Buy Ripple – Instructions on how to buy XRP
Ripple (XRP) is a decentralised peer-to-peer (P2P) network with the primary goal of providing financial institutions with a fast and affordable international payment infrastructure. It allows users to transfer money digitally, whether via fiat money or cryptocurrencies such as Ethereum or Bitcoin. It works through an open-source platform called RippleNet, which is powered by a network of servers to ensure fast and economical transactions.
RippleNet has named its cryptocurrency token XRP. At the time of writing, the Ripple price is $0.232 with a market capitalisation of more than $23 billion. All XRP tokens are pre-mined and used to denote the transfer of funds through RippleNet.
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WHAT IS ON THIS PAGE?
- Buy Ripple - Instructions on how to buy XRP
- Beste Crypto Exchange Brokers 2021
- Buy Ripple instantly in 5 steps!
- Buying Ripple through a broker
- Should you buy or trade Ripple?
- What is the difference between a Ripple exchange and a broker?
- Ripple: Long Vs Short Term Investment
- 3 Tips for Buying Ripple
- Recommended brokers 2021
- Buying Ripple via a crypto exchange
- What is the best payment method to buy Ripple?
- Other ways to buy Ripple
- FAQ
Buy Ripple instantly in 5 steps!
1 Visit the platform we recommend for buying Ripple.
2 Fill in all the requested information and open an account.
3 Capitalise your account using your preferred payment method and confirm your account balance.
4 Select Ripple and click “Instant/Market Order” to buy your coins immediately.
5 Enter the amount (you’ll see the equivalent in XRP) and confirm your purchase.
Buying Ripple through a broker
Traders and investors who want a good investment are very selective in choosing their trading platforms. They want to invest in platforms that are not only regulated and recognised, but also offer the convenience of trading, low transaction fees, exceptional customer service and security. You can also rely on online reviews and testimonials to judge a trading platform’s reputation.
You want to focus on your investment strategies and make profits. Any trading platform that has technical issues or poor customer service will provide you with a poor investment experience that can hinder your progress.
In general, the registration process with most brokers is a simple and straightforward process. For example, eToro only asks for your username, email address and password to help you get started. The password must be secure and contain at least 6 to 20 characters with at least one capital letter, one special character and one digit. Few brokers allow you to register with them using your Google or Facebook account to further simplify the process.
Every regulated broker is required by law to verify the individual identity of the investor or trader who signs up on their platform. This is known as the KYC (Know Your Customer) regulation, which is designed to counter money laundering schemes and provide a safe investment environment for platform users. This is not just about the broker, but also about keeping your personal information and funds safe.
To complete the verification process (KYC), you will need to provide the broker with some personal information such as a government-issued ID, passport, driving licence, proof of residency and possibly proof of income. It may take some time to complete the process, but it is for your peace of mind.
Once you have gone through the registration and verification processes, it is time to deposit your initial amount, which will serve as your working capital. Many trading platforms offer a wide range of payment modes, including direct bank transfer, debit and credit card, and e-payment methods. You need to consider several factors before choosing a payment method - key factors such as transaction costs, deposits and withdrawals, and speed and accessibility.
For example, many people love PayPal, but often this option is not available. Some merchants are willing to pay with their bank card, which costs them a little more but also reduces transaction time. Before finalising your payment method, read everything about the fee structure and charges carefully, especially the small print.
Before opening your short or long position on XRP, you need to develop a basic understanding of both. Investors who believe that the price of XRP will rise are bulls and will open long positions to make profits if the price of XRP continues to rise. On the other hand, traders who believe the price of Ripple (XRP) will fall are called bears and open short positions so they can profit from the falling price of XRP.
Once you have developed a basic understanding of these investment strategies, it will be easier for you to identify whether you want to take long or short positions. Most of the leading trading platforms we recommend, such as Plus500 or eToro, offer risk mitigation features that you can use to your advantage, including stop loss and take profit features. Some of the trading platforms, including eToro, now allow you to buy XRP tokens directly from them and store them in your dedicated crypto wallet. This way you can buy Ripple through a regulated platform.
If you understand risk management, you will know how to set stop loss and profit limits as you can close your positions automatically without your intervention while having complete control over your investments.
