What are Stellar and XLM?
Stellar is a public blockchain designed for rapid 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 flow is:
- Sign up and verify your identity.
- Top up your account.
- Go to the trading screen, select Stellar and review the order before confirming your purchase.
How can you fund a Stellar purchase in the UK?
You can fund your account and buy Stellar using a bank transfer, a debit or credit card (Visa or Mastercard), Apple Pay, Google Pay or crypto deposited from another wallet. Bank transfers and crypto deposits are free on Crypto.com, though other charges may apply to crypto deposits.
The minimum amount needed to buy Stellar on Crypto.com is low: you can start with as little as £1.
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.