How to Buy Ripple (XRP) on Binance | Beginner’s Guide
Ripple is a cryptocurrency that is quite popular. It is a payment system used by banks and financial institutions all over the world. People use it to quickly make cross-border payments for a much lesser fee. Its functionality attracts interest from people all over the world. We will discuss in this article how to buy Ripple from Binance. You can buy it from any other exchange as well. Ripple is available on around 60 exchanges. But Binance accounts for the most trading in Ripple.
How to Buy Ripple from Binance
To buy Ripple from Binance, you first have to buy Bitcoin, Ether, or any other cryptocurrency to exchange for XRP. Buying Bitcoin is pretty straightforward. Once you’ve done that, follow these steps to buy XRP:
- Head over to Binance and click on Register on the top right.
- Fill in the registration form register yourself with Binance.
- It’s time to use the cryptocurrency token you brought earlier for buying XRP. Just head over to the Funds section on the top and choose Deposit.
- Use the dropdown list to select the cryptocurrency you purchase. For example’s sake, we use Bitcoin, so you can select Bitcoin from the list.
- You will see a wallet address displayed now. Copy this and head over to your wallet service.
- Send Bitcoins from your wallet to the address displayed in the Deposit option on Binance.
- Once the transfer is confirmed, click on the Exchange option on the top left of the screen. Choose a Basic option under Exchange.
- Wait for the page to load and find the crypto pair you want to use for the trade. There are different pairs on the top right of the screen. Since we have used Bitcoin, you have to look for XRP/BTC. In case you used another crypto token, just look for its pair with XRP.
- Ensure that the Limit tab below the XRP/BTC price chart is highlighted.
- The Price box shows how much BTC one XRP is worth. You will see values according to the crypto token you have selected.
- The Amount tab will help you decide how much of your crypto tokens you want to use. You can choose between 25%, 50%, 75%, and 100% of crypto tokens you will use to buy Ripple from Binance.
- After making a choice, you will see the amount of XRP you will get in the Amount box. The Total box will show how many BTC you spent for that many XRP tokens.
- Finally, click on the Buy XRP button to get your share of Ripple from Binance.
Although we used Bitcoin for this guide, you can use any other cryptocurrency. The process is exactly the same. Just look for your cryptocurrency’s pairing with XRP in step viii.
Ripple is one of the most popular cryptocurrencies today. It is one of the older cryptocurrencies, being operational since 2012. While other crypto tokens at the time were just mediums of exchange, Ripple is different. Ripple looked to provide a service that solved an existing problem. CEO Brad Garlinghouse discussed the importance of doing so in a recent interview. Ripple helps people do away with intermediaries and facilitates quicker and cheaper cross-boundary payments.
As of now, two people using different currencies have to go through a lengthy process to share funds. The sender’s funds are first converted into a central currency like USD. The receiver’s account then receives the payment in USD. Finally, the receiver’s bank converts the USD into his or her native currency. There is money lost in the exchange fees whenever a conversion takes place through financial institutions. The process also takes more than a day sometimes. But with Ripple, it takes just 4 seconds, and the transaction fee is minimal.
Ripple is currently the second most valuable cryptocurrency with a global market cap of $122 billion. A lot of people use it for payments because there is a trust in Ripple that many cryptocurrencies do not have. Financial institutions and regulators trust it because Ripple does not circumvent regulations. Moreover, Ripple is already in partnership with financial institutions all around the world. Western Union and Moneygram identify Ripple as a legitimate payment service and allow payments to be made through it.
Many in the crypto community believe that blockchain projects have to work with regulators and not against them. But Ripple is one of the few that actually do it as of now, hence the popularity. It is available on more than 60 exchanges of the world, with more partnerships to follow in the near future. XRP is not your run of the mill cryptocurrency, which is why so many people are interested in it.
Ripple is a cryptocurrency which is quite popular. To help you get in on the action, we provided a guide so that you can buy Ripple from Binance. Binance isn’t the only option to buy Ripple. There are about 60 other exchanges you can use. But Binance is the most popular among them, which is why we used it. You can’t buy XRP through fiat directly through Binance, so you need a crypto token to exchange for XRP.
Although the current market slump is dragging the price of all cryptocurrencies down, Ripple is relatively stable. You can buy Ripple for BTC, ETH, Litecoin, etc. The process is simple, and it hardly takes 5 minutes to get it over with. But once you buy Ripple, it is best to store it in a cold wallet. This will keep your funds safe even if the exchange you use goes bankrupt or is the target of a data breach attack.