The limits are only there to manage your risk and you have full autonomy to close a position when you feel you have made enough profit on the trade and keeping it open would be very risky. Similarly, you can also close the position before the price reaches your specific low if you believe it will not fall further.
We recommend that you read all the guides and content available on this platform on opening and closing positions before investing in XRP or other cryptocurrencies.
Should you buy or trade Ripple?
Remember that buying and trading XRP are two completely different things. Buying XRP on an exchange is different from trading XRP through a broker. You need to understand what your underlying purpose of investing is to ensure you are on the right platform.
What is the difference between a Ripple exchange and a broker?
A Ripple exchange is a platform that allows you to exchange popular cryptocurrencies like Bitcoin and Ethereum for other altcoins. Hence the name “cryptocurrency exchange”. If you want to hold long-term positions and get the best exchange rates, consider a cryptocurrency exchange.
If you want to earn a second income that can supplement your primary income, trading is a better option. For this, you need to rely on a crypto broker where you can quickly buy and sell XRP-related financial instruments such as futures, options and contract for differences (CFDs). In this scenario, you want to take advantage of the volatility of the cryptocurrency market to make short-term profits. You can also use your trades, but only use this option if you have mastered the art of investing.
Ripple: Long Vs Short Term Investment
Long-term investments occur when you firmly believe that the price of XRP will continue to rise for weeks and even months, so you hold on to the coin for the long term. Or you simply believe in the project and want it to succeed. So you hold XRP to make a contribution. For such people, the crypto exchange is a better option.
Short-term investments are made when you are not looking for long-term future prospects for the currency. You just want to take advantage of the short-term volatility of XRP to make profits and get out. Then a reputable and regulated broker makes a wise choice. This way, you don’t have to set up a wallet and transfer your tokens to your exchange’s account.
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3 Tips for Buying Ripple
Now that you’ve developed a basic understanding of how buying XRP works, let’s take this moment to share some quick but valuable tips with you.
Don’t rely on a single source to predict how the price of XRP will move in the future. Read the opinions of various influencers and analysts, evaluate new developments and keep an eye on the news to make up your own mind. It is also important to choose the right time to buy in.
Many new investors underestimate the costs and expenses of trading XRP and other cryptocurrencies. Including spread, commissions, transaction fees, withdrawal fee and deposit fee, the costs increase quite quickly and can affect your profits. Before investing in XRP, make sure your chances of making a positive net profit are high.
Again, another factor that doesn’t get the attention it should. Make sure you follow best investment practices, mitigate your risk, adhere to industry protocols, and use security features like 2FA, passphrases, and more to keep your XRP safe.
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Buying Ripple via a crypto exchange
Buying XRP through a cryptocurrency exchange is preferable if you want to hold onto your Ripple tokens for the longer term. This strategy is ideal for traders who believe XRP will continue to improve in price, or for people who want to contribute to the Ripple blockchain goals. Choosing an exchange is no different from choosing a broker, as you need to check a variety of factors.
Besides evaluating the exchanges for their regulatory compliance and reputation, you also need to find out what it costs to buy, sell or trade XRP on the exchange. Likewise, you should consider the platform’s convenience, customer support, security measures and overall reliability. You should always keep in mind that not all exchanges comply with regulations and industry best practices. While they may offer more incentives, they also pose a higher risk to your personal data and money.
Before buying XRP, make sure you have dedicated software or a wallet to store your coins in. This may seem like a daunting task, but the cryptocurrency space has evolved and these processes are now easier and more straightforward than you can imagine. Depending on the amount of time you need to store your Ripple currency, you can choose different types of wallets, including the following:
- Exchange / Web Wallets - This is the most convenient, but least secure option to store your XRP for longer periods of time. Some exchanges have additional security measures, but do not yet have the security cushion of a dedicated wallet.
- Desktop / Mobile Wallets - You can get software wallets for your desktop PC and smartphone (iOS and Android). These offer a wide range of features and adequate security.
- Hardware Wallets - Also referred to as Cold Wallets, these are the ideal storage solution for your XRP tokens. They have the hardware to store your digital assets securely and are completely disconnected from the internet. They look like flash drives, so you can back them up or take them anywhere.
As an investor, you are also responsible for making sure your funds are safe. Make sure you use two-factor authentication (2FA), different passwords for different accounts and passphrase protection.
