Detailed buying, selling and trading tutorial of XLM coin (with pictures and text)

To buy XLM, select a reputable cryptocurrency exchange that supports XLM trading, create an account, deposit funds, locate the XLM market, place a buy order, and confirm the purchase.

Sep 30, 2024 at 09:18 pm

Step 1: Choose a Cryptocurrency Exchange

Select a reputable cryptocurrency exchange that supports XLM trading, such as Binance, Coinbase, or Kraken. Consider factors like trading fees, security measures, and user interface friendliness.

Step 2: Create an Account

Register on the chosen exchange and complete the verification process typically involving identity and address verification.

Step 3: Deposit Funds (for Buying XLM)

Transfer funds into your exchange account to buy XLM. Most platforms support wire transfers, credit/debit card payments, or other payment methods.

Step 4: Find the XLM Market

Locate the XLM trading pair in the exchange. For instance, in Binance, it would be XLM/USDT, representing trading XLM against Tether (USDT), a stablecoin pegged to the US dollar.

Step 5: Place a Buy Order

Enter the amount of XLM you wish to buy and select the order type. A "market order" purchases XLM at the current market price, while a "limit order" allows you to specify a specific price.

Step 6: Review and Confirm (for Buying XLM)

Reverify the order details, including the quantity, price, and fees. Once satisfied, confirm the purchase of XLM.

Step 7: Selling XLM

Similar to buying, locate the XLM trading pair and select the order type. In a market order, you sell your XLM at the prevailing market price. In a limit order, you specify the desired selling price.

Step 8: Withdraw XLM (for Selling XLM)

Once you've sold your XLM, you can withdraw the acquired funds to your bank account or other payment method.

Step 9: Trading XLM

Trading involves buying and selling XLM with the goal of profiting from price fluctuations. This requires understanding technical analysis and risk management strategies.

Step 10: Storing XLM

For added security, consider storing your XLM in a hardware wallet or software wallet like Exodus or Trust Wallet.