Stellarport Wallet Reviews 2022 - Is It Safe?
Many ambitious projects in the blockchain industry strive to turn their products into one-stop ecosystems which provide users with multiple features allowing them to perform a high number of financial tasks. Today we will speak about the wallet which is a part of a wider interface called Stellarport. The wallet bears the same name and originally was created for a single purpose – for managing Stellar Lumens (LMX) coins. Now, this wallet is capable of sending, receiving, and storing other coins, as well. More than that, it provides connectivity to Stellarport decentralized exchanges and provides other features. In this article, we will review the main features of this wallet, see how safe it is because security is a pivotal characteristic for crypto wallets, and try to figure out if Stellarport is a scam, as several user reports contain such claims.
What Is Stellarport?
Stellarport is a multifunctional cryptocurrency wallet supporting BTC, ETH, XRP, LTC, XML, and other coins. The wallet has an in-built decentralized exchange of the same name.
More than that, wallet holders can join the inflation pool and earn some XML coin rewards. Liquidity pools that can be joined via Stellarport are significant for the decentralized finance industry. Stellarport is one of the early companies in the cryptocurrency sector working with automated market-making (AMM).
Main Features
Apart from sending, receiving, and storing coins, Stellarport has some extra features. First off, it is important to stress that Stellarport wallet is capable of managing several cryptocurrencies other than Stellar (XML). One of the most significant features of the Stellarport wallet is an in-built decentralized cryptocurrency exchange. It supports multiple top cryptocurrencies that can be traded against XLM. Users can upload "custom" assets. The assets are marked as "known", "unknown", or "reported" to protect traders from fraudsters. We'll tell more about it in the chapter dedicated to the security of the wallet. Market and limit orders are supported on the exchange.
Indeed a historical day for @StellarOrg as protocol 18 goes live with world first #Layer1 #LiquidityPools! 🚀https://t.co/qYWvMeCGL4 is embracing the upgrade! You can now create, deposit and withdraw pool shares from our #SDEX portal. #AMMs @StellarGlobal_ #StellarFamily #XLM https://t.co/fLdRA1OS2O pic.twitter.com/rWe8ZATaNr
— Stellarport (@stellarportio) November 3, 2021
On Stellarport, you can earn via AMM (automated market-making) while participating in the liquidity pool. This function is native to the protocol of the Stellarport DEX. Justin Rice, who is Stellar Development Foundation’s head, claims that AMMs provide users with easy access to high liquidity — mostly on the new and overlooked markets. The liquidity pools are created for 2 assets that are traded against each other. The feature was added at the end of 2021. This feature benefits not only the users joining the liquidity pools but the DeFi sector in general.
Stellarport has an unusual feature called "trustline". You cannot hold a certain coin before you add a proper trustline for it. It is kind of whitelisting the currencies you are going to deal with. The meaning of this feature is not totally clear. You cannot add a trustline before you deposit some XLM to your wallet.
Transactions requiring several signatures can be signed with multiple signatures on Stellarport.
Fees
The withdrawal fees on Stellarport are assembled from 1.5% commission and a flat fee which is different for each coin. Bitcoin withdrawals are charged with a 0.001 BTC flat fee, Ethereum flat fee is 0.02 ETH. Ripple flat fee is 10 XRP, and Litecoin flat fee is 0.1 LTC. Transactions with AMMs are charged with a 0.3% fee.
KYC checks initiated while making deposits or withdrawals are charged with fees, too. The check fees vary from currency to currency. KYC check is charged with a 0.000625 BTC, 0.025 ETH, 20 XRP, or 0.06 LTC fee.
This fee policy is quite harsh to users and can be considered an inconvenience.
Is Stellarport Safe?
No matter how many extra features the wallet has, if it's not good at keeping your coins/private keys safe, it is trash. We cannot say that Stellarport has serious issues with security, however, it is safe to say that the wallet doesn't offer users much on top of the basic protection measures. In general, there are not many solid features to protect the wallet. Most of the FAQ article about the protection of the Stellarport is dedicated to the difference between public and private keys.
As for safety features, you should use a Keystore Wallet File which keeps your private keys and is protected with a password that you should set. Via Raw Keypair, you can manage your secret key straight. Via the Ledger HW feature, you can connect your Stellarport wallet to a hardware wallet by Ledger which is considered one of the most secure wallets in the industry.
When you use the inbuilt decentralized exchange you subject yourself to certain risks. In order to secure your funds and data from scammers, you should pay attention to the categories each asset you see is attributed to. There are three categories of assets on Stellarport:
- Known (the assets that were revised by Stellarport and are considered less dangerous than the rest. Please note that Stellarport doesn't guarantee that Known Assets are safe to use — rather the Stellarport team didn't find any problems yet)
- Unknown (the assets that weren't revised by Stellarport yet. It can be dangerous to use them)
- Reported (the assets marked as abusive or scams)
There is a score attached to each asset. The higher the score is the more trustworthy the asset. Stellarport warns that even a high score cannot guarantee that the asset is safe to use. So the entire system of categories and scores is only good for pointing out the outright scams but cannot provide firm confidence in the assets you interact with on the decentralized exchange.
If we look at what users write about their experience with Stellarport, we will spot many critical reports and dissatisfaction. Some of the ex-users of the wallet even accuse Stellarport of being a scam. The users are critical towards the security level, the professionalism of the support team, and other sides of the platform. These claims can be exaggerated, however, they clearly indicate that Stellarport is far from being a perfect platform and doesn't keep up with the needs of the users all the time.
Stellarport requires an email to their support team to make withdrawals or transfer assets to another wallet besides keybase.... and Keybase doesn't support transfers to any wallet besides Stellarport.
Be careful. By my experience neither have any support, so depositing or transferring to a Stellarport wallet is basically throwing your assets into a rubbish bin.
Correct me if I'm wrong. I look forward to correction.
I had many tokens on stellarport and during the month of July 16 2020 my coin was exchanged for XLM using Coinbase withdraw and sent to Binance if you like to see it my wallet address GDGU6T4ZXCRZCOD4O7EJV5V4SP4PHMRFZD3XHV7IHUOSKSOU4RFBTJ3C Look on blockchain on those dates
