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Buying your first XLM

March 19, 2018

INTRODUCTION

The process below shows you how you can do about buying your first stellar lumens using bitcoin. This guide assumes you already have bitcoins or any other cryptocurrency already and that you just want to buy XML. If you dont have any crypocurrency assets and are starting from scratch, please follow the guide using the link below to help you buy your first few bitcoin which will then be used to buy the stellar lumens.

  1. Head over to Binance(A cryptocurrency trading platform).I chose Binance because of it’s low transaction fees on the site plus the fact that you dont need to submit your personal documents to trade on the platform(If you’re trading little assets like we will in this guide)
  2. Signup and then now we can get started with this guide. The process is quite straightforward.
  3. On the navigation bar on the far right, select the drop-down menu FUNDS, and under it, select DEPOSITS.
  4. On the next page that appears, on the select deposits coin, select whatever crypto you have and that you want to trade foe the XLM. In my case, I’m going to be using Bitcoins so I’ll just select BTC.
  5. Deposit tht bitcoin you want to trade to the account you’ll be shown next.
  6. The crypto might take a while to arrive but once they do,but when they’re in your account, you’ll be able to see them on the right HISTORY menu. Now we have our bitcoins and are ready to trade.
  7. On the navigation bar, select Exchange and under its dropdown menu, select basic.
  8. On the mid,right section of the page, you should see a small search bar where we’ll type in the asset we want to buy ie.XLM
  9. Make sure that above small search bar, you select the asset you deposited into your account, in our case, bitcoin,or for whoever usde something different, select the asset you deposited. This is what we’ll use to exchange for the Lumens.
  10. On the center of the page, under BUY XLM, click on 100% under the amount. This means that you want to use 100% of the bitoins you have to purchase stellar lumens. If you dont want to use all your bitcoins, just set it to a different amount.
  11. Once you’re done, just click the “Buy XLM” button and you’re done.You’ve traded your bitcoin for XLM.’
  12. To confirm that the transaction is complete, just head over to the FUNDS menu on the navigation bar and then select “Transaction History”. You should see that transaction there and the status should be completed. If not, just wait until it is.
  13. Now, to withdraw the XLM, you need to already have a stellar account. Head over to (https://stellarterm.com/#signup) and generate a keypair. Keep the secret key very safe as it the key to your stellar account. The public key on the other hand is they key you’ll share with the public in case you want people to send XLM to your account.
  14. Head over back to your binance account and on the navigation bar, select the funds menu and under it, withdrawals.
  15. On the next page you’re redirected to, select XLM as the asset you want to withdraw. An interface should appear on the page.
  16. Set your account’s PUBLIC KEY as the XLM Withdrawal Address and then set the amount you want to withdraw. Once done, just click submit and you’ll have the XLM in your account in no time.
  17. To view your stellar account and check whether the funds have arrived, you can download your favourite wallet. A few have been listed on the official stellar website(https://www.stellar.org/lumens/wallets/) I use the stellar Desktop client but you can use whichever you’re comfortable with. Alternatively , you can use the stellarterm web client.
  18. Use your private key to login to your account and have a look at all your transactions(https://stellarterm.com/#account).
    • If all went well, you should now have some XLM in your stellar account.

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