Behind Ripple stands the company Ripple Labs, which was founded in 2012 in San Francisco by today’s CEO Chris Larsen and Jed McCaleb. Ripple Labs is registered in many countries as a company and is thus fully viable with all rights and obligations.
Ripple Trading: Which platform to buy from?
How do you trade Ripple? Unlike the “normal” stock market, where stocks, funds or bonds are traded, buying Ripple is not that obvious. Generally you get direct support from your bank when trading stocks, funds, etc., or you have friends and acquaintances who can help out. In the case of Ripple, this is usually a bit more difficult.
Banks do not offer cryptocurrency trading. So you are usually on your own. In the following section we would like to give you recommendations based on our experience on how to buy Ripple.
To buy Ripple, you first need to buy Bitcoin and then trade BTC for XRP. Here is how to do it:
Step 1: Find a Trustworthy Exchange
From our experience, Coinbase is a reliable, reputable and established exchange. Coinbase offers the possibility to buy Bitcoin in a fast and uncomplicated way. You can start right away with the purchase of the digital currency.
Step 2: registration
Visit coinbase.com and click on the “Sign up” button. You will get to the following overview:
After entering your full name (first and last name), e-mail address, password and country, just click the “Create account” button. Coinbase will send a confirmation link to your email address. After clicking the link in the e-mail sent by Coinbase, you can start buying Bitcoin.
But before, you will have to enter your phone number and provide additional information about yourself like employment situation, anual income etc.
Step 3: Buy Bitcoins
Under the menu item “Buy/Sell” you select Bitcoin and enter how much Bitcoin you want to buy. You can choose between the following Payment Methods:
- Banc Account Link (US Users)
- Debit Card (US + European + Australian Users)
- Wire Transfer (US + European Users)
Coinbase offers a wallet for all the currencies you can buy and sell on coinbase.com. Once you bought Bitcoin on Coinbase, you will see the corresponding units automatically in your Bitcoin wallet.
If you want to sell Bitcoin, you just have to generate your Bitcoin address and send your funds from your Desktop wallet, hardware wallet like Ledger or another Exchange to you the Coinbase address and you will see your funds in the overview.
Step 4: Buy Ripple at Binance
To buy Ripple, you just have to send your Bitcoins to Binance in order to trade them for Ripple (XRP).
To do just that, visit binance.com and register for an account. You don’t need to verify your identity: with an unverified account, you can withdraw up to 2BTC in a 24h time window.
Search for Ripple or XRP in the overview section:
Then click on the trading pair XRP/BTC. This will take you to the Exchange view:
Here, you simply enter the amount of Ripple that you want to buy. By using the Market option, you will buy Ripple at the current market price. This is the best option if you want to buy Ripple in a fast and uncomplicated way.
You can define your own price when choosing the Limit option, but Binance will show an error message if the price is too different from the current Ripple price, since the probability of someone willing to sell you Ripple for that price is relatively low.
Once you click on the Buy XRP Button, your order will be processed immediately. Your funds will be transferred to your Ripple Wallet at Binance. From here, you can send them to a Hardware Wallet like Ledger or trade them for a different cryptocurrency at Binance.
If you have any questions about the process let us know and we’ll do the best to help you out.