Stellar wallets: choosing a way to store lumens

Stellar Lumens (XLM) is one of the relatively young cryptocurrencies (released in 2015) that many crypto enthusiasts and traders are currently paying attention to. In this article, we will look at several wallets well-suited for storing XLM, and we will break down their advantages and disadvantages. We hope that this article will help you decide on the choice of wallet for your lumens.

Stronghold

This is a multi-currency desktop wallet that supports a number of cryptocurrencies, including Stellar. Its main advantages include:

• High speed.
• Full functionality that allows you to perform all necessary operations.
• Simple and clear design.
• Possibility to store different cryptocurrencies in one place.
• The storage of the private key on the user's computer, so there are no risks associated with the storage of the key by third parties.
• AES algorithm encryption with a 256-bit key.
• Open source code.

However, it is not recommended to use Stronghold for large sums of money, hardware wallets are better suited for this purpose. The developers themselves claim that their wallet has a high degree of security.

To start working with the wallet, you need to install it on your PC. Currently, there is a client only for Windows and Linux, but the developers promise to add support for MacOS in the future.

Stellar Wallet

This is a lightweight online wallet designed exclusively for XLM transactions. Stellar Wallet is best suited for everyday use of Lumens due to its advantages:

• Intuitive interface.
• Exceptional ease of creating wallets and switching between them.
• Complete anonymity.
• High speed even with a poor Internet connection.
• The ability to access the wallet from different devices: PCs, smartphones and so on.
• Availability of all basic functions for working with XLM.

Like any online wallet, Stellar Wallet is not recommended for storing large amounts of coins. However, it should be noted that the wallet does not store the user's private key, that is, it is non-custodial. This increases the security of using it.

Stargazer

The basic version of this wallet is presented as desktop software that requires installation on a PC or laptop. Nowadays Stargazer supports the following operating systems:

• Windows;
• Linux;
• MacOS.

The main advantage of Stargazer is that all your data is stored locally on your own PC, so the chance of losing money is greatly reduced. It is worth noting that Stargazer also has a mobile version that runs on Android and iOS.

Foxlet Wallet (Stellar Desktop Client)

This wallet is also a desktop software with local storage. It is able to work on Windows, Linux and MacOS. Notably, the system has a built-in exchange function, so you can always not just store or send coins, but also exchange them for other cryptocurrencies.

The advantage of this wallet is the minimalistic and clear interface, which allows the user to perform any transactions in just a few clicks. Stellar Desktop Client does not have a mobile version.

Ledger Nano S and Trezor T

Ledger Nano S and Trezor T are hardware wallets, so they are great for safe long-term holding of even large amounts. It is believed that Ledger Nano S is more reliable due to the presence of a separate security chip Secure Element, while Trezor uses a conventional chip. But in practice, both wallets are very tamper-resistant, and the potential vulnerabilities discovered by cybersecurity experts can be exploited mainly when the wallet falls into the hands of an attacker.

In terms of everyday use, the advantage of the Ledger Nano S is the steel case, which well protects the wallet from physical damage. The Trezor, on the other hand, has a larger hardware screen, which makes it more convenient to use.

Other Wallets for Stellar

Note that the wallets described above are not the only options for storing Stellar cryptocurrency.

The official website of the coin has a list of other services and programs for storing tokens and making transactions with them. A total of 19 wallet options are presented here.

Author bio

Jamie is a graduate MBA from the UCLA Anderson School of Management and now is engaged in cryptocurrency analytics and forecasts. She also writes extensively on blockchain, cryptocurrency, and the modern digital technologies for business.

Jamie's Twitter: https://twitter.com/@JamieEMartinez1