With the Boom in cryptocurrency industry, Bitcoin has come in a huge limelight but there are many altcoins which are doing exceptionally well.
Altcoins like Ethereum, Ripple, Litecoin has established their market quite well in just 3-4 years. Ethereum has already grown over 4000% within a year itself and Ripple has increased more than 3000% within a year.
Since Ripple is gaining momentum pretty fast a lot of people are willing to grab their share of profit. So I thought to share a detailed article about basics of Ripple and How you can buy Ripple(XRP) in your country.
- 1 What is Ripple(XRP)?
- 2 How to Buy Ripple?
What is Ripple(XRP)?
Ripple is a global platform making the transfer of currency fast, secure and low-cost worldwide. This will allow transferring money from one corner of the world to the other within seconds with almost zero transaction fees.
Ripple is working in banking sector helping them to increase the efficiency of funds transfer through the world.
For example. In the current situation, if you want to send money from India to Japan then it is not quite feasible as the money has to first converted from INR into USD and then USD to JYP. These multiple conversions add hefty fees every time.
But with Ripple, a person can send money to someone in Japan in a relatively inexpensive way. One can buy Ripple using INR and then send it to the person in Japan when he/she can trade Ripple(XRP) for JYP.
This way the transaction is much faster and cheaper than the conventional ways. So, XRP is 0a platform which allows easy & quick exchange of different currencies.
This payment protocol was released in 2012 and is just focusing on the banking sector.
Why Will Banks use Ripple?
As discussed above, Ripple allows to transfer the funds faster and cheaper and it is the future of exchanging currencies. According to ripple, Banks can save around $3.45 on every transaction using their payment protocol.
Banks, on the other hand, wants to make money while saving much more. So, they would use their protocol for completing the transactions. Moreover, some Banks like Santander, UniCredit, UBS, ReiseBank, CIBC, National Bank of Abu Dhabi (NBAD) etc have already adopted ripple to improve their cross-border payments.
So, Ripple has a bright future ahead as they are trying to solve a real world problem. They have also been listed in Top 50 innovative Fintech startups by Forbes.
How Many Ripple(XRP) Coins are there?
If you are familiar to cryptocurrencies, it works on Coins. Similarly, Ripple has pre-mined ripple coins.
There are 100 Billion XRP coins out of which the company holds 61 Billion coins. Ripple has the majority of the coins. Ripple can sell these coins in the open market to raise money. But to build the trust of the investors, Ripple has locked 55 Billion XRP coin using 55 Smart contracts. One smart contract expires on day one of every month allowing Ripple to use the coins where they see the perfect fit.
Ripple has been spending around 300 million XRP every month for last 18 months to fund the project. These expenses generally cover hiring the top talents to improve the platform, Marketing and other regular work.
I hope you got enough information about Ripple. Now let’s come to the main point of how you can buy Ripple in your country.
How to Buy Ripple?
So we will be discussing some of the tried and tested ways to Buy Ripple coins.
Buy Ripple(XRP) on Bitstamp
Currency Supported: USD, EUR, BTC, LTC
Payment Modes: Wire Transfer, Bank Cards, AstroPay, EU Banks(SEPA), BTC, LTC
Bitstamp is a popular exchange which allows to Buy Ripple with Fiat currency. You can buy ripple with USD, EUR, and BTC by using via SEPA, wire transfer, Credit Card, Debit card or some other deposit method.
It is quite easy to buy XRP but you need to go through proper verification before being able to get XRP. Bitstamp supports mostly all the countries in the world but make sure to check your country here.
Steps to Buy XRP on Bitstamp:
- Go To Bitstamp
- Now Create a New Account
- Now Check your Email for Username & Password to Login to your Bitstamp Account.
- You need to set a new password now.
- Now you need to verify your account through Photo ID and Residence proof. Once documents are submitted, verification will be completed within 24 hours.
Once your account is verified, its time to buy some XRP. You can buy using your Bank account, Internation Credit/Debit Card, Astropay, Bitcoin and even Litecoin.
- Select the pair from the left side & Select the Payment mode.
- Now Enter the amount XRP you wish to Buy & Click ‘Buy XRP‘.
- Pay the amount and you will get XRP in your Bitstamp account as soon as the transfer clears.
In my view, Bitstamp is a very fast and reliable way to buy Ripple anywhere in the world. The fee is also average when compared to other exchanges which sell XRP, BTC, ETH etc.
However, Fee various as per the mode of payment and the amount. You can check Bitstamp fee schedule here.
- Accepts Credit/Debit Card
- Available in most of the countries
- Good security
- Huge Reputation
- Higher fees on Cards
- Wire transfer might take 2-3 days
Buy XRP on Kraken
Currency Supported: BTC, EUR, USD, JPY, CAD
Payment Modes: Wire Transfer, Bank Transfer, BTC
Kraken is one of the biggest exchange with most of the userbase from Japan and US. This exchange allows you to easily purchase XRP through Wire Transfer, Bank transfers, BTC and other altcoins.
Similar to all the exchanges you need to first visit Kraken and make an account.
Then verify your account. If you want to make Bank transfer or wire transfer then you need to complete Tier 2 or Tier 3 verification as per your jurisdiction.
