It is safe to say that almost all cryptocurrencies are more or less alike and share a similar idea, Ripple is slightly different from the others. Ripple is backed by major banks with UniCredit, Royal Bank of Canada, Axis Bank and Deloitte among them. Ripple’s tempting proposition is cheaper rates and faster international transactions which makes it extremely valuable partnership for any bank.
You may be wondering how can you obtain some XRP for yourself? Here is a quick guide which will help you to become a happy owner of Ripple cryptocurrency.
Step 1. Get yourself secure Ripple wallet
Even though most exchanges will allow you to store your newly purchased cryptocurrency with them, it is not completely safe. It is a known fact, that exchanges frequently become victims of hacker attacks. You do not want your newly purchased Ripple coin to be stolen from your account, right? That is why you should never leave it on your exchange account but should transfer it to your electronic wallet instead. Check some good options below:
It is the official XRP wallet available on Android, IOS, Mac, Windows, and Linux operating systems. Toast wallet is not an online wallet, so no details are being sent to the company’s servers meaning that a possible hacker has nothing to hack. The wallet is completely secured with a PIN and passphrase.
If you are planning a serious investment in Ripple, then you should consider buying a hardware wallet. It is a wallet on a smartcard device which connects directly to a USB port. Ledger is the safest way possible to secure your XRP.
Step 2. Choose yourself an exchange
There is a great variety of reputable exchanges and a majority of them accepts trades in XRP. We will use Kraken exchange for this guide as an example. First of all, you will need to register the account and create a strong password for it. Then activate your account via email address. Please be warned, that as any respectful exchange, Kraken will ask you to undergo the verification process. They will request you to provide your Proof of address and Identification document (passport, drivers license or ID card). In addition to that, you will need to provide an ID confirmation photo in case if you are:
- German, United States or Japan resident
- Funding with German bank account
- Using domestic USD or domestic JPY funding
The verification process may take from 1 to 5 days, so consider this when you are starting your Kraken account. Monitor your email box, as you will get the notification once your account is verified.
Step 3. Fund your account
Once your account gets verified, you will need to fund it with your local currency. Select the option “Deposit” from the drop-down menu. Follow the instructions to send your fiat currency to Kraken account. Please note, that transfer time may take some time, up to 5 days in most cases. However, usually, the process can be completed within a day or two.
Step 4. Do the trade!
So, now that you signed up for an exchange and have the wallet to actually store your Ripple in, you are fully equipped and ready to buy yourself some XRP.
Click on the trade tab and select “New order”. Select the currency which you are willing to buy (Ripple in this case) and the one you want to use to make the purchase and specify how much you want to buy or spend. When everything is ready, press a big green button “Buy XRP with”.
Step 5. Transfer your XRP into the wallet
As mentioned above, it is not safe to store your cryptocurrency within the exchange. Select “Withdraw” button, then choose XRP from the list and specify how much you want to withdraw. Afterward, follow the instructions and add the address of your previously prepared wallet. When it is ready, click “Confirm withdrawal”. The withdrawal process should not take more than a couple of hours. In the end, it will appear on your wallet.
Hope this guide will be useful for you in your quest of becoming a happy owner of Ripple. Follow our guide and the process shouldn’t create any difficulties for you.