• Wallets

  • Using Stellar Wallet and anchor

i am looking at few wallets listed at https://www.stellar.org/lumens/wallets/ , when i login either by creating new stellar account or linking existing stellar account , how do i send money using it (not crypto but flat currency like Euro to naira)
i have few lumens into my account and have trusted an anchor for Euro , also the receiver has trusted an anchor for naira. but how do i send the actual money ?
do i have to deposit money into anchors first or they convert lumen to anchor?
also is there any way to load flat currency into any of this stellar wallets?

    Hi Vijayta ,

    tokens are first class citizens in the Stellar network. You can deposit EUR to Tempo through their website and they will give you the EURT token. You can send it to someone or exchange it for Naira tokens.

    I'm just not aware of any Naira anchor with liquidity on the Stellar network.

        bkolobara thanks , so my assumption is correct . currently there is no "seamless" way where in user can login , upload there flat currency and transfer them using stellar.
        They have to upload money with respective anchors and then they can transfer it where in anchor plays important role

          How do you imagine it would it be possible to "upload fiat currency"?

            fiatjaf i know this is not possible, but was just confirming as was looking for some alternatives where end user can have seamless experience , upload currency , choose destination address and currency (internally trusting anchor) and it is done.

            unfortunately currently there is no such away.

              It would still be useful if you shared more about how you imagine would be a seamless experience.

              I can't imagine something better than register at anchor site->make a bank transfer to anchor site->get stellar assets->trade stellar assets->send stellar assets to different anchor address->get money into your bank account in a different country. Maybe there's something that could be automated in this process, but not much, and definitely not the bank transfer part. Am I wrong?

                fiatjaf no you are absolutely right and it all will depend on anchors , how flexible they are

                  3 months later

                  fiatjaf I agree with @Vijayta right now there are only two anchors (ripplefox.com and naobtc.com). ripplefox is not accepting new users and naobtc only accepts bitcoin ! How can I transfer fiat money from my bank? All the other exchanges are charging high fees, not to mention how slow the bitcoin blockchain is.

                  Also talking about "anchors" in the desktop wallet is confusing. Had to research on what the hell these are and how that relates to me getting lumens!?! Love love love lumens but hard to get some without jumping trough hoops !
                  Chris

                      chrisribe I don't know in which country you are, but surely you can transfer money to some exchange and buy ETH or XRP (avoiding Bitcoin fees) and then transfer these to some other exchange that supports XLM (apparently Kraken is open for new members). Also Stronghold has an ETH/XLM market. There may be others.