What are Stellar and XLM?
Stellar is a public blockchain built for fast payments and low-cost transactions. Its native token is the lumen (XLM).
XLM plays a practical role on Stellar: accounts must hold a small amount of lumens, and transactions carry small fees paid in XLM. These requirements add a modest cost to using the ledger, which helps deter spam and frivolous activity. XLM can also serve as a medium of exchange between assets on the network that would otherwise be illiquid.
How to buy Stellar in the Crypto.com App
In the Crypto.com App, the basic steps are:
- Sign up and verify your identity.
- Top up your account.
- Head to the trading screen, select Stellar and review the order before confirming your purchase.
How can you fund a Stellar purchase in the UAE?
You can fund your account and buy Stellar using bank transfers, debit or credit card (Visa or Mastercard), Apple Pay, Google Pay or crypto deposited from another wallet. Bank transfers in AED and SWIFT transfers in USD are free on Crypto.com.
The minimum amount needed to buy Stellar on Crypto.com is low: you can start with as little as 10 AED.
What should you check before depositing XLM?
If you deposit XLM into the Crypto.com App rather than buying it directly, check the deposit details in the App before sending.
XLM deposits require both the deposit address and a destination tag or memo. In Stellar terminology, the destination tag is known as Memo Text or Memo ID.
Stellar (XLM) 'account merge' transfers are not supported and are not treated as deposits. Merging XLM accounts to Crypto.com will leave your funds unrecoverable.