Ripple (XRP) is a semi-decentralized payment protocol that has been created for usage by major banking institutions. It operates on a real-time gross settlement system called RippleNet. This system helps in making monetary transfers instantly.
It is a better system than that of the Bitcoin network. This is because the latter takes 10 minutes time for money transfer while the former makes the payment instantly. In comparison to Bitcoin and Litecoin projects (that were originally created for faster money transfer by avoiding the big banking transfer systems and thereby avoid fees), RippleNet uses the bank system for making the instantaneous monetary transfer. This means that the real-life use case for Ripple (XRP) is fundamentally stronger than that of BTC or LTC.
How to Buy Ripple XRP?
Let’s take you through the steps for buying Ripple (XRP).
Step 1: Select a Crypto Brokerage Firm and Open an Online Account
To buy XRP, you must have an account with a cryptocurrency brokerage firm. This online service provides you a platform for buying and selling XRP and other cryptos. It makes it easier for digital coin traders to trade in a safer and easier way.
There are certain aspects that you should check while choosing an exchange or broker for Ripple trading. Some of the most important points are given below:
Multiple Coin Support
Fees and Commissions
A commission or fee is charged by every coin broker/exchange every time you buy or sell cryptos by using a platform. That’s why it is very important for you to check the fee and commission schedules of a broker. This becomes a very important factor if you’ve plans to invest frequently or even day trade.
- Trading Platform’s Ease of Use and Availability of Analytic Tools
- A newbie in crypto trading will always like to trade on a platform that has a straightforward and simple ordering process.
- In the case of an advanced investor, he/she will prefer a platform that provides more types of analytical tools (including charts and other information).
So, look for these aspects while selecting a broker.
The mobile trading app is not provided by all digital currency brokers. However, it is a very important feature that allows you to trade even while you are moving. Look for this feature if this feature is that much important to you.
Top 4 Best Cryptocurrency Exchanges for Buying Ripple XRP
Step 2: Buy a Wallet
Once you have opened a brokerage account with an exchange, it is now time to make arrangements for securely storing the Ripple XRP coins you purchased. If you are holding XRP for a longer period of time then hardware wallets are preferred. This is because they are offline storage options and a physical device is involved in storing the keys.
Top 2 Best Hardware Wallets
- Ledger Nano X
- SecuX W20
Step 3: Fund Your Account
Once an account is opened, you have to link a funding or payment method so that you can transfer the money from your source of payment to the concerned brokerage account.
Most brokers provide direct bank transfers and credit/debit cards as payment methods. Depending upon the broker or payment method, it may take anywhere from a few hours to few days for linking the payment source with the account.
Step 4: Place an Order
You can place orders for buying Ripple (XRP) through your account with the brokerage firm. You can place an order of 1 XRP coin or fractions of it. Check the current price and place an order.
Step 4: Transfer Your XRP Coins to a Wallet
Once an order is fulfilled, the Ripple XRP coins are transferred to your account. If you want to hodl, you can secure the coins in a wallet by using your private keys. For long-term holding, storing XRP on a hardware wallet is recommended.
Choose Cryptocurrency Copy-Trading Bots to Increase ROI
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Smart crypto investors always remain prepared to get the best of a big market move. They don’t wake up suddenly. To remain alert round the clock, they use cryptocurrency trading bots so that they don’t miss any big market movement.
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You may also check “Napbots Review – Simple Way To Increase Your Crypto Returns” before taking the plunge.
What’s so special about NapBots?
NapBots crypto trading software is special because it comes with:
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How does NapBots help you to Make Money?
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Once you have completed these three steps, NapBots is ready to trade cryptos and earn money for you. Happy Trading!
Why Choose NapBots?
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Are You Ready To Start Automating Your Passive Income Now?
If you still need assistance, you can refer to the following step-by-step purchasing guides for the various payment methods: