Last Updated on December 25, 2022 by The Crypto Dweeb

XRP, the native cryptocurrency issued by Ripple Labs, is quite a popular coin. However, it can be a confusing process for first-time buyers, especially if you’re a resident of the United States since US exchanges have ceased trading it due to its pending litigation with the Securities Exchange Commission.

In this blog post, we’ll walk you through the steps you need to take to buy XRP as both an American and non- American resident, covering everything from setting up a digital wallet to choosing a reputable exchange.

By the end of this post, you’ll have a good understanding of the process and will be well on your way to buying and owning XRP. Brad Garlinghouse surely will be proud.

Steps Involved to Buy XRP

Step 1: Choose a Reputable Crypto exchange

You decide you want to buy XRP but have no idea where to begin. The first step is to find a cryptocurrency exchange that allows users to purchase XRP. An exchange is a platform that allows you to buy and sell cryptocurrencies using fiat currency (e.g., US dollars) or other cryptocurrencies. Depending on your jurisdiction certain exchanges are available only to certain residents. A good place to find the crypto exchanges that list particular coins is to go to Coingecko, type in the coin you are interested in, and select markets.

In the United States, the easiest place used to be Coinbase. However, the SEC lawsuit caused the company to delist the currency from its platform. Instead, USA residents can always use a VPN to buy on other exchanges or they can use other sites listed below. If you are not familiar with VPNs, don’t fret. You can read this article here.

For those outside the States, the easiest place to buy XRP is Binance. They offer the most trading volume daily and they are considered to be the most reputable exchange on the market. Other good exchanges include Kucoin and MEXC. However once again if you live in the United States you will need to have a VPN to use Binance. Kucoin and MEXC though, you don’t need one.

Regardless of what exchange you use, it’s important to choose one that is reputable and has a good track record. Some factors to consider when choosing an exchange include fees, security measures, customer support, and the variety of payment methods it accepts.

Step 2: Register for an account

Once you’ve chosen an exchange, the next step is to register for an account. Some exchanges require more information than others to pass their KYC (know your customer) requirements. This process typically involves providing some personal information, such as your name, email address, and phone number. You’ll also be required to verify your identity, which may involve uploading a government-issued ID and proof of residence.

All exchanges at the bare minimum will require an email address. This will be used to sign in to the exchange once you create an account and to verify any withdrawals.

Purchase XRP

After your account is set up, you’ll need to deposit funds into it to buy XRP, sell XRP, or trade XRP. You can do this by linking your bank account, credit card, or debit card, or by transferring cryptocurrency from a different wallet. The time it takes for funds to arrive on the exchange will depend on the specific financial institutions in your country. By far, the best and quickest payment method is to use your crypto to buy any digital assets rather than wait for a bank transfer.

Determine where you want to secure and store your XRP

Once you buy a coin such as XRP on an exchange, you are faced with two decisions:

• Self Custody

• Keep it on the Exchange

Both options have their pros and cons but by far the safest and most recommended method is to take self custody. There is a saying in crypto, “Not your private keys, not your crypto”. In essence if you buy bitcoin, make a XRP purchase, or buy any other digital currency, on an exchange you could leave it there indefinitely. If you want to sell XRP, you easily can do so. If you want to do some XRP trading, you can. However on cryptocurrency exchanges you technically are just given an IOU and hope they remain solvent and never freeze your account. If these things happen, you will lose your crypto as these are centralized exchanges and they maintain full power and control over your account.

That’s why self-custody remains the best option. This is what true blockchain technology is all about. No matter what happens to the exchange, you always maintain possession of your XRP coins. With self-custody, you can control all your crypto assets, not just XRP. It becomes your own money, your own cryptocurrency. If you decide you wish to take the extra step of safely securing your crypto on your digital wallet, read below for the next step.

If you Choose Self Custody, Set up a Digital Wallet that acts as a XRP Ledger

There are several different types of digital wallets that you can use to store XRP, including hardware wallets, software wallets, and online wallets. Hardware wallets, such as the Ledger Nano S, are physical devices that store your cryptocurrencies offline, making them more secure against hacks. Software wallets are programs that you can download and install on your computer or mobile device, and online wallets are web-based wallets that you can access through a web browser.

If you are a beginner or even someone, not that tech-savvy, a hardware wallet is the best option. It’s safe and incredibly secure. Each hardware wallet comes with a seed phrase that you must keep private and never reveal. This is your password to enter your vault. As long as you have possession of your wallet and/or the seed phrase, you can sleep easy at night knowing you have full control and possession of your digital assets.

Setting up your digital wallet is easy and is the most recommended method in this space.

Send to that Crypto Wallet and Use it

When your wallet is set up, hover over your wallet’s receive address and copy it. Next, go to your exchange wallet and press withdraw. In the send to field, paste your wallet address, follow some prompts, and then submit. Congratulations, your funds will be on their way safely to your self-custody wallet.

If you ever want to use your XRP or send it, you will now use your self-custody wallet solely to do so. All you will then need is a new recipient send to address and you can submit to anyone or any entity anywhere in the world.

Conclusion how to Buy Ripple XRP

In conclusion here are the 6 most important steps needed:

• Choose a Reputable Crypto Exchange

• Register for an Account

• Purchase it

• Determine where you wish to store it

• Set up a Digital Wallet

• Transfer and Use it

Buying XRP is a fairly simple process, but it’s important to do your due diligence and be aware of the risks involved in cryptocurrency investing. Be sure to research the exchange you choose, protect your funds with secure storage options, and keep track of your investments to ensure the best possible outcome.