Lobstr Wallet ▷ The best wallet for your Stellar (XLM) coins!

Lobstr Stellar Wallet Logo

There are many different Stellar (XLM) wallets to choose from. But which is the best? In fact, do you even have to bother with a crypto wallet? Our Lobstr Wallet Review will help you decide if storing your XLM coins is the right option and we'll even show you how to set them up.

Why use a wallet like Lobstr for your Stellar Coins?

If you have money, you have to keep it somewhere. Finally, it is not advisable to keep an eye on the money lying around.

The digital currency can be intangible, but it also needs to be kept in a safe place. However, each cryptocurrency can only be stored in a compatible wallet. That means you need to find a storage option that is specifically designed to hold XLM coins.

Digital wallets look different from the ones we have in our pockets. They are either software applications that need to be installed on your computer, or hardware variants that look like USB sticks. 

When it comes to storing XLM coins, Lobstr is one of the most popular options among cryptocurrency investors. This makes it one of the best Stellar wallets to keep your XLM coins in. In this review, we're going to talk about the Lobstr, how to use it, and whether it's the best way to store stellar lumens.

What is the Lobstr Wallet?

What is the Lobstr Wallet graphic

The Lobstr Wallet was developed to only store the Stellar Lumens (XLM) cryptocurrency. While XLM hasn't been around for too long, it has made a name for itself for two reasons.

It was created by the same person who created Ripple - Joe McCaleb. Second, it was created to fund the unbanked. Stellar wallets are extremely important on this second point. They essentially act like a bank account for Stellar coin owners.

While there are other options that support XLM, Lobstr is one of the safest and most popular options. It was also released the same year that the Stellar Lumans Project was founded and was one of the first ways to store this cryptocurrency. 

The wallet took off with a bang, with Lobstr co-founder Gleb Pitsevich explaining that the wallet is an easy and secure way to manage Stellar assets for the best experience for web and mobile users.

One of the main advantages of Lobstr is that it has an excellent web application and offers mobile app versions for Android and iOS. In addition, the apps are completely free to download.

Which coins does Lobstr support?

Stellar Coin Logo

Lobstr currently only supports Stellar Lumens (XLM) and markets itself as a wallet for storing Lumens.

Is the Lobstr Wallet safe?

The big question that plagues any crypto investor when it comes to storing their tokens is whether or not the storage method they are looking at is secure. Several crypto wallets have exposed vulnerabilities over the years and resulted in private keys being hacked and coins stolen. While every wallet is advertised as being secure, not all of them offer top-notch security.

The good news is that Lobstr has been found completely safe and secure. In fact, Lobstr is one of the few wallets recommended by the Stellar network on the official website. Although Stellar claims not to endorse any third-party software, the fact that it found a place on the Stellar official website shows that it bears the project's stamp of approval.

So how does Lobstr actually work? Well, XLM coins are actually stored on the Stellar network itself, and Lobstr communicates with the network. This is a pretty smart move because the network is "indestructible" which means your tokens are securely stored on the network. The private key that is stored on the wallet is also secure. Remember, however, that if you lose your private key there is no getting it back. You cannot access your funds if the private key is lost and there is no other way to get it back. Remember to take good care of your private key and not to lose it.

How do you use Lobstr Wallet?

Setting up your Lobstr wallet is quick and easy. The best way to do this is from Stellar's official website, which is where it lists the recommended XLM wallets.

Step 1: Visit https://www.stellar.org/lumens/wallets/ and select Lobstr from the list. Or just click on the download link below:

Lobstr Wallet logo

Important information:

  • One of the most popular ways to store star lumens.
  • Ideal for beginners.
  • Offers iOS & Android apps.

Step 2: The next page will ask you to sign up for an account. You can sign in with an email, Facebook, or Google account. Enter your details and set your account password.

Step 3: You now have to confirm your email address. Find and click the verification link that was sent to the email address you signed up with. The message "Activation Complete" will appear on your screen. Next, click the "Sign In" button.

Step 4: Report to Lobstr. at. Enter the email address and password you just created.

Once you've logged into your account, the next step is to create a Stellar account. To do this, select a user name and click the Create Account button. You can also add an existing star account by clicking Add Existing Account.

