On the CoinMarketCap, you will notice that Bitcoin is – unsurprisingly – at the number one spot. Trailing behind it is the cryptocurrency that is equally as popular, Ethereum. Ranking at number three is XRP, who many will recognize by its real name: ‘Ripple’. It is a technology that functions as both a cryptocurrency and a digital payment network for financial transactions. With its ranking being so close to the likes of Ethereum and Bitcoin, it’s evident that it is well worth the attention. What’s more, it seems incredibly tempting to purchase it.
With everyone jumping on board the crypto train, the marketplace is becoming quite populous. So many digital coins are fighting to reach the same heights Bitcoin has and Ripple could very well achieve that. Being seen as a hot alternative coin on the market, Ripple’s rising popularity will cease to slow down.
So, you want to move forward with buying Ripple. The idea sounds simple enough, however, there are a variety of options to choose from. With all of these options, it suddenly becomes intimidating; which of these options is best?
There is a straightforward answer to this. If your country supports it, then there is always Coinbase. This exchange has some of the lowest fees, as well as one of the simplest user interfaces. However, if this option does not work for you, you should learn more about other exchanges.
This handy guide will go over how and where one can purchase Ripple. It will go over the variety of options that you – the Ripple buyer – can choose from.
A brief history
Before we get into purchasing Ripple, it’s only fair that we briefly go over Ripple’s history first. According to Ripple’s website:
“Today’s global payments infrastructure has more in common with the outdated postal system than this generation’s internet. Recognizing this friction in payments, our founders established Ripple with the idea of using blockchain technology and digital assets to enable financial institutions to send money across borders, instantly, reliably and for fractions of a penny.”
The original idea for Ripple was conceived by Jed McCaleb. Two other men, Arthur Britto and David Schwartz, would build it and they were later approached Ryan Fugger. Fugger was responsible for developing a system going by the name of ‘OpenCoin’. This would eventually go on to be the Ripple we know and love. The company also constructed its own form of the digital currency known as XRP in a similar manner to bitcoin. It would use the currency as a means to allow financial institutions to transfer money with minor fees and wait-time.
Ripple’s initial release would occur in 2012. Ripple Labs persisted as the primary contributors of code to the overall consensus verification system behind Ripple. It has the capability of integrating “with banks’ existing networks.” From 2013 onward, an increasing number of financial institutions would go on to adopt the protocol. The system’s stable release date would be in May of 2018.
With this in mind, it should come as no surprise that Ripple is more recognizable for its digital payment protocol. Its cryptocurrency is comparatively less popular, though that doesn’t make it any less significant.
Where to purchase it
The first crucial step when it comes to buying Ripple is knowing where you can buy Ripple. There are a good amount of exchanges to choose from, but there is a catch to this. That being not every cryptocurrency exchange supplies Ripple. This might make the task suddenly appear daunting, but there is no need to worry. There are still plenty of exchanges out there that will allow you to get your fix.
Wallets & Exchanges
A cryptocurrency wallet is a handy tool. It provides a place to digitally store, send, or receive cryptocurrency with the use of a special key. Cryptocurrency wallets can either be a physical or online entity and they will often offer exchange services. Moreover, they will frequently offer storage. Notable Ripple wallets include the Ledger Nano S, which is appealing because it looks like a USB card.
Another option is Toast Wallet, which is a free online wallet that supports XRP. It is open-source and accommodates such systems as Windows, Android, and iOS. Abra Wallet is an additional choice for an online wallet; one that offers both wallet and exchange services. However, its dependability is quite dubious. It would be wise to be cautious when choosing a suitable wallet.
A cryptocurrency exchange is, in essence, a place in which people can transfer and exchange different currencies. This is regardless if the money is cryptocurrency or in dollars. This is done by transferring a currency (ex. USD or euros) into cryptocurrency like Bitcoin or Ripple and vice versa. There are multiple exchanges that Ripple utilizes and endorses. Those with high recommendations include Binance and Bitsane. The Ripple website, however, also recommends such exchanges as Bitstamp, Kraken, and several others.
Several of these exchanges are incapable of transferring USD into XRP, yet there are some that have that capability. Before ultimately deciding on which to use, you must be absolutely certain that you know what option is best for you. What’s more, you need to know whether you would like to transfer directly from USD or use another method. This includes transferring from another cryptocurrency – such as Bitcoin or Ethereum – into XRP.
How to purchase it
Generally speaking, there are two main ways to buy Ripple. You can do it either directly (i.e. using a bank or credit/debit card) or through an exchange. Admittedly, purchasing Ripple directly with USD might be the easiest way. Be that as it may, not all exchanges possess this crucial capability. In addition, exchange rates are oftentimes not as good. Only by buying another cryptocurrency first can you purchase Ripple in an exchange. This in and of itself is actually not that difficult.
There was once a time when buying altcoins such as Ripple was a difficult undertaking. Thankfully, as time passes, the amount of difficulty is gradually decreasing. This is largely due to the massive buying demand. As a result, fiat exchanges like Coinbase are deciding to add Ripple to their exchange.
To begin, you must first create an account on Coinbase. Occasionally, they will ask for some specific pieces of personal information for verification purposes. As soon as an account is set up, you will then need to link a payment method and go to the “Buy” tab. At this point, you are able to purchase Ripple for USD. Coinbase has prohibited the use of credit cards as a means to purchase cryptocurrency. However, bank accounts and debit cards are still acceptable.
