Ripple’s robust marketcap and the unique philosophy underlying its existence makes it a regular in both novice and experienced investors’ portfolios.
For this reason, it is usually a prudent step to take the cryptocurrency on board in order to maximize the chances of reaping the benefits of crypto investments.
To clear out some of the confusion surrounding its acquisition, we have prepared a dedicated guide on the facts about the most effective methods of buying Ripple.
Let’s get started with a recap on Ripple before plunging into the ins and outs of buying the highly esteemed cryptocurrency.
What is Ripple XRP?
Ripple refers to an open source protocol which was primarily designed to enhance real time global payment transactions.
The networks cryptocurrency, Ripple (XRP), serves as the medium of exchange that can be traded with both fiat and a host of other cryptocurrencies. As a decentralized system, Ripple harbors a number of similarities with Bitcoin.
However, Ripple’s primary objective was to create a decentralized and ultra-efficient global payment transfer system.
A number of highly esteemed financial institutions have already jumped onto the blockchain bandwagon by adopting the Ripple network due to the superior security and efficiency it furnishes in cross-border transfers.
To date, the network is capable of conducting transfers at phenomenal speeds hitting remarkable figures as high as 1500 transactions per second.
Its increasing adoption by financial institutions has also translated into wide adoption of its cryptocurrency by investors thus giving it an edge over most coins on the market.
This is reflected in its rather impressive position by marketcap and daily trade volume.
Where to buy Ripple XRP?
Like most cryptocurrencies, Ripple is accessible through various online exchanges.
However it is important to know that different exchanges provide varying ways to access the cryptocurrency.
Some exchanges have a provision for fiat-Ripple transactions whereas others only provide for crypto-Ripple transactions.
The United States Dollar (USD) and Euro (EUR) are the main fiat currencies supported by most exchanges when it comes to converting fiat to cryptocurrency.
If you are from South Korea, there are also a number of exchanges that provide conversion to Ripple.
How to buy Ripple XRP?
Exchanges offer a similar procedure to buying other cryptocurrencies where you simply choose the cryptocurrency from a range of available cryptocurrencies after which you specify the amount and other authentication details.
This section will focus on the exchanges that currently provide for buying the Ripple cryptocurrency with fiat as well as other cryptocurrencies.
For a quick overview’ , Bitstamp and Kraken are the most “Ripple-friendly” as they support transitions involving both the USD and the EUR in addition to a good number of cryptocurrencies.
Exchanges that allow conversions from the Korean Wong include Korbit, UpBit, and Bithumb whereas the Japanese Yen can be traded on Bitbank.
Buying Ripple with USD in an Exchange
The USD dollar is undoubtedly one of the most supported cryptocurrency as it is evidently the one which is featured the most in most exchanges that support Ripple transactions.
List of Exchanges where XRP/USD is tradable
The following exchanges allow for the XRP/USD pair for trades.
Buying Ripple with EUR in an Exchange
As expected, the EUR also serves as a worthy rival to the USD as far as dominance in Ripple transactions is concerned.
List of Exchanges where XRP / EUR is tradable
The following exchanges provide for the EUR/USD trading pair
Buy Ripple with Crypto in an Exchange
Other popular cryptocurrencies such as Bitcoin and Ethereum are the most widely used method of accessing Ripple, as most crypto exchanges do not have a provision for fiat-crypto conversions.
Let’s have a look at some of the proven exchanges on the market.
List of Exchanges where Ripple XRP is tradable
Buy Ripple with a Credit / Debit cards
One of the major challenges faced by investors willing to buy Ripple was the lack of instant methods of conducting the conversion through credit or debit cards.
The past few years have witnessed the emergence of highly efficient instant conversion platforms such as Changelly and Coinmama. Let’s look at the two platforms.
Changelly offers a simple and straightforward interface that allows you to buy your Ripple using another crypto or fiat currency through debit and credit cards.
To buy Ripple using a credit card, you need a valid wallet address that acts as a destination for your converted Ripple.
Once on the home page, you are simply required to go through a simple registration procedure which verifies you through your email address.
After this you enter the amount of Ripple you want to buy followed by supplying your credit card details before triggering the transaction.
It is generally free to register and the only fees charged are transaction fees.
Coinmama is another popular exchange allowing for Ripple acquisition through credit and debit cards.
The exchange is nestled in Israel and boasts a colossal 1 million user volume across the globe.
Ripple is a recent addition on the platforms fiat-crypto conversions and it offers relatively higher limits of buying the cryptocurrency.
For instance, the maximum Ripple that one user can buy in a day is placed at $5,000 while the monthly limit is $20,000.
In terms of fees, there is a charge of 6% per transaction which is pretty hectic when compared to most of the exchanges on the board.
Know how buy Ripple is as good as knowing the right exchanges with the most practical method for your needs.
While some options provide you a fully-fledged exchange capable of converting US dollars or Euro’s to Ripple, others simplify the work to provide an instant method enabling you to utilize credit and debit cards.
The options outlined above should provide you a solid step going forward with embracing the cryptocurrency.
The post How to buy Ripple [XRP]? - Complete Guide (2020 updated) appeared first on Crypto Economy.