Ripple (XRP), the core cryptocurrency of the Ripple platform, has been a focused cryptocurrency amid criticism of Ripple’s rising value. This cryptocurrency has been listed since its inception, along with Bitcoin and Ethereum. So I got it, you need to know how to buy a ripple cryptocurrency?
The Ripple platform gives banks huge advantages over their competition and financially. This is one of the motives for focusing on the Internet of value – that information should transact as quickly as possible in the technological age.
Most notably, we’ve seen headlines of people who fortunately make Ripple cryptocurrency (XRP) a millionaire quickly. XRP is quickly becoming one of the hottest coins in the world of this cryptocurrency. But the question is – how to buy Ripple Coin? And where to buy Ripple (XRP).
We’ve designed this guide to learn how and where to buy Ripple cryptocurrency. Here, we’re starting with what’s XRP and how it works?
What Is Ripple (XRP)?
Ripple (XRP) is a cryptocurrency and an open-source payment platform. It is used for representing the transfer of value across the Ripple Network. The main purpose of XRP is to be an exchange mediator for other currencies- cryptocurrency and fiat currency.
To understand more clearly, suppose XRP is a ‘Joker’. Not the creepy enemy of Batman, but the card that can be any other card. If you want to exchange euros to dollars, it can be euro with euros and dollar with dollars to minimize the commission.
Its transaction cost is very low $0.00001 and after the transaction, the amount of $0.00001 disappears from the platform to prevent spammers attacks.
How does Ripple (XRP) work?
Ripple XRP does not work like all cryptocurrencies and not allow any third party to interfere in the transactions. XRP network does not run with a proof-of-work like other cryptocurrencies. Instead, transactions depend on a consensus protocol to validate account balances and transactions.
It controls the transaction through its own Ripple Blockchain network that increases the reliability, security, and scalability of the transactions. These transactions are verified through two-step verification and XRP knows all about accounts.
How to Buy Ripple?
In order to buy Ripple cryptocurrency, you’ll need to follow these 3 simple steps.
Here, we’re going to explain each of these steps in detail. Let’s see the first essential step in buying Ripple cryptocurrency.
Get a Ripple (XRP) Wallet
Ripple wallet is quite similar to a digital bank account and has its own unique wallet address. A wallet address is a sequence of numbers and letters that always begins with an “r” like -r6dsZy5FuMrd78E534dP6vfgA55G8uGt.
First, you need to create a ripple wallet to get a wallet address. For that, you can choose one XRP wallet among- online wallet (Gatehub), software wallet(Exodus.io) and hardware wallet(Ledger Nano S). Here, we’re using Gatehub.net to create an online XRP wallet (for example).
- First, go to Gatehub.net and register your self.
- Log in to your newly created account.
- Now choose an option to create a wallet as an individual or as a company.
- Enter your country and phone number for verification.
- then collect your wallet address under the “Wallet Address”.
After creating an XRP wallet successfully, the next step is where to buy ripple cryptocurrency.
Where to Buy Ripple (XRP) Cryptocurrency
You can buy Ripple- either directly or through a cryptocurrency exchange. While buying directly with a Credit card or debit card is the easiest way but there are a lot of different exchanges with which you can buy Ripple (XRP).
As a beginner, if you’re not familiar with the process of converting your fiat currency to Bitcoin or Ethereum, you can check out our guide on buying bitcoins or on buying Ethereum. Here, we’re listing some best Ripple exchanges(below)-
How to Buy Ripple with Credit card/debit card or PayPal
You can exchange Ripple with US dollars using a credit card or PayPal at Bitstamp. And some other best exchanges are- Kraken, Bitsane, Gatehub, Cex.io, BitFinex, and Exmo. Don’t worry, let’s see how.
Buying Ripple on Bitstamp with USD:
- First, you’ll need to register yourself on Bitstamp.net then verify your personal information.
- Once your account is verified, you’ll be able to purchase Ripple. Click on the deposit button and select SEPA or international bank transfer.
- Now select the XRP/USD and to complete your order, click on the “Buy XRP” at the top of the screen. Enter the amount that you want to spend in “I want to spend“.
- You can choose your payment method- Credit card, debit card, or international bank transfer.
Buying Ripple on Kraken with USD:
- To create an account, click on the “Sign Up” button and activate your account.
- Once your account is verified, go to Account>>Funding>>Deposit.
- Now, select XRP/USD from the drop-down menu in the upper-left corner. Then go to “New Order” and enter the amount, you want to spend.
- Kraken exchange only accepts wire transfers and rejects all third-party payment processors.
Buying Ripple with Bitcoin, Ethereum and other Altcoins
Some exchanges that trade XRP/BTC
Some exchanges that trade XRP/ETH
Some exchanges that trade XRP/LTC
- Mr. Exchange
How to Buy Ripple with Coinbase on Binance
With low fees and an amazing security system, Binance is the best exchange platform. Binance charges no fees for deposits but does not allow any fiat currency. It only charges withdrawal fees depend on the coin(Bitcoin- 0.01, Ethereum-0.1).
- In order to buy XRP, you’ll need to sign up on Binance and no need to verify your account.
- After signing up, go to the navigation bar and click on the “Funds” button.
- Click on the “Deposits” under the “Funds” drop-down.
- Now, choose a cryptocurrency from Bitcoin and Ethereum. It’ll show you a BTC/ETH Deposit Address. You’ll need to copy this deposit address for the next step.
- In the next step, go to the Coinbase account tab and click on the “Send” button.
- After clicking the send button, you are sending it to Binance. here you need to click continue and confirm.
- Now, go to the trading pair like- for Bitcoin, select BTC/XRP. Enter the amount in the bottom middle section to place your order.
How to buy Ripple peer-to-peer
If you’re not convinced with the above-mentioned exchanges, then you can also go with the peer-to-peer exchange. These P2P exchanges are run exclusively by software that automatically connects traders. There are fewer options to buy XRP indirect trade.
Fortunately, there is at least one trusted option- Cointal, a P2P cryptocurrency marketplace. First, you’ll need to create an account on Cointal, then Check the “Buy” box and choose a payment method.
Cointal automatically detracts a small fee (1%) as a transaction charge and purchases are free of charge.
Whoever buys a congenital digital asset, XRP, has the potential to earn huge returns on its investment if Ripple maintains an edge over the entire banking sector.
Even though the XRP price has increased significantly in 2018, I believe this is just the beginning of its ascent. However, as always, where there is a large reward, there is also a greater risk involved. Please be sure to invest responsibly as previously mentioned.
We hope our guide helped you with what is Ripple cryptocurrency and how does it work. Also, we’ve discussed some best options to buy Ripple(step-by-step).
If you have any queries with this article, let us know in the comments section provided below.
**Note: Information contained in this guide is not an offer or solicitation to buy, hold, or sell any security. We’re not financial advisors and are simply providing information for educational purposes. Investing in ICO involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment.
Investors should consult their financial advisor before investing in ICOs. Furthermore, the SEC has warned investors residing in the United States and other jurisdictions that ICOs may constitute securities.