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LOBSTR Wallet Review 2022 - Is It Safe?

Contact
Country: Belarus
Launched: 2014
Site: lobstr.co
Expert Review
Mar 30, 2022

When choosing digital storage, each crypto investor makes the protection of their assets a priority. Today we will look at one of the first XLM crypto wallets to store - LOBSTR Wallet. How secure is LOBSTR? Is it reliable enough to store XLM there or it is a scam? All of these questions will be reviewed in this article.

  1. What Is LOBSTR?
  2. Features
  3. LOBSTR Fees
  4. How to Get Started
  5. How to Use LOBSTR
  6. How to Withdraw from LOBSTR 
  7. How to Deposit on LOBSTR
  8. Customer Service and Reviews
  9. Is LOBSTR Safe?
  10. Conclusion

What Is LOBSTR?

LOBSTR is one of the first XLM wallets on the cryptocurrency market that was founded in 2014 and officially registered in Belarus. LOBSTR wallet is provided by Ultra Stellar, LLC, an independent commercial entity unaffiliated with the Stellar Development Foundation. 

When using LOBSTR wallet, you are directly communicating with the Horizon Stellar API and the Stellar network operated by a decentralized network of several trusted organizations running validators.

LOBSTR can be called almost the most convenient wallet for mobile gadgets since it is an easy-to-use mobile wallet with an attractive interface. Through the LOBSTR wallet, you can easily send and receive Stellar. A comfortable and simple user interface is perfect for beginners, as you can quickly navigate it. 

Welcome to LOBSTR

LOBSTR co-founder Gleb Pitsevich said that the wallet is designed for a simple and secure way to manage Stellar assets, providing the best opportunities for both web users and mobile users.

Features

The LOBSTR wallet was created to store the Stellar Lumens (XLM) cryptocurrency only. Although XLM has existed not so long ago, it has become one of the most popular currencies in the cryptocurrency market. However, in the crypto-assets list you can find not only XLM but Stellar based tokens, Bitcoin and Ethereum.

When you send funds to another Stellar address, there is a built-in price converter that gives you an approximate value in a raw currency based on current market rates. The security system also includes features such as two-factor authentication, support for fingerprints and PIN protection.

Features

LOBSTR wallet has a bunch of advantages compared with other services. Among them are the following:

  • Integrated exchange. LOBSTR offers a built-in exchange for trading XLM and its tokens with both bitcoins and fiat currencies. It's understood that Lobstr won't provide as rich functionality as popular exchanges like Binance or HitBTC. Nevertheless, in-built exchange can be a useful feature.
  • Fiat option. You can buy Lumens with fiat using your VISA/Master Card debit or credit card. The service is provided by Indacoin.
  • Two-factor authentication (2FA). This is an additional level of security, requiring you to enter some additional information to access your wallet.
  • Open-source. All users of the Stellar network can read the code and suggest changes.
  • Merge tool. LOBSTR provides you an option to withdraw all your balance without any restrictions to any Stellar address of your choice. The system will merge your Stellar account and send your funds to any destination you'll set.
  • Touch ID support. You can easily get access to your wallet without entering the password.
  • Real-time cryptocurrency price updates. You will always get the latest price updates in your wallet.
  • Mobile app. Available for iOS and Android.
  • Help desk. The XLM community is very responsive and active when it comes to solving problems and answering questions.
Join World’s Largest Crypto Exchange
Join World’s Largest Crypto Exchange

LOBSTR Fees

LOBSTR wallet does not charge any fee for deposit or withdrawal of funds. The only fee that applies is the sending or receiving of transactions. You have to pay Stellar for transactions that are very minimal. Each transaction on a Stellar network costs 0.00001 XLM. 

However, LOBSTR notifies us that when the number of operations submitted to a ledger exceeds network capacity (currently 1,000 ops/ledger), the network enters surge pricing mode, where a transaction may cost up to 0.001 lumens. Transactions that offer a higher fee per operation make it onto the ledger first.

