How To Buy Ripple?
Seriously you need a hot property in the global investment scenario. Loads of fiat currencies are being poured daily to either mine a cryptocurrency or to invest in the already mined one. And if not cryptocurrency then stocks of those companies are not less than some hottest deals on the globe. It is easy to buy a cryptocurrency. Possession of a crypto wallet, some investment capacity, a few of the services of the crypto-exchange and one is ready to become a cryptocurrency owner. So you are feeling to buy Ripple with that ease.
Before buying Ripple as cryptocurrency it is necessary to know that what is ripple and how come it is worthy to invest upon? Ripple often known as XRP, is a cryptocurrency which was developed with a concept in the mind to ease the cross-border financial transaction. A few of the developers developed a payment settlement network through a common exchange medium and they called it Ripple. The settlement network established a blockchain which was the basis for the verification of the transaction. The method is simple, a currency to be transferred to another country was first converted to XRP (technical name of Ripple) and then XRP is transferred and finally, XRP is converted to the receiver’s country currency. The transfer is fast and recorded in the open ledger which is a part of the larger blockchain.
So important query is how to buy a Ripple? Ripple is generally not offered directly to be bought by credit card or debit card. It is often bought in an exchange with another Altcoin. One can convert a previously possessed cryptocurrency to Ripple and then transfer the funds to the required address and then the receiver can convert the Ripples to the desired currency for use.
So to buy a Ripple you first need a Ripple wallet and a list of exchanges those offers Ripple. There are at present load of exchanges offering Ripple and almost all are overloaded with registering requests. Bitsane is a good exchange with better infrastructure to cater the large customer base. Kraken and CEX.io are another two largest exchanges offering Ripple.
All you need Ripple Wallet and an exchange account which offers the Ripple. You have logged into your wallet you need to scroll through a menu for depositing the amount. The account will display an address which you have to copy for further use.
Now you have to log in to the account of that exchange where another Altcoin like Bitcoin or Ethereum is lying into your respective wallets. You can find the menu to send money and then paste that copied address where you have to send the money.
Once the address is copied the amount will be transferred to the exchange in whatever address the cryptocurrency Bitcoin or Ethereum are. Once you are equipped with cryptocurrency on the exchange where Ripple is being offered, your sole goal remains, is to get converted the Altcoin to Ripple as per the requirement.
Once the Altcoin is converted to the Ripple, now it can be sent to another address or the Ripple can remain in your wallet for further investment.
Either you can trade Ripple against Altcoins or you can make payment for the goods and services you have bought from the respective owners.
Another method is to buy Ripple directly. Since Ripple is only released to financial intuitions and banks, hence it is not available easily against the payments of Fiat Currency like US Dollar. A few of the exchanges and individuals are ready to offer the previously possessed Ripple, so you can also make a direct buying of Ripple. But direct offerings of Ripple are concentrated to individuals majorly. You have to keep in mind that every exchange has its own interface which is used to cater their users with novel experiences hence read the help section a lot before proceeding with any deal. Overall concept may remain same but the display and presentation often do vary.
Buying a cryptocurrency through the exchange is easy, but as per exchange policies and law of the land, users may have to reveal their Identity and have to go through KYC form submission. So it is advised to submit those forms and always refrain from the illegitimate activities in transferring the funds via XRP. Some exchange relaxes the need for KYC, for the smaller amounts of investments, while others are strict for any amount of fund invested on Ripple. Hence keep a watch and take the decisions accordingly.
Buying Ripples from an exchange is the preferable way to avoid the deals with a fraudster when the individual is unknown. However, it is recommended to get a thorough check on the exchange as well for the technical issues like server overloading, popularity, and variety of the services they offer etc. You can be also a virtual buyer of Ripple i.e means if you wish to trade upon the Ripple without actually buying it then Plus500.com is the website which allows you to speculate on Ripple XRP like a commodity.
Buying Ripple can be a fun and for the serious part, you must always declare the tax settlement in your investment profile if any taxable profit is earned from Ripple. So being cautious is healthier while buying Ripple.