Open Source
Supports All Stellar Tokens
Not an Official Wallet But Recommended By The Stellar Team
Not Available For Desktop
Two-Factor Authentication
Not Hierarchal Deterministic (HD)
Your Private Key Is Stored by Stellar, But Is Encrypted by Password And 2FA
Lobstr Wallet Review: Features and How-to-Use Guide
One of the most secure and easy to use wallets for Stellar (XLM) is Lobstr. Not the official client but anyway recommended by the Stellar team, it offers multiple features such as encryption, PIN option in the mobile version and Two-Factor Authentication (2FA) for both mobile and web browser . This review of Lobstr wallet is going to show you everything you need to know about its features as well as provide you with a complete guide on how to set up and use it.
01.Lobstr Features & Fees
The Lobstr wallet provides multi-coin support when it comes to the Stellar project. In this platform you can find the Stellar Lumens coin and all its tokens. It’s a web wallet you might use with any kind of a browser, doesn’t matter the device you’re operating with. There’s also a mobile app available for both Android and iOS operating systems. Once you create yourself an account you can use it in both versions without pairing devices. You can access your coins in a secure manner, thanks to the additional factor verification.
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Web Page Interface
Pros & Cons
A detailed overview is more comprehensive if structured in a graphical view. That’s why I propose you to have a look at the following table, showing all the positive and negatives sides of the Lobstr wallet. This might help you make a well-informed call on your wallet.
- Integrated ExchangeLobstr offer a built-in exchange to trade XLM and its tokens with both Bitcoin and fiat currencies
- Two-Factor Authentication (2FA)This is an additional security layer requesting you to enter some kind of extra information to access your wallet
- Open Source CodeAll the users in the Stellar network are able to read the code and propose modifications
- Help DeskXLM’s community is highly responsive and active when it comes to solving issues and answe questions
- Lack of Hierarchical Deterministic Generator Lobstr is missing the (HD) feature, so you’re supposed to create yourself a new address every time when you receive coins if you want to keep your balance private. Otherwise you’re going to reuse the same address
- Only Stellar Support Except for the Stellar and its token, there’s no other coin support included
- Private key Ownership Users’ private keys are kept in a Stellar server encrypted with your password but anyway you’re not the one in charge to keep them safe
Are You Interested in the Lobstr Wallet?
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Read More on Multi-Coin Support and OS Compatibility Below
Multi-Coin Support and Operating System Compatibility
As mentioned earlier, here’s the supported assets list. You might observe the Stellar coin and more than three thousand XLM tokens. In the table below, I have gathered the most preferred, according to their market cap specifications, but of course, you can check them all in the Stellar Lumens’s official website.
As a web wallet, there aren’t any specific requirements for the operating system where you would like to run Lobstr. The only thing you’ll need is a web browser to access your coins. Speaking of mobile versions, it’s supported by both Android (at least 4.3) and iOS (10.3).
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Google PlayAndroid
Compatible with Android 4.3 or later
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App StoreiOS
Compatible with iOS 10.3 or later
Built-In Exchange – Stellar DEX
Stellar has its own decentralized exchange, where users are in directly possession of their coins, so there’s no need for a third-party to interact with this process. In a word, you can create an account and directly start trading. Decentralized exchanges have lower liquidity when compared to the regular ones. Unfortunately, fees are easier to calculate or predict when it comes to centralized exchanges, in this case, we’re not able to state a formula or number when it comes to that. These trading fees might end to be somehow a risk for you as an investor, so make a research before you deposit any money.
Is Lobstr Wallet Safe?
Security
The security features of the Lobstr wallet include both encryption with a password and Two-Factor Authentication (2FA). Your password is going to keep your data safe and the 2FA will ask you to enter additional information that only you know every time you log into your wallet. If you ever forget or lose your 2FA code, you can always use your password after three wrong entries or just restore your account.
Open Source
The project’s open code is giving the opportunity to read it or propose modifications for all its users
Encryption
You’ll have to create yourself a strong password to keep your data secure from any hacking attempts
Two-Factor Authentication
This extra security layer request you to enter a core every time you log into your wallet as an additional precaution for your coins
Privacy and Anonymity
There’s a lack of industry proven features when it comes to privacy and anonymity of the Lobstr wallet.
Is Lobstr the Wallet For You?
