StellarX, the first full-featured trading app for Stellar’s universal marketplace has now launched, it has been in beta test mode over the past several months. The marketplace offers crypto, fiat tethers, commodities, bonds, and more. It essentially is a GUI for the public to access the Stellar network.
The market does not hold user keys and isn’t an exchange of any kind. We tested, and the signup process was convenient, everything worked great as far as registering, making a great first impression from the start. After verifying your email address, you are then asked to enter in your Stellar Secret Key, you will need a secret key to access the Stellar marketplace.
You can pair your secret key by three options, StellarX will create a new one for you, use an already existing one, or use a Ledger hardware device.
During testing, we decided to create a new one, we were asked to check off the box that enables Stellar airdrops (1% APR), then you are asked to choose your preferred currency. Even though trades on the StellarX marketplace use Stellar lumens (XLM) users have the options of pricing assets in whatever is most familiar with them. The options include the native XLM, USD, EUR, GBP, IDR, CNY, KRW, and mBTC. We choose USD for testing purposes.
Once complete, you are given your recovery key, which you should save right away in a safe place.
StellarX is a third-party client built on top of Stellar’s open marketplace. It was created and run by Interstellar, a new company formed to make building and operating on Stellar even easier. Interstellar is an independent commercial entity and not affiliated with Stellar Development Foundation.
Users can transfer funds to the exchange with lumens (XLM) and other cryptocurrencies. StellarX uses Changelly as its cross-chain exchange provider to make it easy to deposit a wide variety of crypto assets from within the account page. They convert your funds to XLM and charge 0.5% for the conversion. StellarX takes no fee.
Key features added to StellarX over the past few weeks of beta testing:
- Ledger support
- Direct USD deposits
- The ability to send tokens to any Stellar or federation address
- An improved markets view so it’s easier to tell which token is which
- StellarX also added custom payment aliases, which means users can go to their profile settings and can claim yourname*stellarx.com.