What is Ripple?
Ripple (XRP) is a cryptocurrency that is used in the open payment network with the same name. It handles distributed and open –source payments, enabling users to perform financial transactions without needing to rely on banks or other financial institutions.
Ripple has seen a great rise in its price, with a gain of 4300% by the end of the year of 2017. It is obvious that such a rise will get some people wondering how and where can they buy this cryptocurrency.
How to buy Ripple
Get a Ripple wallet
Ripple wallets work the same as Bitcoin or other altcoin wallets, so if you’re already familiar with crypto wallets you should have no problem in understanding the differences. There are various types of wallets that have different levels of security.
A hardware wallet is the most secure way you can store your future Ripple coins. Every Ripple wallet must have an initial fund of 20 XRP in order to protect against low level spam attacks.
Of course there are various desktop wallets for Mac, Windows, and Linux, that can be used while sending and trading XRP.
At the moment, there doesn’t seem to be any highly rated mobile wallets for XRP, so it’s best to stick with options that you know have a high degree of security.
Finding a Ripple Exchange
Ripple can be purchased with fiat currency or it can be traded for Bitcoin on most crypto exchanges.
Buying Ripple with fiat currency is the best option for those that do not have bitcoins in their possession. XRP can be purchased directly by wire transfer or credit card, but make sure to check what exchanges support these payment methods.
Withdraw your XRP to your wallet
It is not recommended you leave your XRP on the exchange you purchased them from. This is because you don’t actually control the private key for your digital assets, meaning that your assets are not actually yours.
Always remember to withdraw your XRP into your wallet. Once the transaction is completed, you will receive a confirmation that the process has been successfully completed.
Where to buy Ripple
There are many exchanges that handle XRP purchases, but most of them require you already own bitcoins so you can later convert them into Ripple.
Bitstamp is an exchange that allows you to purchase XRP through wire transfer. After sign up and the identification procedure, you can send EUR through a SEPA transfer or USD via band transfer. Once the transfer is cleared, the fiat currency can be traded for XRP directly on the exchange.
Binance is a fast growing exchange that has gained a lot of positive feedback, and at the time being, is one of the cheapest exchanges where you can buy and sell cryptos, including Ripple.
Supported pairs: XRP/BTC, XRP/ETH.
You must have either bitcoins or Ethereum before you can exchange them for XRP.
Bittrex is an exchange platform that trades over 200 coins, handling one of the largest BTC trading volumes out of all the exchanges in the world. Trading fees are on par with what most exchanges charge.
Supported pairs: XRP/BTC, XRP/USTD, XRP/ETH.
Shapeshift is a fast, easy and reliable way you can purchase cryptos. The interface is very user-friendly and no registration or KYC is needed for you to start buying.
Shapeshift has more than 50 cryptocurrencies which can be exchanged between one another.
To purchase Ripple, you need the following:
- your Ripple address, where you will receive your tokens
- some altcoins/bitcoins which will be exchanged for XRP
Is Ripple worth investing in?
Even though Ripple’s value has seen quite an increase in 2017 and this trend will probably continue, the future of any cryptocurrency is uncertain so make sure you invest responsibly.