StellarTerm is a decentralized exchange created by Ultra Stellar, an LLC company. The LOBSTR wallet is developed by this company. The company has developed the exchange originally as an open-source application on GitHub. Unfortunately, there are no details related to the founding year, location, team member credentials, etc.
Some of the key features of the exchange that the vendor focuses on are listed below:
- It is a trading application built on the Stellar Network.
- Your Stellar account secret key is stored in a browser and not sent to a server.
- When you log out of your account/exit/refresh the browser page, the key is deleted.
- You can deposit and withdraw many crypto-assets and fiat currencies like USD, BTC, ETH, SMX, etc.
- It supports the Trezor and Ledger wallets to help users in need of additional security.
- It supports the Stellar protocol’s multi-signature layer by integrating with the LOBSTR Vault app.
- A desktop app is present that supports MAC, Windows, and Linux systems.
How does StellarTerm work?
The exchange allows for all the following features:
1. Accept assets
You can receive, hold, send, and trade all assets available on the network. You need to first accept an asset by establishing a trustline before working with an asset. Accepting can be done from the list of assets on the official site, by specifying the home domain, or by manually accepting the asset. After adding, you can use the Accounts and Balances options for managing the asset.
The network is very quick and conducts transactions in a second. The steps needed are shown below:
- Go to the Accounts feature found in the navigation bar and select the Send option
- Enter the Stellar /federation address of the recipient
- Choose your asset from the menu and specify the tokens you are sending
- Select the appropriate memo type from the dropdown menu. Or you can leave it blank or enter a message
- After verifying the details, submit the transaction
With direct access to the Stellar DEX, the exchange allows buying and selling of Stellar assets within your account. Make sure to establish a trust line for the selected asset.
What can you buy on StellarTerm?
The platform focuses mainly on the XLM and the funds of users are held in the Stellar Network. The exchange serves as a useful tool for you to conduct transactions on the network. It supports the Trezor and Ledger wallets which allow you to gain additional security. The main assets it allows include XLM, yXLM, USDC, PYBC, XXA, and AQUA.
Is StellarTerm safe?
Secret keys of users are encrypted for security and are not sent to servers. The software of the exchange is designed for local transactions, which are published on the Stellar Network. As per the vendor, the key is erased from the secure storage when you log out of your account or refresh the page. The features used help to safeguard your funds. Multi-signature protection is another measure that is used with the support of the LOBSTR Vault app and with other similar solutions that enable external signing. The company recommends the use of two or three multisignatures.
StellarTerm fees, compatible wallets, and transactions
As per the info on the official site, there are no charges for account creation. There are no additional fees for end-users. But the normal transaction fees of using the network are present. The charges depend on the load of the network. Transaction fee equals the transaction operations multiplied by a base fee which equals 0.00001 XLM for one operation when the capacity of the network activity is low. The range of transacting fees starts from 0.00001 XLM to 0.003XLM.
No charges are present for depositing or withdrawing via the interface. But the issues of the assets can charge fees for the operations with the respective tokens.
What are the ways to trade on StellarTerm?
Important trading features include
- Real-time trading with direct access to the prices, live stats, and order book.
- You can trade any asset pair and vie the pairs with the highest volume.
- View charts with different axis types, multiple stats, and indicators.
- Users can get notifications on the trading and payments.
A knowledge base with a list of the common questions and answers if present for support. The vendor provides an email address for contacting the support.
StellarTerm summaryStellarTerm summary
- A diverse range of features
- No charges for account creation
- Supports mainly trading with XLM