Tier 2 Verification includes providing Customer Identification information while Tier 3 includes uploading Government Photo ID and Residence proof.
How to Buy Ripple on Kraken
- Once your account is verified, Login to your account
- You need to Buy XBT first, then buy XRP using XBT. Select the currency Pair like XBT/USD for Buying Ripple with USD or XBT/JYP for buying Ripple with JYP fiat money etc.
- Now, To buy XRP with your XBT, select XRP/XBT from the currency pair drop-down.
- Now place a Buy Order, in the new order tab
- Enter the Amount of XRP you wish to Buy and Complete the order.
Since Kraken is an exchange, you need to set the Buy and sell limits. If you are new to Kraken or trading, then you might find it a bit difficult to purchase your first Ripple coins. But you will get to learn over a period of time.
The fee at Kraken is average and it varies for different modes of payment.
- 2 step authentication
- Low fees
- Verification takes time
- Not simple for Beginners
Buy XRP on Gatehub
Currency Supported: USD, JPY, CNY, EUR, BTC, ETH
Payment Modes: Bank Transfer, BTC, ETH, ETC, REP
Gatehub allows you to Buy XRP with USD, EUR, BTC, ETH, ETC and REP. Gatehub.io interface is quite simple and minimalistic which looks absolutely great.
- Visit Gatehub & Create an Account
- Now you will get a Recovery Key. Just write down this key & store if on a safe place. This is the only way to recover your account if you forget the password.
- Once, You store the Recovery Key. Click on the Activation link you got in your email.
- You need to complete the Mobile Number verification when you login for the first time.
- Just skip step 2,3,4 and 5 as of now and connect a Gateway to pay and Select Currency.
- Once your gateway is confirmed, you need to deposit the amount.
- Click on ‘Deposit/Receive’
- Select the Gateway you had connected.
- You will get an email once your funds have been received by the company.
- Once your account is funded, just Enter the amount and Click ‘Exchange‘.
That’s it! You will instantly get XRP in your account.
Since Gatehub is an online wallet but I would recommend you not to keep a large amount of XRP on it make sure you shift them to a Hardware wallet.
You can also check real-time Market trends of XRP on Gatehub dashboard.
- Responsive Support
- Lower pricing
- Initially, Beginners might get confused with the options
Buy Ripple(XRP) on Shapeshift
Currency Supported: USD, EUR, Cryptocurrencies
Payment Modes: Bank Cards, Cryptocurrencies
If you own some Bitcoins and want to get Ripple instantly, then you must try Shapeshift.
Shapeshift is an instant cryptocurrency exchange which allows you to convert your digital currency.
It has a very interactive yet simple User Interface and it would not take more than 5 minutes to complete a conversion.
Another great thing is that you do not need email verification to convert the currencies. You can straight up send the BTC and get XRP.
The fee for exchanging currencies is pretty low i.e. 0.5% per conversion.
- Instant Process
- Low fees on exchanging currencies
- Great customer support
- No dashboard to see previous transactions
Buy Ripple in India on BTCXIndia
Currency Supported: INR
Payment Modes: Bank Transfer(NEFT/IMPS)
- Go To BTCXIndia
- Enter all your details and Register your account.
- Now verify your Mobile and Email ID.
- Once verified, Now login to your account.
- Enter the Client ID, Password and Click on Click the Generate Dynamic Access Code
(You will get a Generate Dynamic Access Code on your email ID)
- Click on Secure Login.
- Now Complete the KYC process by submitting your Identity Details, Bank Details and Address Details.
Once all the formalities are completed, you will get an email once your account is verified.
Deposit Funds and Buy Ripple:
- Login to your account and Click on Wallet.
- Now you need to Deposit money in BTCIndia account and Enter Transaction Details.
- Once you get INR in your account, You can Buy XRP(Ripple).
- Now click on ‘Trade‘ and Enter the amount of XRP you wish to Buy.
- Click’Confirm’ and you will get XRP in your account.
- That’s it! You will soon get XRP in your account.
These were some ways to buy Ripple(XRP) around the world. I will keep on updating this article with more ways as soon as we try them.
Now let’s see how you can safely store your Ripple(XRP).
Storing your Ripple (XRP)
I always recommend, never to store your Digital currency on any online exchange or website, similar is the case is with Ripple.
Should You Invest in Ripple?
Before investing in any cryptocurrency make sure you know about its use and future prospect. Cryptocoins are like shares which we deal in the Trading world, their value increase only if the company’s product is useful and has a bright future.
Since Ripple is trying to solve a real problem in Banking world, I personally feel its future is bright. Everyone in the world wants the transaction to be faster and inexpensive and that’s what Ripple is working on.
But Since Ripple has a contract of releasing 1 Billion coins every month, the value of the currency might not increase very quickly. This is majorly a setback for all those who are investing in Ripple. But If you invest with a long term perspective, then would surely hit a jackpot after a year or so.
I hope you liked this article and by now you must have got to learn a lot about Ripple(XRP).
Don’t forget to share it with your friends.!
Do checkout other useful guides:
- Buy Bitcoin with Credit Card
- Buy Bitcoin with Amazon Gift Card
- Buy Ethereum with Credit/Debit Card
- How to make a Bitcoin Paper Wallet