How to Get Started 

Before starting work with any service, you need to register. And LOBSTR is no exception. To sign up press on the “Get Started” button in the upper right corner.

Registration

Caption

The registration form is quite simple. LOBSTR asks us to provide a valid email address and password (twice). Once the form is filled press on the “Create Account” button.

Confirmation Email

At the next step, the service will send us a confirmation message to the email address indicated to verify the account. After opening the message, click ”Verify Email”.

Activation completed

That’s it! Now you need to sign in with the email and passwords confirmed to get started with LOBSTR service.

Pool Tokens to Earn Rewards on Binance
Pool Tokens to Earn Rewards on Binance

How to Use LOBSTR

LOBSTR is clear and very easy to use. After successfully registering with LOBSTR, users need to create a Stellar account. 

How to Setup LOBSTR Wallet

Dashboard

Press on the “Create Wallet” button in the "Settings" tab to create an account at LOBSTR wallet. There in the form LOBSTR will ask you to indicate a Username that will be used in the Stellar ecosystem.

Create a wallet

You will be notified that all active Stellar accounts must maintain a minimum balance of lumens, which will be reserved by Stellar network. To make things easier for you, LOBSTR can provide you with 1.50 XLM loan to create an active Stellar account right now.

You will need to return the 1.50 XLM loan within 30 days after you’ll deposit more lumens to your account. Until this XLM loan is paid off certain restrictions are applied. If the loan is not paid off within 30 days, it will be returned automatically by LOBSTR. You will be notified in advance.

Account activation loan

At the moment when the account is created on the official website, the wallet provides users with a seed phrase. This seed phrase must be stored separately in a safe place.

Recovery code

That’s it! Now all the LOBSTR functions are ready to use. 

Get a Loan Secured by Your Crypto Assets
Get a Loan Secured by Your Crypto Assets

How to Withdraw from LOBSTR

To send assets directly from the LOBSTR wallet to any other device is easy. Go to the “Send” tab and choose the recipient type (Stellar wallet, Phone Number, Email address). In a case with a Stellar wallet, you need to indicate the recipient address (e.g. your Binance wallet), amount, currency and memo message (if you have). Check everything twice and press “Next”.

New payment

How to Deposit on LOBSTR

To top up your account is also very fast and easy. All that you need is to send to the address given the funds and wait till it arrives to your wallet (it depends on the blockchain load and sum sent).

Receive tokens

Customer Service and Reviews

LOBSTR wallet has a developed Help Center in Zendesk system where you will be able to find all information related to your query. In the search bar, you can use the keywords to find the information you need, the service will find all references to your question in the FAQ, Troubleshooting or Best Practices sections. 

If you could not find any information on your issue and you need assistance, then you can submit the request and describe your case in detail. The friendly customer support team will provide you with an answer during the day. Also, you can subscribe to LOBSTR Twitter and ask your question in DM. All the updates and news will be posted on this official page.

Generally, users are satisfied with the service work and interface. However, 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.

Buy & Sell Crypto In Minutes Lowest Fees on Crypto Market: Binance Exchange
Buy & Sell Crypto In Minutes Lowest Fees on Crypto Market: Binance Exchange

Is LOBSTR Wallet Safe?

LOBSTR wallet is considered to be a safe wallet by many members of the Stellar community. However, there are known cases of coins thefts from the LOBSTR wallets, too. It is important to figure out if the vulnerabilities were addressed by the dev team.

One of the factors making LOBSTR wallets a bit safer is the fact that this software is open-source. Any skilled person can analyse the code and find vulnerabilities himself and/or offer the improvements. More than that, it’s a sign saying that LOBSTR isn’t a scam.

The private keys are stored on the Stellar servers. The lack of access to private keys is considered to be a flaw by some. It decreases the user's control over his assets while guarding the funds from the mistakes users can make themselves (losing private keys, and so on). On the other hand, if the company's servers get hacked, the funds become compromised. To avoid this risk, LOBSTR wallet encrypts all the user data.

