According to Forbes, Ripple rose more than 50% last December to become the world’s second-largest digital asset according to market capitalization. It increased to a high of $2.20 within 24 hours. This article aims to provide readers an exhaustive account of the XRP currency. It presents the top brokers for cryptocurrencies, and explains how to buy Ripple from these exchanges. Stakeholders recognize Ripple more as electronic payment platform, instead of a cryptocurrency.
The XRP works on an open-source and peer-to-peer shared technology enabling flawless money transfers in both fiat and virtual tenders. These currencies include USD, JPY, Bitcoin, and Litecoin. The network seems more complicated than its counterparts using a medium called Gateway. The mode acts as the link in the trust chain between transacting parties. Gateway functions as credit liaison receiving and transmitting currencies to public addresses utilizing Ripple’s network.
How to Buy Ripple
You can purchase Ripple on different platforms. You must understand the steps on how to buy Ripple from these exchanges. Some of the more prominent brokerage companies include the following:
- You need to open or confirm your Bitstamp account. Users can only deposit money and buy the currency after a successful account confirmation.
- To open an account at Bitstamp, visit the Register page. Enter the required information to secure your username and password. Verify your account by following the given procedures.
- Use your account details to complete the Bitstamp login.
- Change your password after the prompt. Use the 2FA. Bitstamp will check your request for verification and send an email regarding the results.
- Fill in the required information to deposit funds.
- Now, you can purchase your XRP, by choosing the appropriate market like XRP/USD or XRP/EUR.
- Select >>BUY XRP<. Input the amount you want to spend in >>I want to spend< window. Click Buy XRP for confirmation.
- Check your account balance.
Below we detail the steps on how to buy Ripple from the Ava Trade platform.
- You should first open an account at AVATRADE. Press “Open a Real Account” and provide your information. Choose from the manual option or sign up through Google Plus or FaceBook to save time. The website maintains a Live Chat system so you can talk to Ava Trade agents for any concerns.
- After registration, Enter your address as well as birth date. Create your password. Choose a trading platform. Answer the question: Do you have any trading experience in Options or CFOs? Answer No to make it simple for you.
- Choose a platform that deals with cryptocurrency trading. Fill in the required details and boxes at the bottom of this page. Read the terms and Conditions carefully. Press the Submit button.
- Fund your Ava Trade account by clicking deposit. Return to My Account, and press Web Trading. Add your email details.
- Click the Discover Crypto Copy Fund. You will find a short description of the reason investors have become aware of digital assets. You will also read a brief background about Ripple along with its creator, programmer Jed McCaleb from the USA.
The eToro Broker
Below you can see the steps on how to buy Ripple on eToro.
- You can find the XRP listed on the eToro’s landing page.
- After completing the sign in, users can fund their accounts right away using credit or debit cards. Look at the broker’s supported payment facilities.
- Return to the screen that shows you how to buy Ripple from the eToro interface.
- Double-click XRP to go to next step.
- With eToro’s easy to use interface, you can finish the purchase without any problem. A popup window will allow you to choose the amount that you want to buy. You may use Your preferred tokens. Just adjust Stop Loss, Leverage, and Take Profit.
- Make sure to deposit the proper amount of fiat currency before you can purchase Ripple into your eToro account. You can trade positions for Ripple together with other cryptocurrencies of your choice.
Bitfinex consists of three core features. Exchange trading involves deposits, trades, and withdrawal of crypto tokens. Margin trading with leverage buying and selling and Margin Funding make up the other two.
- See to it your Bitfinex Exchange wallet carries sufficient funds. The platform offers three dedicated purses for each function mentioned above. You can transfer funds from one wallet to another on the Wallets Page.
- Proceed to the Trading Page.
- Select the currency pair you wish to trade like XRP/BTC.
- Choose the Exchange button at the Order Form section. You must indicate the kind of order, size, and price if you pick the Limit Order form.
- If you go for the Market Order option, your purchase will be implemented at the prevailing market price.
- Now, click on the Exchange Buy button.
- At this point, the order will come out on the Orders Tab.
- Your funds will get credited to your Bitfinex Exchange wallet upon execution of this particular order.
- The executed or canceled order will move on to your Order History Tab. You can now start buying XRP.
What You Should Know When You Buy Ripple
Ripple maintains an advantage over its peers because some 75 large banks worldwide accept Ripple coins. Santander Bank based in the United Kingdom became the first traditional banking institution to recognize the XRP. This acceptance makes it easier for investors to convert the token into other tenders. Ripple offers a lower price compared to Bitcoin. Traders with limited finances can opt for the XRP without paying bank fees.
However, the XRP does not provide mining because of its centralized approach. The company created around 100 billion XRP coins. Ripple continues to grow fast but only has a market ceiling or roughly $7.7 billion. In other words, the present circulating supply of around 38.5 billion XRP trades at only $0.2 for each coin.
The Ripple must maintain absolute transparency in XRP marketplaces. Thus, it publishes a report that details the amount sold to institutional investors as well as the open market. Ripple controls the supply of XRP to some extent. The company owns over 60% of existing coins. The online firm saturates the market occasionally that can cause a massive oversupply in the short-term.
Bonus read: How to Buy Cryptocurrency
This article presented an objective perspective of how to buy Ripple from a trusted broker. It showed four leading online providers, namely Bitstamp, Ava Trade, eToro, and Bitfinex. You now know the different steps for buying the XRP coin from these providers. You have also learned some of the advantages and potential risks of trading the XRP currency. Think about these scenarios before you make a final move.
Now, you can freely share any ideas, reservations, and experiences (if any) about how to buy Ripple. Your valuable insights will undoubtedly help other consumers who plan to trade or invest in the XRP. For more assistance or advice, try to consult friends, co-workers, or family members with knowledge of different virtual assets such as XRP, BTC, and ETH.