Finding the best wallets to hold Stellar (XLM) is just as important as deciding to include the coin in your investment. There is a danger that without utilizing the Best Stellar Lumens Wallets, one can end up in each of those horror stories of people losing funds to scammers or other heinous situations.
A great strategy to avoid such hazards is to thoroughly examine the possibilities accessible to them and then choose the finest.
This post makes it easy for you to pick the finest Stellar Lumens wallet. It presents a list of possible solutions, assessing their benefits and drawbacks, cost, and even more.
The Best Stellar XLM Wallets in 2023
These are the finest Stellar XLM wallets for securely managing Lumens. We covered desktop and mobile wallets, as well as hardware and software wallets. We usually use hardware wallets for all digital currencies and currencies, but as a beginner and if you don’t expect to spend much, software wallets will suffice.
1. Ledger Nano S
If you want to save a substantial number of XLM, keeping them offline in a cryptocurrency wallet is typically considered the safest method. The Ledger Nano S is a popular hardware wallet that provides a simple and secure way to store your cryptocurrency.
The Ledger Nano S is a hardware wallet that functions as a USB device and can be inserted into any device that has a USB port. Stellar, Ripple, Ethereum, Bitcoin, Litecoin, Ethereum Classic, and many other cryptocurrencies are supported by the Ledger Nano S wallet.
It contains unique security features, making it one of the finest Stellar Wallets on the market. It includes a two-factor authentication mechanism, a PIN code, and a seed recovery method.
Because the Ledger Nano S is not linked to the internet, it is almost hard to hack your private keys. It is very simple to use, owing to clear instructions.
Pros
- Amazing value for money
- Simple and easy to use
- ANSSI-certified means provide high level of security
- 1100+ cryptocurrencies are supported.
Cons
- There is no Bluetooth support for mobile phones.
- There is no touchscreen.
- To connect to the device, a micro-USB cord is required.
- Can only carry a limited number of distinct cryptos at once.
Ledger provides a high degree of security with all of their products, and the Ledger Nano S is no different, with an inbuilt certified chip engineered to withstand sophisticated hacking efforts.
When paired with the Ledger Live app and the diversity of accepted assets, the combo of safety and ease of use provides the Ledger Nano S user with a rich interface. In terms of disadvantages, the main disadvantage of the Nano S is that it is not free.
2. Trezor Model T
Trezor Model T is the second version of Trezor hardware wallets and one of the most trustworthy and secure crypto wallet. Trezor has been building its brand since 2014, thanks to SatoshiLabs and its initial wallet, the Trezor One.
Trezor contains a color touchscreen that allows you to visibly view all transactions that are taking place, verify them, and utilize them quickly. In comparison to the Model One, it has been completely rewritten from the ground up for improved security, and both its software and hardware specs are totally open sourced.
Pros
- A large color touchscreen display
- Private keys are segregated in a Trezor Model T with Password and passcode security.
- Webpage, desktop OS, and Android are all supported.
- Supports over 1000 currencies and tokens
- Purchase Bitcoins using money and trade them within the wallet
Cons
- More pricey than the majority of alternative hardware wallets
- Only a limited number of cryptocurrencies may be purchased with fiat currency.
- Losing access to, and hence loss of, your assets occurs when you lose the 24-word recovery phrase in combination with the loss of your device.
Additional security options include two-factor authentication, a 12-word recovering seed code, a password, and so on. It now supports over 1000 cryptocurrencies, with new coins being added on a regular basis.
In terms of security, the Trezor Model T is without a sure the finest stellar lumens wallet, yet it is only ranked second due to its exorbitant price.
Another fantastic feature is that you may establish 10 distinct accounts for each cryptocurrency, allowing you to utilize some for trading, and others for ordinary usage.
So, if money isn’t a concern, we recommend purchasing the Trezor Model T, which is not just the best stellar lumens wallet but also the greatest hardware wallet overall.
3. Lobstr Wallet
Because the Lobstr wallet is a smartphone XLM wallet, it is not the most secure solution, but it is appealing and simple to use. It’s accessible for both Android and iOS smartphones, and even cryptocurrency beginners will find it straightforward to use.
Process of exchanging XLM is quick and simple, and there’s even an XLM price converter built in. Two-factor authentication, biometric compatibility, and strong PIN security are among the other functions.
Because the Lobstr wallet is a smartphone XLM wallet, it is not the most secure solution, but it is appealing and simple to use. It’s accessible for both Android and iOS smartphones, and even cryptocurrency beginners will find it straightforward to use.
Process of exchanging XLM is quick and simple, and there’s even an XLM price converter built in. Two-factor authentication, biometric compatibility, and strong PIN security are among the other functions.