To make a Stellar account active, you need 1 XLM coin on the account. Fortunately, the nice guys at Lobstr will lend you one so you can activate your Stellar account. The credit will be returned to the wallet after the deposit. Click "I Agree" to continue with the setup process.

Step 5: Next, you will see your recovery code flashing on the screen. You can use this code to regain access to your account if you forget your password. We recommend writing it down on paper and stowing it in a zippered plastic bag. After you have noted your recovery, check the box labeled "Ok, I understand I need to save the recovery code". You will then be logged into your Stellar wallet.

Step 6: that The first thing we recommend when you are logged in is to set up two-factor authentication for your account.

Sending and receiving lumens

How to send money from Lobstr

To send XLM from the Lobstr dashboard, you can click Send from the menu on the left or above. Once the Send Payment window loads, enter the username and address of the recipient and the amount you are sending. You can also add a small message. When you're done, click Submit.

How to get money on Lobstr

Click the Receive button from the Homepage menu. You need one of two pieces of information to send XLM-Coins to Lobstr. to send. These are:

  1. Your Stellar username.
  2. Your Lumen address

Simply enter this information as the recipient address when sending your own XLM coins to the Lobstr wallet. Or send this payment information to the person who has Stellar tokens for you.

You can also use the Request Money button to request payment. Simply enter the sender's address and the amount to be received and click on request.

Lobstr Wallet Fees

There are no registration fees, but the minimum balance should be 1 XLM. Deposits and withdrawals are also free, but you have to pay Stellar transaction fees. This is done to prevent spam transactions. Each transaction on the Stellar network costs 0,00001 XLM.

Summary

Needless to say, some users have complained that the Lobstr could offer more features. The point of the wallet, however, is to make the storage and management of XLM as easy as possible. At Bitcoin-News.one, we find this method of storing and managing lumens to be one of the easiest out there. The design is exceptionally simple and intuitive.

The BC1 team loves how the team behind Lobstr is constantly working to make things even better. While there are other XLM wallets out there, we think Lobstr is one of the best because it has great mobile support and how easy it is to use and set up.

Do you want to store cryptocurrencies with the best wallet?
eToro logo

Start with the eToro Wallet, the test winner wallet from Bitcoin-News.one

SIGN UP NOW
Your capital is at risk. Not ready yet? Read our Etoro review.

Thomas Cormik

Thomas Cormik started out with the sole focus on educating his readers about Bitcoin and its potential impact on traditional financial systems. Thomas prides itself on bringing quality content to the masses under the Bitcoin-News.one banner.

More articles on the topic:

Wallets
🔥 Jaxx Wallet put to the test: Our experiences in 2021!

Jaxx Wallet in the test: experiences & reviews 2021 🥇 Is the Jaxx Wallet worth it? 🥇 Our experience with safety and costs 🥇

Learn more...
🔥 Metamask Wallet put to the test: our experiences in 2021!

Metamask wallet in the test: experiences & reviews 2021 🥇 Is the Metamask wallet worth it? 🥇 Our experience with safety and costs 🥇

Learn more...
🔥 Coinomi Wallet in the test: Our experiences in 2021!

Coinomi wallet in the test: experiences & reviews 2021 🥇 Is the Coinomi wallet worth it? 🥇 Our experience with safety and costs 🥇

Learn more...
🔥 Blockchain wallet put to the test: our experiences in 2021!

Blockchain wallet in the test: experiences & reviews 2021 🥇 Is the blockchain wallet worth it? 🥇 Our experience with safety and costs 🥇

Learn more...
🔥 Electrum Wallet in the test: Our experiences in 2021!

Electrum Wallet in the Test: Experiences & Reviews 2021🥇 Is the Bitcoin Wallet worth it? 🥇 Our experience with security and costs🥇

Learn more...
🔥 eToro Wallet in the test: Our experiences & evaluation 2021!

eToro wallet in the test: experiences & reviews 2021 🥇 Is the eToro wallet worth it? 🥇 Our experience with safety and costs 🥇

Learn more...
🔥 Monero wallets in comparison: our experiences in 2021!

Monero wallets in the test: experiences & reviews of the best wallets 🥇 online or hardware? 🥇 Our experience with safety and costs🥇

Learn more...
Toast Wallet Review ▷ Our experience with the official Ripple (XRP) wallet!

