Stellar (XLM) has proliferated over the last few years. The project, co-founded by Jed McCaleb, enables financial inclusion by providing a low-cost and accessible platform for cross-border payments and other financial transactions. One of the most popular exchanges for buying and trading Stellar is Binance. This article will show you how to buy XLM on Binance.
Where To Buy Stellar?
Some of the most popular exchanges to buy XLM include Binance, Coinbase, KuCoin, and Bitstamp. When choosing an exchange to buy XLM, it's important to consider factors such as fees, security, user interface, and supported payment methods. It's also important to note that some exchanges may not be available in certain countries or regions.
Step-by-Step Guide On How To Buy Stellar:
Follow the below steps to buy Stellar using the Binance exchange.
Step 1: Register for a Binance account
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The first step is to register for a Binance account, if you already have a Binance account, you can skip this step.
To register, visit the Binance website and click on the "Register" button at the top right-hand corner of the page. You will then be prompted to enter your email address and create a password. You can also simply use the main sign-up with an email or phone option.
After completing this step, you will receive an email confirmation from Binance.
Create an account using your personal phone number or email address on Binance. Registering as an entity if you are looking to buy Stellar as a Limited company business on the Binance exchange is also an option.
Step 2: Verify your identity on Binance
Before you can buy XLM on Binance, you will need to verify your identity. To do this, click on the "Profile" button on the top right-hand corner of the page and select "Identity Verification."
Follow the instructions provided by Binance to complete the verification process.
To complete your Binance registration process and start buying crypto on the Binance platform, you must submit a valid government-issued passport or Driving license based on your country of residence.
Step 3: Buy XLM
There are numerous ways to buy Stellar on the Binance exchange, and it all comes down to your preference. We will explore some popular ways to buy Stellar on Binance.
Option 1: Fund your Binance account with crypto
This method is helpful for anyone who owns crypto on other platforms or wallets. Once you have transferred your Bitcoin to a Binance account, you can buy Stellar with Bitcoin as Binance supports trading BTC/XLM pair.
After verifying your identity, you can fund your Binance account with Crypto. To do this, click on the "Deposit" button on the top right-hand corner of the page. You will then be prompted to select the cryptocurrency you want to deposit. Select the cryptocurrency you wish to deposit and follow the instructions provided by Binance. Once your cryptocurrency has been deposited, you can proceed to buy XLM.
On the deposit Crypto page, choose the crypto (in this case, we have selected bitcoin) and its network. Binance will generate a bitcoin address to deposit your BTC. Copy the deposit address and initiate a withdrawal on the withdrawal platform. Once the transaction is confirmed in the network, Binance will credit the Crypto for you.
Convert Bitcoin Crypto to Stellar (XLM)
After transferring your crypto Binance account, hover over the Trade menu at the top menubar and click on Binance Convert, where you can convert your crypto to XLM.
There are two ways to convert your crypto to XLM: Market order or Limit order.
Buying XLM with market order: Market order allows you to convert your assets at the current market price based on the quoted price in the conversion.
Buying XLM with limit order: A limit order allows you to place an order to convert your assets at a specified limit price. However, limit orders are executed subject to market conditions and may not be completed even if the market price reaches or crosses your limit price momentarily.
The above screenshot shows an example of placing a limit order to buy Stellar using BNB. You can click on the bars icon next to the limit button to show the price chart of your selected crypto convert pair. Click on Confirm order to get 900 XLM tokens into your account.
Congrats! You have now bought Stellar by funding your Binance account with crypto and using Binance Convert.
Option 2: Fund your Binance account with Fiat
This option will benefit you if you prefer to fund your account with your preferred fiat currency beforehand. Customers can fund their Binance account with fiat currency via direct bank transfer or credit/debit card.
When using the Bank transfer method to fund your account, make sure to follow the below tips:
Your bank account name must match the name registered to your Binance account.
Please include your full name in your bank transfer's Reference/Remark section.
If the deposited amount exceeds your daily limit, Binance will divide the total payment based on your maximum daily limit.
After funding the account with fiat currency, it will be stored as your cash balance on the Binance account. Using the deposited fiat currency, you can now buy crypto using the buy crypto with Cash Balance tool.
As shown above, buy Stellar immediately with your preferred fiat currency! You will get an estimated price of XLM based on the currency of choice, and you simply enter the desired amount of XLM to buy and confirm the order.
Congrats! You have now bought XLM by funding your Binance account with fiat currency and using a Binance Cash balance.
Option 3: Buy Stellar with a Credit/Debit Card (Popular method to buy Stellar)
To buy XLM on Binance using a Credit or Debit card, navigate to the Buy crypto via card page using the top page navigation menu.
On the buy crypto with card page, you will see various options to choose the fiat currency to buy Stellar. Enter the desired amount of XLM tokens to buy and click Continue.
Alternatively, you have the choice to buy XLM on a recurring basis. This is when you regularly invest in cryptocurrency with a pre-determined amount and accumulate your crypto holdings over time. If you are committed to the long-term growth of Stellar and bullish on its future price predictions, this is a great way to DCA into the Stellar project.
In the payment method section, if you just created your Binance account, add the card details you will use to purchase XLM.
