Ripple is another cryptocurrency and a payment system. It functions a little bit different than Bitcoin or Etherum. ETH has no limits, and users can theoretically increase the amount of Ether forever. XPR has a limited number of 100 billion coins. The founders released the whole amount at one stroke. So, you cannot become the issuer, as there is no ability to extract the currency.
Moreover, it is much more centralized. The digital cash creator possesses around 60 billion tokens. In addition, many financial institutions support the tokens. The company pushed on the transaction speed to a new level. It is literary instant – 4 seconds for the payment to complete. The market capitalization reached a $69 billion point.
It operates on the global scale. Ireland, similarly to other European countries, does not apply special laws. But, still, if you are Irish resident, you have to pay profit tax.
Buy XRP Directly
Unfortunately, there is no opportunity to buy XRP directly using credit/debit cards or digital wallets such as PayPal or Skrill. Generally, in very rare cases you can buy the currency with a bank transfer on some exchanges. This may take time to find the appropriate platform. Then you need to register and deposit funds to the site. Then buy the tokens for USD or EUR.
Purchase Ripple on Exchange
First of all, you need to create the Ripple account. You can do this on the official website. Currently, you can obtain Ripple using the cryptocurrency exchange. It is not the easiest way, and we cannot consider it cheap as well. You need to buy the alternative digital cash such as Etherum and Bitcoin and only then change it for XRP.
There are lots of platforms and they have their own specific features:
- Fees for the transaction. Some websites charge more, some – less. On the average, you will pay 1.5-4%;
- Buying/deposit and withdrawal limits. The max sum you can take away or fund varies on your account status and the website;
- Trustworthiness. The website has to be popular with a long operating history and minimum complaints;
- The quality of customer support is an important sign;
- Banking options list. Platforms may not offer some payment options. Some may accept only virtual currencies;
- Country restrictions. The service may operate worldwide or in several regions.
We will present the general steps to obtain the crypto.
Register on Trading Platform
While registering on the exchange, you need to complete a verification procedure. It is called Know Your Customer. KYC is generally a two-step process, requiring some personal information. Usually, you need to confirm your identity by providing one or more documents.
The website may ask your passport, driving license, birth certificate or in some cases utility bills. And also, you will have to provide your phone number. Generally, the more documents you present, the more opportunities (such as increased buying or withdrawal limits) you will get.
Deposit with Fiat Currency
After you have completed the registration process, it is time to make deposits. You need to select the payment option depending on what is available. Generally, the exchanges support bank transfers, electronic wallets, credit/debit cards.
You can make contributions either with fiat currencies or cryptocurrencies. You can fund your account with €/$, or Bitcoins/Ethers/Litecoins. If you do not have any cryptos, then you need to obtain the hardware purse or register a digital one.
Buy with Other Cryptocoins
Essentially, you need to buy other digital cash first. Go to the “Buy/Sell” page. Then choose the amount of Bitcoin or Ether and make the transaction.
The desired amount will appear on your balance within a few minutes. Now, go back to the crypto exchange page and find the pairs – ETH/XRP, for example.
Then obtain Ripple. Keep in mind the fee specific features. You will be charged while purchasing (not in all cases) the currency as well as when trading. The Maker (the person to sell) and Taker (the person to buy) commissions differ – from 0.02% to 0.25% usually.
You’re A Ripple Owner! What to Do Next?
XRP is not as widely used for purchases as other cryptocurrencies. However, it is just for now. There is a great opportunity to invest in this digital cash, as it is still at the beginning of the evolution. So, it is worth to collect the tokens now. You can gain more by trading. Monitor the value changes and buy them at the lucrative price. Or you can store the coins on the exchange account or withdraw them to your wallet, to make sure they are safe.