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 incur 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 otherwise illiquid assets on the network.
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 Singapore?
You can fund your account and buy Stellar using a FAST bank transfer in SGD, a Swift transfer in USD, a debit card, Apple Pay, Google Pay, or crypto deposited from another wallet.
The minimum amount needed to buy Stellar depends on your payment method: SGD 1 for direct purchases with Apple Pay or Google Pay, SGD 20 by card, and SGD 50 by FAST bank transfer.
What should you check before depositing XLM?
If you deposit XLM into the Crypto.com App instead of buying it directly, check the deposit details in the App before you send.
XLM deposits require both the deposit address and a destination tag or memo. In Stellar terminology, the destination tag is called 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.