What you need to know about the Toast Wallet! BC1 explains what the official Ripple wallet can do and why it is the best for your XRP coins. ✓ Review text ✓ Click here for more information!

Learn more...
Steemit Wallet ▷ The official wallet for your STEEM Coins in the test!

What you need to know about the Steemit Wallet! BC1 explains how to use the official wallet from Germany and how to store your STEEM coins correctly. ✓ Review test ✓ Instructions ✓ Click here for more information!

Learn more...
Stargazer Wallet Review ▷ Is It the Right Choice for Your Stellar (XLM) Coins?

What you need to know about the Stargazer wallet! BC1 explains how to use the wallet from Germany and whether it is the right choice for your Stellar (XLM) coins. ✓ Review ✓ Instructions ✓ Click here for more information!

Learn more...
ICONex Wallet ▷ Our experiences with the official ICON (ICX) Wallet!

What you need to know about the ICONex wallet! BC1 explains how to use the wallet from Germany. ✓ Review ✓ Instructions ✓ Click here for more information!

Learn more...
Lobstr Wallet ▷ The best wallet for your Stellar (XLM) coins!

What you need to know about the Lobstr Wallet! BC1 explains how to use the wallet from Germany and how to store your Stellar (XLM) coins correctly. ✓ Instructions ✓ Click here for more information!

Learn more...
IOTA light wallet review ▷ is it the best wallet for your MIOTA?

What you need to know about the IOTA Light Wallet! BC1 explains how the wallet works and how to set it up. ✓ Review ✓ Instructions ✓ Click here for more information!

Learn more...
🔥 Exodus wallet put to the test: our experiences in 2021!

Exodus wallet in the test: experiences & reviews 2021 🥇 Is the Exodus wallet worth it? 🥇 Our experience with safety and costs 🥇

Learn more...
Electroneum Wallet ▷ The right wallet for your ETN Coins!

What you need to know about the Electroneum wallet! BC1 explains how to use the wallet from Germany and how to store your ETN coins correctly. ✓ Instructions ✓ Click here for more information!

Learn more...
Gatehub Review ▷ What the wallet with integrated exchange has to offer!

What you need to know about Gatehub! BC1 explains how the wallet with integrated exchange works and how to set it up. ✓ Review ✓ Instructions ✓ Click here for more information!

Learn more...
Ethos Wallet Review ▷ An all-rounder among the crypto wallets?

What you need to know about the Ethos wallet! BC1 explains how the wallet works and how to set it up. ✓ Review ✓ Instructions ✓ Click here for more information!

Learn more...
TRON Community Wallet ▷ The best TRX wallets in comparison!

You should know that about the wallet! BC1 compared the TRON community wallets and shows you which TRX wallet is best for you and how to set it up! ✓ Review ✓ Click here for more information!

Learn more...
Ark Wallet Review ▷ Our Experience with the Online Desktop Wallet!

What you need to know about the Ark wallet! BC1 explains how the desktop wallet works and where the strengths and weaknesses lie. ✓ Review ✓ Click here for more information!

Learn more...
Daedalus Wallet Review ▷ Best Wallet for Cardano ADA Coins?

What you need to know about the Daedalus wallet! BC1 explains to you how the wallet works and where the strengths and weaknesses lie. ✓ Review test ✓ Click here for more information!

Learn more...
Trezor vs. Ledger Nano S ▷ Our Great Hardware Wallets Review!

What you need to know about hardware wallets! BC1 explains where the advantages are and which hardware wallet is the best. ✓ Ledger Nano S ✓ Trezor ✓ Review ✓ Click here for more information!

Learn more...
Trezor Wallet ▷ The most popular hardware wallet in the test!

What you need to know about the Trezor hardware wallet! BC1 explains how to use it and why the wallet is worth it. ✓ Review test ✓ Instructions ✓ Click here for more information!

Learn more...
MyEtherWallet Review ▷ Our experiences with the MEW! [2019]

What you should know about MyEtherWallet! BC1 explains how to use the MEW from Germany and why it is so popular. ✓ Review test ✓ Our experiences ✓ Click here for more information!

Learn more...