Storing Your XLMs – A Look at the Best Stellar Lumens (XLM) Wallets

Handy Tips / 06.10.2020

Cryptocurrency wallets come in handy to offer a safe, transparent, and efficient way of storing digital assets. Crypto wallets essentially store users’ private keys and public addresses. They may also provide encrypting and signing information, i.e., executing a smart contract function or a cryptocurrency transaction. 

In addition to storing the private key and public address, Stellar Lumen wallets store the third code, i.e., a Stellar Memo. The Stellar Memo is a feature that allows Stellar network users to communicate and track transactions on the network seamlessly. Choosing the best XLM wallet can be a little bit daunting, thanks to the numerous options available. Here, we look at the best XLM wallets you need to consider in 2020. 

What are the Best Stellar Lumens (XLM) Wallets?

Stellar Lumens (XLM) is a leading decentralized payment platform that offers a global financial network connecting payment systems, banks, people, and other financial institutions. Lumens (XLM) powers the Stellar network allowing for fast, reliable, and affordable cross-border payments. XLM serves two purposes: facilitates multi-currency transactions and plays an anti-spam role. XLM is among the top ten cryptocurrencies in terms of market capitalization. Apart from the Lumen wallet, many third parties have developed wallets for storing and sending XLM. Here are the best XLM wallets encompassing hardware wallets, downloadable wallets, and web wallets. 

LOBSTR- Most Downloaded Stellar Wallet

Supported Coins: 16 

Platforms: Mobile and Web 

OS: Android and iOS 

LOBSTR wallet is a secure and straightforward Stellar wallet with plenty of features to enable you to manage your XLMs seamlessly. The wallet is compatible with both mobile and web-based, enabling users to access their funds anywhere anytime. Track crypto prices in real-time and manage XLMs on both mobile and web apps.

Regarding security, LOBSTR implements excellent security measures to keep users’ funds safe and away from the prying eyes of scammers. Some of the wallet’s security features are S Factor Authentication (2FA) and multisig protection. 

In addition to being highly secure, LOBSTR is user-friendly. The simple interface, friendly and clean design, clear instructions, and helpful tips enable users to manage their XLMs, and the other supported cryptocurrencies easily. 

For additional functionality, LOBSTR integrates the Stellar’s decentralized exchange, i.e., SDEX  enables XLM holders to trade on the exchange seamlessly. Exchange XLM (and other supported assets) with other cryptocurrencies, fiat currencies, and precious metals directly from the wallet. 

LOBSTR simplicity, accessibility, and safety make it one of the best crypto wallets for storing XLM.

Blockchain.com – Best XLM Web Wallet

Supported coins: 5 

Platforms: Mobile and Web-Based 

OS: Android and iOS 

Launched in 2011, Blockchain.com is one of the oldest and world’s most popular crypto online wallet. The wallet is not only user-friendly with excellent graphical transaction overviews but also very secure. The wallet integrates various security measures, including 4-digit pin, 2FA, email verification, and biometrics. The wallet also incorporates a feature to track all data relating to a particular coin, i.e., transactions, prices, volumes, etc. 

The wallet is accessible in more than 30 countries and supports over 20 languages. Blockchain.com also integrates with different crypto exchanges enabling users to trade crypto directly within the wallet via clicks. However, users need to verify their ID and add a payment method. Enjoy lightning-fast XLM trading directly on the wallet with deposits in 4 FIAT currencies, i.e., USD, GBP, EUR, and TRY. 

Ledger Nano S – Best Hardware XLM Wallet

Number of supported coins: 1250+ 

Platform: Ledger Nano S device

The Ledger Nano S is undoubtedly one of the best crypto hardware wallets thanks to its offline nature and outstanding intuitive features. Being a hardware wallet, Ledger Nano S stores your private key offline and connects with numerous web and desktop apps. The wallet supports over 1,250 cryptocurrencies, including XLM, Litecoin, Bitcoin, Ethereum, XRP, etc. 

Ledger Nano S boasts a two-factor authentication system, PIN-code, and seed recovery system for the security feature. Users’ private keys are fully protected and secured even in the case of a loss. The wallet synchronizes with the Stellar Account Viewer, guaranteeing users of the security of their XLM. Besides, should XLM holders lose the device, their XLM holdings can still be restored by the 24 phrase words, i.e., recovery keys.  

Ledger Nano S encompasses an OLED screen where users can check the transaction details. The wallet also allows users’ to integrate a range of specific applications for different wallets and coins. 

For only $60, Ledger Nano S is the best XLM hardware wallet. The wallet supports a large number of cryptocurrencies. It’s very safe, convenient, and accessible. 

Guarda – Best Multi-Platform XLM Wallet. 

Supported coins: 40 

Platforms: Mobile and Web-Based 

OS: Android and iOS

Guarda is a non-custodial, multi-platform cryptocurrency wallet supporting over 40 cryptocurrencies, including XLM, BSV, BTC, XRP, LTC, XLM, EOS, DASH, etc. The wallet is available in various versions, i.e., Web, Desktop (Linux, Windows, macOS), Mobile (iOS, Android), and Chrome Extension.   

Guarda’s wallet’s user interface is user-friendly and straightforward, making it ideal for both beginners and experienced users alike. Being custody-free, the wallet offers users full control over their XLMs with no third-party interference. The wallet currently supports the exchange of XLM with other crypto assets via built-in purchase and exchange service. In the future, XLM will be available for bank card purchases. The wallet also supports cross-platform operations where all the wallets are seamlessly synced across available versions. It also offers additional services such as ERC20 Token Generator.

Other outstanding Stellar wallets include Stellar Foxlet, Stellar Paper Wallet, Stargazer, StellerTerm, and Stronghold

Closing Words

For any XLM holder, it’s crucial to keep your coins safe. When seeking to choose the best Stellar Lumens wallet, you may want to consider the wallet’s security, the number of coins supported, and well as price. If you prefer hardware wallets to be online or web-based wallets, Ledger Nano Sought to be your first option. The Nano S is not only affordable but offers an excellent storage solution for your XLM as well as other cryptocurrencies (over 1250). For XLM hot storage, LOBSTR, Blockchain.com, and Guarda offer uncompromised secure storage with ease of accessibility. Nonetheless, regardless of the wallet, ensure you take the necessary security measure to protect your XLM holdings.    

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.