Recently, the ripple coin has been trending for all the right reasons. Part of the reasons is its ability to unseat Ethereum (ETH) from the second position on the list of coins with the second highest market capitalization. The other reason is its unprecedented surge in price. As such, most people are looking into getting a share but, unfortunately, they do not understand the right process to follow to buy Ripple coin (XRP).
However,the process, with a little lighting of the way, is much straightforward and can be done by even the most ‘green’ individual in the cryptocurrency arena. Additionally, the process applies no matter the exchange you will be using to buy Ripple.
In this guide, we shall discuss a 3-step procedure on how to buy Ripple from any exchange.
Storage is the first thing you should consider before heading to the ‘buy ripple’ section of any exchange or accepting XRP coins from a friend.
As you may already know, cryptocurrencies are stored in a wallet. The wallet can either be software or hardware. Others may say hot or cold. However, not all cryptos are supported by all types of wallets, and XRP is no different.
When you want to buy Ripple coin, you must choose a compatible wallet. As with other wallets, when using an XRP wallet for the first time, there will be a secret key associated with the wallet. The key is very crucial because it will help you gain access to your wallet. The key should be written on a piece of paper and stored safely. If the key falls in the wrong hands, your XRP coins or any other coins in the wallet are gone and gone forever.
With hackers having sophisticated ways to compromise the security of software or hot wallets, it is advisable that after you buy Ripple, you should store it in a hardware or cold wallet. Hardware wallets that support XRP include the Ledger Nano S.
2 Where to buy Ripple
Now that you have a wallet for your XRP coins, it’s time to scout for the best cryptocurrency exchange to buy Ripple. Some exchanges have different XRP trading pairs with most supporting XRP/BTC, ETH pairs. Others allow you to buy Ripple directly with fiat. For example, Coinmama allows you to buy XRP using a debit or credit card. Others like Bitstamp will allow you to buy Ripple with a wire transfer.
Most of the cryptocurrency exchanges will require you to create an account with them before you can proceed to buy ripple. During the account opening process, the Know-Your-Customer (KYC) process varies from one exchange to the other. Popular details requested during the KYC process include your full names, mobile phone number, email address, and a government-issued identification card.
Popular cryptocurrency exchanges to buy Ripple include Kraken, Bittrex, Poloniex, Bitbank, Bitso, Korebit, and Coinone.
3 Transfer your new found digital wealth
Once you buy Ripple on an exchange, it is stored in your account on that exchange. There is a danger in this. If the security of the exchange is compromised by hackers,your coins are gone. Therefore, after you buy Ripple (XRP), you should transfer the coins to your own wallet. This gives you full control of your Ripple coins
This option works regardless of how much you trust the security of the exchange from which you bought your coins. As stated earlier, hackers are developing new tools every day making what seems secure today be insecure tomorrow. To be on the safe side, after you buy Ripple coins, transfer them to a wallet preferably a hardware wallet.
Looking at what XRP and the Ripple foundation have achieved in 2018, and considering what is still in the pipeline, this guide on how to buy Ripple, comes just at the right time when you are thinking of investing in XRP.
In the past, the Ripple platform has been focusing on enabling financial institutions to make low cost and almost instant cross-border money transfer but without the use of the platforms native currency, XRP.
However,this is slowly changing with the foundation noting that it will start pushing for the usage of XRP by those seeking to use the Ripple platform.
With such news, this can be interpreted as the best time to buy Ripple and while at it follow the above three steps.