Ripple was created to connect banks, payment providers, and digital asset exchanges. While its native cryptocurrency XRP is used as a global bridge currency between multiple fiat currencies. So how can one buy Ripple on Binance, one of the world’s top exchanges? It is quite simple. You can trade other crypto or you can use your credit card or bank transfer to pay with USD, GBP, EUR, or a bunch of other fiat currencies.
What is Ripple?
As it often happens, Ripple is not only a currency but a platform as well. The Ripple platform is an open-source protocol that was designed to allow fast and cheap transactions.
Unlike other cryptocurrencies, Ripple doesn’t have a blockchain. How is that possible? You are right, a cryptocurrency without a Blockchain may sound weird. If it doesn’t have a Blockchain, how does it verify transactions and make sure everything is ok? For that purpose Ripple has its own patented technology: the Ripple Protocol Consensus Algorithm (RPCA).
How is Ripple (XRP) coin different from others?
- It was specifically designed as a low commission currency exchange. There are many currencies that can’t be directly converted to each other. So, banks need to use the US dollar as a mediator. So, there is a double commission: converting currency A to USD and USD to currency B. Ripple works as a mediator too, but much cheaper than USD.
- Fast international transactions is another feature of this crypto coin. The average transaction time is 4 seconds. Comparing it to an hour or more for Bitcoin and a few days for regular banking systems.
How to buy Ripple on Binance?
Buying Ripple on Binance is a straightforward process that may vary a bit depending on the payment method that you prefer. Below you will find the detailed flow for each payment method.
Trade Ripple with cryptocurrency
In the current use case, we assume that you already have some crypto (e.g. BTC or ETH) in your private wallet.
Step 1. Sign Up on Binance.
The very first thing you need to do is to create your account. If you use our referral link or promo code N7HTYTIN while registration, you will get up to a 45% discount for your trading fees forever. If you are not going to withdraw more than 2 BTC per day (or its equivalent), the verification process is not required.
Step 2. Fund your account
Binance supports the deposit of more than 150 cryptocurrencies, several of which you can exchange for XRP, and BTC and ETH are among them.
At this point, you need to transfer your crypto to the Binance account, so that further you can trade XRP.
Go to the ‘Funds’ button at the top and click on the ‘Deposits’ option. Select your desired cryptocurrency to deposit by clicking on the drop-down arrow and enter e.g. BTC in the search box that appears.
A wallet address will be generated. Copy this address, go to your private wallet and send your coins to the wallet address generated by Binance.
You may need to wait for the transaction to reflect in your wallet and also fully confirmed. It can take up to an hour or so. So don’t freak out if you don’t see the money immediately.
Step 3. Place your order
At this point, you are ready to transfer your crypto coins into XRP.
Click on the “Exchange” tab, and you’ll be redirected to the trading dashboard. Here, you need to find your trading pair, i.e. if you want to exchange BTC for XRP, find the XRP/BTC pair (Note! that the first coin in the pair is the one you want to get from your trade.)
Now you need to select a type of order, you can choose between:
- Limit Order
- Market Order
- Stop-Limit Order
The Market Order means you are basically saying that you’re okay to buy the coin at the current market rate. This is an instant transaction.
However, if you don’t like the rate set by the market at the moment, you can set your own price limit. In this case, you should choose Limit Order. You’ll have to wait longer to find a buyer, but you might end up getting a really good deal.
A Stop-Limit Order will be executed at a specified (or potentially better) price after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.
The final step is to specify the number of XRP you want to buy in the “Amount” field. Binance will show you the current market rate of 1 XRP in the “Price” field (and the Limit price depending on the selected order type). You can either accept the offer and click on “Buy XRP”, or cancel it altogether.
Buy Ripple with a credit card
How to buy XRP on Binance using a credit card? Earlier this year Binance has finally introduced fiat transactions, so now everyone can buy Ripple with a bunch of different fiat currencies. The process is similar to the crypto transactions with a few minor differences.
Step 1. Register your account.
You should start with your account. If you use our referral link or promo code N7HTYTIN while registration, you will get up to a 45% discount for your trading fees forever. Don’t pass by this opportunity.
Step 2. Verify your account
Since you are going to deal with fiat transactions, it is required to verify your identity and your address by submitting a copy of a government-issued ID with a photo.
Step 3. Buy Ripple
Log in to your account, head over to the “Funds” section on the Binance toolbar, and choose the “Buy with Credit Card” option.
Select XRP to purchase and enter your order amount. The second bar will display the total amount that you will be charged, with fees included. Buying cryptocurrency through this service comes with a fee of 3,5% or $10, whichever is higher. Confirm your order.
Verify your phone number through a 4-digit code and e-mail address through a verification e-mail.
After the verification, you need to provide your Mastercard or Visa card details to Simplex in order to complete your purchase. After completing an identity verification process, Binance will complete your cryptocurrency order. Usually, it will take between 10 and 30 minutes for the crypto to appear in your Binance account.
Buy Ripple with a bank transfer
Can you buy Ripple on Binance with bank wire? Yes, you can. However, it will include an extra step where you need to buy a stablecoin firstly.
Step 1. Register your account
Firstly, you need to create your account. Don’t forget to use our referral link or promo code N7HTYTIN to save some money on your trading fees.
Step 2. Verify your account
You will have to verify your identity and address in order to get access to fiat transactions.
Step 3. Fund your account.
Using SEPA or Faster Payments you can deposit your Binance account.
Step 4. Buy stablecoins
Go to the Trading tab, select one of the following stablecoins USDT, BUSD, TUSD, USDC, PAX) and purchase one of them.
Step 5. Buy Ripple
Now you can place an order to buy XRP.
Where to store Ripple?
As the last thing, make sure you do secure your Ripple tokens by storing them on a private Ripple wallet rather than on an exchange.
Toast is an open-source XRP specific wallet, which is very simple yet most secure.
It is available for multiple platforms like iOS, Android, Windows, Mac and Linux, with a simple interface, which allows you to hold XRPs across all your devices. Its backup and recovery features along with its secure PIN make it one of the best Ripple wallet app.
Uphold wallet is one of the best wallets for XRP tokens, where you can conveniently send, receive, and store multiple cryptocurrencies safely.
It has a very simple and straightforward interface and set up process, where 2-factor authentication is added to provide extra layer of security. You can access Uphold via a web browser, Android, and iOS mobile apps.
Ledger Nano X
The Ledger Nano X is the newest crypto hardware wallet. It is one of the most secure ways to store your Ripple coins and it is very easy to use. It connects to iOS, Android & desktop computers.
If you are buying XRP that you plan to hold for a while, then the Ledger Nano X is probably the easiest way to securely store your XRP for a long period of time.
As you can see, there are several payment options for you to choose from when you decide to buy some Ripple coins. And Binance is one of the best exchanges to do it as it has the lowest fees, especially if you use our referral code.