🏆 Top 3 Brokers Crypto Trading Platforms
Best Crytpo Trading Platform
Choose your quick section of our Stellar review below.
A Quick Overview of our Stellar Review:
The Stellar Consensus Protocol (SCP) is the proprietary consensus mechanism used for transaction authentications, confined to selected nodes, rather than being subjected to the entire blockchain and all participants.
Stellar Live Price
What is Stellar?
Stellar operates in the same way as many other cryptocurrencies as a payment technology which aims to connect financial institutions. The primary goal that Stellar serves is to reduce both cost and time required to send and receive transfers across borders. Stellar’s native token, XLM, also dubbed “Lumens” provides liquidity in the Stellar blockchain.
Key Features and Takeaways of Stellar
Stellar, like Ripple, and so many other cryptocurrencies, operate as decentralised payment systems which depend on consensus mechanisms to process transactions. Stellar, as one of the top 100 cryptocurrencies in the industry has the following features and takeaways:
The Stellar Consensus Protocol (SCP) is the proprietary consensus mechanism used for transaction authentications, confined to selected nodes, rather than being subjected to the entire blockchain and all participants.
Transactions on Stellar are considered as approved once it is authenticated by nodes who are representatives of specific groups. This approach shortens the approval cycle, and it is one of the many reasons that Stellar can boast with fast transaction speeds.
Stellar is especially used by developed economies who are limited and even restricted to banking services. Stellar allows these users to send and receive payments in some currencies such as EUR, USD, and GBP.
Stellar is widely known for its ability to support exchanges between cryptocurrencies as well as fiat currencies.
Stellar aims to combat poverty around the globe and to subsequently increase financial access.
Stellar Mining
As a blockchain-based platform, Stellar serves to connect payment systems along with banks, and people, especially those in less developed countries. Stellar enables fast and convenient money transfers and currency exchanges across borders.
Stellar functions through a semi-decentralised consensus platform which has been developed for each major currency across the globe such as the USD, GBP, EUR, and others. Each financial transaction is executed between two and five seconds, with thousands of transactions processed each second.
The native token of Stellar, Lumens, or XLM, is used to power these cross-border transactions of both tokens and money.
Cryptocurrency mining is the process which is involved in verifying transactions and the subsequent adding of such a verified transaction to the blockchain-based public ledger. Mining of crypto results in the release of new coins to the current circulation of coins in the market.
Whereas numerous other cryptocurrencies such as Ethereum, Litecoin, Bitcoin, and several others can be mined as result of their specific consensus mechanisms, Stellar is not a minable currency as it is already pre-mined and in circulation on the market.
Stellar does not use the Proof-of-Work consensus mechanism and verification of transactions on Stellar depends on established nodes, serving to authenticate transactions through a unique voting system.
Stellar nodes receive block rewards at an inflation rate of 1% annually and the supply of XLM is controlled by Stellar. Initially there were 100 billion XLM created, and the supply was inflated by 1% each year for 5 years until the Stellar community opposed this.
Stellar’s development team adhered to this and halved the number of XLM in existence to 50 billion, vowing for this number to remain the same indefinitely.
Of the 50 billion, only 23 billion are currently in circulation, with the remainder held by the Stellar Development Fund for development as well as promotional purposes. However, 95% of XLM is set to be distributed to as many users worldwide as possible through a variety of giveaways specified in the Stellar mandate.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Increased transaction speeds as result of a shortened approval cycle | Stellar has an exceedingly small circulation supply currently |
| Stellar supports both smart contracts as well as ICOs | Development on this platform is slow and only a small number of Lumens can be released or there is a risk of volatility |
| Stellar addresses the scalability challenge and can process thousands of transactions per seconds | There are many competitors in the same field as Stellar such as Ethereum, Ripple, and others |
| Some payments can take between two to five seconds to complete | |
| Transactions feature small, almost unnoticeable fees | |
| Stellar enables multi-signatures and smart contracts |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Trading Fees | 0.1% to 0.125% |
| Withdrawal Fees | 0.01 XLM |
Should you buy Stellar?
There are many opportunities for Stellar in future, however, there are also some challenges such as competition with key players such as Ripple and several other platforms that work according to the same agenda.
What makes Stellar unique is the type of services that it offers specially to people in countries where there is limited access to financial services and systems. The speed with which Stellar processes transactions is another point that counts in its favour, with potential for this to increase.
While most other projects aim to provide benefits to corporations and large businesses, Stellar has a more noble goal in mind in creating an inclusive digital economy, thus serving individuals, which may earn it significant loyalty points in the long-term.
In addition, Stellar also has partnerships with existing organisations, helping increase adoption and spread use cases more rapidly. One of the largest partnerships that Stellar has, is with IBM and IBM has recently signed 6 banks to issue stablecoins which are based on XLM, opening a new world for Stellar and ensuring a lot of room for further growth.
How to buy Stellar (XLM)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Stellar/XLM and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
XLM can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading XLM.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading XLM, select the option from the “Trade” Menu. Enter “XLM” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select XLM_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair XLM/USDT.
Here, you will see that you have the option to buy or sell XLM either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy XLM through via Limit Order
To buy XLM and create a limit order for it, you can enter the amount of XLM you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell XLM through via Limit Order
To sell XLM, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, XLM that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
🏆 Top 3 Brokers Crypto Trading Platforms
Frequently Asked Questions
When was Stellar first launched?
Stellar was founded in 2014.
Who founded Stellar?
Stellar was established by Jeb McCaleb, the Cofounder of Ripple.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Stellar’s ICO and how much did it raise?
Stellar’s ICO ended in July 2014 and raised 550 million ZAR.
Is Stellar legit?
Yes, Stellar is legit. XLM is also one of the top 100 cryptocurrencies in the industry today.
What is Stellar’s total supply?
When Stellar launched, there was a total supply of 100 billion XLM which was reduced to 50 billion following a demand from the community. There is currently 23 billion XLM in circulation.
What is the purpose of Stellar?
The core concept associated with Stellar is to focus on the unbanked masses of the world and providing them with the means to have control over their money.
On which blockchain is Stellar based?
Stellar is based on its own blockchain.
Does Stellar work with smart contracts?
Steller does not have a smart contract language or VM, however, Stellar Smart Contracts (SSCs) combine transactions with a variety of constraints to achieve a result.
Does Stellar have potential to become more valuable?
As result of other competitors and an increase in other projects that work to achieve the same, it is not certain whether Stellar will increase in value. However, with the increase in adoption of cryptocurrency, and as part of the top 100 cryptocurrencies, Stellar could appreciate long-term.
Top 4 Brokers
