If you’re still new to the world of cryptocurrencies, the biggest and baddest cryptocurrency you’ve heard about is probably bitcoin. However, get your feet wet and you’ll discover Ripple, a cryptocurrency that has risen 27,000% in 2017, far greater than Bitcoin’s 1,500% rise. It’s currently the third largest cryptocurrency by market cap (lagging behind only Bitcoin and Ethereum) and some expect it to rocket up even further due to its partnership with several major banks and its focus on improving international financial transactions. So how can you get your hands on some Ripple today?
Unlike king Bitcoin, Ripple can be a little harder to purchase due to its smaller size and lack of support on major exchanges. The most beginner friendly exchange, Coinbase, doesn’t yet offer support for trading Ripple. While this may change soon due to Ripple’s growing status as a cryptocurrency rockstar, for now you’ll have to turn to
other exchanges to purchase Ripple.
One popular exchange that many crypto traders have turned to is Bitstamp. First, you’d have to open an account on the exchange and verify your identity by uploading the required documents. After that you’ll have to deposit funds in order to finance your purchase of Ripple (or any other currency you are trying to buy through Bitstamp). Once your account is loaded with money, you’ll have the option of using USD, Ether, Bitcoin, or other supported assets to buy Ripple. Your purchase should go through immediately and Ripple credited to your account.
Another crypto exchange that investors use is Kraken. Sign up for an account and proceed to verify your identity. In most places, only Tier 2 identification like name, phone number, and address are required. However, depending on your location, you
may require Tier 3 identification which requires the upload of government documents and proof of residency papers. Next, you can fund your account through a bank transfer or a transfer of cryptocurrency into your kraken account. Once this is complete, you can purchase Ripple or any other cryptocurrency you may like.
Finally, another service that some crypto veterans utilize is Bitsane. Unlike many other exchanges, you can’t buy Ripple with your credit card in the United States on Bitsane. Instead, you have to use other cryptocurrencies like Ethereum or Bitcoin and trade them for Ripple. Some may see this as an extra hassle, as this means that you’ll have to acquire some Bitcoin or Ethereum beforehand through a service like Coinbase.
Once you have some Bitcoin or Ethereum in an account like Coinbase, head over to Bitsane to create and verify an account. On the home page, click on the balances button the navigation bar and locate the cryptocurrency you’d like to exchange for some Ripple. Then click the ‘deposit’ button to generate your unique wallet address. This is an address where you can send the selected cryptocurrencies too.
Perhaps an example can help us get a better picture of what to do. Let’s say I chose to exchange Ethereum for Ripple. I’d select the ‘deposit’ button next to Ethereum on Bitsane and copy that address. Then, I’d log on to my Coinbase account, tap on my ‘ETH Wallet’ and click ‘send’. Then I’d copy the unique wallet address I got from Bitsane and hit send again. My Ether will be transferred to my Bitsane account for a small fee. The Ether will show up in my Bitsane account after about and hour and I will be ready to buy some Ripple. On the main home page of Bitsane, select the exchange tab and choose your trade pair ( in my case it will be XRP/ETH). This means I will be buying Ripple (XRP) using the Ether (ETH) I transferred from Coinbase to Bitsane. Choose the amount you’d like to exchange and hit ‘buy’. The transaction should go through fairy quickly and you’ll be able to keep track of all your cryptocurrencies under the ‘balance tab.
Now that you have Ripple, how should you keep them safe. Check out our guide on securing crypto assets to find out! And if cryptocurrencies are not your thing, perhaps you should be investing in virtual reality instead.