There are many different Stellar (XLM) wallets and platforms in the market, and sometimes is very difficult to know which is the best one. In this article we will be describing the Lobstr wallet and how to use it.
Lobstr Wallet For XLM Stellar Lumens
The most important experts in the crypto world are always warning about the risks of leaving virtual currencies stored in exchanges or different platforms. If you do not own your private keys, then you are at risk. But it is also a plus if the wallet is built specifically to store just a cryptocurrency.
If you want to store XLM coins, Lobstr is one of the most important and popular choices to select. Why? Because it has been specifically designed to store Stellar and allow users to have enhanced security and usability.
It is important to mention that the wallet has been created by the same individuals behind Ripple, Joe McCaleb. Additionally, it was created having in mind those that are now unbanked. Indeed, this wallet will act as a bank for Stellar coin owners.
There are some other wallets that are now supporting XLM coins, but none of them is as secure and as popular as Lobstr. Lobstr was released the same year as the Stellar Lumens project and was one of the first wallets in the market specifically designed for XLM.
Gleb Pitsevich, Lobstr co-founder, said that the wallet was designed to be a simple and secure way to manage Stellar assets. Lobstr has an excellent web, Android and iOS application for different users.
Can We Trust Lobstr Wallet?
This is a very important question that most of the users in the crypto ecosystem ask. Some wallets and platforms had vulnerabilities that exposed users’ funds to risks. Lobstr is just one of the few applications that are recommended by the Stellar network on its official site.
The coins are stored on the Stellar network itself, and Lobstr has a constant contact with the network. The network is ‘unhackable’ which means that the coins are safely stored on the network. It is also very important to have your private key stored very well, if you lose it you will not be able to recover the funds you had.
Setting Up Lobstr Wallet XLM Cryptocurrency Storage Option
It is very easy to set up a Lobstr wallet. In order to do hat you can start reading Stellar’s official site, that gives a very detailed information about recommended XLM wallets.
After it, you can sign up for an account with an email, Facebook or Google. Don’t forget to select a safe password. Once you register you will have to confirm your email address by entering the email they sent you to the address used.
If you have already completed the registration process, you will now be able to enter to Lobstr with the email and password provided before.
If this is the first time that you enter here, you will have to create a Stellar account. In order to do so, choose a username for the Stellar account and press the ‘Create Account’ button.
After it, you will have to activate the account for just 1 XLM that Lobstr will lend you. In the next step, you will see that a recovery code will appear on the screen. This is a very important code that will give you access to your account in case you forget your password. The best way to store it is by writing it down on a paper and storing it a very safe place.
This step is mandatory, but we highly recommend you to do it. Setting up two-factor authentication is very important because nobody will be able to enter to your account if they do not have the 2FA linked to your account.
Using Lobstr Wallet
Now is time to receive or send XLM from the Lobstr wallet. If you want to send some funds, you have to click the ‘Send’ button from the left part of the menu. The wallet will then ask you the recipient username or address and the amount in XLM that you want to send. You can also add a small memos message.
Instead, if you want to receive Stellar, you need to press the ‘Receive’ button on the left of the screen. You can give your Lobstr wallet username, or directly provide the Lumen address.
It is important to mark that Lobstr Wallet does not charge fees for signing up, depositing or withdrawing funds. The only fee that apply are related to sending or receiving transactions. It is necessary to pay Stellar transaction fees that are very minimal. For example, each transaction on the Stellar network costs 0.00001 XLM.
Lobstr Wallet Conclusion
Yes, there are several wallets in the market, but none of them have been built specifically to store Stellar Lumens in the best possible way. Built by Ripple’s founder and a team of experts behind, Lobstr wallet offers the best security, usability and comfort for those storing their funds on it.
Currently, the wallet can only support XLM tokens, and it wants to remain in this way. There have been some complains about this situation, but the main purpose is to offer a Stellar-centered product for XLM’s community.