Stellar, represented by Lumens (XLM), is a distributed network aimed at revolutionizing money and asset transfers. It allows users to transfer various assets, including traditional currencies and tokens, with low cost and high efficiency. Positioned as a decentralized exchange, it facilitates trading with an integrated order book. This article answers two key questions: What is Stellar (XLM), and how to buy Stellar (XLM) with TRY?
What is Stellar (XLM)?
Stellar, represented by the cryptocurrency Lumen (XLM), aims to revolutionize the money and asset transfer market through a distributed network. This network is defined in various ways, including as a payment rail and an exchange. Essentially, Stellar aims to provide a new way of sending money and assets, a function traditionally performed by payment providers. Since its inception in 2014, Stellar has enabled users to transfer money and assets efficiently by leveraging a network of incentivized computers running a common software.
The core concept behind Stellar is to enable users of its network to transfer a wide range of assets. These assets include traditional currencies and tokens representing new and existing assets. The transfer process is designed to be smoother and less frictional, especially across borders, thanks to Stellar’s native cryptocurrency XLM. This design aims to make financial transactions more accessible and efficient for users worldwide.
Stellar shares similarities with XRP Ledger, another protocol designed for payment providers and financial institutions. Both platforms aim to facilitate asset transfers and payments through their cryptocurrencies. However, Stellar differentiates itself by positioning as a decentralized exchange. The Stellar ledger includes an integrated order book that tracks the ownership of Stellar assets. This feature enhances its utility as a marketplace for asset trading.
Developers have increasingly worked to make Stellar a robust marketplace for assets published on its protocol. The platform offers features that allow users to manage their buy and sell orders effectively. Additionally, users can specify their preferred assets when conducting transactions, providing flexibility and control over their operations.
The integrated order book and decentralized exchange features make Stellar a versatile platform. Users can buy and sell various assets directly on the network, minimizing the need for intermediaries. This approach not only reduces costs but also increases the speed and efficiency of transactions.
How to Buy Stellar (XLM) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Stellar (XLM). Binance TR allows quick account creation and supports trading of over 100 cryptocurrencies, including XLM. Follow these steps to buy Stellar (XLM) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. Visit trbinance.com and proceed from the “Create Account” step. The first step of account creation will ask for basic information such as email address, phone number, name, surname, date of birth, nationality, and T.C. identification number.
After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or the official Binance TR website. Note that you will need your phone to verify your identity on the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click on “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, continue by first tapping on the “Identity” option.
Then a screen like the one below will open. To continue the verification process, first select the document type that suits you.
After selecting the document type, continue by tapping on the “Upload Front” option. After taking a photo of the front of the document according to the document type you selected, tap on the “Upload Back” option and take a photo of the back of the document and upload it. Make sure the images are clear and the information in the photos is easily readable when taking photos of the front and back of your ID card or driver’s license.
Then continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible after the camera opens.
After completing all these steps accurately and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. You can deposit and transact seamlessly 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made up to 50,000 TL 24/7 via FAST. Deposits over 50,000 TL from other banks are processed within EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com and hover over the “Wallet” option at the top left of the homepage, then click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is to transfer the amount you want to deposit into your Binance TR account using the information displayed on the bank’s page.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy XLM Coin with TL on Binance TR?
After depositing money, you can proceed to the TL to XLM coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the page below will open. You can go to the TL to XLM purchase page by typing “XLM” in the search section on the right side of this page and clicking on the XLM/TRY option from the results.
Now the XLM trading page below will open. On this page, you need to enter the price at which you want to buy XLM in the first box marked with a red box and the number of XLM you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy XLM” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer trading services from fiat to crypto and crypto to crypto. Users in Turkey can seamlessly deposit and withdraw Turkish Lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users are supported by Binance’s core functionalities, gaining access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
