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Stellar Lumens (XLM) has since its launch in 2014 (went live in 2015) grown to become one of the most popular cryptocurrencies, and most promising blockchains to watch in this space.
The rise of cryptocurrencies over the past years has since a huge increase in new cryptos and new products such as cryptocurrency wallets.
It’s great to see. As we today have some really modern and safe crypto wallets to use with your favourite coins and tokens.
And we wanted to spend some time doing research into what are the current best Stellar Lumens wallets to pick in 2020!
About Stellar & Stellar Lumens
The name of the blockchain is Stellar. And it is a competitor to the likes of Ripple. And the similarities don’t end there. In fact, Ripple and Stellar not only share many similarities, but they also share founders.
The founder of Stellar, Jed McCaleb is also the co-founder of Ripple (together with Chris Larsen). So you see there will obviously be links made between the two.
But Jed and Stellar have made it clear that Stellar is a completely different and unique project on its own. And it, of course, is not a hard fork of Ripple, which often is believed by people in the crypto space.
So what is Stellar, and Lumens (XLM)? It is an open-source financial network. Where users can send any type of currency or money, dollars, pesos, and even Bitcoin.
The Stellar network like all other blockchains is a decentralised network where any user could come into to send money from one place to another.
Stellar is used by big companies like IBM and Franklin Templeton to small as single-dev startups.
The network has processed over 450 million transactions since its launch in 2015.
The native cryptocurrency of the network is called Lumens, or also referred to Stellar Lumens.
It has the crypto ticker – XLM. Each user that wants to use the network needs to own a small number of Lumen tokens. This gives them the right to use the network.
The need for a token like the Lumen is to minimise the ease for spammers and bots, or attackers to penetrate the network. This is extra important as using Stellar is nearly free and instant. So it can easily be used.
Which is both good and bad of course as the barrier points are very low.
Where can I buy Stellar Lumens?
If you don’t already own Stellar Lumens and you wanted to find out where you can buy XLM. Then I will summarise some of the popular options for you here below. And after that, I will go through in detail about which XLM wallets that you could use.
Buy Stellar with your credit card or debit card here:
Buy Stellar from one of these cryptocurrency exchanges:
Buy Stellar Lumens with a bank transfer from:
10 best Stellar wallets to pick from in 2020
Ok, it is time to explore what are the current best wallet for Stellar Lumens.
If you are new to cryptocurrencies then it is important for you to know that every cryptocurrency is actually ‘stored’ on the blockchain. And you use a crypto wallet to interact with your coins/tokens.
I.e. sending and transacting.
When we did our research into the best wallet options for XLM we thought it would make sense to include a few different types of wallets in our guide.
So that there it is more likely that there is something for everyone. From mobile wallets to desktop wallets and of course hardware wallets.
We are also fans of non-custodial wallets. Meaning wallets where you own your private keys = full access to your own wallet.
Where custodial wallets = shared access to your wallet with the wallet provider.
1 ) Ledger Nano S (hardware wallet)
One of the most popular types of wallets to use is a hardware wallet. These are physical devices, i.e. made of some type of hardware. And they have often considered the safest types of wallets.
With a hardware wallet like the Nano S, your keys are safely stored on the device without ever being online and put to the risks that would involve.
The Ledger Nano S is a perfectly safe and useful crypto wallet. And you can use it in combination with Stellar.
What you need to be aware of is that you need to use another 3rd party wallet application like Stellar Account Viewer or Stellar Term to interact with your XLMs on your Ledger device.
The Nano S costs about $60-70 depending on sales discounts. We recommend that you only buy it from the official shop to minimise the risks of it being tampered with.
2 ) Ledger Nano X (hardware wallet)
There is a new and upgraded version to the Nano S, from the same crypto company (Ledger) and it is called Ledger Nano X.
It comes with the same strong security features. But also with added additional storage space = more apps can be used on it.
And also with added Bluetooth-features enabled. So that you can use your Nano X with any mobile device that has Bluetooth supported.
Otherwise than that they are fairly similar. And it like the Nano S does a great job in protecting your XLMs. And for Stellar Ledger Nano S or the X is a perfect and safe wallet.
Which is the most important thing, isn’t it?
Like with the S model you need to use a 3rd part wallet application like Stellar Account Viewer or Stellar Term to interact with your XLMs on your Ledger device.
3 ) Trezor Model T (hardware wallet)
This is another brand of hardware crypto wallets. The model T is the latest version from the Trezor team which is, in fact, the first brands of hardware wallets.
Created by a company called SatoshiLabs.
And like the Ledger wallets, it is one of the most popular brands in the business. And that’s because it is easy to use and first and foremost one of the safest wallets to use.
