What are Stellar and XLM?
Stellar is a network built to support digital representations of different currencies. Its native token is the lumen (XLM).
XLM plays a specific role on the network. Stellar accounts must hold a small amount of lumens, and network transactions are paid for with 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 Australia
In the Crypto.com App, here's the basic process:
- Download the app and complete identity verification.
- Fund your account by depositing Australian dollars (AUD) via PayID, or transfer across your existing crypto.
- Open the trading interface, select Stellar, choose your trading pair and confirm the transaction.
You can also fund your account with a debit or credit card (Visa or Mastercard), Apple Pay or Google Pay. The minimum purchase amount is AUD 20.
What Stellar trading fees should you check?
Before you confirm, check the current fee schedule and spread in the app.
Zero trading fees 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.
