The most popular cryptocurrency trading platform, eToro, introduced Stellar Lumens (XLM) trading.
It’s the eight cryptocurrency that can be traded on eToro along BTC, ETH, LTC, BCH, DASH and XRP.
Only a few hours after the announcement, Stellar Lumens has jumped in price by 10 percent.
What Is Stellar Lumens (XLM)?
Stellar is an open-source technology designed to be a distributed payment system.
Like Bitcoin, Lumens is built on decentralised blockchain protocol. It’s been created to enable borderless money transfers more efficiently than traditional banks.
The idea behind the coin is similar to Ripple and XRP – Lumens are the native tokens that operate within the Stellar network.
Hence, if you would like to use the network, you can only do it with the native tokens.
The two main benefits of Lumen transactions is a low transaction cost (0.00001 lumens per transaction) and speed (2-5 seconds).
Even though, the primary goal of the coin is to quickly transfer different currencies (both crypto and fiat), the hope for Lumens is to become a valuable financial asset for the developing world.
Stellar Lumens is a large-supply cryptocurrency – 17.8 billion XLM – and a maximum supply of 100 billion.
The coin doesn’t also require traditional cryptocurrency mining – it uses Stellar Consensus Protocol.
Instead, servers that run the Stellar software communicate with each other to validate transactions without requiring any mining power through proof-of-work.
The system is a lot more energy efficient and faster, allowing to b
Comparing to traditional banks, Lumens offers much cheaper and quicker services. Instead of lengthy and expensive conventional bank transfers, payments can be made within seconds at a minimum cost.
How To Trade Stellar Lumens (XLM) on eToro
If you have already used eToro, then all you have to do is log in and start trading Stellar like any other coin.
However, if you’re new to the platform, here’s what you have to do:
- Go to the eToro’s website and click “Open a Live Account with eToro”.
- Enter your email address, or you can use the automatic “Connect with Facebook” link, and it will pull all of your credentials from your Facebook account.
- Then you need to add any additional details that it asks for, depending on which option you chose during step 2.
- Click the “Sign Up” button.
- Verify your account to be able to use it fully.
- Navigate to the “complete profile” tab at the top of the screen and click “continue”.
- Input specific details such as your name, gender, age, birthday, and country of residence.
- Upload relevant documents to verify your identity – a government-issued photographic ID and a copy of a bank statement or utility bill that provides proof of your address. Be aware that depending on where you live, you may be asked for additional information to verify your identity.
- Deposit funds into your account, so you can start trading.
Depending on the country of residence, the minimum deposit amount on eToro varies between $500-$10,000, and you can fund your account through:
- China Union Pay
- Diner’s Club
- Wire Transfer
All withdrawals will be processed through the same method that you used for funding your account. The money will have to be withdrawn to the same account as well.
The minimum amount is $50, and you must have a verified account to be able to do so.
Cryptocurrency trading is one of the best ways of making a profit from cryptocurrency, and eToro has one significant advantage added to it.
The platform gives you an opportunity of Social Trading, through which you can observe what others are doing and replicate their technique.
eToro introduced Stellar Lumens (XLM) trading as it recognised its future potential as a cryptocurrency. This will undoubtedly strengthen the value of the currency.