There are many leading cryptocurrency exchanges, including Binance, CEX.io, Coinmama and Coinbase, that offer XRP and other cryptocurrencies. Analyse all these exchanges and find out which one suits your needs best.
You need to take into account that different exchanges have different registration processes depending on the regulations they comply with. Some only ask for basic information, while others thoroughly verify your identity by requiring documentation. Regulated exchanges are much safer than unregulated ones.
Once you’ve chosen your crypto exchange, it’s time to review the different payment methods it offers and determine which one best suits your needs. For example, you can buy XRP via wire transfer, debit card and other e-payment methods, but you need to consider speed, convenience and fees.
You can also integrate your bank account with the exchange to make the payment process much more seamless. Your fiat currency is always ready to buy XRP or any other tokens you may want to purchase. Regardless of which payment mode you choose, it’s a smart idea to use an exchange that verifies everything so you know you’re buying Ripple from a trusted exchange.
To buy an altcoin like Ripple, you may need to buy a more popular currency like Bitcoin or Ethereum first, depending on which exchange you’re on. Some exchanges will sell you XRP directly for traditional payment methods, but others may not.
Choose your fiat currency first before deciding how much XRP to buy. Generally, there is a calculator that tells you how much XRP you can buy with that amount. Once you have selected your currency and the amount, you can send your purchase request via. If your 2FA is enabled, you may receive an OTP for transaction authentication. Once this is done, XRP will appear in your account.
If you don’t want to keep your XRP for long, you can leave it in the exchange’s account or wallet. This way, you also don’t have to pay withdrawal fees. However, if you want it to last longer, say more than a week, it is better to transfer the money to a special wallet. To transfer the money to your wallet, you need the public key, which you enter in the text field “Recipient address” and determine the amount you want to transfer to your wallet.
If you have re-enabled 2FA, you may receive a one-time password (OTP) for transaction verification. Note that some exchanges like Binance do not allow you to transfer your XRP within 24 hours of purchase.
What is the best payment method to buy Ripple?
- • Buy Ripple with cash - First, you need to buy Bitcoin with cash through an ATM and then exchange it for XRP. It is an impractical method.
- • Buy Ripple with Debit Card - One of the most popular methods to buy XRP, albeit a bit expensive.
- • Buy Ripple with bank transfer - Convenient and affordable, but comparatively slow compared to other methods.
- • Buy Ripple with Bitcoin - Easily exchange Bitcoin for Ripple.
- • Buy Ripple with PayPal - Fast and economical, but limited availability depending on region.
Other ways to buy Ripple
The above methods are most popular to buy Ripple and trade XRP on various platforms. At this point, you are far better prepared to buy XRP and invest in cryptocurrencies than you were before reading this guide. We will conclude this guide with some lesser-known options that can also be used to buy Ripple. Peer-to-peer (P2P) exchanges - These are platforms that connect buyers and sellers of cryptocurrencies. Instead of dealing with the platform, you can deal directly with the individual buyer. The advantage here is that you can set your own terms and conditions to find the right deal. Be sure to check the buyer’s reviews before investing in XRP. Since Ripple tokens are mined in advance, you cannot earn them through a mining process. We will conclude here for now and add new information as it comes in. Now you can start your XRP journey. Remember, we have already reviewed a variety of exchanges and trading platforms to select the best brokers and exchanges for you. They are among the most reputable and trusted services in the cryptocurrency space.
FAQ
1. Can I buy Ripple without paying any fees?
This is definitely possible. Some of our recommended exchanges do not deduct a transaction fee or commission, but other fees may apply.
2.What is the difference between buying XRP and trading XRP?
When you buy XRP, you own the token - the digital asset. Trading XRP usually means you hold a financial instrument based on your price speculations, and once you complete the trade, you keep the difference whether it is a profit or a loss.
3.When is the right time to buy Ripple?
This is entirely up to you. Before you decide, we recommend you read our guide carefully and keep an eye on what analysts are saying.
4.What is the minimum buy limit for Ripple?
It is different for different trading platforms and exchanges. Since the price is quite low at the moment, you can buy 4 XRP tokens for one dollar.
5.Is it legal to buy Ripple?
Apart from countries where cryptocurrencies and their trading are completely banned, Ripple is legally purchasable and tradable.