Lobstr Wallet ▷ The best wallet for your Stellar (XLM) coins!
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?
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?
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:
- 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:
- Your Stellar username.
- 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.
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.