Top 5 Stellar (XLM) Wallets: How to Best Store Your Lumens?
Stellar Lumens (XLM) is considered to be one of the fastest cryptocurrencies around, which is only one of the reasons why many expect this coin to stick around for years to come. This is an important thing for a cryptocurrency, especially now, when each coin's value seems to be dropping.
Those who have decided to take their chances and invest in Stellar also need a good place to keep it until the time comes when prices will be in a friendlier place. This is why crypto wallets were made in the first place — so that users would have a safe place for their coins.
Of course, there is always an issue of choosing the right wallet to store your Stellar coins into, which is why we have created a list of
5 Best Wallets for Storing XLM.
1. Ledger Nano S
Most crypto enthusiasts have likely at least heard of Ledger Nano S, as it is a very popular hardware wallet. It is easy to use, it can store a wide variety of digital assets. As a hardware wallet, it doesn't have a constant connection to the internet, which eliminates the possibility of the wallet being hacked. There is only a small window of opportunity for would-be attackers to access it, which is when users are transferring funds to and from the wallet.
The wallet itself looks and functions like a USB device, and it is currently the best wallet of this type on the market. It uses a secure chip, not unlike those found on credit cards. The only downside of the wallet is the fact that it needs to be purchased. However, it is not that expensive, and anyone can obtain it for only $100.
Next, we have Foxlet, which is an open-source desktop wallet. It allows users to encrypt their private keys and store them by themselves on a piece of paper or within a computer file. As all non-hardware wallets, there is a slight risk of a hacking attack. However, for those who are confident that their device will not get hacked, this wallet may be a perfect solution.
The wallet also allows users to trade within it, which means that at least some trading can be done without the need to go to an official exchange. Most users agree that it is more than a decent temporary storage solution, but perhaps it is not as safe as other options for long-term HODLing.
The ease of use and user-friendliness is among the most important things for newcomers to the crypto world when they attempt to handle their coins. This is why LOBSTR is among the best wallets for new investors, as it is the easiest way to get started with Stellar.
Its user interface is simplistic, but still quite beautiful, while all instructions are clear and precise. All personal data is getting encrypted, as usual with any good wallet, and its owner is the only entity with control over the coins.
Also, all that you need in order to use it is to register with an email and password. This means that the user is subjected to a light form of KYC, which means that those looking for absolute anonymity and privacy might want to try another option. However, the wallet is still an excellent option for an average everyday crypto trader or investor.
Then, there is Interstellar, as a secure, safe, and completely decentralized wallet for Stellar. It offers countless features, and it also has its own exchange, which puts it among the best trading clients in the market. It can be used on Linux, Windows, Mac, and Android.
It supports hardware wallets, and it even allows users to manage several accounts and multiple assets. Trading and swapping tokens via its platform is easy and safe. The wallet is unique in every way, and it is worth checking out if you are thinking of trading stellar.
Finally, we have BlockEQ — a safe and secure wallet and a decentralized exchange for Stellar. This was also the first iOS wallet that supported trading on Stellar's DEX. It is extremely fast, and it provides cheap micropayments, which only come at a fee of $0.00001.
The wallet is quite good at handling privacy, and it is the user that is in charge of handling their own private key. In other words, the wallet cannot access your funds, nor can anyone else, provided that the private key remains safe in your possession.
All data is encrypted and stored on a user's device. The wallet's desktop version allows users to create an advanced passphrase that can add yet another level of protection on top of a standard layer, that features a 24-word phrase.v