What are Stellar and XLM?
Stellar is a network made to support digital representations of different currencies. Its native token is the lumen (XLM).
XLM has a specific role on the network. Stellar accounts must hold a small amount of lumens, and network transactions use XLM fees. These requirements add friction that helps deter spam on the ledger. Because Stellar accounts need lumens, XLM can also act as a medium of exchange between assets on the network.
How to trade Stellar (XLM) in the US
In the Crypto.com App, the basic flow is:
- Download the App and complete identity verification.
- Fund your account by depositing US dollars (USD) or transferring existing crypto.
- Open the trading interface, select Stellar, choose your trading pair and confirm the transaction.
What Stellar trading fees should you check?
Before confirming, check the current fee schedule and spread in the App.
Zero trading fees apply up to the transaction limit specified per Level Up tier. Other transaction fees and spread may apply. Reduced fees and platform perks through Level Up are subject to eligibility criteria and terms and conditions.
What should you know before depositing XLM?
XLM deposits into the Crypto.com App require both a deposit address and a destination tag or memo. In Stellar terminology, this tag is called Memo Text or Memo ID.
Stellar (XLM) 'account merge' transfers are not supported and are not considered deposits. Merging XLM accounts to Crypto.com will result in your funds being unrecoverable.
