In this article, you will learn about the top 3 Stellar wallets for storing your XLM coins.
Stellar Lumen (XLM) is one of the hottest cryptocurrencies with progress in the real world. The recent partnership with IBM Blockchain World Wire has shown everybody that Stellar has made significant progress compared to some of its competitors.
Stellar is trying to do something similar to Ripple’s xRapid, where the goal is to use the blockchain to transfer money from/to different countries. Not only for cross-border transactions, but Stellar can also be used to issue different kinds of tokens.
The Smartlands project, for example, is trying to build a tokenized real-estate market on top of the Stellar blockchain. The future could be bright for Stellar.
Are you here because you believe in the Stellar project and you want to know where to store your XLM? Let’s begin right away!
Hardware Wallet (Ledger Nano S or Trezor)
The safest (and best) way to store your Stellar Lumen (XLM) coins is with a hardware wallet. You can use either a Ledger Nano or a Trezor.
We recommend a hardware wallet because a hacker cannot remotely send your cryptocurrency. For the Ledger Nano S, you are required to press a physical button to send cryptocurrency from your device. Even if your Ledger Live account is compromised, the hacker cannot ‘transfer away’ the crypto from the device.
A Ledger Nano S costs $59 USD before shipping. To set a Stellar account with your Ledger Nano S, you can read this tutorial.
A Ledger hardware wallet can be used in conjunction with other services to claim inflation rewards. In other words, you can stake XLM.
Another great and straightforward Stellar wallet is Foxlet Wallet. It is open source and available for Windows, Linux, and Mac.
Foxlet is easy to use and very lightweight as well. All information is stored directly on your local computer.
The moment you unzip the compressed file, you will find StellarWallet.exe. Double click it, and you will see the main page to open your account.
To create a new account, just click ‘Create New Account.’ You will be asked to save a .txt file and create a password. Next time you open your Foxlet wallet account, you must remember where you put this file and the password to decrypt it.
Remember that your public address and your secret key are two different things. You should never share your secret key with anyone.
To send XLM to someone else’s wallet address, you can just click the menu Send on the top left. Remember that you need to put a MEMO if you want to send your XLM coins to your account in a crypto exchange.
Foxlet also allows you to stake your XLM.
To start with Foxlet wallet, click here
Exodus is one of the best multi-crypto wallet applications. The user interface is quite smooth and you can manage a variety of different assets, including Stellar.
One of the advantages of Exodus is that you can use it with different operating systems, including desktop OSs and mobile OSs.
To start using Stellar on Exodus, just click Wallet (left sidebar) and type “Stellar” within the search bar. You can see two buttons, Send and Receive. You will be able to see your Stellar wallet address once you click “Receive”.
If you want to send your XLM, you only need to put the destination’s wallet address and the amount of XLM you want to send. To add a memo, click “Advanced” and write your memo there. Remember that you need to add a memo if you want to send your coins to your account on an exchange.
To start with Exodus, click here.
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