We are constantly working on launching new opportunities for trading on CEX.IO. This time we are happy to introduce Stellar Lumens (XLM). Since today, you are able to trade the following pairs:
- XLM/USD;
- XLM/EUR;
- XLM/BTC.
Deposits and withdrawals of XLM are possible as well.
What is Stellar?
Stellar is an open-source protocol designed for transferring value. The system lets people send, receive, and trade any currency with anyone around the world. It connects banks, payment systems, and people to enable fast money transactions. The features that differentiate it from Bitcoin blockchain include:
- consensus algorithm;
- increasing supply;
- opportunity to make transactions both in fiat and cryptocurrencies.
Lumens (XLM) on Stellar
The proper work of the Stellar network is enabled by lumens (XLM), which are its native asset. On Stellar blockchain, lumens have an anti-spam role due to the small fee imposed. In such a way they mitigate the risk of DoS attack on the network. Besides, lumens enable multi-currency transactions. They often act as a bridge between the pairs of currencies that cannot be exchanged directly.
An Important Note
Please pay attention that you need to indicate a memo ID when sending your coins to CEX.IO. Memo ID is a combination of numbers assigned to your CEX.IO account. It helps us to identify your funds in our system. If you use it properly, the money will be successfully credited and reflected on your balance.
We also encourage you to be attentive and check what you insert in Memo field when transferring your XLM to other exchanges. If you are withdrawing lumens to your external wallet, you can leave the Memo field blank or insert 0.
Although investments in Stellar may seem beneficial in a short or long-term, you need to remember that this market is highly volatile and involves substantial risks. We encourage you to be careful, do some research, and think over before investing money in any cryptocurrency.
We believe that Stellar will become a valuable addition to CEX.IO exchange.