There is something important to keep in mind in regards to having the lowest fees. To acquire this, it is recommended that you use a bank account to purchase Ripple on Coinbase.
As is the case with a lot of exchanges, there is no way you can buy Ripple directly on Binance with USD. Therefore, you will have to buy another coin like Bitcoin or Ethereum first. Only then can you transfer those to Binance.
Binance is arguably the most popular cryptocurrency exchange that exists. Its services are available to almost all countries around the world. Moreover, it has some of the lowest fees, with the rate being .075%. Binance is predominantly a crypto-to-crypto exchange. What this means is that in order to purchase cryptocurrency, you will need other cryptocurrencies and not USD/Euros.
It is true that Binance offers fiat purchases, but even still, this often comes with considerably higher fees. Ultimately, this means that if you want to purchase Ripple, then you will need to own Bitcoin or Ethereum first.
To begin buying Ripple on Binance, you first need to sign up for their exchange. The sign-up process of this exchange is quite fast and easy. What’s more, it accepts users from all countries and there is no need for verification. After you sign up, you will then go to the navigation bar and mouse over “Funds” before clicking “Deposits.” This is where you will find all of the cryptocurrencies that Binance has to offer and their deposit addresses.
From here, we will now go over how to conduct a transaction.
To reiterate, to purchase Ripple, you need to use Bitcoin or Ethereum. Depending on which cryptocurrency you are using, you will need to locate the deposit address of that currency. You need to locate your addresses and have them copied for the next step.
Sending from Coinbase
You will need to go to the “Accounts” tab and click “Send.” There is a chance that you may have purchased Bitcoin or Ethereum from a different exchange. In this case, this process should share some similarities. Therefore, you are sending Bitcoin to your Binance address. However, the process is the same for Ethereum.
After clicking “Send” on the cryptocurrency you are sending, click “Continue” and then “Confirm.” Your cryptocurrency will promptly be sent to Binance upon reaching the mandatory amount of confirmations.
When your cryptocurrency arrives at Binance, we need to go to the analogous trading pair of the sent currency. If it was Bitcoin we went, then we will want to go to the BTC/XRP trading pair. If it was Ethereum, then we go to ETH/XRP. After going to either page, you will end up on a different screen. To purchase Ripple, you have to enter an order in the bottom middle section.
To place an order, you have two options: a market order or a limit order.
A market order allows you to select the amount of a cryptocurrency you want to purchase. Moreover, the exchange will buy that amount at the going rate. This option is best suited for beginners.
A limit order allows you to choose the amount and price you want to purchase a cryptocurrency at. The order will only execute when the price you choose undergoes an execution. Should you decide to use a limit order, then use the chart and order books. This will give you a good idea of the price.
Changelly is a service that permits the easy purchase of Ripple. To properly use either of these services, you will need Bitcoin or Ethereum. Changelly does not actually hold your coins, so you will need to be in possession of a Ripple wallet. An exchange wallet, like Binance, with 20 Ripple in it is useful. However, the most secure option for Ripple storage is Ledger Nano X.
To prevent numerous unused Ripple addresses, there is a certain requirement. That being each address needs to have a minimum amount of 20 XRP in it. So long as your first Ripple transaction to your wallet is worth over 20 Ripple, then you are fine.
After setting up your wallet, go to either website and then select your input currency. This is the coin that you are sending to the address in exchange for Ripple. It would be wise to choose Bitcoin or Ethereum as your input. Though, technically, you can use any coin on their website. For our output, we will choose Ripple.
You will now be given two fields:
- XRP Address: Your Ripple address
- Destination Tag (Optional): A tag that is primarily for including notes concerning the transaction
The next step will be to send Bitcoin, or whatever input currency you chose, to the deposit address. Subsequently, the deal will undergo processing and the funds will go to the address.
CEX.io is an exchange that allows for direct fiat purchases of cryptocurrency to most U.S. States. What’s more, it allows purchases to almost every other country. If you want to purchase Ripple on CEX.io, then, of course, you first need to create an account.
After you create an account and entering some identification information, click the “Buy/Sell” tab on the navigation bar. Switch the default option to Ripple before choosing the currency that you wish to purchase Ripple with. For the sake of this guide, we will be purchasing Ripple with USD. You can either click “Buy” on one of the pre-selected packages or make your own price. Afterward, you enter your card information and then your purchase is complete.
After creating an account and signing into this exchange, click the “Wallets” tab on the top of the navigation bar. From here, you are able to view all of the deposit addresses for cryptocurrencies on Bittrex. In this particular case, we will deposit Bitcoin or Ethereum, which we will use to purchase XRP.
You will then be taken to a different page. Once here, type either BTC or ETH in the search bar; it largely depends on the cryptocurrency you are sending. If you are purchasing Ripple using Bitcoin, for example, then you will type BTC. Click the green circle with the arrow and it will reveal your deposit address.
The next screen will display your Bittrex Bitcoin deposit address. Click “Copy” because we will need this address for the next step to send bitcoin to Bittrex. This process is exactly the same as the tutorial from the Binance section.
As soon as you have a balance on Bittrex for buying Ripple, go to the corresponding pairing. For instance, if you send Ethereum to Bittrex, then go to the ETH/XRP trading pair. This will use the BTC/XRP trading pair. On the right page, scroll down to enter a buy order.
On the Bittrex exchange, your better choice of an option is a limit order. With this, you can choose the amount and price per Ripple. Moreover, whenever someone sells at your price, then your order will effectively be filled.