Ripple is a great new emerging crypto-currency. And if you are looking for an alternative to bitcoin then ripple is a great option. Of course, as always, remember that like any investment there is risk involved. And nobody knows what is going to happen to the price tomorrow. So only invest money that you can afford to lose! That said, let’s have a look at how to buy ripple.
Install a Ripple wallet to store XRP
Before you begin to buy ripple cryptocurrency, you’ll need to ensure that you have an appropriate crypto-wallet installed on your computer. If you already have a bitcoin wallet you’ll be familiar with the process. But whether you already have a wallet or not, you’ll still need to check if your chosen wallet is compatible with XRP. And if it has a high level of security.
You may wish to consider making use of a hardware wallet, which is also referred to as cold storage. This is a type of wallet used for cryptocurrency that is considered to be more secure than a standard software-based wallet. Why? Because with a hardware wallet the wallet is a piece of hardware, as the name implies… And that means it can be isolated from the Internet. Therefore it’s safer from possible hacking.
Choose a way to buy ripple coin
How to buy ripple? Because there are a few different solutions out there to choose from. And you should note that not all exchanges currently deal with ripple. So make sure you check before you sign up! You’ll also need to decide if you care about buying ripple directly with traditional currency or if you’re happy to go via a different crypto-currency, like bitcoin. The best way to buy ripple cryptocurrency will depend on how you want to pay for it.
Invest via a trading fund
This is an investment option only available to those living outside of the US. And you’ll be able to buy ripple fiat currency only. In these sorts of platforms, you’ll never actually take ownership of the coins when you buy ripple XRP. Indeed, this system is much more like trading in stocks and shares. You won’t be able to spend the ripple coins on anything. But you can just buy and sell them as you would do with shares. Also, this means that you can skip step 1 since you won’t need a wallet…
How to buy XRP ripple using fiat currency
Most ripple exchanges will allow you to use fiat currency to make a purchase of ripple XRP. If you do not already own any other cryptocurrencies, then you may find that this is the best way to buy ripple. Because it’s certainly the most straightforward method. You’ll transfer money to the exchange, directly with a bank transfer or with a credit card. And once it has cleared, you’ll be able to buy ripple.
There may be fees for either credit cards or bank transfers. So a little bit of research will help you pick the best ripple exchange for your favorite method of purchase.
Buy XRP with BTC
The prevailing wisdom in the cryptocurrency community is that the best way to buy ripple is with bitcoins. Wait, what? First, you need to buy bitcoins on the best cryptocurrency exchange. And then you trade them for ripple (XRP). Most of the time, it works out to be the least expensive method. To get the best price you may need to go through more than one exchange. While it requires a little more legwork on your part, this is the best value option.
Buy ripple XRP with PayPal
Unfortunately, I didn’t find any way to buy ripple with PayPal. Mostly because PayPal is not recommended to buy crypto-currencies. Because payments are reversible… And the exchanges don’t want to take any risk when selling ripple.
How to buy ripple: Step by step guide
Once you have decided on the method you wish to use and the exchange of your choice, you’re ready to get started.
Register on an exchange platform
All exchanges will require you to create an account. This can involve providing them with details of your identity (KYC) and where you are a resident. How much detail you will be asked to provide will depend on where you’re living.
There is also, often a two-stage verification process. Involving an email account in most cases. You’ll also need to set up a secure password for the exchange.
You won’t be able to make any purchases until the account has been verified, so you will want to make sure you complete their forms carefully.
Once your account has been verified, you’ll be able to deposit funds into the exchange. There are a few things to keep in mind when you’re adding funds to your account. First, check if there’s a limit on the amount you can deposit. Because if you try to transfer too much this can slow things down.
Also, if you’re making a bank transfer, ensure that the name on the bank account is the same one for your exchange account.
Finally, if you end up making multiple deposits within a three-day period, make sure the amounts are different. Because otherwise, you’ll certainly trigger some red flags at the bank, which will lead to delays.
Buy XRP ripple
Now you actually know how to buy ripple. And once you have the funds deposited with the exchange, you’re ready to go through with buying your ripple cryptocurrency. Just make sure you select the correct exchange, as there could be quite a few options. For instance, if you’ll be trading US dollars for ripple coins, you’ll want to select the USD to XRP tab.
Withdraw your XRP
Once you’ve bought your ripple coins, you’ll be able to see your balance in the exchange. While it’s possible to leave your coins in the exchanges, it’s historically not always proven to be the safest option. Because exchanges can get hacked! Therefore, once you have your ripple coins, I strongly recommend to withdraw them and store them in your wallet. Most of the time, you the option to provide the address of your wallet when you set up your account on the exchange. And it’s worth double-checking that the details are correct prior to making a withdrawal!
This was my guide: How to buy ripple in 2020? Buy ripple cryptocurrency easily! Stay tuned for more coming soon.