How to buy XRP (Ripple)?
Ripple is a global payment-facilitating platform that uses blockchain technology to boost across-the-border transactions. It is designed to serve the financial industry. XRP is generally listed among the top ten cryptocurrencies based on market capitalization. We will provide a guide about how to buy XRP (Ripple)?
Ripple has significantly reduced transaction costs as compared to traditional methods. Additionally, it completes transactions faster and cheaper. On average, a Ripple transaction takes three to five seconds to complete.
For new entrants to the crypto market, make sure to distinguish yourself with the interchangeability between Ripple and XRP. Ripple is the company controlling XRP. Since its launch in 2012, it has rebranded itself several times.
Since it is popular among crypto investors, thus each day, new investors look for ways how to buy XRP (Ripple). You can easily buy XRP through a crypto exchange with your fiat money, or multiple ATMs offer XRP buying facilities.
So, let us get started a guide about how to buy XRP (Ripple)
Step 1: Choose a Crypto Exchange
Firstly, you need to select an exchange that meets your requirements. Usually, each investor has priorities, so having a dealer that resonates with your wishes poses peace of mind.
Therefore, analyzing different exchanges and shortlisting them down to one is critical to further moving with purchasing XRP coins. There are some caveats to buying XRP with other cryptos. However, the most popular method used by most investors is to buy XRP with fiat money like U.S Dollars.
In addition, a few critical points of consideration help make the right choice of cryptocurrency.
- Commission
Firstly, the commission fee is the first thing to consider. Investors always look for an exchange that has minimum payments. Since each dealer has its charges details, knowing them, upfront can help you save extra cents.
- Customer Service
You will want to be addressed after the sale. Therefore, always seek existing customers’ feedback about an exchange. It will help you better understand how a platform deals with its customers. An exchange with better customer support is highly recommended.
- Cryptocurrency options
Furthermore, it is essential to know whether an exchange sells XRP coins. However, all significant dealers offer Ripples, but it is better to check before opening an account with them.
- Accessibility
Another vital point to consider s whether an exchange is accessible worldwide. In addition, what are dealers’ options for reach-out like the internet, mobile app, or physical interaction. A platform with more options is preferred compared to those with limited reach.
Step 2: Opening an Account
Secondly, you need to open an account with your selected cryptocurrency exchange. Usually, account opening is a simple process similar to opening a statement with the bank.
Generally, you are only required to provide the below details to get your account:
- Name
- Email Address
- Contact Number
However, with increased emphasis on reducing spamming and scamming, only some exchanges have adopted a new approach to opening an account called KYC (Know Your Customer). The process further requires detailed information to allow an account.
You may be asked to provide below information to get your account:
- Date of birth
- Social security number
- Address
- Valid passport, driver’s license, or ID card
The exchange will notify you with account opening confirmation after verifying your credentials, which may take a couple of days.
Step 3: Selecting Payment Method
After the account opens with your preferred crypto exchange, the next step is to make the payment. There are different options for transferring the fee. You can choose from a direct bank transfer via debit or credit card.
Furthermore, the vital thing to note is that there may be additional charges if you pay with your credit card. Usually, direct bank transfers are free of charge, thus saving you payment transfer charges.
We recommend consulting your dealer regarding applicable payment transfer charges before initiating the payment. Further, make a test payment of $1 to confirm everything is in place.
Step 4: Receiving Litecoin
Upon successful payment transfer, you will receive your desired quantity of Litecoin in your wallet. It is that simple.
However, one critical step in buying XRP (Ripple) is storing your coins. Although many crypto dealers offer storage facilities free of charge, there are better platforms to place your XRPs.
Digital wallets comes in two types. Both of them are discussed below.
- Hot Wallets: The most common type of digital wallet is the hot wallet. Since they are always connected to an internet connection, thus making they are vulnerable to hacking threats. However, cold wallets are affordable and cost little.
- Cold Wallets: The second type of wallet to store Litecoin is a cold wallet. These are expensive compared to hot wallets. Since these are not always connected to the internet, thus are less prone to spamming or scamming. You only connect these to the internet when you want to transact.
Frequently Asked Questions
Can I buy Litecoin with a credit card?
Yes, many exchanges dealing with Litecoin accept payments through credit cards. However, one thing to notice is that you might have to pay extra charges.
Where can I buy XRP (Ripple)?
You can XRP (Ripple) from all leading crypto exchanges; a few names are mentioned below:
- Binance
- Kraken
- Poloniex
- Bitfinex
- Huboi Global
Can I buy XRP (Ripple) from Coinbase?
Unfortunately, Coinbase currently is not dealing in the trade of XRP (Ripple).
What is the easiest way to buy XRP Ripple?
The best way to buy XRP is through an exchange. A simple procedure and requirements for buying XRP through the exchange are discussed in detail in this guide.
Is XRP a good investment?
The cryptocurrency market is highly volatile, and so is XRP (Ripple). We recommend always seeking professional advice and extensive homework before going on an adventure with cryptos.
Parting Thoughts
XRP (Ripple) is one of the highest-invested cryptocurrencies. Further, many new investors line up to test their luck with Ripple.
To ease them out of the query of how to buy XRP (Ripple), we have provided all details in an easy step-by-step guide in this article.
Just open an account with your desired exchange, transfer fiat money and receive your XRP coins. However, storing digital currency is another concern; we recommend a cold wallet rather than a hot one.
We hope this article puts you in a favorable position to buy XRP. So, good luck with your investment. Please keep visiting this space, and leave feedback in the comments section.