On the user's side, there are such options to safeguard the funds: setting a strong password and turning 2-factor authentication (2FA) on. The latter requires the installation of the authenticator app to the user's mobile device. It will make it impossible to access the account and withdraw money without providing a one-time password from the user's mobile device (there is no other source where this password can be taken). 2FA is a serious security measure that shouldn't be neglected. It drastically decreases the risk of money theft.

Conclusion

This wallet is a universal solution for all Stellar currency lovers since you can store, send, receive, change and buy this currency directly in the wallet on your mobile phone or your computer. The interface of this service is very clear and easy to use, it is suitable for both professionals and beginners.

However, if you are looking for a multi-currency wallet, then you need to look for another wallet with the function of storing different assets in one place. At LOBSTR wallet you can store XLM and Stellar based assets in addition with Bitcoin and Ethereum only.

Our Score
Security 4 / 5
Support 5 / 5
Ease of use 4 / 5
Reputation 5 / 5
Fees 5 / 5
Our Score
4.6 / 5
Pros and Cons
pros

- Integrated exchange
- Fiat option
- Two-factor authentication (2FA)
- Open-source
- Merge tool
- Touch ID support
- Real-time cryptocurrency price updates
- Mobile app
- Help desk

cons

- Lack of Hierarchical Deterministic Generator
- The low range of currencies (since it is Stellar wallet)

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User reviews
Kellz 27 May
5.0

Hi there

I find Lobstr a really excellent wallet - love the commodities over there, love the new multi wallet feature too - you can have more than one Lobstr wallet in your main one.

Love the Clawback features - where scam assets will be scrapped and gone forever due to illicit activity.

I also love the integration of a soroban smart contract that will merge onto the stellar network for Big Institutions and for the general public as investors

Awesomeness! I'll rate it 10 / 10

Thanks Lobstr 😊

jcherry 8 December 2023
1.0

Transfers assets very, very slow. Mine has not arrived yet after making the transfer Tuesday 12/5/23. Today is Friday 12/8/23.

Wilson
20 Mar
Please stay away from this investing online with these fake platforms . One really need to be careful of what they do online. I was a victim to this platform they made me lose all my funds and I was blocked by them and I was unable to reach them on Skype, But am glad I took the risk of working with Mr Jeff Silbert after I have heard so many review about her. She thought me a lot and with her guidance I was able to recover my funds which I lost to this platform. I can’t thank you enough Jeff by saving me from worst mistake is something I will forever be grateful for. I highly recommend anyone in help on how to get your funds recovery Em ail. jeffsilbert39 g m a il . c o m I hope this reach out well to any victim. Stay Safe.
Tai Phan
29 Feb
Lobstr is a scam wallet. I tranfered over 19000 xlm tokens it was approximate $2000 value. then i added the asset velo (velo.network). So i can swap xlm to velo. After swapping 19000 xlm to velo i had total aproximate over 1 million tokens. when I checked the amount on that day. I had over $2000k I wished i could make the screen shot. But i did not. Next day i checked it again, the amount of velo i have over 1millions tokens which is only worth $167. And i checked the market cap for velo by the time i saw my balance as $167 The velo was worth .0051 for 1 token. To do simple math if i multiply over 1million velo tokens x .0051 i would have over $2000k but it showed only $167. I panicked i tried to withdraw 15 velo to my dcent wallet account but the transasaction failed. Now my account has over 1millions velo but i cant withdraw becaused it has worm alert on the velo. After the incident i made all the screen shot all the transactions. I am document everything. It only happening in 2 days my account balance from over $2000k to $167. And funny is i cant withdraw velo. I am writting this on 02/28/2024 and it happened within 2 days ago. Does anyone know how to filing a lawsuit to this company or help me claims back my velo token or amount of i paid for xlm
please write me an email to timphan09yahoo.com. I only ask to return the amount of my initial investment amount. Or does anyone know how to resolve this case i would be appriciated. I can provide all the proof this is a wallet has full of scam coins. I lost money here this is my first experience about the wallet
Adams Fidelis
12 December 2023
I thank God for showing me a way to this wonderful platform and a very big appreciation for you Maria Renee for not making people cry
Not putting people into sorrow. I have seen, tested, and tried different strategies, and procedures methods and even lost a lot of funds while trying.
Until I was introduced to this new strategy that got me back on track and I have been able to regain all my lost money
and still making consistent growth in all of my trade, Maria Renee is indeed an astonishing trader.
She steadily lifted me out of my financial penury to become financially stable. If you are interested and
tired of losing your money You can reach her on: Email address: mariarenee820@gmail.com
WhatsApp: +17326309483
Telegram: @Mariarenee820
nicola saraceni 26 March 2023
1.0

