Lumen, the native cryptocurrency of the Stellar network, is one of the fast growing cryptocurrencies in the market. Stellar’s tie-up with IBM has created a buzz in the crypto space. In 2014, Lumen initiated Stellar in the market, but in 2015, the name was changed to Lumen to avoid any confusions between the network and the currency.
These days, Lumen has gained a lot of popularity among traders, but for most of them, the primary concern is how to store lumens safely. If you are also planning to trade Stellar, then you would need an XLM wallet to store your tokens.
XLM Wallets – What is more Secure?
Today, if you have very limited Lumens in your account, worth just a few dollars, but with Stellar growing at a fast pace, they can be worth a lot more shortly. The safest way to store Lumens is XLM wallets, where you can have access to the private key of the address, where your lumens are stored. In addition to this, you should also have a back-up of the private key that should be stored at different places, in order to stave away from any kinds of hacks or system break-down.
Best XLM Wallets to store
There are four types of XLM wallets.
Hardware Wallet: Most safest form to store cryptocurrency. Currently, Ledger Nano S is the only hardware wallet that supports Stellar Lumens. Hardware wallet are safe to store the Lumens offline. As online wallet are more prone to hack.
Desktop Wallet: Based on the desktop, these wallets are further differentiated as Mac wallets, PC wallets and Linux wallets.
- Mac wallets: Stargazer and Stellar Desktop Client.
- PC wallets: Stargazer, Stellar Desktop Client, Stellar Portal and Ledger.
- Linux wallets: Stargazer, Stellar Desktop Client and Stellar Portal.
Mobile Wallet: These options are good for people on the move, who prefer accessing Stellar from their Smartphone. Since these are smartphone based, mobile wallets are further classified as,
- Android wallets: Stargazer, Lobstr and Centaurus.
- iOS wallet: Lobstr.
Web Wallet: As compared to desktop and mobile wallets, these personal wallets are more prone to hacking, as these are online. There are plethoras of options available in the market, which include some trustworthy names like BlackWallet, eBitGo, Lobstr and StellarTerm to name a few.
These XLM wallets are some of the best ranking options available for traders. So, make sure you do proper research before choosing an XLM wallet for your storing your tokens.