This is a detailed guide to buy Ripple which goes by the symbol XRP. Apart from learning how to buy XRP, you will also learn where to buy XRP. The guide will also explain where to store XRP and how to setup Ripple wallet.
Gone are the days when we used to send the money and wait for days for the recipient to get it. RippleNet is here to cut the time, extra costs, and all the complexity associated with the transactions of money. RippleNet bridges the gap between banks, payment providers and digital asset exchanges. Ripple helps send money globally without involving the complex paths that have had for years. Ripple ensures extreme reliability. It makes the transactions at lightning fast speed. Ripple gives the power to keep a track of the funds in real-time. The operational costs are extremely low. Ripple has already got some big companies on its network. American Express, Standard Chartered and Axis bank are a few partners to name. Ripple’s digital asset is known as XRP. Ripple’s XRP enables global real-time payments. It’s also one of the fastest growing digital assets.
How to buy Ripple (XRP)
Step#1: Buy Bitcoin
First of all, you need to buy Bitcoin. You need to decide whether you want to buy Bitcoin from Coinbase or from Localbitcoins. Coinbase operates in 32 countries only while Localbitcoins operates in more than 200 countries. Your choice totally depends on your country.
Buy Bitcoin from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Bitcoin now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Bitcoin now. Your Bitcoin will appear in the Accounts tab.
Buy Bitcoin from Localbitcoins
- Open Localbitcoins.com and sign up. Use this link to sign up if you want to earn a little bit of reward. Go through the email confirmation and ID verification to be eligible to buy Bitcoin from LBC.
- Once done, Log in to your LocalBitcoins account.
- On the LocalBitcoins.com homepage, you will find options to buy Bitcoin Online, Bitcoin using Cash and some other options.
- The preferred option is to buy online. Choose the cheapest seller. Always check the limit of the seller and buy Bitcoin from the one that suits your limit.
- After selecting the seller, read the terms of trade and prepare your identity for verification.
- Begin the trade now. Transfer money to the seller and he will release your Bitcoin.
- The Bitcoin you just bought will appear in your LocalBitcoins wallet.
Step#2: Transfer Bitcoin to Binance
- It’s time to transfer the Bitcoin from Coinbase or Localbitcoins to Binance now.
- First of all, open Binance website and sign up. Use this link to sign up on Binance to earn a little bit of reward. Verify your identity as per the requirements of Binance.
- Now on Binance, click on Funds > Deposits > Select BTC and copy the Deposit address.
- Coinbase: Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Bitcoin. Click on Send and paste the Binance Bitcoin deposit address here. Enter the amount of Bitcoin you want to send and then send it. It will take a few minutes for you to receive Bitcoin in your Binance wallet.
- LocalBitcoins: Log in to your LocalBitcoins.com account and click on Wallet. Paste the Binance Bitcoin deposit address, enter the amount of BTC you want to send and then send it. You will get BTC in your Binance wallet in a few minutes.
Step#3: Trade Bitcoin for XRP (BTC -> XRP)
- Now that we have got the Bitcoin in Binance wallet, it’s time to trade it for XRP.
- Open Binance and log in.
- Now click on Exchange > Basic.
- From the right side, select XRP/BTC.
- Now from the right side, select the rate that suits you the most. It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of XRP you want to purchase and also enter the rate at which you want to buy.
- Place the buy order. As soon as someone sells at your desired rate, you will get XRP in your Ripple wallet at Binance.
Step#4: Store XRP in Ripple Wallet (ToastWallet)
To store Ripple’s XRP, we need a good and a secure wallet. Ripple has a wallet named as ToastWallet. ToastWallet is available for Windows, Android and iOS platforms. There is a web version of ToastWallet as well, but that works only with the Google Chrome Browser. To stay on the safe side, we will use the ToastWallet’s Desktop version for Windows 10 or Windows 7 to store the XRP tokens. Here’s how to store them.
- Download the ToastWallet for Windows.
- Install the ToastWallet on your computer.
- Launch the newly installed wallet and accept the License Agreement.
- Now set your pin for the wallet and then set the passphrase.
- Save the passphrase somewhere safe. Once you’re in the wallet, click on “Generate New Address”.
- Copy this address now.
- Now go to Binance > Funds > Withdrawals > Select XRP > Enter your withdrawal address followed by the number of coins you want to withdraw.
- Once you have processed the withdrawal, you will get the tokens in your desktop wallet in a few minutes. That’s all.
More information on Ripple:
- Ripple Price Tracker – CryptoPit Coin Price Tracker
- Ripple Official Website – ripple.com
- Reddit Community – r/XRP
- Ripple Wallet – ToastWallet
- White Paper – White Paper Link
- Github – Github Repository
- Exchanges – Binance | Bithumb | Upbit | Bitfinex | Coinone | Kraken | OKEx
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.