Stellar (XLM) is a rapidly growing payment network, the interest in which by users and organizations is constantly increasing. The cryptocurrency Stellar Lumens (XLM) is all becoming more and more popular. And this is not surprising, because it is one of the top 20 cryptocurrencies in the world by market capitalization, with extremely fast transactions in the Stellar network.
If you want to buy Stellar Lumens coins or use them for payments, you need to figure out where and how best to store this cryptocurrency. If it is a question of long-term hodl of large sums, it is better to use hardware wallets. But what if you need to make frequent transactions with relatively small amounts of XLM? In that case, Stellar Wallet is a very good solution. It is a simple, fast and very convenient wallet, which you can start working with in a few seconds.
The developers set a goal to create the simplest possible tool for Lumen transfers, so the wallet design is intuitive and not overloaded with unnecessary functions. Stellar Wallet interacts directly with the Stellar blockchain, allowing:
- Store Lumens safely.
- Check your XLM balance in real time.
- Create any number of wallets without providing any personal information.
- Make instant transfers with negligible fees.
- Access your funds from any device.
Working with XLM has never been easier. Every operation is done in a few clicks.
Stellar Wallet: How to use it
Getting started with Stellar Wallet is easy. Go to https://stellar-wallet.org/.
The second step depends on whether you have a Stellar Wallet or not.
If you don’t have a Stellar Wallet:
- Create it by clicking Creating a new Stellar wallet.
- Next, generate a new key pair by clicking Continue. A new key pair will be generated and you will see a message.
- Save the keys in a safe place, tick I’ve stored my secret key in a safe place checkbox and press Close.
- Now you can use your wallet according to the instructions below.
If you already have a Stellar Wallet:
- Click Access to the wallet with a private key.
- You will then receive a warning about the dangers of entering your secret key on any site. Click I understand and accept the risks of entering my secret key.
- Copy your secret key into the appropriate field and click Connect.
- Now you are inside your wallet, you can check your balance and make transactions with XLM.
It’s exceptionally simple, isn’t it?
How to use Stellar Wallet with Ledger and Trezor hardware wallets
Stellar Wallet can also be used in conjunction with Ledger and Trezor hardware wallets. By connecting any of these hardware wallets to your PC, you can transfer the Lumens stored in it using the Stellar Wallet interface. However, there is a nuance here that many users are unaware of. When signing a transaction, you need to view all of its details on the screen and make a confirmation by pressing two buttons (or one button, depending on the model of the device).
This is what it looks like for Ledger
After that you will see a message about the successful confirmation of the transaction
If you don’t confirm with buttons, you will get an error: Error: Failed to sign transaction, error: Failed to sign with Ledger device: U2F DEVICE_INELIGIBLE.
On Internet forums you can quite often find messages devoted to this error. But, thanks to the instructions above, you can avoid it.
We hope that now you will not have difficulties using hardware wallets with Stellar Wallet!
A few words about safety
Although it is not recommended to keep large amounts of money in cryptocurrency online wallets, Stellar Wallet is quite reliable due to the fact that the secret key is kept by the user. This sets it apart from so-called custodial wallets, where the user entrusts his or her secret key to third parties. If the wallet’s server gets hacked, the key could fall into the hands of attackers – along with the lumens.
With Stellar Wallet, there is no such risk. The main thing is to safely store your secret key and do not let it fall into the wrong hands!