the platform’s underlying data is also encrypted.
The astral wallet is completely free to use and you don’t need to enter any personal information when you first register, As a web wallet, you can access your account from any device that has a browser – even Windows phones.
Astral only supports Stellar Lumens, so you will need to consider another wallet if you want to store additional coins, In terms of the platform itself, sending and receiving funds is very straightforward, so if you are a beginner, you will have no issues navigating through the site.
If you decide to use an online wallet like Astral, you should only store small amounts of Lumens, Although there is a range of notable security features available, you can never be 100% sure that your funds are safe, the wallet allows you to earn additional Lumens in direct correlation to the project’s long-term inflation policy, SAZA Lumens Wallet is an online wallet that allows you to send, receive & store Lumens, and Transaction notifications are available.
Foxlet – Official Desktop Stellar Wallet
The official Stellar Desktop Client is called Foxlet, the wallet is very easy to use, the wallet is free & you don’t need to register any personal details, which allows you to transact anonymously, when you first install the wallet, your private keys are automatically encrypted, so, you can store them on your local device without exposing them to the Stellar servers.
When you send funds from the wallet, transactions are signed offline, which is great for security, The wallet does not offer two-factor authentication or multi-signature logins, the underlying wallet code is available online as open-source, so, developers can ensure that security is constantly improved, As the wallet was built specifically for sending, receiving & storing Stellar Lumens, it does not support any other cryptocurrencies, the wallet allows deposits in Chinese Yen, but nothing else.
You need to bear in mind that, like all official desktop clients, you are essentially running a full node, so, when you first download the client, you will need to download the entire blockchain ledger on to your device, every time you log in to the wallet, you will need to update your client with all of the transactions that the ledger facilitated since you last logged in, If you are running a desktop device that is low on space, this wallet might not be suitable for you.
Ledger Nano S – Best Stellar Hardware Wallet
Ledger Nano S is the safest way to store your Stellar Lumens, the Ledger Nano S wallet will cost you in the region of $100 to buy, it is the most secure option available, The Ledger Nano S is a hardware device, so your coins are stored offline at all times, Trezor is a hardware wallet that is very similar to the Ledger Nano S, It supports multiple coins and retails at around $100.
When you first go through the installation process of Ledger Nano S, you will need to set a secret PIN number, This is required every time you want to send funds out of the wallet and you enter it onto the device itself, This is fundamental, because even if the device was stolen, your funds would be safe as the thief would need the PIN in order to steal your crypto, every time an incorrect PIN is entered, the amount of time one has to wait before trying again doubles.
The Ledger Nanos S offers a backup passphrase, which you are advised to write down & store somewhere safe, This will allow you to recover your funds in the case that you forget your PIN or the device is lost or stolen, The Ledger Nano S is an excellent option for storing multiple cryptocurrencies, more than 700 coins are supported, including the majority of top 10 cryptocurrencies like Bitcoin, Ethereum and Ripple, as well as some ERC-20 tokens.
Stargazer – Best Stellar Wallet for Desktop
Stargazer wallet is available across Windows, Linux and Mac devices, as well as an Android mobile application, However, iPhones are not supported, Other than Stellar Lumens, the wallet does not support any additional cryptocurrencies.
The Stargazer wallet is really simple to use, If you are a beginner, Stargazer makes it really easy to send and receive coins, When you first go through the installation process, you will need to create a password, After that, you will be shown a 24 word backup passphrase, which is required in the event that you forget your password or your device is lost, stolen or compromised.
In terms of security, the wallet doesn’t offer any notable safeguards such as 2FA, so, you need to ensure that you keep both your private keys & backup passphrase safe, Stargazer requires you to deposit at least 20 XLM in order to activate the wallet, you will be able to withdraw 19 XLM back out, but you will need to store at last 1 XLM to ensure your account remains active.