Stellar has been around since 2014, and quite many wallets have been made since for Lumens (XLM) — the native tokens of the system. Some of the wallets have changed their names, which might make it a little confusing. More confusing it gets, when you look for a Stellar Lumens wallet and they all say “simple and secure”. Today, we’ll help you choose your XLM wallet.
What should the choice depend on?
Estimate what kind of experience you want to get using your Lumens. Do you want to trade them with the other Stellar-based assets? Should it be a Stellar mobile wallet or a desktop one? Finally, how often will you need to move your Stellar tokens, and are you ready to pay for a wallet?
Below, we collected a few wallets that cover all of these preferences. Let’s see:
Stellar Hardware Wallets
Hardware wallets are considered the most secure ones as they store your private keys offline — it’s physically impossible to hack this wallet most of the time. Ledger Nano S is one of the two most popular hardware wallets. It allows storing over 1000 crypto assets, including Stellar Lumens.
Although you can connect your Ledger to your computer or a cell phone via a cable or Bluetooth to sign a transaction, it’s more convenient to use Ledger to just store your coins. Trading is more convenient with hot wallets (the ones you have on your phone or laptop).
Ledger Nano S costs $59 and is shipped to almost anywhere in the world.
Trezor is another hardware wallet that is tremendously secure and is better for storing (rather than trading) your coins. Trezor One also costs $59 with many shipping options available. You can store over 1000 coins on it.
How are Ledger and Trezor different, though? It’s more a matter of convenience and aesthetics than security (they are equally secure). Trezor has a bigger colored touchscreen which is missing in Ledger. Ledger is considered better-looking and more impact-resistant as it has metal elements, and also has more convenient buttons.
Reddit users prefer Trezor for its utility.
Software wallets — for desktop and mobile
Lobstr Wallet will help you make the most of the Stelar ecosystem. Here, you can store Lumens and any other Stellar-based tokens, and you can exchange them in a built-in decentralized exchange with zero fees.
Lobstr is one of the most trusted wallets designed specifically for Stellar Lumens. It has over 200,000 downloads and is recommended on the official Stellar website. In Lobster, you can use 2FA and multi-sig to ensure a higher security level of your tokens. Lobstr is free to use and is available for Android and iOS.
Solar is another wallet officially recommended by Stellar. It’s open-source so anyone can audit its code; as in Lobstr, a multi-sig option is available. Solar is very concise and easy to use, the account setup takes seconds. The wallet is available for mobile (iOS, Android) and desktop (macOS, Windows, Linux).
Stellar web wallets
StellarTerm is a client for the Stellar network — it allows trading stellar-based tokens in your browser. The platform is community-driven and open-source; its developers are not involved in operating the Stellar network. In StellarTerm, you can set up an account, trade different assets, and buy crypto (including BTC and ETH) with your credit card.
Previously called Stellar Desktop Client, Foxlet Wallet is another open-source client for making the most of the Stellar ecosystem. It’s a full-featured client available for Windows, Linux and Mac, the installation goes through their GitHub page and might look a little confusing for the newcomers. However, its security features and trading options make it a choice for experienced Stellar users.
Which Stellar wallet to choose?
If you are not going to sell your Lumens often, if you need ultimate security and are ready to pay $59 for it, buy Ledger or Trezor. If you’re new to Stellar and simplicity is your priority, choose Lobstr. If you need an advanced and auditable Stellar client, download Foxlet Wallet.