Digital coins need somewhere safe and secure to be stored. You must choose a wallet that is compatible and specifically built for your coin of choice. In the following Lobstr wallet review, we explore the Lobstr wallet to understand what it does; as well as how to set it up and use it.
Lobstr is among the most secure and easy to use Stellar (XLM) wallets. It was created to only store Stellar Lumens (XLM) cryptocurrency which is a new coin that made quite a name for itself.
Joe McCaleb, is the creator of Lobstr wallet as well as the Ripple coin. The Lobstr wallet was released in the same year that the Stellar Lumen project was founded and was one of the first ways to store it.
One outstanding feature of the wallet is that it has an excellent web application and also it offers mobile app versions for both Android and iOS. Not to mention, the apps are completely free to download.
Other features offered by this wallet include PIN option in the mobile version, encryption and 2 Factor Authentication (2FA) for both web browsers and mobile.
First and foremost, there are no fees upon signing up. However, the minimum balance allowed is 1 XLM. Deposits and withdrawals are also cost-free, however, the regular Stellar transaction fees of 0.00001 XLM are charged on each transaction on the Stellar network to prevent spam transactions. also, there are no extra taxes to be paid to use the Lobstr wallet.
- Open source code
- the project’s code is open to access by users who can read it and then propose modifications.
- This is one of the wallet’s key security features. The user creates a strong password that will secure their data and prevent hacking attempts.
- It protects your data.
- This is another key security feature of the wallet. It is an additional precaution feature that requests you to enter a core each time you want to log into your wallet.
- It ensures that no unauthorized person gains access to your account by asking a question only you can answer each time someone tries to log into your account.
Lobstr wallet is completely safe and secure which is why it is among the only handful wallets recommended by the Stellar wallet on its official website. This is quite outstanding because Stellar claims not to endorse third-party software.
XLM coins are stored on the Stellar network itself and the Lobstr wallet communicates with the network, which is un-hackable.
The private key stored on the wallet is also safe and once lost cannot be retrieved and you will lose access to your funds. Therefore, it is important to take good care of your private key.
Lobstr wallet supports multiple assets that include the Stellar coin and more than 3000 XLM tokens. Some of XLM tokens which are supported include SureRemit (RMT), White Standard Dollar (WSD), Repo (REPO), Kava Coin (KAVA), Mobius (MOBI), Atlantic Blue (ABDT), Eurt (EURT), and Smartlands Token (SLT) among others.
Lobstr wallet runs on any kind of OS, all you need is a web browser to access your coins. And the mobile version is supported by both Android (at least 4.3) and iOS (10.3).
Stellar has its very own decentralized exchange called Stellar DEX. At Stellar DEX, the user is in direct possession of their coins hence eliminating third party interference. You can create an account and directly start trading.
Decentralized exchanges have lower liquidity hen compared to the regular ones.
Setting up your Lobstr wallet is a quick and easy procedure. The best way to go about it is to visit the official Stellar website where you will find a list of the recommended XLM wallets or check our review about the best stellar lumens wallets.
On the next page, you will be asked to sign up for an account. You can either use your Google account, Facebook account or your email address. Go ahead to input the necessary details and set your password.
Next, you will need to confirm your email address by clicking on the verification link sent to your email address upon which you will be redirected to the login page. At this point, you will receive a message that says “activation completed”. Then click on the ‘sign in’ button and hurray your activation is complete.
To log in, enter the email address and password you just created.
After successfully logging into your account, the next step is to create a Stellar account. To do this, choose a Username and click the “create account” button. You also have the option of adding an already existing Stellar Account instead of creating a new one.
You need 1 XLM coins in the account to activate your Stellar account. Fortunately, Lobstr can lend you this amount to help you activate your account; the credit will be returned once you make your first deposit on the wallet. I agree to continue with the setup process.
You will use your recovery code flash next up on the screen. this code will allow you to regain access to your account if you forget your login details. It is recommended that you write it down on paper or store it in a zip lock bag. Note down the recovery, tick the OK box and you will then be logged into your Stellar wallet.
After that, it is recommended that you set up your Two Factor authentication on your wallet.
- Sending money from Lobstr
Click on “send” on the dashboard, the type the recipient’s user name, and address you wish to send to. You can also add a small message if you so wish. Finally, click ‘send’ to complete the process.
- Recovering money on Lobstr
Click the receive button on the homepage menu. Input your Stellar Username and your Lumen Address as recipient’s address if you are sending the coins over to your wallet. Alternatively, you can provide those details to the person who owns the Stellar coins.
You also have the option of “requesting money” button to ask for payment. Provide the sender’s address and the amount to be received and then click “request”.
Some users have argued that Lobstr could increase its features. But as clearly shown by this Lobstr wallet review, it does a good job at storing and managing XLM in a simple manner. Its design is exceptionally simple and intuitive; it is one of the easiest storage options available.
It is quite impressive how the Lobstr team works hard to constantly improve it.it has it is own built-in exchange, 2FA for additional protection, and its code is open-sourced for additional modification by users, not to mention, its community is quite responsive to customer needs and inquiries.
It has a few demerits such as having to create a new address each time you want to receive coins for the sake of privacy, it only supports Stellar and its tokens and lastly the user not being fully in charge of their private key which is stored in a Stellar server.
But generally, it is a great wallet and its mobile support and eases to set up make it stand out among the XLM wallets. We hope that you have found our Lobstr wallet review to be very helpful.
You can also check our analysis between Ripple and Stellar.
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