Do you want to buy XRP but don’t know where to start? This guide will teach you everything you need to know. But first, it is important to understand what XRP is and learn more about the platform behind it – Ripple.
What is XRP?
Ripple was released in 2012 and is a real-time gross settlement system, currency exchange, and remittance network. XRP is Ripple’s token and provides liquidity whilst allowing for faster inter-banking payments. Ripple was created to help connect banks and payment providers. Its goal is to allow for frictionless experiences when sending and receiving money globally. XRP is aiming to become the on-demand option to source liquidity for cross-border payments.
XRP has a strong following and community who call themselves the ‘XRP Army’. This comes as no surprise due to the number of benefits XRP provides. A few benefits include:
- XRP is popular due to its fast transaction times. It only takes around four seconds to process a transaction with XRP, making it much quicker than its competitor, Bitcoin.
- XRP’s blockchain, Ripple, adds extra security and transparency to all payments by adding each transaction to the public ledger. This ledger cannot be altered or deleted.
- Another great advantage of XRP is its cheap transaction fees. If you want to send $2,000 to someone on the other side of the world, it would reach them in no longer than five seconds and only cost you around half a cent.
How to buy XRP
The first thing you will need to do is get yourself a wallet that supports XRP. Below are some of the most popular cryptocurrency wallets that you can use.
The Atomic Wallet is available on Windows, Linux, and MacOS, making it extremely accessible. It is a multi-currency and custody-free wallet that is transparent and reliable. It helps to minimise the efforts that go into managing your funds and gives a high level of security, allowing the customer to have control over their funds. Users can also purchase XRP through the Atomic Wallet via a bank card, making it a great option for those who want easy access to XRP.
Ledger Nano S
The Ledger Nano S is another wallet that supports XRP. It is a hardware wallet, meaning users can have trust knowing their funds are stored safely offline. This means the wallet cannot be hacked, unlike an exchange or desktop wallet. This wallet is an external device that looks similar to a USB drive. Users can plug the wallet in and out of their computer whenever they like. This means funds can be accessed at any time in any place. With cryptocurrencies being so vulnerable to hacks, the Ledger Nano S is a handy option for XRP owners.
Choose an exchange
After you have chosen a wallet, it is time to use an exchange to purchase your XRP. There are many exchanges on the market that allow you to sell, buy, and trade XRP, but they all have different features and interfaces. It is important to choose an exchange that suits your individual needs. A couple of popular examples are listed below.
Coinbase is one of the largest cryptocurrency exchanges in the world, supporting more than 42 different countries. Founded in 2012, it is also one of the oldest exchanges and acts as a brokerage for all XRP owners, offering buy and sell features. The exchange allows for multiple payment options, including wire transfers, credit and debit cards, and PayPal. Coinbase is great for beginners as it is easy to use and has an advanced customer support team. However, if you are an experienced trader, Coinbase Pro might be better suited to your needs.
Based in the United States, Poloniex is one of the world’s leading crypto-to-crypto exchanges. This means users have to buy and sell with cryptocurrencies as fiat currency is not allowed. This is fine if you already own some form of crypto, but if you don’t, then you will not be able to use Poloniex. Anyone in the world can use this exchange and it supports multiple cryptocurrency pairings. Poloniex is also one of the cheapest exchanges on the market as it only charges a fee for the blockchain transaction, unlike other exchanges that make a profit on top of the transactions.
By now, you should know how to buy XRP. The next step is to keep it safe and secure. By keeping your XRP in a hardware wallet, your funds will be safer and less prone to hacks.