It seems as though everyone is jumping on the cryptocurrency train right about now. And Ripple (XRP) is quickly becoming one of the hottest alternative coins 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 every cryptocurrency exchange has Ripple, but there is a hefty list of recommended exchanges where you can get your fix.
A cryptocurrency wallet is a place to digitally store, send, or receive cryptocurrency via having a special key. Cryptocurrency wallets can be physical or online, and often offer exchange services in addition to storing. Some Ripple wallets include the Leger Nano S – an appealing option for many given its physical form (it looks like a USB card). Another popular option is Toast Wallet, a free online wallet that supports XRP. It is an open-source wallet that accommodates Windows, Android and iOS. Abra Wallet is another choice for an online wallet that offers both wallet and exchange services. Still, its dependability is somewhat unsure, so be careful when choosing which wallet you’d like to go with.
A cryptocurrency exchange is basically a place where people can transfer and exchange different kinds of currency (be it cryptocurrency or dollars). This can typically be done either by transferring a currency like USD or euros into cryptocurrency like Bitcoin or Ripple and vice versa. There are several different exchanges that Ripple uses and recommends. Some of the 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 to use, make sure you know what option is best for you and whether you’d like to transfer directly from USD or use another method like transferring from another cryptocurrency (like Bitcoin or Ethereum) into XRP.
How to Buy Ripple
There are two main ways to buy Ripple – either 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. Additionally, exchange rates are often not as good. By buying another cryptocurrency first (like Ether), you can then buy Ripple in an exchange (which is actually not too complicated).
How to Buy Ripple with Coinbase and Binance
There are several different exchanges with which to buy Ripple. As an example, I’ll use exchange Binance first. As is common with a lot of exchanges, you can’t buy Ripple directly on Binance with USD, so you will have to buy another coin like Bitcoin or Ethereum first and transfer those to Binance. You can buy Ripple directly on Coinbase.
To buy Ripple with Coinbase and Binance, you’ll need to:
- Create an account on the Binance site. This will include creating a password and putting your email in – standard stuff.
- You’ll have to transfer your Bitcoin (or other cryptocurrency like Ethereum or litcoin) into your Binance account first. You can do this by scrolling over the “funds” button on the top of the screen and clicking “deposit withdrawals.”
- Click the coin you are exchanging from, like Bitcoin (BTC) and choose the “deposit” button.
- Copy the BTC address provided.
- Then, log in to the exchange you used to buy Bitcoin, like Coinbase (as I will use in this example) and go to “accounts.” You can purchase Bitcoin on Coinbase using a linked bank account or debit card. Very straight forward.
- Go to your BTC wallet on the left hand side of the page and click “send” BTC. There usually is a small fee.
- Paste the Bitcoin address that you used on Binance into the “recipient” box and put in the amount you wish to transfer.
- Then, log back in to Binance and under the “funds” section, go to “deposit withdrawals” and check “total balance” – you should see the Bitcoin that you transferred.
- To exchange your Bitcoin into Ripple (XRP), click on the “exchange” button on 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 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 what amount you would like and click “buy XRP.”
- The transfer should be fast, so once you have purchased the Ripple, check your funds tab again and you should see XRP under your total balance.
Another way to buy Ripple is through Bitstamp, which you can use to directly transfer USD to XRP. However, there are several different exchanges you can use. See more of the ones that buy/sell Ripple here.
How to Buy Ripple with USD
According to the Ripple website, you can buy Ripple directly with your cash (whether that be USD, EUR or other) via your bank account or credit card. To get started:
- Create an account on Bitstamp and enter the required information – a username and password is sent to your email.
- Log in to your account with the username and password provided, and then immediately change your password when prompted. You may also want to enable two-factor authentication.
- Then, verify your account by filling in the prompted information here. You may upload documents that fit the requirements. Hit “submit verification request.”
- Once verified, go to your account and click the “deposit” button, where you will be able to select what bank transfer method you want to use on the left-hand side.
- Select “international wire transfer” and fill out any information needed.
- Then, use Bitstamp’s banking details to transfer funds from a bank account you have to Bitstamp.
- Once your funds have successfully transferred to Bitstamp, click the market you wish to exchange (to buy Ripple with cash, click the XRP/USD market). Then, go to the “buy/sell” section and click “buy XRP” under “instant order (simple).”
- Enter the amount you wish to buy into the “I want to spend” box and click “buy XRP.”
- XRP will be added to your total balance in your Bitstamp account.
Although procedures will be a bit different depending on the exchange you use, most are fairly straight forward to use and understand. Make sure to do research before using any exchange to avoid any nefarious sites. Many people use PayPal as a way to buy Bitcoin as well.
Why Buy Ripple?
Ripple was originally founded in 2012 under a different name, but rebranded in 2015 to Ripple Labs. The exchange-slash-token has quickly grown in popularity due to how it allegedly has very minimal transfer time in exchanges and low fees. Ripple, an alternative to the likes of Bitcoin, Ethereum and Litecoin, is different than most cryptocurrencies in that it actually uses connections to banks and companies. According to their site, Ripple is currently used by companies like American Express (AXP – Get Report) , Santander (SAN) , Standard Chartered (STAN) and Westpac (WBK) .
As of early 2018, Ripple was projected to surpass Bitcoin’s market capitalization, according to CNBC. So, Ripple is certainly having a moment. On its site, Ripple claims to have “connectivity across payments networks, instant, on-demand settlement, real-time traceability of funds, and low operational and liquidity costs.” Pretty appealing.
And, if you’re needing that cryptocurrency ASAP, Ripple brags a payment settlement time of 4 seconds (that’s compared to Bitcoin’s average 1 hour or Ethereum’s typical 2 plus minutes).
As of the writing of this article, Ripple’s XRP price is $0.4656/coin with a 30-day XRP volume of $6.86 billion USD. And, with a market capitalization of around $47 billion USD, Ripple seems to be catching on.
What Is Ripple?
According to Nasdaq, Ripple is a “real-time gross settlement system (RTGS), currency exchange and remittance network.” Basically, Ripple uses a ledger network that is on a shared public database to ensure validity. Learn more about how ripple works with our handy guide.