Cryptocurrency, in general, is new in the cut-throat game of investment buying-and-selling. It is novel, being that it does not follow the rules of fiat currencies. Yet it’s this novelty and independence from governing bodies that has people buying ripple in hoards.
Here is a sure-fire way you can also do so, especially if you’re just as new to cryptocurrency investing.
Buying Ripple (XRP): Step-By-Step Guide
1. Digital Wallet
Much like other cryptocurrencies, the first step that will bring you closer towards buying and exchanging Ripple XRP is to have a digital wallet. Without one, there’s no way to proceed with the following steps.
Choose to download from an accredited site. And ascertain that you will download a wallet that specifically serves the purpose of XRP exchanging and trading. Every wallet app is meant to cater to a specific type of cryptocurrency. So read the fine print before hitting that download button.
2. Your “Exchange” Account
A cryptocurrency exchange is where you can trade-in or, as the phrase connotes, “exchange” your money for Ripple currency (or other cryptocurrencies). They act in a similar way as banks and third-party exchangers do.
Remember how you visit said establishments to have your currency exchanged to that of a different country’s? These cryptocurrency exchanges work in the same regard. They will provide you with the Ripple-worth of the fiat currency you want traded-in.
Just to let you in on a trade secret (not much of secret, really, but a “tip” for Ripple users), there aren’t many Ripple exchanges. Yet.
Again, it isn’t as old as Bitcoin and Ethereum. Ripple was started in early 2012 (this doesn’t take away from the fact that it is as excellent as cryptocurrency compared to the first two mentioned).
There are at least two accredited platforms for Ripple XRP exchange. Feel free to ask us about them.
3. Account Creation And Verification
Much like any other online platform (whether for financial purposes, purchasing, and yes, whether they belong within the circle of cryptocurrencies or not), you will have to sign up and create a brand new account.
Type in your information and type them right. These will be verified before you are allowed to check Ripple prices, and then buy, and sell.
But don’t worry too much about this part. Account verification takes place quite quickly, and within 24 hours, depending on the platform you choose.
4. BUY Ripple XRP Using Fiat Currency
Now that your account is good to go, you can jumpstart it by buying Ripple XRP using fiat currency or your “hard” money. “Real” cash, if you get what we mean.
The verification stage of the account creation will have you attach your bank account information to your personal account on the exchange platform. This is the “how” of buying Ripple.
Buy or “exchange” your money on the exchange platform and have it replaced with XRP. From here, transfer your newly “acquired” XRP to your cryptocurrency digital wallet.
Be mindful of the exchange fee that will be charged as a service fee for each exchange you make.
Our tip: try to make comparisons. Ripple pricing has several cost and/or pricing structures. You’re going to want to rely on a platform that will provide you with the best, if not the most competitive, rates.
By the way, although Ripple very strictly sells only to financial institutions, the door is still open for individual investors. You just need to look for the right cryptocurrency channel.
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