Bitbuy Digital Currency Exchange
- Based in Toronto
- Lets you make quick buys and sells or actively trade
- Bitbuy dashboard makes it easy to manage and track your crypto
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As one of the world’s largest cryptocurrencies by market cap, XRP (XRP) is one of the most traded currencies on global crypto exchanges. The native asset of the open-source XRP Ledger, XRP is designed to facilitate fast and affordable transactions between the world’s different fiat currencies.
XRP is most famously used by cross-border payments provider Ripple, but can be bought and sold by everyday users on a wide range of exchanges. If you want to know how to buy XRP with fiat or cryptocurrency, read on for step-by-step instructions.
This is our quick guide to just one way to buy XRP. Compare some other options in the table below.
XRP is available on an extensive range of cryptocurrency exchanges, including the following:
Unsure about the difference between Ripple and XRP?
Ripple is the name of a US technology company that aims to make it easier and cheaper to send money overseas. Meanwhile, XRP is the native digital asset of the XRP Ledger and is used to facilitate transactions between different fiat currencies.
If you’re a cryptocurrency novice, you’ll most likely find that buying XRP with fiat currency is the easiest and most convenient option. However, you can find simple, step-by-step instructions below on how to buy XRP with either fiat or digital currency.
If you want to buy XRP with Canadian dollars, here’s one example of how you can do it:
Step 1. Register for an account with an exchange that supports XRP
While you can buy XRP on a wide range of exchanges, only a limited number of them allow you to purchase XRP using Canadian dollars (CAD). You can register for an account with an exchange by providing your name, email address, mobile number, proof of residency and proof of ID.
Remember to enable two-factor authentication for increased security.
Step 2. Deposit funds into your account
Once your account has been verified, log in and click on the “Deposit CAD” link from your account dashboard. You can then make an online deposit using the supported deposit methods.
Step 3. Buy XRP
When the funds arrive in your account, click on the “Buy/Sell” button, search for Ripple and click on “Buy XRP”. You’ll then be able to enter the amount of XRP you want to buy or the amount of CAD you want to spend.
Make sure you take a moment to review the full details of your transaction before clicking “Buy XRP”.
Step 1. Register for an account with Binance
You can trade XRP on an extensive range of cryptocurrency exchanges, so compare the features of a number of platforms before choosing one that’s right for your needs.
Binance is one of the world’s largest crypto exchanges and it lists XRP in multiple trading pairs. You can sign up for a Binance account by providing your email address and creating a password. Make sure you also enable two-factor authentication on your account before depositing any funds.
Step 2. Deposit funds into your account
You’ll now need to ensure that the cryptocurrency you’ll use to buy XRP is in your exchange wallet. If it’s already there, skip ahead to step 3.
To transfer funds into your account, you’ll need to make sure you’re depositing them to the right address. On Binance, this means clicking “Funds” and selecting “Deposits”, and then searching for the coin or token you want to deposit – Binance lists XRP in trading pairs alongside bitcoin, Ethereum, Tether and Binance Coin.
Choose your desired currency and then copy the relevant wallet address or scan the QR code. You can then use this address to deposit funds from your external wallet.
Step 3. Buy XRP
Once the funds have arrived in your account you can navigate to the exchange page and buy XRP.
On Binance, you’ll need to click the “Exchange” tab and select either the “Basic” or “Advanced” trading view, then search for the pair you want to trade, such as “XRP/BTC”. Select a Limit, Market or Stop-Limit Order before entering the amount of XRP you want to buy.
Make sure you take a moment to review the transaction details before you click “Buy XRP”.
If you want to sell XRP, the process for doing so is quite similar to the buying process outlined in Step 3. Depending on the exchange you choose, it’s possible to exchange XRP for a decent range of fiat and cryptocurrencies, so do your research to find the right platform for you.
However, keep in mind that XRP isn’t listed in trading pairs with every possible currency, so it may not be possible to make a direct exchange for the coin you want.
While you can store your XRP on an exchange if you wish, this is generally not recommended due to the security risks associated with centralized trading platforms. Instead, it’s a good idea to transfer your tokens to a secure, private wallet.
Ripple doesn’t offer an official wallet for XRP, but there are several third-party providers that offer wallet support for this popular crypto. Examples you may want to consider include the Ledger Nano S hardware wallet, or a mobile/web wallet like Uphold or Cryptonator.
Ripple is a San Francisco-based tech company that also has offices in New York, London, Sydney, India, Singapore and Luxembourg. Founded in 2012 and currently led by CEO Brad Garlinghouse, Ripple is focused on making it quicker, easier and cheaper to send cross-border payments.
Ripple aims to create a global settlement network that allows for more efficient transactions between financial institutions around the world. Its network, RippleNet, is designed to connect banks, payment providers, digital asset exchanges and corporate entities around the world, linking independent payment infrastructures to allow for fast and affordable international transfers.
And this is where XRP comes in. XRP is the native digital asset of the XRP Ledger and acts as a bridge currency, facilitating fast transfers between different fiat currencies. Transactions using XRP can be processed within four seconds, as opposed to the lengthy waiting times that currently plague international bank transfers.
XRP is also designed to be scalable, making it capable of processing 1,500 transactions per second. This, combined with low transaction fees (currently set at a minimum of 0.00001 XRP per transaction), has seen Ripple strike up partnerships with more than 100 financial institutions.
Ripple offers three main solutions for banks and other corporate entities:
Cryptocurrencies are complicated and volatile assets, so it’s essential that you do your own research before purchasing any digital coin or token. There are myriad factors that can potentially impact the price movements of any given crypto, so if you’re thinking of buying any XRP, make sure you consider the following:
Consider all these factors and any other potential risks before deciding whether you should buy XRP.
No, Ripple does not endorse or recommend any XRP wallets.
We’ve compiled a list of 5 of the most popular choices in our guide to the best XRP wallets.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
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