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It seems everyone is jumping on the cryptocurrency train right now. And Ripple (XRP) is fast becoming one of the hottest alternative currencies on the market. But how do you buy Ripple? And where?
Where to buy Ripple
The first essential step in buying Ripple is, well, knowing where to buy Ripple. Unfortunately, not all cryptocurrency exchanges have Ripple, but there is a heavy list of recommended exchanges in which correction can be obtained.
Ripple Wallets
A cryptocurrency portfolio is a place to store, send or receive digital cryptocurrency using a special key. Cryptocurrency portfolios can be physical or online and often offer exchange services in addition to archiving. Some Ripple wallets include the Leger Nano S – an appealing option for many given its physical shape (looks like a USB card). Another popular option is Toast Wallet, a free online wallet that supports XRP. It is an open source portfolio that hosts Windows, Android and iOS. Abra Wallet is another choice for an online portfolio that offers both portfolio and exchange services. However, its reliability is somewhat uncertain, so be careful when choosing the wallet you want.
Ripple Exchanges
A cryptocurrency exchange is basically a place where people can transfer and exchange different types of currency (both cryptocurrency and dollars). This can typically be done by transferring a currency such as USD or euro in cryptocurrency like Bitcoin or Ripple and vice versa. There are several exchanges that Ripple uses and recommends. Some highly recommended ones include Binance and Bitsane, but the Ripple website also recommends Bitstamp, Kraken and others.
Some of these exchanges are not able to transfer USD into XRP (Ripple token), but some are. Before choosing which one to use, make sure you know which is the best option for you and whether you want to transfer directly from USD or use another method such as transferring from another cryptocurrency (such as Bitcoin or Ethereum) into XRP.
How to buy Ripple
There are two main ways to buy Ripple: directly (using a credit / debit card or bank) or through an exchange. While buying Ripple directly with USD is the easiest way, not all exchanges have this capability. Furthermore, exchange rates are often not as good. By buying another cryptocurrency (like Ether) first, you can buy Ripple in an exchange (which is not too complicated).
How to buy Ripple with Coinbase and Binance
There are several bags with which to buy Ripple. For example, I will first use Binance for exchange. As is common with many exchanges, you can not buy Ripple directly on Binance with USD, so you'll first have to buy another coin like Bitcoin or Ethereum and transfer it to Binance. You can buy Ripple directly on Coinbase.
To purchase Ripple with Coinbase and Binance, you will need:
- Create an account on the Binance website. This will include creating a password and entering your email in the standard – stuff.
- You will need to transfer your Bitcoin (or other cryptocurrency like Ethereum or litcoin) first into your Binance account. You can do this by scrolling on the "funds" button at the top of the screen and clicking "deposit withdrawals".
- Click on the currency you are trading from, such as Bitcoin (BTC) and choose the "deposit" button.
- Copy the BTC address provided.
- So, access the exchange you used to buy Bitcoin, like Coinbase (as I will use in this example) and go to "account". You can buy Bitcoin on Coinbase using a linked bank account or debit card. Very simple.
- Go to your BTC wallet on the left side of the page and click "send" BTC. Usually there is a small fee.
- Paste the Bitcoin address you used on Binance in the "recipient" box and enter the amount you wish to transfer.
- Then, log back in to Binance and in the "funds" section, go to "deposit withdrawals" and check "total balance" – you should see the Bitcoin you have transferred.
- To exchange your Bitcoin in Ripple (XRP), click the "exchange" button at the top of the page and click "basic".
- Search for "XRP" in the search box and choose from BTC (so it will be "XRP / BTC").
- Click on the amount of your Bitcoin you wish to transfer to Ripple (you have options that include 25%, 50%, 75% or 100% of your BTC). Choose the amount you want and click "buy XRP".
- The transfer should be fast, so once you've bought the ripple, check the funds card again and you should see XRP under your total balance.
Another way to buy Ripple is via Bitstamp, which you can use to directly transfer USD to XRP. However, there are many different exchanges you can use. See more of those who buy / sell Ripple here.
How to buy Ripple with USD
According to the Ripple website, you can buy Ripple directly with your cash (whether it's USD, EUR or other) through your bank account or credit card. To start:
- Create an account on Bitstamp and enter the required information: a username and password are sent to your email.
- Log in to your account with the username and password provided, then change your password immediately when prompted. You may also want to enable two-factor authentication.
- Then, verify your account by filling out the information requested here. You can upload documents that meet the requirements. Press "send verification request".
- Once verified, log in to your account and click on the "deposit" button, where you will be able to select the bank transfer method you wish to use on the left side.
- Select "international bank transfer" and fill in all the necessary information.
- So, use Bitstamp bank details to transfer funds from a bank account you have in Bitstamp.
- Once your funds have been successfully transferred to Bitstamp, click on the market you wish to trade (to buy Ripple with cash, click on the XRP / USD market). Then go to the "buy / sell" section and click "buy XRP" under "immediate (simple) order".
- Enter the amount you wish to purchase in the "I want to spend" box and click "buy XRP".
- XRP will be added to your total balance in your Bitstamp account.
Although the procedures are slightly different depending on the exchange you use, most are fairly simple to use and understand. Be sure to do research before using any exchange to avoid malicious sites. Many people use PayPal as a method of buying Bitcoin.
Why buy Ripple?
Ripple was originally founded in 2012 under a different name, but was renamed in 2015 by Ripple Labs. The token-to-to-exchange quickly became popular due to the presumable very low transfer time in exchanges and low fares. Ripple, an alternative to similar ones like Bitcoin, Ethereum and Litecoin, is different from most cryptocurrencies because it actually uses connections with banks and companies. According to their site, Ripple is currently used by companies such as American Express (AXP), Santander (SAN), Standard Chartered (STAN) and Westpac (WBK).
At the beginning of 2018, according to the CNBC, Ripple would have exceeded the market capitalization of Bitcoin. So, Ripple is certainly having a moment. On his site, Ripple claims to have "connectivity through payment networks, instantaneous on demand regulation, real-time traceability of funds and low operating and liquidity costs". Pretty attractive.
And, if you need this cryptocurrency as soon as possible, Ripple prides itself on a payment time of 4 seconds (compared to the average of 1 hour of Bitcoin or the 2 most typical minutes of Ethereum).
At the time of writing this article, the Ripple XRP price is $ 0.4656 / coin with a 30-day XRP volume of $ 6.86 billion. And, with a market capitalization of around $ 47 billion, Ripple seems to be catching on.
What is the ripple?
According to Nasdaq, Ripple is a "real-time gross settlement system (RTGS), an exchange and remittance network". Basically, Ripple uses a master network that is on a shared public database to ensure validity. Find out more about how ripple works with our practical guide.
