You most likely heard and know about Ripple (XRP) after becoming one of the most talked about cryptocurrency in late 2017. I guess this is why you are looking for how and where to buy Ripple (XRP). Ripple development started back in 2004 and went on for 8 years until it finally released in 2012. If you would like to know more about Ripple’s history and how its different from its major competitors – Ethereum and Bitcoin – then please go ahead and read our ultimate guide to Ripple.
After learning to purchase Ripple (XRP), make sure you go through our guide that we created for storing your coins in a Ripple wallet:
So, How can you buy Ripple?
If you haven’t bought any cryptocurrency before, such as Bitcoin and Ethereum, then the only way to buy Ripple (XRP) is with USD or any relevant currency. Ripple can be exchanged for US dollars at many exchanges. Thus, in this article, I will explain how to buy the Ripple (XRP) using two options:
Option 1: Buying Ripple (XRP) using Bitstamp
When I personally started trading Ripple (XRP), I used Bitstamp as my exchange. I had no problems with depositing or withdrawing any funds since I first started trading with them back in 2017. The platform is designed for both new and professional traders – very easy to use!
Step 1: Open an account.
You can open an account by registering on the Bitstamp website. You will need to fill out your first name, last name, email address, and country.
Step 2: Verify your personal Bitstamp account.
Before you can start trading on Bitstamp, you will need to verify your account. Log-in into your account and click on “verify account” on the left menu.
Enter your personal information and make sure it matches exactly as it appears on your ID. Upload your ID documents (both sides). Make sure your documents are in color, high quality and valid. You will also be requested to upload a proof of your residence document photo. This could be:
- Bank statement
- Utility bill (electricity, water, internet etc.)
- Tax certificate
Finally, click on submit verification request found at the bottom of the screen. Please note that there is no time limit on when will your account get verified. I remember that my account got verified in less than 1 week after submitting all documents. However, the process could take much longer depending on the volume of applications.
Step 3: Deposit fund to account.
Bitstamp allows you to deposit funds using multiple methods:
- Wire transfer (SEPA deposit)
- International bank transfer
- Bitcoin (BTC)
- Credit Card
- Astro pay
Using wire transfer if you are based in Europe and international wire transfer if you are located elsewhere is your best option. This is because the fees are low compared to credit card deposits.
If you are based in Europe and use SEPA as your deposit method, then you can fund your account free of charge. If you are based outside Europe, then there is a small 0.05% deposit fee. Bitstamp charges a minimum fee of 7.5 USD/EUR and a maximum fee of 300 USD/EUR per deposit transaction. However, if you decide to use your credit card to purchase Ripple (XRP), then the fees are 5%, and the credit card issuer may charge you additional fees.
Things you have to do when deposting funds to your account:
- Make sure you complete the deposit from on Bitstamp page before sending any funds from your bank account. This will help Bitstamp’s team to track the payment and have your funds allocated in your account faster. From personal experience, the funds take between 6-72 hours to get into your account.
- Do not deposit funds from a third-party bank account. The bank account must be held in your name and matches your Bitstamp account information.
- Do not deposit from a corporate bank account
Below are examples of the forms you need to fill out before sending any deposits. Once you have filled out the deposit form, you will be given Bitstamp’s bank account details along with the transaction number. It is very important to include the transaction number (message) when sending your funds from your bank account. This will enable their team to track and process your payment to your account.
Step 4: Buying Ripple (XRP) on Bitstamp
Once your funds arrive at your Bitstamp account, you are ready to buy trader Ripple. You can do that by clicking the Buy/Sell menu tab on the top of the page. This might take you to Bitcoin order book. However, there is an option on the left side of the page which shows you all the trading options. Find XRP/USD and click on it (see below screenshot).
Once you click on the XRP/USD tab, you will be taken to Ripple (XRP) order book. If you want to buy XRP instantly, then click on the instant order option from the menu on the left side. However, I don’t recommend using this method as you will not be able to set your purchase price.
Therefore, if you would like to set your buy price, click on the limit order option. As shown below, set how many XRP you want to buy along with the buy price you are willing to pay per coin.
After you have done this, your order will be filled once the price reaches your buy price. Congratulations, now you own some Ripple coins!
Option 2: Buying Ripple (XRP) on Bitfinex
Step 1: Open an account.
Go to the Bitfinex website and click on the open account button to start with your application process. Please note the Bitfinex has set certain guidelines for new accounts, this includes:
- Bitfinex is suitable for professional traders who have a great experience with trading. The platform is not designed for new traders with no or little trading experience.
- You will need to deposit $10,000 worth of cryptocurrency. Otherwise, you can’t find a trader on the platform.
- Depositing using fiat requires 6-8 weeks to complete.
- You need to be trading actively on the platform, or you will be changed a small inactivity fees.
Step 2: Verify your account
To start trading on Bitfinex, you will need to verify your account if you would like to buy Ripple or any other cryptocurrencies using USD. As mentioned, the verification process time is between 6-8 weeks. You will need to verify
- Name and Contact
- Address and Location
- Identity – Passport, ID etc.
- Financial – Bank statements etc.
- Know Your Customer (KYC)
Step 3: Deposit fund
After your complete submitting all your supporting documents and get your account verified, you may deposit your funds to your account using bank wire. Deposits are made using, Euro, Japanese Yen, Pound Sterling, and US dollar.
Depending on your location, Bitfinex will supply you with their bank account details as the recipient bank for your wire. This includes:
- Account Name
- Account Number
- Bank Name
- Bank Address
- SWIFT Code
- Transaction number (message to beneficiary)
Bitfinex charges 0.100% with a minimum fee of 60 USD/Euro when you deposit your account with fiat money. Please monitor the fees page in case there are any changes in the future.
Step 4: Start trading
After you successfully deposited your account with funds, you can use Bitfinex platform to start trading and exchanging your USD for Ripple (XRP). As shown below, go to the tickers menu and click on XRP.
After you clicked XRP, you may select the order type. By default, the order type is selected as “Limit.” This means an order is placed to execute a buy or sell transaction at a set number of shares and a specified limit price.
Here is an example. I have placed a Limit order to buy 10,000 XRP at $0.2. This means when the price goes to $0.2 my order will be executed for a total of $2,000. However, this does assure you that the price will get filled at the price you have set. It may take one day, one week or maybe never depending on the market condition. If you wanted to make sure that the order gets filled instantly, then you should change the order type to “Market.” This means that the number of XRP coins will get filled on any market price. However, I don’t recommend to use this method as you will tend to get filled at higher than average prices.