In this post, we are going to talk about how you can buy Stellar, one of the most popular coins in the world. It is a remarkable project that aims to boost financial inclusion for the unbanked population of the world.

In the past couple of months, the cryptocurrency market has seen tremendous growth. Both in terms of developments and increase in price. Several of the large market cap coins posted mouth-watering gains. This was kickstarted by the head-turning rise in the prices of bitcoin. Once the cryptocurrency market capitalization crossed the $1 trillion mark, it seemed like a new bull run had officially started.

This has led to a lot of retail and institutional investors joining the bandwagon. If you are new to the cryptocurrency space and looking to buy your first coins, you have come to the right place.

Below, we take a look at how you can buy Stellar.

1. Online Exchanges

When buying any cryptocurrency, an online exchange is probably the first place most people start. An online exchange is similar to a traditional stock exchange but there are some key differences. You can quickly get your fiat currency (Canadian dollars) to an online cryptocurrency exchange and then convert them into any crypto of your choice. You can do the same for Stellar also. If you are based in Canada, make sure to use a Canadian cryptocurrency exchange as that would provide a much smoother experience. Let’s take a look at how you can use an online exchange.

1. Create an account in any of the Canadian exchanges that you trust.

2. Then, complete the KYC process by providing government-issued IDs.

3. Fund your account with Canadian dollars (many payment methods are available for the same)

4. Buy Stellar with fiat money.

2. Over The Counter (OTC)

Over-the-counter markets have existed for a long time in traditional finance. These markets typically allow a person to buy large quantities of a financial instrument directly from a counter party. This allows them to be discreet and their large purchase (or sale) doesn’t move the market. The same markets also exist in the world of cryptocurrency. These platforms help exchange your fiat currency for any crypto of your choice. Let’s take a look at the steps involved in this.

1. Create an account on a website with OTC services. Make sure to choose the most trusted one.

2. Get a quote from the counter party. 

3. Accept the price.

4. Transfer the money to them.

5. Buy Stellar.

3. Peer to peer (P2P)

Peer-to-peer networks work similarly to OTC counters. However, there are some key differences. Any exchange between two people can be considered as a p2p exchange. So, if you buy a crypto from your friend, that would amount to a p2p exchange as well. In recent times, many peer-to-peer services have started that connect buyers and sellers. These can exist as platforms or unofficial networks on social media. It is better to go with the platforms in this case as they provide better protection. Most p2p platforms have escrow services and dispute resolution in place.

Steps involved to get started:

1. Create an account on a platform with P2P services.

2. Find a seller and negotiate the price.

3. Accept the price.

4. Transfer funds to him (by debit cards, wire transfer, etc)

5. Buy Stellar.