We will be featuring some of the best Stellar Wallets, their features, and on which criteria should you choose the one that is appropriate for you.
Stellar Lumens are the native asset of Stellar, a decentralized payment platform, which facilitates fast, reliable and affordable cross-border payments. Stellar Lumens is currently ranked 6th in terms of market capitalization, and it is trading at $0.109860 USD.
Things to Consider Before Choosing an XLM Wallet
If you’re looking for a Stellar wallet, there are some factors that you should keep in mind:
- Minimum balance. All Stellar wallets must hold a minimum balance of 1 XLM at all times.
- Security. Make sure the service employs the strongest security features, such as enhanced encryption, 2-factor authentication, secure PINs and passwords, and other measures.
- Private keys. Look for a wallet that which lets you have control of any private keys.
- Back up options. Look for a wallet that has a backup or recovery mechanism, in case something goes wrong with your wallet.
- Continuous development. The wallet should be backed by a strong development team which always keeps the wallet upgraded and protected against new security threats.
- Multi-currency support. If you are looking to store other cryptos in addition to XLM in one wallet, check to see whether any wallet you’re considering supports all your desired currencies.
- Customer support. Search on the internet for customer reviews- the service provides quick and easily accessible customer assistance when they encountered issues with their wallet.
- System compatibility. Whether it is your PC or smartphone, the wallet should be compatible with your device’s system.
Ledger Nano S Wallet
The Ledger Nano S is the only hardware wallet available which can store Stellar Lumens, and it’s also regarded as the safest storage option. This is a good option if you are planning on holding a considerable amount of Stellar Lumens for a longer period of time.
In addition to XLM, Ledger Nano S also supports a large number of cryptocurrencies and features a simple backup process that easily lets you recover your coins. It is also backed up by a solid development team and has a responsive customer support team.
The main advantage of Ledger is its security which features a secure element and dual-chip architecture, PIN security for private keys, 2-factor authentication, and a built-in OLED display which allows for manual transaction verification.
The downside would be that its price is in the range of $70-$80 dollars, depending on shipping costs.
Guarda is an open-source wallet that features various app versions for web, iPhone, Android, browser extension (Chrome), or desktop (Windows, Linux, and macOS).
All versions support a diverse listing of cryptocurrencies, including Bitcoin, Ethereum, Dash Monero, and of course, Stellar Lumens.
Guarda’s wallets let you have full control over the coins you decide to store. None of your personal or cryptographic information is kept by the company, nor does it have access to it.
A neat feature that puts Guarda ahead of other Stellar wallets, is its support for fiat purchase via debit card. You can use your card to buy crypto directly from within the wallet. You also have the option to swap coins from your wallet, as Guarda integrated Changelly’s technology.
Stellar Desktop Client – Foxlet
Foxlet is an open-source desktop wallet which lets you easily store XLM. It is compatible with the following operating systems: Windows, Mac, and Linux. The private key is encrypted and stored on your personal computer. No registration is required and transactions are signed offline.
It is one of the simplest and convenient ways of sending, receiving and storing XLM, and it also has a feature which allows you to deposit and withdraw in Chinese yuan (CNY). This is a wallet for Stellar storage only, with no support for other cryptocurrencies.
Lobstr is a convenient mobile wallet which allows you to store and manage your XLM in a facile manner. The setup process is a no-brainer, and managing transactions on a day-to-day basis is easy even for crypto newbies.
The wallet is compatible with both Android and iOS devices. Lobstr features an attractive interface which is simple to comprehend and navigate. The wallet also provides a quick in-built XLM price converter for added convenience. Regarding its security measures, the wallet uses 2-factor authentication, fingerprint support, and secure PIN protection.
Your storing options are limited, as Lobstr is a Lumens-only wallet.
Astral is a web-based wallet that comes with a number of useful features. Upon sign up, all qualified accounts are automatically registered in an inflation pool, which will generate a bonus of XLMs every week depending on how much you hold in your account.
Security wise, 2-factor authentication is implemented, and AES-256 encryption is used for the data. Email confirmation is required each time the funds are withdrawn to new addresses. The wallet also has the option of generating multiple addresses for easy fund management.
StellarTerm is a web-based wallet created by Iris Li, a former employee of the Stellar Development Foundation, which permits the wallet to interact with a Stellar distributed exchange. It is considered to be one of the best wallets for Stellar in 2019 for future traders.
StellarTerm can be downloaded for desktops that run on Mac OSX, Windows, and you also have the standalone version on their Github repository. Verify if the SHA 256 hash matches what is available on the download page. The wallet enables traders to exchange currencies, view account balances as well as exchange markets.
Stargazer is a Stellar wallet which can be used on both desktop and mobile devices, being compatible with Windows, Mac OS X, and Linux operating systems as well as Android devices. The app is available for download on Google Play and wallet website.
The interface is easy to use and straightforward, enabling users to send and receive Stellar Lumens easily. It also allows you to create multiple accounts, offering support for multiple cryptos, multiple languages and allowing you to set up federated addresses as well as depend on multi-signature security.
However, there are many reviews on Google Play that showed there are a few bugs that hinder the app’s performance.
There are several good options for storing your XLM, each having their own advantages and disadvantages. We hope that our article will help you choose the right wallet which best suits your needs.