Stellar is an established decentralized payment network with the ultimate goal of providing fast, secure, and cheap transactions between banks, individuals, and payments systems worldwide.
Stellar’s native token is the Lumen (XLM) and it’s currently the top 8th cryptocurrency by market cap. It’s safe to say that Lumens are an excellent crypto asset and very tempting to invest in.
If you’re thinking about buying some XLM you will need a reliable wallet to store them in. For this reason, we picked the best Stellar wallets currently available on the market.
Main characteristics of a Stellar XLM wallet
In order to choose a reliable Stellar wallet for holding your Lumens, you will need to keep in mind the following traits:
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- The minimum balance required for any Stellar wallet is 1 XLM which is currently around $0.86.
- Security is another highly important aspect and you should always check to see if the wallet has security features such as secure PINs and passwords, enhanced encryption, and 2-factor authentication am
ong others. - Full control over the private keys should also be provided.
- Backup and restore features must be included as that is the only way to make sure you can access your funds should something go wrong.
- The wallet should have an experienced development team that regularly delivers updates and improvements.
- Another feature that’s optional but certainly a bonus is support for multiple currencies.
- Last, but not least, the wallet should have customer support because in some cases you might depend on it to fix any issues you might be experiencing.
Best Stellar wallets for storing your XLM safely
Now that you have an idea of what a good Stellar wallet should include, let’s see what are the best Stellar wallets currently available. Just keep in mind that regardless of which wallet you choose, you should make sure to download the official version from the official website.
Ledger Nano S (Hardware Wallet)
A hardware wallet is one of the most secure ways of storing your Lumens and luckily, the Ledger Nano S provides support for XLM tokens. If you have a large number of Stellar Lumens, and other cryptocurrencies, using a hardware wallet like the Ledger Nano S is definitely recommended.
The wallet supports over 1100 cryptocurrencies including BTC, ETH, and XRP so you can use it to store other crypto assets as well. It has a pin code feature, a small OLED screen, as well as a backup seed key which lets you restore your funds should you experience any issues.
Trezor (hardware wallet)
Just like the Ledger Nano S, Trezor supports over 1000 cryptocurrencies and Stellar Lumens were added to the list in the fall of 2018.
You can use Trezor to store XLM in conjunction with Stellar Account Viewer, a lightweight online wallet provided by the Stellar team. The hardware wallet has an OLED screen that displays a randomly generated 9 digit pin code and a 24-word recovery seed to keep your funds safe.
You can read more about how to use Trezor with Stellar Account Viewer in Trezor’s official wiki.
Atomic Wallet (Desktop Wallet)
Atomic Wallet is a friendly multicoin wallet supporting over 300 crypto coins and tokens with Stelar Lumens also being included.
The wallet supports atomic swaps and exchanges performed via Changelly and Shapeshift making it easy to exchange crypto at low cost. It has a simple interface so it’s perfect for beginners and works on Windows, Mac, and Linux platforms.
As a desktop wallet, Atomic provides full control over your private keys, being much more secure than any web-based or exchange wallet.
Foxlet (desktop wallet)
Foxlet is an open-source desktop wallet designed specifically for storing XLM, so it doesn’t offer support for other crypto assets. That could be considered a drawback but it does mean the wallet aims to provide all the features and security needed for storing Stellar Lumens which is certainly not bad.
Foxlet lets you encrypt your XLM secret key and then store it on your own computer. This means that security-wise, your PCs security is the most important. You don’t need to register and transactions are signed offline.
Stargazer (Desktop & Mobile Wallet)
Stargazer is highly appreciated since it offers support for both desktop and mobile. The desktop client works on Windows, Mac OS, and Linux and you can download it from GitHub. The mobile version supports Android devices and you can get it from the Google Play Store.
Stargazer is a simple wallet so even new crypto investors should have no trouble using it. It also provides support for multisignature security and allows you to set up multiple accounts and assets.
Stargazer’s main issue is the mobile app which has an average rating of just under than 3 stars and most complaints are related to bugs and the inability to send or receive XLM. As promising as this app may look, it seems it needs more refinement before everything works as it should.
Lobstr (Mobile Wallet)
Lobstr is a mobile wallet for XLM crypto coins so it doesn’t support other coins and works on both Android and iOS devices. Mobile wallets in general are not the most secure option for storing cryptocurrency but they are highly portable.
Lobstr is extremely easy to use and it also packs an XLM price converter, secure PIN protection, 2-factor authentication, and fingerprint support. The app has very good ratings for both supported mobile platforms.
Astral (web wallet)
Astral is a simple web wallet that allows you to easily store, send, and receive Stellar Lumens.
Astral has a particularly interesting feature: it offers dividend payments via an inflation pool. Based on your account balance, the pool will earn you additional XLM on a weekly basis.
For a web wallet, the security features are excellent and include mandatory 2-factor authentication and AES-256 encrypted data. Withdrawals to new addresses require email confirmation. Still, it’s worth mentioning web wallets aren’t the best option when it comes to security so if you own a lot of Lumens you should definitely look at hardware or at least desktop wallets.
More XLM storage alternatives
If you don’t want to use any of the wallets listed above, there are two more options for storing your Lumens. The first is to leave the assets in the exchange wallet from where you purchased them. If you plan on trading your XLM this is a viable solution but if you want to hold or accumulate the coins, an exchange wallet is among the least secure storage options.
The second option also happens to be the most secure one. You can create a paper wallet for your XLM and keep it in cold storage. This will ensure the private keys remain offline but there is always the risk of the paper wallet being physically stolen, or damaged.
To make a paper wallet with XLM is to generate a new public/private key pair using the Stellar Account Viewer. Then, you simply need to write them down and use the public address to transfer your XLM to the wallet.
