The rise of cryptocurrencies has been tremendous over the last few years and by looking at today’s statistics, we can firmly say that millions of people are getting engaged in this field. The most frequently asked question around this subject is how to buy desired cryptos at a given time. Keep in mind that this process is not as difficult as it might seem at first glance and every individual has the possibility to purchase cryptocurrencies every time. In this article, we are going to talk about one of the most popular cryptos called Ripple as well as XRP and show you what the buying process looks like for this one.
What is Ripple?
However, before we start explaining this process, we would like to briefly describe this crypto and point out all its beneficial qualities. For starters, we want to highlight that the role of Ripple is enormous and it bears a strong resemblance to the US dollar in terms of numerous transaction possibilities and currency conversions. The main advantages of XRP are that it is much quicker compared to other digital assets and has the ability to process transactions a lot faster. Most importantly, the Ripple network can process payments not only with XRP but with other cryptos and traditional fiat currencies as well.
Given the facts mentioned above, it comes as no surprise that a vast number of people want to invest in this digital asset. In order to buy XRP, you need to look for crypto exchanges as there are many of them available online. But, first of all, you have to decide whether you want to use fiat currencies or cryptos for this task. Keep in mind that it is much easier to purchase XRP using fiat currencies rather than cryptos due to several reasons, so we strongly recommend doing so, especially if you are a novice trader.
Things to Consider Before Buying Ripple
However, if you decide to use cryptos to buy XRP, then you have to know that creating a crypto wallet is necessary in this case. This wallet should support XRP and you have to use your crypto on the exchange platform that is paired with this coin in order to purchase it. The general recommendation is to search for suitable trading platforms before buying any digital asset since it is crucial for exchanges to meet your requirements all the time. You need to look for several aspects before selecting the most convenient option for you and once you make a decision, it is time to purchase XRP and fund your account.
The process is very simple as you need to look for XRP on the chosen exchange platform and enter the desired amount you wish to invest. As soon as you purchase your XRP, the next step includes storing it in a safe place. Remember that you need to buy at least 10 XRP in order to activate your crypto wallet, so it is like a minimum requirement for your balance. There is a number of ways you can store XRP including paper wallets, hardware wallets, software wallets, and crypto exchanges.
Paper wallets are usually considered old-fashioned and vulnerable to phishing attacks. In this case, a private key is required to send funds which you have to print on a piece of paper along with recovery passphrases in order to store it. As for the hardware wallets, they are the most frequently used resources to store your digital assets. With this method, hardware devices are utilized in order to store the private keys and you have the possibility to interact with the wallet without damaging your data. This hardware can be connected to various devices including your smartphones, laptops, and tablets, so feel free to use any of them.
When it comes to the last two options, we want to note that software wallets are known as hot wallets and they are downloaded programs that can store XRP and other coins. You can use different devices in this case as well, but the major downside of this method is that they operate over the internet, so they can be a subject of safety concerns. The last method includes crypto exchanges themselves that give you the opportunity to store your XRP without using any kind of third-party resources!
How To Buy XRP
For starters, we want to point out that buying XRP requires the same steps as every other digital coin, so you should not have any difficulty in this process. Generally, the majority of exchange platforms include pretty much the similar methods in order to purchase cryptocurrencies, but we still recommend to read the terms and conditions or take the look at the knowledge base before performing this process. In case you encounter some obstacles, you have the possibility to reach out the customer service support team and they will assist you in regard to every problem.
As soon as you enter the exchange platform, the first thing you need to do is setting up an account. This is a very simple procedure that you migh have already gone through millions of times in the online world. You are required to submit personal information such as your name, surname, address, email, and so forth. By doing so, the platform makes sure that you are a legitimate customer willing to operate safely here. On the other hand, platform is promising that all your private data will be strictly protected and no other third-party organization will find out about it.
After you create an account on the website, the next step is to verify it or else you will not be able to make any transaction there. This is a common practice in the online community since platforms want to make sure that there are no bots involved in this process, so they send you a verification link on the email that you have provided in the first place. Some websites even include further verification methods such as scanning your passport or driver’s license for that matter in order to prove your true identity. Remember that this is an essential process and you won’t be able to purchase XRP without it.
As soon as the platform verifies that your account is legit, then it is time for you to make a deposit and fund your account with either fiat money or cryptocurrencies. As we have noted above, if you with to buy XRP with another digital coins then you are goind to need a crypto wallet. You have to transfer your cryptos from the exchange to the current platform which supports XRP and make the transaction accordingly. But, it is much easier to use traditional fiat money when buyin XRP and other cryptos since you are only required to make a bank transfer in order to deposit cash on the exchange platform.
When you deposit money or cryptos in your account, only then you are able to purchase the desired amount of XRP. So, you need to fill out a form to buy XRP and submit it to the platform. We can’t say exactly how long will it take for your XRPs to be delivered since it mainly depends on the two things – the exchange platform you choose and the amount of XRP you want to buy. However, one thing is clear that every transaction made by XRP is processed within seconds, so it is certainly worth it to wait for your digital coins to be available in the balance.
As we have already noted, the last step after you purchase digital assets includes storing them in a protected place. The best recommendation would be to go for the centralized exchange platforms that are available in your country. Other options include hot or cold crypto wallets where cyber criminals won’t be able to steal them.
As you can tell, purchasing XRP is a very easy process and you will not have any difficulties even if you are inexperienced in this field. In the last part of our article, we would like to mentione some of the most popular exchange platform where you can buy this digital asset!
Where To Buy XRP
There are various platforms where you can purchase this digital coin using either fiat money or cryptos. What’s more, apart from the regular exchanges, also you have the possibility to go for the Ripple’s XRP Ledger platform since it is a decentrlized system that makes sure for customers to trade directly with peers.
Moreover, keep in mind that currently, some large exchange platforms are prohibited to trade XRP including Coinbase and Gemini. So, you need to look for other options that allow XRP transactions.
One of the most famous exchange platforms is called eToro that supports XRP. Even though this one includes relatively high fees compared to its competitors, it is the best option when it comes to safety and social copy trading.
Another option you have is Uphold exchange website that allows you to experience a so-called anything-to-anything trading experience. It supports 20 fiat currencies and more than 80 cryptos including XRP, and you have the ability to trade precious metal, equity, and cryptos here.
Lastly, we want to point out probably the most famous exchange platform called Binance. Here, customers are able to trade over 65 cryptocurrencies including XRP. Most importantly, there are much lower fees here compared to other websites and an increased trading options. Hence, if you are looking for a cheap exchange platform where you can purchase XRP and other cryptos, then Binance might be the best choice for you says topforextradingbrokers.com.