To use the Trezor models with Stellar Lumens you need to use Stellar Account Viewer (similar to with the Ledger devices). Stellar Lumens is not available directly in Trezor Wallet (the web wallet software from Trezor).
4 ) Trezor One (hardware wallet)
The other popular and slightly cheaper model from Trezor is called Trezor One.
It comes without the touchscreen and instead it has two buttons and with a different casing.
Otherwise, it is not that different and it is still a very good wallet to use for your Stellar Lumens wallet.
5 ) StellarTerm (web + desktop wallet)
This is a Stellar Lumens wallet that is available to use both as a web wallet or downloaded to your desktop device (Linux, Windows and macOS). I
t is a secure and reliable wallet where your private keys are never sent to any server or exposed.
6 ) Solar (web and mobile wallet)
This is a simple and really nice-looking Stellar wallet. It is an open-source wallet created by SatoshiPay for Stellar. It is a very popular wallet with enterprise-grade security features.
Solar is a non-custodial wallet of course so no need to worry about your private keys being accessed by others.
Solar wallet has multi-signature authorization, its code is completely open-source, it has a decentralised exchange (DEX) integration and it is a very fast and lightweight wallet. And it is also actively maintained and updated by the team.
Making it one of our favorites and one of the best Stellar wallets in 2020.
7 ) Guarda Wallet (Web Wallet, Desktop Wallet, Mobile Wallet, and Chrome Extension)
Guarda Wallet is a multicurrency and multiplatform wallet. And it could be a great choice for all XLM holders, but also using it with your other cryptocurrencies like Bitcoin, Ether, Ripple, etc.
You can also use Guarda combined with Ledger to enhance the security and protection of your coins and tokens. You can also buy more XLM directly from the wallet.
Guarda is available as a Web Wallet, Desktop Wallet (macOS, Windows and Linux), Mobile Wallet (Android + iOS) and a Chrome Extension.
We definitely think Guarda should be considered as a good wallet for Stellar, but also for your other cryptocurrencies.
7 ) Atomic wallet (desktop and mobile wallet)
The Atomic wallet is a multi-currency wallet (you can use with several cryptocurrencies that is available for both desktop (Windows, macOS, Linux) and mobile (Android and iOS).
It comes packed with features, exchange, your portfolio balance, for staking your cryptocurrencies, etc. So it really is one of the most modern wallet apps you could use.
The Atomic is not only a very popular choice because of it being feature-rich but also for being a secure, decentralised and anonymous wallet. So it goes hand in hand with much of the opinions in the crypto space.
Atomic is definitely one of the best wallets for Stellar Lumens macOS, Windows and iOS and Android.
8 ) Edge wallet (mobile wallet)
A new cryptocurrency wallet that I like the look of is Edge wallet.
It is a mobile wallet available for iOS and Android. And it proclaims to be the best mobile Stellar wallet.
Edge was launched in 2014 as a Bitcoin wallet at first but has grown to be a multi-currency wallet over time. And what I do like about Edge is that it is open-source and non-custodial.
So you have control of your private keys and the source code for Edge can be tested and verified by anyone. It is also a slick-looking mobile wallet that is easy to use it has very good security and encryption features.
Which at the end of the day is the most important thing.
9 ) Stellar paper wallet (paper wallet 😉 )
The last option on this list is an online paper wallet generator site.
Which basically means it is a website where you can generate your own paper wallet for Stellar Lumens. This means that you generate your private and public keys which you then can print off and store somewhere safe.
- The private keys are your only keys to access your wallet – you can access them from any Stellar wallet
- Your public keys, or public address is what you can share with others so they can send XLMs to you
You can use the Stellar paper wallet online to generate your wallet or download some software to generate the wallet from your desktop.
Whichever you choose we recommend that you do this when you are offline, as in disconnecting yourself from the internet.
Conclusion – which wallet should I pick?
Ok, so which of these 10 popular XLM wallets should you choose as your main Stellar wallet?
Well it depends on your needs, for example:
- Do you plan to access your tokens frequently? Then perhaps use a mobile wallet like Solar or Atomic
- Is safety the most important thing? Then consider buying a secure hardware wallet, i.e. Trezor or Ledger.
- Is it ok to use several wallets for all your cryptos or do you prefer to use just one? If you want just one, then you need a multi-currency wallet like the Ledger, Trezor or Guarda wallet or Atomic wallets (this is if you own more than cryptocurrency of course)
I hope that you enjoyed this guide to the top wallets for Stellar Lumens. If you have any thoughts or questions then feel free to leave a comment below and we will get back to you!
If you liked this article then make sure you share it with others.
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Written by:
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier
Source: https://gocryptowise.com/blog/best-stellar-lumens-wallets/
