Step 1 – Get a Ripple (XRP) wallet
The main thing to note when using a wallet to store XRP is to write down the secret key and store it in a secure location. Better yet, write down the secure key many times and store it in many secure locations. This secret key will give users access to their wallet no matter what. XRP wallets generally operate the same as Bitcoin wallets.
It is best to keep your XRP on a hardware wallet for maximum security. It should be noted that every Ripple wallet must initially be funded with a 20 XRP reserve in order to protect against low level spam attacks.
Ledger Nano S is currently the only reliable hardware wallets for storing XRP and a number of other cryptocurrencies.
At the current time, there doesn’t appear to be any highly rated mobile wallets for XRP so I can’t recommend any of the options available. I am sure that will change relatively soon.
Step 2 – Find a Ripple Exchange
There are several options for buying Ripple today. You can either buy it with fiat currency (i.e. USD, EUR, etc.) or you can trade Bitcoins for Ripple on specific exchanges.
Buy Ripple With Fiat Currency
The best way to buy Ripple for people who don’t already own Bitcoin is to purchase it directly through a wire transfer or a credit card.
It is possible to buy XRP with a wire transfer through Bittrex. After signing up for an account or if you already have an account, click on Help > Support > Purchase USDT via Wire Transfer (https://support.bittrex.com/hc/en-us/articles/115001293992-Purchase-USDT-via-Wire-Transfer). Bittrex has a $100,000 minimum for wire transfer. As soon as the transfer clears, fiat currency can be traded for XRP directly on their exchange.
Bitstamp also allows people to move funds onto the platform with a credit card payment or trade Bitcoin directly for XRP. Here are more details on using Bitstamp to purchase XRP.
GateHub is another exchange that supports XRP. First, sign into GateHub and go through their KYC process. GateHub accepts SEPA transfers and bank transfers, although there is a $15 fee for bank transfers. After receiving USD or EUR, it can be traded for XRP on the GateHub trading platform. Here is a detailed look at how to purchase XRP on GateHub.
Buy Ripple with Bitcoin (trade BTC for XRP)
Throughout the Ripple community, the consensus is that the least expensive way to purchase XRP is by buying bitcoin from Coinbase or another provider first if you don’t have $100,000 to send to Bittrex via wire. Then, bitcoin can be sent to any number of exchanges and traded for XRP.
- Login to Bittrex and search for Ripple (XRP)
- Click on “BTC-XRP >> Then this box will appear
- Next, enter amount of Ripple (XRP) you want to buy. Then under ‘Bid’ select ‘Last.’ Keep ‘Limit’ as default. Under “Good ‘Til Cancelled,’ select ‘Immediate or Cancel.’ Then press ‘Buy Ripple.’ Watch the top right hand corner of your screen to see the confirmation. It will be green.
Buy Ripple (XRP) with Cash (USDT) or Ethereum (ETH) (trade USDT for XRP or ETH for XRP)
- The process is the same for buying ripple with cash or ethereum, EXCEPT that you’re going to click on ‘Bittrex logo or homepage’ > Then scroll down until you find “ETHEREUM MARKETS” or “USDT MARKETS”
Step 3 – Withdraw your XRP to your wallet
I wouldn’t recommend leaving your XRP on the exchange you bought them from. This is due to the fact that you don’t actually control the private key for your coins and therefor they are no actually yours.
No matter where you got the coins from remember to withdraw them into your own Ripple wallet that you hold the private keys to. Once the transaction is confirmed you’ve successfully finished the process of buying Ripple. Get your Hard Wallet (Nano Ledger S), then transfer them over to it.
Conclusion – Is Ripple Worth Investing In?
Ripple will probably appeal to larger banks throughout the next couple years, as they offer a global settlement network that enables real time payments internationally, while reducing transaction fees.
Anyone who purchases the innate digital asset, XRP, has the potential to earn huge returns on their investment, if Ripple keeps making headway throughout the banking sector. While fleeting, the concept of XRP becoming an established global reserve currency is an ideal scenario for investors.
Even though XRP has increased in value significantly in 2017, I believe this is just the beginning of its ascent. However, as always, were there is great reward there is also great risk involved.