Guide: How to Buy Stellar Lumens (XLM) from Binance

What is XLM?

Stellar is the blockchain network, and Lumens (or XLM) is the cryptocurrency used on the Stellar network.

Stellar’s main concept is to act as a currency exchange protocol. It will let people easily transfer between different currencies, by using Lumens as a go-between. In short, if someone wants to exchange USD to EUR, Stellar will do this by exchanging USD to Lumens, and Lumens to EUR. The network is supported by businesses running individual nodes, making it a little different to regular mining cryptocurrencies.

Despite being one of the largest coins in the world right now, not many Fiat-Lumens pairs are available. So the best way to get XLM is to first buy a currency like Bitcoin or Ethereum, and trade for Stellar Lumens on an exchange, such as Binance.

Here’s how to start investing in Stellar Lumens:

Step 1: Register on Binance

First things first, you have to register an account on Binance. They have a very easy-to-use interface so it won’t take long.

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Step 2: Verify your account

Binance requires you to submit several KYC (know your customer) verification documents before you can start trading. Also, you will need to set up secure 2-Factor Authentication to protect your account.

Step 3: Send BTC or ETH to your Binance account

Once your account is active, you will have to deposit Bitcoin or Ethereum to your Binance wallet.

If you don’t already own one of these coins, you can buy with credit or debit card on Coinmama or Changelly, or a fiat-supported exchange like Coinbase.

Once you have BTC/ETH and are ready to send to Binance, go to the top navigation bar, select “Funds” and “Deposits”.

Select from the dropdown menu whether you want to deposit BTC or ETH. This will give you an address to send your coins to. Make sure you only send the selected currency to that address (i.e. only send Bitcoin to the Bitcoin address). If you send any other coin, it could be lost.

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Step 4: Wait for confirmation

Depending on the network load, it may take a few moments for the transaction to go through.

Step 5: Find and select the BTC or ETH pair

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