Buying Ripple and Other Cryptocurrency: The Definitive Step-by-step Guide
Note: This guide was originally written for purchasing Ripple XRP, but can be applied to any cryptocurrency. The only difference is that you will purchase your cryptocurrency of choice (instead of Ripple) on Binance. Enjoy!
Don’t worry if you missed out on buying into Ripple (XRP) during its early stages; the rise of Ripple has only just begun. The best time to invest was last year, the next best time is right now. With Ripple trials being conducted in several banks across Japan and Korea, the coming addition of XRP to Coinbase, as well as rumored partnerships with household-name companies, Ripple is about to blow up in a big way. The value of Ripple has been predicted to reach $9 in 2018, and realistically approach $30 in the medium-term. So don’t worry, even if you buy in at $5, there are still some great returns to be made. Now, how can you join us in riding this wave?
There are two steps to purchasing Ripple and other cryptocurrencies:
- Buying an intermediate cryptocoin with your local currency, such as Bitcoin or Ethereum using Coinbase.com . The link I have provided will give you a $10 discount on your first purchase of $100 or more.
- Converting this cryptocurrency to XRP with binance.com
This method is the most newbie-investor friendly, while also minimizing any wait times and trading fees. If you don’t have any cryptocurrency, start with Step 1. If you already have some Bitcoin, Ethereum, Litecoin, or other cryptos, you can go straight to Step 2.
Step 1: Buying an intermediate cryptocurrency from Coinbase
Coinbase is a website which allows you to purchase and sell Bitcoin, Litecoin, or Ethereum using your local currency with either a credit card or bank transfer. Like any other cryptocurrency exchanges that involve fiat (non-crypto) money, yes, you do have to get verified. But don’t worry, verification is simple and is processed almost instantly. The price of XRP may rise in the meantime, but it will continue to grow well into the future. This shouldn’t stop you from joining in.
- Register on Coinbase.
- Get verified. This is simple, just upload a picture of your driver’s license or similar ID and you will be quickly verified. While you wait, head to step 2 and set up your next account.
- Spend the money you want to invest on XRP on Ethereum. Ethereum is preferable over Bitcoin as the transfer fees for Bitcoin are much higher than Ethereum.
Once you have your Ethereum in your Coinbase wallet, you can move on to Step 2!
Step 2: Converting your other cryptocurrency to Ripple
To buy Ripple, we will be using Binance. This exchange is great because it does not require identification, has free deposits, and has minimal transaction/withdrawal fees.
- Register on Binance.com
- After registering, go to https://www.binance.com/userCenter/depositWithdraw.html and search for the currency you wish to deposit.
- Press deposit on the crypto you purchased earlier and the site should display your deposit address. Copy this address to your clipboard.
- Go to your Coinbase wallet and press send/receive. Press send and paste the deposit address into the “BTC/ETH address” box that pops up. After confirming, this will send your cryptocurrency to the Binance exchange, ready to be traded. The transfer may take some time, depending on how busy the exchanges are, so be patient.
- Once you have your BTC/ETH in your Binance wallet, head back to the main page and click either BTC markets, or ETH markets, depending on which currency you have. In this list, find XRP/ETH or XRP/BTC. Alternatively, use the links below to take you straight to the exchange.
- Now, in the “Buy XRP” section, type the price you want to pay, or leave it as the current price.
- Press the 100% button if you wish to convert all of your crypto to Ripple.
- Press “Buy XRP” and wait for your order to be filled!
Congratulations, you now own some XRP! As a final tip, I recommend using 2-Factor Authentication on each site you register for to ensure the security of your investments. Happy trading, lets ride this wave together!
Securing your investment
Now that you’ve got your cryptocurrency, you should start thinking about how you’re going to keep it safe. For small quantities, or short-term holdings, you could keep it in your Binance account. But cryptos that you wish to hold for the long-term should be moved to offline hardware storage. This will protect you in the case of a security breach, or if the exchange goes bankrupt. The most popular device for offline cryptocurrency storage is the Ledger Nano S. If you have large investments in cryptocurrencies, I strongly suggest you look into purchasing one of these. The cost is nothing compared to the returns your investments will bring, so keep them safe!
After purchasing, read the comprehensive setup guide to safely store your coins.