Choose between a hardware and a software wallet based on your needs from CoinSwitch’s list of recommended wallets. Choose a software wallet for on-the-go applications and if you are not ready to invest in a wallet. However, if you are considering a long-term investment, use a hardware wallet. Hackers cannot get into Hardware wallets easily and they are generally safe from malware attacks. As long as you have a private, secure network, you can even consider a mobile or desktop wallet.
Locate your Lumen wallet address. It is a string of numbers and letters starting from G.
How to buy Lumens on CoinSwitch
Use your MasterCard or Visa Credit Card to first purchase Bitcoin. Since CoinSwitch does not allow you to purchase Lumens directly, you will need to do this step. You can also purchase Ethereum, Ripple, Binance Coin or Litecoin first.
Next step is to enter your corresponding wallet address and start the transaction.
Credit card details get verified pretty quickly on CoinSwitch, unlike other exchanges that make you wait for days.
Once you do that, your transaction will begin. It shouldn’t take more than 15 minutes.
Now that you have BTC, you will have to perform a BTC to XLM exchange by following these three steps.
STEP 1: Check out the exchange rate on the homepage. The best exchange rate is displayed by default. Click on ‘View All Offers’ to see all the rates.
STEP 2: Choose the best rate or preferred rate and enter your Lumen wallet address. You can even scan the address QR code instead of typing it in.
STEP 3: Transaction is performed and you will receive your Lumens.
The entire process does not require you to sign up for an account or log in to CoinSwitch. This is perfect for users who prefer anonymity and privacy.
How to sell Lumens on CoinSwitch
You will need to sign up for an account or log in to CoinSwitch for this. You will have a Sell tab in your account which will allow you to sell your Lumens for USD or EUR.
You can check the best rate by keeping a tab on the exchange rates. Currently, 1500 XLM will fetch you 125.091392 USD Coin.
How to exchange Stellar Lumens on CoinSwitch
Let’s say you want to perform a XLM to BTC exchange.
- Lookup the best exchange rate on the homepage and pick the best offer.
- Enter your BTC wallet address
- You will receive an Address and a Memo. You can scan the QR code to get the address but the memo has to be entered manually.
- You will have to deposit Stellar Lumens to the address for the transaction to start.
- Once the order page reflects that the Lumens have been deposited, your transaction will begin. It should not take more than 10-15 minutes. It could take longer depending on the blockchain.
- Once you are able to convert the Lumens to BTC successfully, you will receive a transaction hash.
Again, no account is required to do this and you maintain your privacy easily.