In order to manage, send and receive your ripple you won’t need a bank account, however you will need something similar. In crypto we call it a wallet. After you’ve purchased ripple (XRP) you store them in a wallet.
How to use crypto software wallet Exodus
- Carry your wallet with you
- Less safe than a hardware wallet
- Managing your coins using your PC or laptop
- Less safe than a hardware wallet
- Safest storage method
Tip: You can use the Coinomi mobile wallet to buy your XRP with us, without ever switching between tabs and applications. And since you don’t have to copy and paste your receiving address anymore, it’s way more easy too!
Mobile wallet: Coinomi Wallet to manage your XRP
Creating an ethereum wallet is very easy. There are various options for storing your XRP. Each type of wallet has its own characteristics, and are different in terms of ease of use and safety.
Which wallet should you choose? That depends on what you want to use your ethers for and what your buying needs are.
Are you buying XRP for the first time? Then a wallet for your smartphone is quick, easy and user-friendly. One of the most used mobile wallets for managing your XRP is the wallet from Coinomi. You can read below how to create such a wallet:
- Go to the app store (iOS) or to Google Play (Android).
- Search and download Coinomi.
- Open the app and write down your recovery sentence of 24 words. Very important, this is the backup of your wallet!
- Set a strong password.
- Add XRP to your wallet.
- Use your receiving address to receive XRP.
Looking for a wallet to keep your XRP safe? We recommend Exodus
Pretty much all hardware wallet providers support XRP. A hardware wallet is one of the safest methods of storage for your coins. That’s because the access to your coins is encrypted by the hardware wallet and your seed phrase is generated offline. This makes is safer than a wallet that is connected to the internet.
What’s a ripple receiving address?
Each wallet has its own unique receiving address. This is a sequence of numbers and letters, and a ripple address always begins with an ‘r’.
A receiving address is similar to a bank account number. You can find it in your wallet under the tab or button ‘Receive’. If you want to purchase XRP on our platform you simply copy and paste the address from your wallet onto the order form on our website.
Your coins will be sent as soon as we receive the funds.
How to send ripple (XRP)?
If you would like to send XRP you copy the recipients wallet address and enter it at the tab “Send” in your wallet. You then just enter the amount of XRP you would like to send out and complete the transaction.
Something to keep in mind is the minimum xrp balance you need to have for your address to be considered valid by the network. The ripple protocol has implemented a ‘rule’ no other cryptocurrency has. In order to maintain the amount of transactions on the network and the amount of wallets created. Everyone needs to have a minimum balance in their wallet before they can send out any coins. Currently the minimum balance is 20 XRP. This number can be changed by Ripple if, for example, the price suddenly rises a lot.
For example: if the total balance of your ripple wallet is 50 XRP, you are able to send out a maximum of 30 XRP. The remaining 20 XRP need to stay in your wallet and can’t be sent out due to the requirements of the protocol.
How to keep your ripple wallet safe
It’s important to secure your wallet the best way possible. The first step in safe storage is to make sure you store your seed phrase offline. A seed phrase consists of 12 or 24 words that are randomly generated. With these words you will always have access to your funds, even if you lose a password or if your computer breaks.
Write them down on a piece of paper and keep it in a safe place. Don’t take a picture of your seed phrase, most devices with a camera are connected to the internet which could give hackers access to your seed phrase and thus your coins.
You need a wallet in order to send, receive, and manage your ripple. Wallets come in all kinds of shapes and sizes, each with their own characteristics. Need help setting up a wallet or choosing a suitable wallet? Please contact our support team, we’re happy to help!
Let today be your first day in the world of crypto. Get started with buying your first ripple by clicking this button: