Beginners Guide

Lobstr is one of the most popular online secure Stellar wallets where you can buy, store, trade, or even swap Stellar Lumens (XLM) with other Stellar assets such as OverLoad ($OVRL)!

Here are some Core Features of Lobstr Wallet:

  1. BUY, STORE, & TRADE CRYPTO: You can easily purchase, swap, or trade any Stellar assets. You can also transfer assets easily from/to Lobstr wallet
  2. DECENTRALIZED TRADING: Lobstr allows you to trade Stellar assets directly from Stellar Decentralized Exchange (SDEX)
  3. TRACK PRICE: Lobstr Allows you to check your portfolio and how it performs over time. Additionally, you can track Stellar assets’ prices and create alerts to get notified when the market moves according to your needs.
  4. SECURE STORAGE: Lobstr allows you to enable Two-Factor Authentication (2FA) to increase your wallet security including an option to maximize your wallet security by enabling Multi-sig. Your wallet can’t ever be accessed without your permission!
  5. EASY INTERFACE: Lobstr has a friendly User Interface (UI/UX) which makes it handy for all kinds of people. You can manage your assets from this wallet and trade them without hassle
  6. DESKTOP & MOBILE: Whether you are on your Desktop or on your Mobile, you can access and manage your funds anytime from anywhere.

Now, Let’s set up our lobstr wallet!

Step 1 – Downloading Lobstr App

To get started, we will need Lobstr App. Download the app for either Android from Play Store or iPhone from Apple Store (Or you can even go to their website):

Download From Play Store
Download From Apple Store

After Installing, open the lobstr app. Now let’s create an account.

Step 2 – Creating A Lobstr Account

Creating a lobstr account is easier than you think. Follow the steps one by one below to create a lobstr account:

  1. Click on the button Create Account
  2. Then enter your email address in the input field and then click Continue
  3. Create a new password and click Create Account
  4. You will receive a verification email from Lobstr and will be asked to verify your email. Verify it by clicking on the button sent to your email.
  5. Then Click Done
  6. After you have given some personal information, select Create Stellar Wallet if you don’t already have a stellar wallet and want to create a new one (else click Connect Stellar Wallet to use your existing stellar wallet)
  7. Click on I understand.
  8. lobstr wallet will automatically generate a recovery phrase consisting of 12 words.
  9. Make sure to note it down or save it in a safe place. Click on Continue. [Disclaimer: If you lose the recovery phrase, you won’t be able to access the stellar wallet ever again, which will also bury your assets in it. Never share these phrases with anyone]
  10. Then you will need to select the 12 words recovery phrase in the correct order and click Continue to complete the process.

Congratulations! You have successfully created a lobstr account.

Optionally, we can increase its security to make sure our funds be safe! If you don’t want to make extra efforts, then you are all set and ready to buy your first asset and trade!

Step 3 – Enabling Security Options For Lobstr Account (Optional)

To protect your funds, you need to ensure that you have enabled as many security features as possible. For wallets with low funds people ignore this but for wallets with high amounts of funds, it’s way more important than you can think. Here are some security measures that you can take:

  • PIN CODE: Pin code helps you to protect your lobstr account from being accessed by anyone without providing a short-term usable pin code from your phone. Whenever tries to access your wallet, they will be asked to type the pin code. To enable Pin Code, follow the steps below:
    1. Go to settings
    2. Then click on the Security option
      Click on the pin code and enable it.
    3. Then create a pin.
    4. Done!
  • 2FA (TWO FACTOR AUTHENTICATION): Enabling 2FA adds another layer of security to your lobstr account. None can access your account without going through the 2FA process. 2FA code is a one-time code that is required each time you try to access your account. To enable 2FA (Two Factor Authentication), follow the steps below:
    1. Go to settings
    2. Then click on the Security option
      Click on the Two-Factor Authentication to enable it
    3. Make sure you have downloaded and installed the “Google Authenticator” or “Authy” app. It is required to complete the further process
    4. Then Click on the Get Started button
    5. Then set up the Google Authenticator or Authy app with the 2FA code.
    6. Make sure to save the 2FA backup code and ensure that you never lose it. You won’t be able to access your wallet without this in case your phone gets stolen or lost or destroyed.
    7. Done!
  • IP CONFIRMATION: IP confirmation prevents unusual login from new IPs that are never been used to login into your account before. Every time someone tries to log in to your account from a new IP which isn’t been authorized before will need email verification. To enable IP confirmation, follow the steps below:
    1. Go to settings
    2. Then click on the Security option
    3. Toggle the IP confirmation switch to enable it
    4. Done!
  • NOTIFICATIONS (PHONE/EMAIL): By enabling email/phone notifications, you will be able to track unusual transactions, logins, and activities via email or phone. So that you can take actions against any unusual activities immediately. To enable Notifications (Phone/Email), follow the steps below:
    1. Go to settings
    2. Then click on the notifications option
    3. Then enable the activities you want to get notified about and keep the rest disabled.
    4. done!

Congratulations! You are all set and ready to deposit funds and start using the wallet.

Additionally check these Useful Articles to get started with your newly created stellar wallet:


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March 2023