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The United States Securities and Exchange Commission filed an action against Ripple Labs Inc, and two of its executives, on December 22, 2020.
“We allege that Ripple, Larsen, and Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple’s business and other important long-standing protections that are fundamental to our robust public market system.” – Stephania Avakian, Director of SEC’s Enforcement Division in a US SEC press release.
What this means for Ripple:
Many US and some European cryptocurrency exchanges have halted Ripple trading for the time being, meaning liquidity may be an issue if you are buying or selling Ripple at this time.
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 it 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. Skip ahead to our curated list of top XRP exchanges.
It’s typical to find trading fees of about 0.25% to 0.5% per trade on US cryptocurrency exchanges, while brokers will typically charge even more. They may also sell above market rates, or charge deposit and withdrawal fees, which results in extra “hidden fees”. Low-liquidity exchanges experience similar problems, with price slippage representing a major potential cost.
By contrast, the upper end of Kraken’s trading fees are at the lower end of the market average, presenting a competitive option even before you apply any discounts.
Its USD to crypto markets are also liquid enough that price slippage isn’t a major concern for most people, and there are also a range of USD deposit options with low, flat fees. Note, however, that even though these flat deposit fees are cost-effective on large transfers, they’re much less cost-effective for small deposits.
Overall, in this way, Kraken offers solid value for money for someone who just wants to get started buying cryptocurrency, as well as good value for more active traders who want to take advantage of its highly liquid markets and volume-based trading fee discounts.
There are two main things that can slow down buying cryptocurrency.
On the other end of the spectrum, some exchanges can get you signed up, verified and buying cryptocurrency in just a few minutes.
Coinmama is one of these. Verification times may vary, but at the lower end it can take just a few minutes to complete the initial tier 1 verification, assuming you have your documentation (driver’s licence, a clear selfie and personal information) ready.
It’s also one of relatively few exchanges to support credit card payments, which facilitates instant cryptocurrency purchases.
Coinmama isn’t the cheapest option, but it is fast.
Buying cryptocurrency for the first time can be overwhelming and complicated.
Coinbase isn’t. It’s become one of the biggest names in Bitcoin by focusing specifically on making it as easy as possible to buy cryptocurrency for the first time.
It works on both mobile and desktop, it offers a range of payment methods to suit almost anyone, and it walks buyers through each step to making their first purchase.
Coinbase gives users their own wallets and has an active customer service team. Visually, it delivers a much more soothing and uncluttered interface than other exchanges.
Among other beginner-friendly features are the ability to send money to someone (as Bitcoin) through just their email address, and an expansive educational section which slowly unfolds for users.
Coinbase is designed for people who want to gradually wade into cryptocurrency instead of diving into the deep end.
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 US dollars, here’s one example of how you can do it:
Step 1. Register for an account with Kraken
While you can buy XRP on a wide range of exchanges, your choices in buying XRP with US dollars (USD) are limited. US-based Kraken, however, allows you to do so, and you can register for an account by providing your name, email address, mobile number, proof of residency, social security number and proof of ID.
Remember to enable 2-factor authentication for increased security.
Step 2. Deposit funds into your account
Once your account has been verified, log in and go to your account, click “Funding” and then “Deposit”. You’ll then be asked to choose your deposit method.
To deposit US dollars, you’ll be instructed to make a deposit wire transfer that must be completed at your bank. Kraken doesn’t support credit or debit card purchases of XRP.
USD deposits through a wire transfer are only available for Kraken’s Tier 3 or 4 account holders. You can see how Kraken structures its tiers by visiting the Kraken site.
Step 3. Buy XRP
The funds should be available in your account within one to five business days. Once the funds arrive, click on the “Buy/Sell” tab on the screen, 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 USD 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
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.
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.
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.
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 a myriad of 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.Back to top
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 this writing, the author holds ADA, ICX, IOTA and XLM.
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