While all cryptocurrencies differ slightly from each other, Ripple is characterized by the support of large banks. This led to some exciting partnerships, which in turn helped Ripple and its XRP transaction log become one of the largest cryptocurrencies by market share in early 2018.
If you want to get XRP for yourself, you need to know where to go and what to do. In other words, you need to understand how to buy Ripple. We guide you through the steps you need to take and offer you various options with the advantages and disadvantages of each step.
Step 1: choose a secure ripple wallet
Most cryptocurrency exchanges let you store your newly acquired digital currencies with them. However, this is not an ideal place to leave them. Just like with Bitcoin, choosing a secure wallet is an essential step on your way to buying Ripple.
You can store your XRP in this wallet after purchase so that you are not prone to breakdowns, hacks or theft. While there aren't as many functional XRP wallets as Bitcoin wallets, we can recommend some great ones.
Toast purse: This freely available ripple wallet is compatible with Android, iOS, Windows, Mac and Linux operating systems and offers reliable security with robust backup options. It is software based, so you are somewhat dependent on the protection level of your device. However, it's more convenient than a hardware wallet and it's free too. For this reason, you should use a VPN to ensure more privacy and protection.
General Ledger Nanos: If you take your Ripple security seriously or want to buy a lot of it, a hardware wallet is a great way to secure your new purchase. At around $ 100, it's much cheaper than its touchscreen alternative, the Ledger Blue. Setup is a bit more complicated than a software solution, but it's about the safest way to create your cryptocurrency without needing a safe.
Step 2: sign up for an exchange
There are many different exchanges and a good number of them accept trades in XRP, but not all of them are reputable. You can find several approved exchanges on the RippleLabs website. For this guide, however, we use the long-standing octopus.
First open an account with Kraken and select a secure password (save it in a password manager). Then activate your account using your email address and log in. Navigate to the "Verification" tab on your account page and follow the on-screen instructions.
You must verify your account to at least Tier 3 in order to deposit fiat currency funds such as USD so that you can close a trade. For Tier 3, you must provide proof of address, which can take 1-5 days to verify. Other countries may not require such a rigorous review.
After reviewing, click your account name in the top right and choose Deposit from the dropdown menu. Select your local currency from the left menu, followed by your transfer preference from the dropdown menu. Follow the on-screen instructions to send your Fiat currency to your Kraken account. Note that transmission times can be up to five days in some cases, but in most cases within a day or two.
Step 3: do the trading
When your account is prepared and ready, click on the Trade tab and choose New Order. Select the currency you want to buy and the currency you want to use for the purchase, and enter how much you want to buy or spend. Note the market prices and when you are satisfied with your planned purchase, click on the green buy XRP button.
In this way, a market is traded at the best available price. If you want, you can place a limit order that only makes a trade at a certain price or better. If everything goes according to plan, your XRP will be transferred to your octopus wallet.
Step 4: move it to a safe place
Once you have your XRP, you want to avoid problems like replacement failure or hacking. It's time to move your newly purchased ripple into your previously prepared wallet. Regardless of whether it's a software or hardware wallet, you should have complete control over your new cryptocurrency.
To do this, click on your account name in the top right corner and select Withdraw. Then select XRP from the list of currencies in the left menu. On the next page, follow the on-screen instructions to add the address to your off-exchange wallet. Save it, select it from the drop-down menu, and then choose how much of your XRP you want to transfer.
When you're done, click the green Confirm Payout button. Details of the transaction should then be displayed on the payout page and inform you of the status of the transfer. This may not happen immediately, but it shouldn't take more than a few hours for it to appear in your off-exchange wallet.
"Buy" with other currencies
The above methods are the only current ways to buy XRP with your real money. If you already have cryptocurrencies like Ether or Bitcoin, you can use asset exchange sites to quickly swap one for the other.
For a full breakdown of the methods involved, see our cryptocurrency trading guide. If you need a quick recommendation, services like ShapeShift and Changelly are decent options and even integrate directly into certain wallets. Paxful also has some direct exchanges with XRP, although it depends very much on the sellers.