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StellarTerm Review - is it scam or safe?

StellarTerm Review - Is scam or safe cryptocurrency exchange?

RATING: 3 / 1 REVIEWS ForexBrokerz StellarTerm


Trading Accounts & Conditions

Account type Leverage Fees
Standard 1:1 Stellar Network fees (0.00001 XLM)


StellarTerm is an interface for accessing the Stellar Network. While this technically makes it something different than a cryptocurrency exchange, it does bare some resemblance to other trading venues. This review will not focus on the principle features and potential of Stellar, but look at the current iteration of StellarTerm, form a trader’s perspective. Some of the technical terms may be oversimplified.


StellarTerm Advantages


Access to the Stellar Network – the most distinguishing feature of this “non-exchnage” is the fact it allows you to participate in what can effectively be called a decentralized exchange. StellarTerm only provides the interface and has nothing to do with the trading environment.


>>Our quick guide to Stellar (XLM)<<


In order to trade, one must first purchase Stellar (XLM) and either send them to the exchange, or use his Ledger Nano S. 


No additional fees – unlike other companies which provide access to decentralized exchanges,  StellarTerm is a non-profit and does not charge clients anything for the service. The low costs of trading on the Stellar Network are one of its main advantages. One would have to pay 100 stroops (that is, 0.00001 XLM) per transaction.


Has a desktop client – a neat feature, which experienced active traders enjoy. Not having to relay on your browser, when multitasking (especially given the high memory usage which some websites require) simply feels more reliable. That being said, the client is exactly the same as the web page and may not be that attractive to the same group of people (more on that later).


Growing number of assets – accessing the entire Stellar Network means exactly that – being able to trade all the assets available. We mention this point just to list the more popular coins supported: BTC, ETH, XRP and OMG. Additionally all the tokens are supported (which still aren’t as numerous as the ones on the Ethereum system). Trading is done vs XLM and there are a few fiat currency tokens available. 


StellarTerm Disadvantages


Not that beginner friendly – coming into StellarTerm, one would have probably read at least a bit about the nature of cryptocurrencies. In case you are a complete newcomer, this “exchange” will not be suitable for you, as a lot of small things are just slightly too complicated.


No account recovery mechanism – one of the reasons for the previous point, which is typical for decentralized project is the fact, you have to deal with a wallet associated to a private (in this case called “secret”) key. This means there is total anonymity, but one wouldn’t be able to restore his password if it is forgotten. At least StellarTerm describes this very well:


What you see when creating an account at StellarTerm


No direct fiat support (yet) – this interface to the Stellar Network does not provide a simple way for you to deposit actual fiat currencies and receive their tokenised version on the platform. This is one of the key challenges facing Stellar as a whole – integration of more institutions. That being said, you can find other exchanges accepting bank transfers below.


>>Which venues support Bank Transfers, now?<<


Charting is basic – an active trader would like to have a top-notch charting package and nice platform layout surrounding it. This isn’t what you will get with  StellarTerm – this is simply a tool for accessing the system. Here is a preview of the simple charts:


Charting at StellarTerm will not satisfy technical analysts


No margin – another feature which some traders will prefer having, though one could argue, digital assets can be quite volatile by themselves and this isn’t mandatory. Then again the main purpose of the Stellar Network never was to suite the needs of active traders – this is what forex brokers do.


>>Bitcoin forex brokers offering leverage<< 


Some of them have added cryptocurrencies to their offerings. We have to specify this is most often done via Contracts For Difference  (or CFDs). Such derivatives only follow the price of a predetermined asset class and are suitable for short term trading. More information can be found here.


Reliant on the Stellar Network – another obvious “flaw” inherit in the design of this project is that if anything would to happen to the Stellar Network, this will not be a useful tool any more.




StellarTerm is a way of accessing the Stellar decentralized exchange. One could then trade all the available assets with Lumens (XML). In this review we took our usual perspective of a trader who may not be that much involved with crypto but is looking for an exchange.  StellarTerm isn’t the most optimal venue, simply due to the fact it wasn’t designed to be such. 


Stellar, as a whole, is an interesting project, which may have a significant impact on the global financial system. Regardless, if you are looking to trade cryptocurrencies as a speculative asset class, forex brokers may be a better option. That being said, some of them aren’t very credible (or are outright scammers), so be sure to learn about the regulated ones.


>>The rules applied to Bitcoin forex brokers<<


To recap StellarTerm:

Pros Cons
Access to the Stellar Network Not that beginner friendly
No additional fees No account recovery mechanism
Has a desktop client No direct fiat support (yet)
Growing number of assets Charting is basic
  No margin
  Reliant on the Stellar Network



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