Lumen (XLM) is the native cryptocurrency for the Stellar network– an open-source blockchain payment system. Stellar’s native cryptocurrency, XLM, powers the Stellar platform, which is known as a cross-border payment provider. The purpose of Stellar is to connect financial institutions through the blockchain and provide cheap transactions in developing markets. Stellar founded the Stellar Development Foundation in 2014 which is a not-for-profit organisation that supports the growth and developments of the Stellar Network. According to Stellar, the Stellar Development Network aims to “unlock the world’s economic potential by making money more fluid, markets more open, and people more empowered.”
An account must also hold a small stake of Lumen (acts as a bridge currency between tokens on the Stellar network for transferring funds abroad) for every other Stellar token it holds. You have to stake XLM in order to utilise the Stellar platform, as is the case with other Proof-of-Stake platforms. Former Longtime Mozilla CEO Danelle Dixon is currently the CEO and the Executive Director of Stella Lumens (XML). You can buy XLM coin on the Swyftx Australian Cryptocurrency Exchange.
The best place to buy Stellar Lumens is right here at Swyftx! Swyftx offers a fast, secure, and user-friendly platform that allows traders to easily deposit Australian dollars to trade Bitcoin and other cryptocurrencies instantly. We offer competitive fees and excellent customer support and we are proud to be Australia's highest-rated crypto exchange as per our Trust Pilot Reviews.
Yes, Swyftx is a safe and secure platform to buy and sell Stellar Lumens (XLM). Swyftx employs a range of advanced security measures to protect user funds and personal information and has been awarded ISO27001 certification for information security.
Swyftx is a AUSTRAC registered exchange that conducts regular security audits and maintains strict compliance with Australian Anti-Money Laundering and Counter-Terrorism Financing Laws.
You can find more information on our security practices here.
The price of XLM is determined by the forces of supply and demand in the market. Similar to other assets, the price of Bitcoin is determined by the number of buyers and sellers in the market at any given time.
Some significant factors that can influence the demand for Bitcoin are adoption rates, Macro economic factors, News events, upgrades and advancements in its tech and investor sentiment.
You can deposit Australian dollars (AUD) into Swyftx via a number of methods including:
Swyftx also allows you to deposit cryptocurrency from another wallet into your account.
Swyftx does not allow you to directly buy Stellar Lumens with credit card, however, we do support credit and debit card deposits. Once your deposit has arrived in your account, you can then buy XLM instantly.
Swyftx has a trading fee of 0.6% for all buy and sell orders. In addition to the trading fee, Swyftx applies a spread to each cryptocurrency trade.
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