How To Buy Stellar Online and Sell XLM11th March 2019
What is Stellar XLM?
A Lumen is the native asset of the Stellar network, and one Lumen= 1 XLM. The Stellar network offers the innovative features of a shared public ledger on a distributed, global database—often referred to as blockchain technology. The Stellar network’s built-in currency serves two purposes:
Every Stellar network transaction has a minor fee—0.00001 lumens—associated with it. This fee is intended to prevent spammers from flooding the network with fake transactions (otherwise known as a DoS attack). This security measure mitigates DoS attacks that try to generate large numbers of transactions or take up large amounts of space in the ledger.
Similarly, the Stellar network requires all accounts to contain a minimum balance of 0.5 lumens. This requirement incentivizes users to eliminate abandoned accounts, ensuring that all accounts are likely to have economic utility on the network.
Lumens can enable trades between currency pairs which do not have much liquidity, acting as a bridge.
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Buying Stellar (XLM)
Now that you’ve read about this token, you can go and buy Stellar (XLM) online with XCH4NGE. It is secure and easy to buy Stellar (XLM) as you can even choose the seller based on their accepted methods of payment, available stock, and asset list price. This ensures you find the right person to buy Stellar (XLM) off of. This is a step-by-step guide how to buy Stellar (XLM) online with XCH4NGE.
1.) Register With XCH4NGE
On the XCH4NGE homepage you will find the blue ‘Register Now’ button in the top right hand corner. After you click this you will be asked to fill in your personal details as well as go through the KYC process. If you live in the UK you will be required to complete the entire process, but if you live in another country you only need to fill out the first step. After the first step is complete you can log out and log back in which will enable you to trade using an unverified account. To be fully verified you can always go back and continue with the KYC process.
2.) Initiating A Transaction
To initiate a transaction to buy Stellar (XLM) online with XCH4NGE, you have to go to the ‘Buy’ section. This can be found in the top right hand corner of the dashboard once you are logged in. At the top of this page you will find the various cryptocurrencies available to purchase. Click on the Stellar logo and you will be ready to place your order!
3.) Placing Your Order
To place an order to buy Stellar (XLM) online you must first pick a seller. You can pick who you want to purchase off of based on their criteria. You can decide on the seller based on their payment method, price, and available stock. It’s important you are happy with each of these fields before you proceed. When you have selected the seller you want to buy Stellar (XLM) off of, you can hit the ‘Buy’ button next to their information where you can select how much Stellar you want to purchase. To keep transactions running smoothly and efficiently there is a 2-minute time limit on this window. Once you are happy with your order you can hit the ‘Request Purchase’ button towards the bottom of the screen. The seller will be notified and once they respond you will enter the payment stage.
After confirming they are available to sell you Stellar (XLM), the seller will send you the necessary information for you to transfer the money. This may be details such as their sort code and account number for bank transfers or other information for payment methods such as PayPal. It is important you also include the given reference code so that the seller knows the payment is from you! Once the full amount has been transferred and the seller has been notified, they can check their account and confirm that they have received the money. Please note that there is a 30 minute window to ensure that the transaction has gone through and it is secure.
5.) Concluding Payment
Once the seller confirms they have received your payment they will mark the transaction as complete. The Stellar (XLM) will then be released from escrow into your XCH4NGE wallet. Congratulations, you’ve just managed to buy Stellar (XLM) online with XCH4NGE!
Raising A Dispute
Unfortunately not every transaction goes smoothly. You may need to dispute a transaction when any of the following criteria are met:
- The seller has not confirmed they payment after you have sent it.
- The transaction has been marked as complete but you have not received the Stellar (XLM).
To raise a dispute you have to press the ‘Dispute’ button underneath the transaction window. Please remember that if either party provides fraudulent information and/or documents in this dispute process, XCH4NGE reserves the right to immediately settle the dispute against the party in violation. If you believe that XCH4NGE have resolved a dispute in a manner not in accordance with our Terms and Conditions, you may request a review. You can do this by contacting customer support within 30 days of the settlement in question.
Selling Stellar (XLM)
So you’ve decided you want to sell Stellar (XLM) online with XCH4NGE. Not to worry, this is safe and secure.
1.) Creating A Listing
Firstly you need to make sure you have Stellar (XLM) in your XCH4NGE wallet for you to list. You can do so by hitting the ‘Deposit’ button in the wallets tab and finding out your wallet address. Once you have the crypto available you can click ‘Sell’ and a window will pop up. Here you can specify how much Stellar (XLM) you want to sell and the price of it. You can set the % markup which is the money on top or taken away from the market price. For example, if you set your % markup to 1%, as the price of Stellar (XLM) fluctuates, yours will be up for sale on the platform for the market price + your 1% markup. When you are satisfied with your sale details you can press the ‘List Trade’ button and buyers will be able to view your order!
2.) Beginning Your Sale
When a buyer initiates a trade with you, you will be notified via email as well as SMS. This is why it is important your details are correct when you sign up! If you are available and interested in selling your Stellar (XLM) you can confirm the trade which will be followed by the release of your details such as sort code and account number so the buy may complete the transfer. Remember to take note of the reference number so you can confirm you’re receiving money from the right person! Also note that you have 5 minutes to accept a trade. This ensures that both the buyer and seller are actively engaged with the transactions and it prevents excessive waiting times for the buyer.
3.) Receiving & Confirming Payment
Now you have confirmed the trade and your details have been sent to the buyer, the clock starts ticking and that 30-minute window begins. For the transaction to be valid, this payment must be sent and confirmed within this time window. The buyer will mark that their payment has been sent so you can check your account before marking the transaction as complete. Press ‘Complete’ only if you have received payment from the correct account. The crypto will now be released from escrow and that’s it!