Pros
- AES-256 encryption and two-factor authentication
- Simple and convenient access
- Auto-enrollment in an inflation-protected savings account
Cons
- Online wallets present security problems.
- Not as popular as other wallets.
When withdrawing cash to new addresses, an email confirmation is necessary. There’s also the added convenience of being able to establish numerous addresses for easy fund organizing.
However, before selecting a web wallet, it’s critical to understand the security dangers involved with online wallets. If you wish to hold a big amount of XLM, putting it in an offline wallet is often regarded as a safer option.
4. Trust Wallet
It is, as the name says, a trustworthy wallet for your XLM coins. With Trust wallet, you can simply transfer, acquire, and save your Stellar Lumens (XLM) and dozens of other crypto currency. It is a mobile wallet that is necessary for holding digital assets like as Ethereum, ERC20, and ERC223 tokens.
Because it is an HD wallet, you do not need to generate a backup of every private/public key combination. You can alternatively continue to use the same wallet, and it will build backups in a hierarchical structure in the background. To access the backup files, you only need your seed phrase.
Pros
- Users keep track of their private keys.
- Even inexperienced users will find it simple to use.
- Securely send, store, and receive XLM.
- Using a Visa or MasterCard, purchase cryptocurrency using fiat money.
Cons
- Stellar-based assets are not supported.
- Only accessible through smartphone
Trust wallet may be used to handle Stellar Lumens and a variety of other things on iOS and Android smartphones. It includes a DApps explorer, a decentralized exchange, and the ability to stake 6 currencies.
It has over 10 million downloads and a high rating among Binance Smart Chain users as well as other mobile device wallet crypto holders.
5. Atomic Wallet
The Atomic Wallet is another excellent and user-friendly stellar computer wallet to try. This is a multicoin wallet which can hold up to 300 multiple currencies and coins.
It can also do atomic swaps and trades directly from the wallet. Changelly and ShapeShift are used to accomplish this. This is beneficial since it allows a user to make a trade at a minimal cost.
The user interface is well-designed and easy to use. As a result, it is suitable for new bitcoin users. It is now available for use on Linux, Mac, and Windows computers. A smartphone version is reportedly in the works and might be available shortly.
Because this is a desktop stellar wallet, users always have access to their keys. This implies it is a more secure version than web-based or exchange-based wallets.
Some of the prominent cryptocurrencies supported by Atomic Wallets are:
- Bitcoin
- Stellar Lumens
- Ethereum
- Ripple
- Litecoin
- Monero
Pros
- Atomic Switch supports over 500 currencies and tokens.
- Your device’s secret keys are encoded and saved.
- Simple to use
- Compatibility with almost all devices, including Pc, Mac, Android, Linux, and iOS
- The ability to buy cryptocurrencies in a wallet
Cons
- Only a limited number of cryptocurrencies are available for purchase in the wallet.
- There is no hardware wallet support.
- The assistance is mediocre.
The Atomic Wallet‘s strongest advantages are its low cost and compatibility for coins and tokens. Along with its protection and the possibility to buy cryptocurrencies directly from the wallet using your bank card.
Because the wallet is decentralized, all of your assets are saved on the network, while all of your secret keys are encoded and kept on your device with either a 12-word restoration password as a backup in the event that your gadget is lost or stolen.
What to look for in a Stellar Lumens Wallet?
If you’re looking for a stellar wallet, consider the following considerations before deciding how to store your XLM:
Security
You always take precautions to maintain the safety and security of your physical wallet; undertake the same precautions with your bitcoin wallet. Consider the security measures provided by your wallet.
Private Keys
Because your private keys are the tools that allow you to access your cryptocurrency holdings, seek for a wallet that allows you to keep ownership of your private keys and does not ask you to provide them to a third party.
Development Team
Is the wallet supported by a robust development team that is always striving to upgrade and improve its features, such as providing support for more currencies and building protection against new security threats?
Support of Multiple Coins
If you want to keep a variety of coins and assets in one wallet, be sure that any wallet you’re considering supports all of your chosen currencies.
Backup and Restore
Look for a wallet with a simple backup option so you can simply recover your XLM if something bad happens.
Conclusion
Stellar is a potentially attractive cryptocurrency project based on its development trajectory and market position. Many third-party companies have created wallets to interact with the network and the assets developed on top of it.
This article analyzed the top Stellar Lumens wallets, noting the benefits and drawbacks of each choice, as well as the devices that support them.
It also suggests certain wallets based on an investor’s needs, and hopefully this tutorial has showed you how to make the best decisions for maintaining and safeguarding your stellar holdings.
