Stellar Lumens is a cryptocurrency that is forked from the Ripple blockchain. Stellar aims at connecting various banks across the world in order to provide seamless cross-border transaction capabilities to financial organizations.
A cryptocurrency wallet is a software / hardware that, as its name suggests, stores your cryptocurrency. However, you need to be very careful while handling your wallet. Here are some of the features that you need to look out for when choosing a stellar Wallet.
Features to look for in a Stellar Lumen wallet:
- How Secure are the Wallets?
Each and every crypto wallet comes with its own set of security features. However, you should first check how comprehensive or advanced these security features are. Something as simple as a security pin can leave your wallet vulnerable to hacks if your device is already compromised. Having better security features can go a long way into making your crypto journey a lot more pleasant and peaceful.
- Are they Easily Accessible?
Having easy access to the crypto wallet gives you the freedom to transfer funds whenever you need to.
- Who is Behind the Wallet?
A wallet with an active development and support team is the wallet to reckon with. Even if a bug pops up, it is swiftly fixed.
The Stellar wallets that we are going to talk about in this article comes in three different variants:
- Hardware wallet: This wallet come in the form of a hardware device to store your cryptocurrencies. They are one of the most secure wallet options available.
- Software wallets: These wallets are software, that can be downloaded on a computer or mobile. They should be used only to store cryptocurrencies that you will need for immediate usage such as for paying a merchant, trading, etc.
- Web wallet: These wallets are accessible on any device as they run on the web. They are the least secure wallets and must only be used to store very small amounts of funds.
- Paper wallet: A paper wallet is, in the most basic sense, a public and private key printed together on a piece of paper. It is one of the most secure cold storage options which let you store your funds completely offline.
1 Foxlet ( Stellar Desktop Client )
Foxlet is an open-source desktop client that offers great security features. The wallet allows the encryption of your XLM secret key and then store it on your own PC. This ensures that no third party is involved in handling your secret key. All transactions are signed offline and there are no registration requirements.
- It is completely open source so the bugs are typically fixed rather quickly
- It provides the option to withdraw and deposit Chinese yuan (CNY)
- It only supports Stellar Lumens
- The interface has quite some room for further improvement.
2 Ledger Nano S (Hardware Wallet)
The Ledger Nano s is a multi-currency hardware wallet that offers the best-in-class security. This is due to the fact that your private keys never leave the device in the first place. Additionally, the need for a pin to confirm a transaction makes it very challenging for someone to hack this device. Thus, undoubtedly the one of the best cryptocurrency wallet in the market if you can afford to invest in one.
- It has multi-currency support.
- It has a small LED display that lets you confirm the amount of crypto that needs to be transferred.
- It has a very active development team, ready to solve issues as soon as they come up.
- The device costs a premium thus might not be the best choice for storing small amounts of cryptocurrency.
- You need to use third-party software in order to make any transactions.
3 LOBSTR Stellar Wallet (Desktop and Mobile )
Lobstr is one of the most secure and highly reputed mobile wallets available to store Stellar Lumens. It provides all the great security features such as 2FA authentication, fingerprint lock and pins as well. Additionally, you also have access to your private keys. Thus, giving you full control over your funds.
- This wallet is available for both Android as well as iphone devices thus, covering a major range of mobile users.
- The wallet is user-friendly and accessible anywhere at your convenience.
- As it is not a full node wallet, there is a considerable amount of lag and downtimes.
- If your device is compromised to begin with, then your funds are not safe.
4 STARGAZER Stellar Wallet (Desktop and Mobile )
Next on the list is stargazer – a stellar wallet which is available for both desktop and mobile. You can download it for – windows, MacOS X, linux, android – literally on almost any device supporting these OS.
This wallet has been designed to be simple and easy to understand and accommodates multiple accounts and multiple assets, offering support in various languages. However, every wallet has its own set of shortcomings – this one as commented by users has some app bugs for its mobile version that affect the proper functioning of the wallet.
- The wallet is available across multiple platforms
- The wallet is not available on IOS
- There have been multiple bug reports by its users on its mobile wallet.
5 ASTRAL Stellar Wallet (Web)
One of the most reputed web wallet for Stellar. It provides advanced security features such as 2FA authentication and encryption to secure your funds. Additionally, it can be accessed from any device that you have. Thus, providing an ideal solution to store Stellar Lumens.
- Accessible anywhere and from any device.
- Presence of advanced security features that minimizes the risk of thefts.
- It is user-friendly and free to use.
- They run on a centralized server which could be the prime target for hackers.
6 Stellar paper wallet
This is a cold storage option that provides you the ability to store your funds offline, eliminating a chance of hacking.
- Completely free to use.
- You can generate as many numbers of paper wallets as you like.
- A cheaper cold-storage option
- As this is printed on a paper, it goes through the process of wear and tears over time.
- Other than the fact that they provide an offline solution for storing your funds, paper wallets do not have any other extra security features. If you lose your paper wallet, you lose your funds forever.