This is a question I have been asking myself the last few weeks. The answer is not so simple as to where do I buy Bitcoin, Litecoin or Ethereum. There are various ways to buy the cryptocurrencies mentioned here with your credit card. I still did not find where I can buy Ripple directly with my credit card.
Why do I want to buy Ripple? Bitcoin passed me by. The price is so high now that it is impossible right now to buy it. For me now it is only interesting to trade Bitcoin. iMarkets Live will learn you all about it. Ripple is another cryptocurrency that is on the move. The symbol used for Ripple is XRP. The price is very low now but I am sure that the price will rise in the future.
I found a place where I do buy Ripple but to do so you need a lot of things. These things I will explain here. Be prepared.
Own Bitcoins, Litecoins or Ethereum
Searching the possibilities for buying Ripple, I only found a way to buy Ripple with another cryptocurrency. The most used cryptocurrencies to buy things with are Bitcoins, Litecoins and Ethereum. You need to have one of them to be able to buy Ripple. Most of the time you can not buy them the same place where you store them. You can store cryptocurrency in a digital wallet. I will not go into detail where you can buy them, but Coinmama works well for me.
So the first thing to do is to have your wallet with Bitcoin, Litecoin or Ethereum ready.
Cryptocurrency Exchange Platform
There are different cryptocurrency exchange platforms. Some of them are Binance, Bimex, Gate.io, and Capdax. Here I want to tell you more about Binance. Let start with the meaning of a cryptocurrency exchange platform. Another name used for these types of platforms is digital currency exchanges (DCE). These platforms are companies that make it possible for customers to exchange/trade cryptocurrencies. At Binance you can exchange cryptocurrencies for other cryptocurrencies. The companies charge you some fees for using their platform and their services.
Here are the fees you will encounter at Binance.
There is a fee for trading
- 0.1% trading fee
- If you have any Binance Coin (BNB). The system is set to pay for the transaction with BNB if you have them. A 50% discount will be applied, if you use BNB for transaction fees, which is 0.05%（temporary).
There is no fee for deposit.
The fee for Withdrawal is different for every cryptocurrency. The fee for withdrawing Ripple is 0.25 XRP. There is also a minimum withdrawal of 22 Ripples. Meaning that when you want to withdraw Ripples from the Exchange to your wallet you have to withdraw a minimum of 22 Ripples and paying 0,25 XRP for the withdrawal. If the price is $1 for Ripple you pay $0.25. If the price is $0.90, you will have to pay 0.25 x 0.90 = $0.23.
Click here for a list of all the withdrawal fees.
- First step: Open an account at Binance
- Next step: deposit funds
In the header choose Fund and then look up the cryptocurrency you want to deposit. Click on deposit and it will give you an address where to send your cryptocurrency too. You must be sure that the cryptocurrency you clicked is the one you have in a wallet. Copy the address.
Now go to the wallet where you have the cryptocurrency you own. Send the amount you want to the address you just copied. To know the amount I first made an estimation. For example, 75 XRP would cost me 0.085 ETH.
- Now, wait for confirmation.
You will get an email from your wallet where you did withdraw and you will get an email from Binance that they received your deposit.
- Finally, you can buy Ripple.
From the main menu of Binance choose Exchange. Choose against which cryptocurrency you are going to exchange Ripple. In other words, how are going to buy Ripple? With Ethereum, bitcoin or something else. If you choose Ethereum you will get a page where you have to scroll down to see this:
Fill in the amount of Ripple (XRP) you want to buy. Be sure you have deposited enough. Click on Buy XRP.
(Be sure to buy more than 23. There is a minimum withdrawal of 22 XRP from Binance. And some of the wallets use a Reserve. I call it a fee of 20 XRP. Depending on the value of Ripple the reserve could change over time)
Where it says Open Orders you will see your order appear. In just a few minutes it will disappear and appear in My 24h Order History.
YOU BOUGHT RIPPLE FOR THE FIRST TIME!!!!
As you had your other cryptocurrencies in a wallet, you will need a wallet for Ripple. There are some possibilities. I will show you the one I use. It is called Toast Wallet. Go to their website to install the software on your computer or phone.
As soon as it launches you will see the agreement and where they tell you about the 20 XRP reserve.
You can read and scroll down and click Create a new wallet. Next, they ask you for a PIN of 6 numbers.
Then they will ask you for a Passphrase. It is all up to you but you have to use letters, at least one number and at least one non-alphanumeric character.
You will receive a 6-word sentence. Sentence? The words have no meaning to me 😉 You have to write this down and save it in a very secure place.
Next: insert your PIN and click on ‘create account‘. Followed by Generate address.
A partial address will be generated. You have to put in your Passphrase and finally, the complete address is generated. Also, put a nickname. This will be needed (as a label) when transferring the Ripples.
Transferring your Ripples
An empty wallet is not what we want. Now we want to transfer our Ripples from the exchange to our wallet. Here are the steps:
- Click on the “house” left hand, all the way down.
- Click on Address.
- Copy your Address.
Now it is time to go back where we bought our Ripples, and that is to Binance.
- Log in (if you are not)
- Go to Fund –> Withdrawal.
- XRP is the coin we want to withdraw.
- Choose a new address where you fill in the label (nickname for your address in Toast Wallet) and paste the address in.
- Fill in the amount.
- And submit.
You will receive an email with confirmation that all went well.
This is a way. Not very easy, but it works well. If you have no wallet with Bitcoin or Ethereum it will take a bit more time. Do not be discouraged. Once your wallets are created, it is very easy.
Just remember. You need a wallet for your cryptocurrencies and sometimes you need different wallets for different currencies.
Also, the place where you buy your coins is not where you save them.
I hope this post was helpful to your question Where do I buy Ripple? Please let me know.
Maybe you have an easier way to where we can buy Ripple, let me know too.