How do I purchase ripple (XRP)?
A lot of people want to buy ripple, and even though we all know what they mean it’s important to remember that you’re buying XRP, not ripple. XRP is the coin that is running on the ripple network. XRP is currently one of the most popular coins available partly due to it’s staggering growth in 2017 brought lots of attention. In this article we’ll explain how to buy ripple (XRP).
- Step 1: Register at BTC Direct
- Step 2: Create a wallet
- Step 3: Purchase ripple (XRP)
- Your coins are now on its way
Step 1: Register at BTC Direct
The first step to buying bitcoin is registering an account at BTC Direct. If you haven’t done so already, you can click ‘Register’ on the top right of the page. The registration process is quick and easy, you will be able to place an order the same day!
When you create an account on BTC Direct we will ask you to identify yourself. We focus on providing a platform where you can buy and sell cryptocurrencies with the greatest of ease. However, offering services without identifying our users would open the door to illicit activity. For instance it could allow criminals to buy coins with a hacked bank account. We expect that laws and regulations will come into force in the nearby future. To ensure that our customers don’t experience any inconvenience to these potential regulations, we already have a clear KYC policy in place.
The documents we receive from you will be saved to an offline, encrypted hard drive. The provided documents are only available to selected BTC Direct employees, and will never be shared with third parties.
Step 2: Create a wallet
Haven’t got a wallet to store your coins in? No problem, we’ll teach you how to create one. A wallet is similar to an online bank account. You use your wallet to send, receive and manage your coins.
There are many different kinds of wallets, but for this instruction we’ve chosen the Gatehub wallet. This is a user-friendly online wallet. In this step-by-step guide we explain how to create one:
- Navigate to the Gatehub homepage and click ‘Sign up’ in the top right corner.
- Enter your email address and choose a strong password.
- You will immediately receive a recovery seed. Write this down on paper and store it in a safe place! With this recovery seed you can always access your wallet, even if you’ve lost your password.
- You will receive an email from Gatehub. Click the ‘Activate Account’ button.
- Choose whether you want to create a wallet as an individual or as a company.
- Choose your country and enter your phone number. You will receive an SMS for confirmation.
- The following steps are optional. We recommend to activate the 2-FA security- you’ll need the Google Authenticator app for that.
- Your wallet has now created a receiving address. You can find the receiving address under 'Wallet Address'. A ripple receiving address always starts with a ‘r’. This is an example: rGSpoZYFsazFmHfvfU5CLfzChaduMzoXVN.
Step 3: Purchase ripple (XRP)
Now you’ve created an account and a wallet it’s time to start your first ripple order!
- Select ‘XRP’ or ‘Ripple’ in the calculator on our homepage. Enter the desired amount of coins, or the amount of euros you would like to spend in the price calculator. Click on the green button that states ‘buy ripple’. Now you will be shown an overview of your order.
- Enter your XRP receiving address in the corresponding field. You can find your address by selecting ‘receive XRP’ in your wallet. Please make sure to copy and paste the address- don’t type out the address manually in order to prevent mistakes. Want to send your XRP directly to an exchange like Binance for instance? Make sure to follow the instructions from the exchange, they will provide you with a receiving address and a destination tag. Be sure to fill out both fields on the order form.
- Select your preferred payment method. Please note: Only payments from your own bank account are permitted.
- Make sure you’ve entered the correct address, that you’ve read our terms of service and that you’ve agreed to them.
- After you’ve finished up your payment, a screen pops up that states ‘verify your transaction’. This is your last chance to make sure you’ve entered the correct address. Did you make a mistake? Please do not confirm the order but contact our support team instead, they will help you out.
Please note that when you would like to send XRP to another wallet or to sell them, you will need to maintain a minimum of 20 XRP in your wallet. This is a measure the company behind ripple decided to manage the amount of XRP transactions and registered wallets.
Your coins are now on their way
We will process your transaction instantly. In most cases your XRP will be in your wallet within ten minutes. But, there are always exceptions. When you place your first order on our platform or use a bank account that you haven’t used before, we will need to verify it manually. This means that when you place an order outside of our business hours, it could take a little longer.
You’ve done your homework and you’re ready to make your first purchase! A quick summary of the information above:
- Register a BTC Direct account
- Create a wallet to store your XRP in, for example a Gatehub wallet
- Buy ripple (XRP) on our platform. Make sure to check the address and to fill out the destination tag if necessary.
Good luck buying XRP! Have you got any questions? Contact our support team, we’re happy to help!