The Lobstr wallet can only hold Stellar Lumens (XLM). The wallet is perfect for people who are looking to get started with XLM. It is simple, secure, and smooth. It has the right features needed for anyone to manage their Lumens wisely. One of the major benefits of this wallet is that it has a web application along with mobile apps.
This quick guide about Lobstr Wallet shall cover the coins supported, fees charged, how to set it up, and other features.
What Coins Are Supported by Lobstr Wallet?
Lobstr only supports XLM right now. In fact, the wallet markets itself as the best wallet for Lumens.
Fees Charged By Lobstr Wallet
There is no fee for signing up with Lobstr. However, you would need to keep a minimum balance of at least 1 XLM. There are no charges for deposits and withdrawals. You would have to pay a Stellar transaction fee in order to prevent spam transactions. Transactions on the network cost 0.00001 XLM.
Step-by-step Guide for Setting up Lobstr Wallet
It is easy and quick to set up a Lobstr wallet. The best way to go about it is through the Stellar website where Lobstr is mentioned in the recommended list of XLM wallets.
Here’s what you need to do.
Step 1: Visit the Stellar Lumens site and choose Lobstr from the list of wallets on offer. Lobstr is one of the most popular ways of storing Lumens and is perfect for beginners.
Step 2: Once you download and launch the app, you would be prompted to sign up for an account. Lobstr offers an easy signup process. You can use your Google, Facebook, or email address to sign up. Key in the details and choose an account password.
Step 3: You would be required to confirm the email address. Lobstr will send you a verification link on the email address you provided while signing up. Click on the link to confirm your email address. You would see an “Activation Completed” message on the screen. The next step is to click on the “Sign in” button.
Step 4: Use your email address and password to log into the newly created Lobstr account.
Step 5: The next step is to create a Stellar account. You would have to choose a Username to do this. Then, click on the Create Account button. You can always just add an existing Stellar account to Lobstr wallet as well. Do this by clicking on Add An Existing Account.
1 XLM coin is required to activate our Stellar account. You would need to store this coin in the wallet. The best part about Lobstr is that they lend you the 1 XLM you need to get started. The credit would be returned when you make your first deposit in the wallet. You can continue with the setup process by clicking on I Agree.
Step 6: A recovery code will flash on the screen next. This code is very important if you ever need to regain access to your Lobstr account. You won’t gain access if you forget this password. Make sure you write it down and store it in a Ziploc bag safely in a drawer.
Tick the box ‘Ok, I understand that I need to save the recovery code’ once you have noted down the recovery code. You will be prompted to log into your Stellar wallet next.
Step 7: It is recommended that you set up two-factor authentication on your account before doing anything else. This will provide an added layer of security.
And, that’s it. You are all set up.
Click on Send from the Lobstr dashboard to send XLM. The Send button is in the menu on the top left corner. Type in the recipient’s username and address when the Send Payment window loads. Make sure you type in the right amount. If you want, you can add a small message before you click on Send.
The homepage menu has a receive button. Click on it to get your Stellar username and your Lumen address. All you need to receive Lumens is to enter this info as the recipient's address.
You can make the process easier by using the Request Money button and asking for payment. You would have to provide the sender’s address and the amount you wish to receive. This is something like raising an invoice.
How Is Lobstr Wallet Design?
Lobstr wallet has a nice and simple interface. The design is clean with clear instructions and helpful tips.