Stellar Lumens is one of the fastest growing cryptocurrencies in the world with a market cap of around 10 billion USD. Stellar is a super-fast global payment transfer network that is seeing rapid global adoption. Below, we will discuss in detail the best way for people in India to acquire Stellar Lumens (XLM) in INR.
How to buy XLM in India:
Stellar Lumens (XLM) is not widely available on Indian cryptocurrency exchanges like Bitcoin and Ethereum are. So, if one would like to purchase XLM in India, they may first have to purchase Bitcoin/Ethereum and then trade it for XLM.
1. Buy Ethereum on an Indian exchange
Ethereum transaction is faster and cheaper than Bitcoin. So, for the purpose of exchange, Ethereum is better suited. Go to one of the sites below, sign up, and complete the e-KYC process. Once you are approved, you can but Ethereum.
2. Set up an account on a cryptocurrency exchange and transfer your Ether tokens
International cryptocurrency exchanges like Binance and Changelly allow one to exchange Ethereum or Bitcoin with Stellar Lumens (XLM). So, one can create a Binance or Changelly account and transfer their ETH.
3. Exchange your Ether tokens for Stellar (XLM)
Binance has a live buy/sell portal where one can execute buy trades. When ready, you can execute a buy trade for XLM with your Ether token.
Is XLM legal and regulated in India?
RBI has released a total of 4 official statements over the last few years warning Indian cryptocurrency investors of risks involved in trading cryptocurrency. Recently, India’s Finance Minister, Arun Jaitley spoke in the Parliament and said that Bitcoin and similar cryptocurrencies cannot be considered as legal tender in India. However, since RBI has not passed any law in regards to this, it can be said that cryptocurrency is still in a legal gray area in India.
Should I invest in XLM?
Investing in cryptocurrency like Stellar Lumens (XLM) is considered by many financial experts as a gamble. However, there are others who feel that some of the cryptocurrencies we see today will disrupt large industries and provide excellent returns. Considering the risks involved with cryptocurrency trading, we highly discourage speculative investing.
We recommend potential investors to only invest money that they are willing to lose.
FAQ – Frequently Asked Questions
What is XLM?
Stellar Lumens (XLM) is a blockchain cryptocurrency platform that enables super fast payment transactions. Unlike the old school money transfer services, banks, and payment networks, they are cheap and reliable.
What are the benefits of XLM?
- Fast and Reliable payments
What documents are needed for eKYC to buy in India?
- Aadhaar card
- PAN Card
- Bank documents – Canceled Cheque (or) Passbook