Once you have entered the card details, you must review the order details to ensure they are correct. If everything looks good, click the "Buy XLM" button to complete the purchase.
Congrats! You have now bought XLM by funding with your Credit/Debit card!
Step 4: Buy Stellar
Buy Stellar with Paypal: Binance does not currently support purchasing Stellar (XLM) directly with PayPal. However, you can still use PayPal to buy cryptocurrencies on other platforms and then transfer those funds to your Binance account to purchase Stellar. Other exchanges, such as Coinbase support Paypal payment methods to buy crypto. If you have an existing PayPal account, you'll be able to start making transactions on Coinbase right away.
Buy Stellar with a credit card on Binance exchange: To Add a credit card, Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card". Follow the prompts to add your credit card details.
Buy Stellar with Debit Card: To Add a debit card: Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card". Follow the prompts to add your debit card details.
How to Buy Stellar with Apple Pay and Google Pay on Binance
The following steps will guide you through how to buy Stellar using Apple Pay & Google Pay.
- Log in to your Binance account and click Buy Crypto with Credit/Debit Card.
2. Select the fiat currency according to your country and then select Stellar crypto to buy from the list. Enter the amount and click Continue.
3. After choosing XLM to Buy, Select Apple Pay or Google Pay as the payment method.
4. Once you have successfully added/chosen your credit/debit card, click Confirm to proceed. Check the payment details carefully and confirm your order within 1 minute, or else after the 1-minute mark, the price and the amount of crypto will be recalculated. You can click Refresh to see the latest market price.
Congrats! You have now bought Stellar on Binance using your preferred Google or Apple pay.
Step 5: Withdraw XLM from Binance
After buying XLM on Binance, you may want to withdraw it to a hard or soft wallet you control. To do this, click the "Withdraw" button on the top right-hand corner of the page. You will then be prompted to enter the wallet address to which you want to withdraw your XLM. Ensure you enter the correct address, as transactions on the blockchain are irreversible.
You must also enter the amount of XLM you want to withdraw. Once you have entered the correct wallet address and the amount of XLM you want to withdraw, click on the "Submit" button. Binance will then process your withdrawal request, and your XLM will be sent to the wallet address you provided.
Tips for buying XLM on Binance
- Always double-check your order details before placing a trade to ensure everything is correct.
- Consider using the "Limit" order type instead of the "Market" order type when buying XLM. With a limit order, you can set the price you are willing to pay for XLM, whereas with a market order, you will pay the current market price for XLM, which may not be the best price.
- Consider using two-factor authentication (2FA) to enhance security after registration.
10 reasons to buy Stellar right now
Should I buy Stellar? If you are considering whether you should buy Stellar or not, then the below points may provide some clarity about the project.
- Fast and low-cost transactions: Stellar's blockchain is built for fast and low-cost transactions, making it an effective solution for cross-border payments and other use cases that demand speedy and efficient transactions.
- Decentralization: Stellar is a decentralized network, meaning no central authority or entity controls it. This nature strengthens the network's security and resistance.
- Solid developer team: Stellar has a strong development team, including co-founder Jed McCaleb, who co-founded Ripple. The team has a solid track record of blockchain initiatives and continues to develop in the sector.
- Strong partnerships: Stellar has secured relationships with big corporations, including IBM, which uses Stellar's network for its cross-border payments system. Deloitte, KlickEx, and Stripe are among the other major partners.
- Interoperability: Stellar's network is designed to be compatible with other blockchain networks, making integration with current systems easier and facilitating cross-chain transactions.
- Smart contract capabilities: Smart contract capabilities allow developers buil more complicated applications and enhance use cases on the network.
- Community-driven project: Stellar is supported by a large and active community of developers, users, and supporters contributing to its development and growth.
- Low inflation rate: Stellar's inflation rate is set at 1% per year, which helps to keep the quantity of XLM tokens steady.
- Promising protocol: Stellar employs the Stellar Consensus Protocol (SCP), an energy-efficient consensus process that does not rely on mining.
- Future possibilities: If blockchain technology gains popular acceptance and application, Stellar's network and token have the potential for future expansion and adoption.
How to buy Stellar in the Philippines?
Choose a cryptocurrency exchange that supports Stellar (XLM) trading. Binance is one of the best places to buy Stellar in the Philippines. Binance is also one of the cheapest ways to buy Stellar in the Philippines.
How to buy Stellar in India?
Binance is one of the best places to buy Stellar in India. Binance is also one of the cheapest ways to buy Stellar.
Where to buy Stellar in the UK?
Choose a cryptocurrency exchange that supports Stellar (XLM) trading. Binance is one of the best places to buy Stellar in the UK.
How to buy Stellar in Australia?
Binance is one of the best places to buy Stellar in Australia. Binance is also one of the cheapest ways to buy Stellar.
How to buy Stellar in Brazil?
Choose a cryptocurrency exchange that supports Stellar (XLM) trading. Binance is one of the best places to buy Stellar in Brazil.
Where to buy Stellar in the US?
Choose a cryptocurrency exchange that supports Stellar (XLM) trading. Coinbase is one of the best places to buy Stellar in the US.