Download HereTransaction Fees
Both deposits and withdrawals are cost-free and there are no extra taxes to pay in order to use the Lobstr wallet. The software applies the regular transaction fee, which is 0.00001 Stellar Lumens coins.
Conclusion
Charmed from the Lobstr wallet’s simplicity and security enhancements? If you can’t wait to try their Two-Factor Authentication in tandem with the password encryption, and also profit the attractive built-in exchange’s options, go grab your Lobstr right away.
If you’re more privacy orientated and probably miss some anonymity features, you might consider trying another wallet. I would like to present you the Blockchain Wallet review, which implemented soon the Stellar support to their portfolio.
02.Lobstr Wallet Guide: How to Setup and Use
The following section is going to give you a detailed overview of how to use your Lobstr wallet. I’ll provide you with both guide and possible issues information, that you’re aware of everything which might ever happen to you.
How to Install
Since Lobstr is a web wallet, there’s nothing more than a registration form to fill before you start using it. Anyway, there’s a simple setup when it comes to the mobile version, which I would like to review with you with the steps below:
Choose an Operating System
- Download the Lobstr app from the Google Play Store
- Sign in an account and create a password
- Note you Recovery code to use in case of losing or forgetting your password. This is what will restore it
- Download the Lobstr wallet from the App Store
- Create an account and set a password
- You’ll be provided with Recovery code to use in case you ever lose or forget your password – note it down and keep it safe
Interface Overview
The easy to use interface of Lobstr provides you with a chart of the Stellar coin and menu with options. On the main page you can check your balance and explore the left sidebar. There you will find the Send, Receive, Trade and Settings tabs. When speaking of the mobile edition, you can check those options by clicking on the left corner button. There’s a shortcut on the right corner to the Send option. An important thing to note is that you can set your Two-Factor Authentication only from the web browser.
Create an Address
To create an address, first sign up or install the wallet, depending on the version you choose to use. Go to the Receive tab and copy your public address in both the string and QR-code forms.
Send and Receive Assets
To send Stellar and its tokens, you should simply go to the dedicated Send menu and write down an address and amount to transfer. Same with receiving – once you get your public key from the Receive menu, simply provide it to the sender.
Hint: Always check twice the public key of the person you would like to send some coins. If there’s a mistake, you’re most probably going to lose those funds and the receiver will never get them.
Backup and Restore
Backup
There’s no backup procedure to apply for the Lobstr wallet.
Restore
Install and restore wallet from the seed
To restore your funds, you’ll need your username and password. If for some reason you don’t have it, you can always try the forgot password option and restore with your recovery code.
Specific Functions
No specific functions registered for the Stellar wallet. You’re able to extract your private key from the web browser, when you go to the Settings tab and access the Reveal Secret Key option.
Possible Issues and How to Avoid Them
If you ever lose your phone, install the app to your new one. Then get the Google Authenticator on your phone and enter your 16-digit 2FA code using the option “+” and choosing the “Enter a provided key”. Finally, go to your Lobstr account via your 6-digit password and reset the 2FA code.
If you’re having some issues to activate your Lobstr account – bear in mind you should do it via email. If you haven’t received one, check your Spam folder. If still nothing, make a request for resending an activation confirmation.
03.FAQ
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Why there are 1.5 XMLs in my wallet right after the initial creation?
Go activate your wallet, you need at least 1 Stellar in it, since some exchanges would deny sending transactions to inactivate zero balance wallets. Lobstr provides you the necessary minimum that you’re going to return after you deposit some more coins inside.
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Is there an ID of my transaction?
Sure, there is. You should simply click it to see the detailed transfer information.
04. About Lobstr
Launched to support the Stellar coin, the Lobstr wallet is created by Ripple’s founder – Joe McCaleb. It’s known to act like a bank account by providing secure transactions to its users. The co-founder Gleb Pitsevich states that the idea behind the Lobstr is to provide an easy to use way to operate with Stellar and its tokens to users handling both web and mobile wallets.
Lobstr on Social Media
Ever since crypto exists, it has always been a quickly developing niche. If you’re not tuned to the updates all the time, you might suffer a malicious internet attempts from hackers. That’s why it’s strongly recommended to follow the project on social media in order to be aware of the latest changes and announcements, concerning Lobstr’s users.