Buy Stellar in Canada

XLM, also known as Stellar Lumens, is a cryptocurrency that’s optimized for payments. It’s cheap and fast, which makes it suitable for cross-border transactions, like remittance payments. XLM is similar to XRP in its design – that’s because it was also created by Jed McCaleb, the American software engineer who left Ripple Labs to work on Stellar.

As of Feburary 2022, there are 24.85 billion XLM tokens in circulation, out of a total of 50 billion XLM. In December 2019, the Stellar Development Foundation decided to give away, or “airdrop” billion XLM tokens, then about $125 million, to the public. After spammers got wind of the project, the platform that had partnered with the Stellar Development Foundation to airdrop the tokens, Keybase, cut the airdrop short. “The total giveaway amount will have been 300 million Lumens (approximately $16,000,000 USD),” it wrote.

The Foundation has previously burned coins. In 2019, it burned 55 million XLM tokens, or more than half of the supply. Aside from that, the protocol increases the number of XLM tokens in circulation at a rate of 1% a year.

You can spend XLM from a Stellar wallet, like Keybase or the Coinbase wallet, or directly from a payments app. Most cryptocurrency exchanges list the coin, and you can sell or buy XLM coins for a variety of other cryptocurrency exchanges. You can also buy and hold XLM on brokerages like Wealthsimple Crypto to speculate on its historically volatile price.

Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.

Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:

Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.

Always keep solid records of any Stellar transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.

Stellar’s current market cap is 7,454,850,259.

The current price for Stellar in Canadian dollars is $0.15.

Buying Stellar with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.

From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Stellar 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order

You can choose between two different order types when buying Stellar. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.

You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.

A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.