What are Stellar and XLM?
Stellar is a public blockchain designed for creating and sending digital assets. Its native token is the lumen (XLM). The network uses lumens for account minimum balances and transaction fees, which helps curb ledger spam and keep the network running efficiently.
In the Crypto.com Wallet, you need to activate an XLM wallet by receiving at least 1 XLM in a single transaction before you can send funds. You also need to keep a 1 XLM minimum balance, so the most you can send is your XLM balance minus that minimum balance.
How to send Stellar in the Crypto.com App
In the Crypto.com App, here's the basic flow:
- Go to 'Accounts', tap 'Crypto Wallet' and find your Stellar balance.
- Tap 'Transfer', then 'Withdraw'.
- Choose 'Crypto.com Users' to send to another App user, or 'External Wallet' for an outside address.
- Enter the amount, check the network details and authorise the transfer using your preferred protection method, such as two-factor authentication (2FA).
What fees apply when you send XLM?
Sending Stellar to another Crypto.com App user is instant and free of charge. If you withdraw to an external wallet, standard network withdrawal fees apply.
Other fees, spreads or transfer limits may also apply depending on the route you choose. Check the transaction details and network costs in the App before you confirm.
When does an XLM transfer need a memo?
When sending XLM to a centralised exchange or wallet, you may need a memo as well as the wallet address. The memo helps the receiving platform work out which individual account to credit.
If you're sending to a decentralised wallet where the recipient holds the recovery phrase, you usually won't need a memo. If you're not sure, check with the recipient before sending. Leaving out a required memo can lead to lost funds, and blockchain transactions can't be cancelled or reversed once they're confirmed.