Non riesco piu ad usare lobstr da quando ho inserito il multisignature. Non posso inviarene' comprare o vendere. Il supporto non capisce il problema cheve' chisrissimo. Il supporto su trlegram dopo avermi proposto un wallett connrctions con una piattaforma mi ha chiesto 500 dollari per rimettere a posto il problema con un non precisato back engineer. Che dire!!! Sono dei truffatori

Dav Alex
9 August 2023
Nowadays, bitcoin investors invest their money through different platforms offered by exchanges, that’s all well and good for the time being, but to the Average person the system can be a little confusing and intimidating, not to worry no more here’s a tip , most financial investors have been giving compliments to this experts ,that’s a client job I guess who’s well comfortable with the technical skills and support this experts rendered. you can reach them on this platform ( Lisa.Eric @ proton .me ) With the help of this experts , I’ve been able to regulate my expenses towards my financial struggles which I’m overcoming gradually. it’s important to have a well-diversified portfolio selected to match your investment goals, however this experts helps in the progress towards your financial success. If you have any issue regarding bitcoin why not send them an email and save yourself the stress, or visit her WhatsApp + 1 (470 ) 469-9769.
. Thank you
Fred 16 February 2023
1.0

No response from the lobstr customer service and phone numbers available

TAI PHAN
29 Feb
Lobstr is a scam wallet. I tranfered over 19000 xlm tokens it was approximate $2000 value. then i added the asset velo (velo.network). So i can swap xlm to velo. After swapping 19000 xlm to velo i had total aproximate over 1 million tokens. when I checked the amount on that day. I had over $2000k I wished i could make the screen shot. But i did not. Next day i checked it again, the amount of velo i have over 1millions tokens which is only worth $167. And i checked the market cap for velo by the time i saw my balance as $167 The velo was worth .0051 for 1 token. To do simple math if i multiply over 1million velo tokens x .0051 i would have over $2000k but it showed only $167. I panicked i tried to withdraw 15 velo to my dcent wallet account but the transasaction failed. Now my account has over 1millions velo but i cant withdraw becaused it has worm alert on the velo. After the incident i made all the screen shot all the transactions. I am document everything. It only happening in 2 days my account balance from over $2000k to $167. And funny is i cant withdraw velo. I am writting this on 02/28/2024 and it happened within 2 days ago. Does anyone know how to filing a lawsuit to this company or help me claims back my velo token or amount of i paid for xlm
please write me an email to timphan09yahoo.com. I only ask to return the amount of my initial investment amount. Or does anyone know how to resolve this case i would be appriciated. I can provide all the proof this is a wallet has full of scam coins. I lost money here this is my first experience about the wallet
Jairo salinas 7 February 2023
2.0

Buen día yo compré cryptomonedas por lobstr y compre como 600 USD y ahora me aparecen sólo 36 USD no entiendo porque se bajo tanto ..si eran 600 USD?

Country: Belarus
Launched: 2014
Site: lobstr.co

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