How to deposit assets in LOBSTR (step-by-step guide)

Modified on Fri, 16 Sep 2022 at 01:41 PM

1. Establish a trustline (optional)


To deposit an off-chain token or fiat currency to your Stellar account you first need to add the corresponding Stellar asset to your account (establish a trustline). 


Find the required asset on the Assets page or add a custom asset by specifying the home domain of the issuer.


For example, if you want to deposit native Ethereum you should first add the ETH token issued on Stellar. 

Some assets do not require a trustline to start the deposit, but you'll eventually need a trustline to receive the funds. If you don't have the funds to add the asset, move to step 2.


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2. Look for the 'Deposit/Withdraw' icon or buttons


The Deposit option is available for those assets where the Deposit button is displayed. The button appears provided that the issuer/anchor of the token allows transferring the asset to the Stellar network.


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On mobile apps, open the Assets page and look for the 'Deposit' button on the Asset Details screen. 


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Alternatively, you can click on '+' at the top right of the Assets page and tap 'Depositable'.


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3. Select the asset and choose the 'Deposit' option


On the Assets page, select the asset you want to deposit to your Stellar account and push the 'Deposit' button.


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4. Provide deposit and KYC details, if required by the issuer


At this step, you may need to specify the deposit type and amount. Some asset issuers may require you to provide a list of personal information or identity document or to create an account in their service to deposit or withdraw funds. 


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This information is usually collected only once and is required to ensure compliance with Know Your Customer (KYC) / Anti-Money Laundering regulations and the compliance programs of banking partners. 



5. Follow the deposit instructions


At this step, carefully read the deposit instructions provided by the issuer of the asset.


Make sure to review and take into account the deposit fee, the minimum deposit amount and the time estimated to receive the asset.


When you've read the instructions in full, send the off-chain crypto or fiat currency to the specified deposit address. The additional (destination) tag is required for some currencies, for example, Ripple (XRP). Don't forget to include it to avoid a loss of funds.


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That's it. The tokenized asset should be on your Stellar account soon. 


Contact anchor support using the email address specified on the Deposit page if you are having issues with your transaction. 

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