It is sometimes not easy to purchase Ripple (XRP) and other cryptocurrencies in many countries. In this article, we will explain to you how to buy Ripple in India. Ripple is currently the third-largest cryptocurrency in the market, and it has attracted the attention of several investors.
India is also one of the most powerful countries on Earth. Despite that, the Indian government has made it difficult for the crypto market to expand. This is why we will focus on letting you know how to purchase Ripple in India.
What Is Ripple?
Before telling you how to buy Ripple in India, it is important to know what Ripple (XRP) is. Ripple is not only a virtual currency but also a payment network. With it, banks and financial institutions are able to send funds across borders for just a few cents.
By using the XRP digital asset, it is possible for individuals to reduce transaction times even further. Indeed, instead of using fiat currencies, it is possible to use XRP as a liquidity source. Many fiat corridors do not have enough liquidity. This is where Ripple can add value and solve a big problem.
How to Buy Ripple in India
As the cryptocurrency XRP / INR market is moving forward once again, buying this crypto has become an important question. Over time, Ripple could become one of the most important assets used to make cross border transfers.
Now, we will share with you, which are some of the best ways to buy Ripple in India. In general, the easiest way to acquire Ripple is by using a local crypto exchange. However, cryptocurrency exchanges in the country have been severely affected by local regulations.
Indeed, many exchanges, such as BTCXIndia or Coindelta, had to shut their operations down. Although you were able to buy Ripple using these exchanges, now they are not operating anymore.
It is important to take into account that there are other ways on how to buy Ripple in India. Nonetheless, they might not be as easy and straightforward as through an exchange.
One of the platforms that would allow you to acquire Ripple is BuyUCoin. This system is based in Delhi and would be very useful to enter the crypto market. Users can acquire Ripple using Indian Rupee (INR), the local currency.
At the same time, this would help you to sell Ripple in India in case you want to do so. The good thing about BuyUCoin is that it would also help users to buy and sell other cryptocurrencies. If you are a crypto investor in India, this could be a very good and functional platform.
If you want to trade through this platform, take into account spreads that can be somehow high. At the same time, it has higher fees than traditional crypto exchanges. The maker and taker fees are equal to 0.42% and 0.84% – it is not cheap to operate in India.
Despite the above-mentioned things, BuyUCoin can be a good solution on how to buy Ripple in India.
If you want to know how to buy Ripple in India, Bitbns could be a good solution. This is a P2P network that allows users to trade cryptocurrencies, including Ripple. In order to start trading on Bitbns, you will have to create an account.
The platform would require you the PAN card – which is mandatory for Indian users, and many other documents. Indeed, users would have to present a voter ID or another document to confirm the identity. Although this is not ideal for providing all this information, the Indian government requires it.
The P2P market started to operate back in late 2017. At that time, the crypto market was reaching its highest point in history. Users can easily purchase, sell, and hold cryptocurrencies. As with the previous platform, Bitbns would allow you to buy and sell other digital assets in the market. Some of these virtual currencies include Bitcoin (BTC), Litecoin (LTC), or Ethereum (ETH), among others.
Finally, users can start handling digital assets through this platform by using their INR. Many platforms only support crypto-to-crypto solutions. This is why Bitbns could be a good way on how to acquire Ripple in India.
Binance is one of the largest cryptocurrency exchanges in the world. The platform has entered the Indian market in order to offer solutions to traders. Indeed, this was a very welcomed initiative considering India’s regulators have taken hard measures on cryptos.
A few months ago, Binance announced that they acquired the WazirX exchange. This platform was operating in the country, but it had to shut its operations down. This affected a larger number of users in the country that wanted to purchase Ripple as an investment.
With Binance, users can easily purchase Ripple using INR. Individuals will get USDT that can then be used to buy Ripple or other cryptocurrencies. It is worth mentioning that traders will be using the WazirX platform to perform the trades. Binance provides the necessary infrastructure for users to buy USDT using local currency.
In the P2P order book, you will have to place a buy order. After it, it will get matched with a buyer and or a seller. This would easily complete the INR and Ripple transaction.
Now, traders can instantly transfer funds between Binance and WazirX accounts. Moreover, they will sign into WazirX using their Binance accounts. Furthermore, Binance users can also buy and sell USDT using WazirX’s P2P trading platform on Binance.
One of the main benefits of Binance is related to the fact that it has large liquidity. Moreover, it offers users the possibility to buy and sell other digital assets. As it is possible to see, Binance is offering solutions in a very difficult market.
Store Your Ripple with Ledger Wallet
Ledger is one of the most recognized hardware wallet providers in the world. Thanks to it, users are now able to store their virtual currencies safely. Although this is not related to how to buy Ripple in India, it will help users to safely store their digital assets.
Cryptocurrency exchanges are not the best way to hold virtual currencies. Indeed, it is very unsafe to keep funds on exchanges. This happens because they are targeted by attackers and hackers at all times. If a malicious entity is able to access the funds of the exchange, users will certainly lose their capital.
Ledger provides users with the possibility to safely store their funds. This would allow them to hold large amounts of Ripple without getting worried about being attacked. The most popular solutions provided by Ledger are the Ledger Nano S and the Ledger Nano X. These two hardware wallets are the most popular in the market.
In addition to it, Ledger is also offering more advanced solutions to larger investors and companies. Both Ledger Nano X and Ledger Nano S are useful for small and large traders.
It is worth noting that Ripple continues to grow, and it can provide great investment opportunities in different markets. We hope that this guide was useful for you to understand how to better handle digital assets.