Stellar was invented by Jed McCaleb who also invented Ripple and its cryptocurrency, XRP. However, in 2014, McCaleb left Ripple to start the Stellar network and in November 2015 launched it to the world. Stellar is the payment network and Stellar Lumens (XLM) is the cryptocurrency. The Stellar network allows people (and institutions alike) to send money around the world in a quick, easy and low-cost way. Because Stellar is trying to remove all steps involved in sending money worldwide, people can instantly send money without delays, needing banking approvals or paying high fees. The goal is to provide the everyday person – especially the unbanked – with a better option to send remittances.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email, click on the link to verify your email address.
2. Fund It
Choose your preferred funding method: bank wire transfer, interac e transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
What Can I Do With XLM?
At its core, Stellar is a payment system that allows money to move across borders quickly and affordably. By doing so it seeks to solve the issues that plague the current financial system: mainly that it’s slow and expensive to move money worldwide. Here’s an example of the existing financial infrastructure and how Stellar aims to improve it. Imagine you’re in America and wish to send money to your cousin, Ana, who lives in Brazil. You know your bank isn’t connected to her bank so you use a money service provider to send the money. It will take a few days to send money and you will be charged a high fee for doing so. Sure, you could pay a premium fee to expedite the process but it’s not ideal. This is where Stellar comes in. Stellar is a decentralized platform connecting people, payment services and banks together. By collaborating, people can easily move money anywhere around the world at low costs.
How Much XLM Can I Buy?
You don’t need to buy a lot of XLM to get started! Our minimum purchase amount is 18 XLM. Enabling anyone to gain exposure no matter how many dollars they have to invest.
Why Buy XLM?
Buying Stellar (XLM) is compelling due to its focus on revolutionizing cross-border payments and financial inclusivity. Stellar’s blockchain provides fast and low-cost transactions, making it a preferred choice for international transfers and remittances. With increasing partnerships with financial institutions and developments like smart contracts on the horizon, Stellar’s ecosystem is expanding. Additionally, XLM's utility in bridging digital and traditional currencies positions it as a key player in the evolving digital finance landscape.
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FAQs
Why is KYC (Verification) required?
Netcoins Inc. is a licensed money service business under FINTRAC, and a registrant under the Provincial Securities Commissions, and adheres to the strict guidelines set by them for Money Transmitter Businesses and Securities Registrants. We are required to have a Know-Your-Client (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, Interac e-Transfer, or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy XLM in Canada.