Ripple is yet another coin created for everyday transactions. Not just individuals, but banks over 75 banks have chosen the Ripple network to be an effective means of international financial transactions as documented by Yahoo News!
The various developments on Ripple have made it a top choice for not only daily transactions but also an investment opportunity for the nearest future.
Whether you are just sending some to your loved ones at the other side of the world or buying them to keep as investments, this article guides you on how to acquire some in simple steps by exchanging with major cryptocurrencies on Binance Exchange.
Before you get some Ripples on Binance, you need to have the same worth of Bitcoin, Ethereum, or Litecoin (or any other) to exchange for Ripple. There are a couple of ways to buying Bitcoins and other alternative cryptocurrencies with fiat. You could buy from friends or family, on marketplaces such as LocalBitcoins, or you buy from Coinbase. There are a lot of resources on the web that will guide you through how to go about that.
Now that you have purchased some Bitcoins or fractions of Bitcoin let’s proceed to exchange them for Ripple.
You need to open an account on the Binance Exchange platform. To do this, head over to the Binance Exchange official site and click on the Register link on the top right of the screen.
Fill the Registration form and verify your account. If security is important to you and you want to remain anonymous on this one-time transaction, you can try this temporary email service.
Now that you are logged in, you need to send some of those cryptos you bought to the Binance platform. Locate the ‘Funds’ links at the top then click on the ‘Deposits’ option.
Click on the drop-down arrow and enter BTC in the search box that appears.
A wallet address would be generated for you. Copy this address, go to the wallet you have your cryptocurrency (earlier purchased) stored and send to the wallet address generated by Binance.
After you have sent your Bitcoin or any other one you purchased to Binance, you may need to wait a moment for the transaction to reflect in your wallet and also fully confirmed.
Irrespective of the page you are on, locate the Exchange link at the top of the site, next to the Binance logo. Click on it and select the ‘Basic’ option as displayed.
When the Basic page is fully loaded, at the top right section of the page, locate the cryptocurrency pair you want to trade. Having BTC (Bitcoin) to exchange for XRP (Ripple) you will want to search for the XRP/BTC pair. Same process if you have funded with any other cryptocurrency, you just replace the BTC with what you have.
Make sure the ‘Limit’ tab is active, that’s the section right under the XRP/BTC price chart.
You get to see how much BTC a Ripple costs at the first box labeled ‘Price.’ On the second box ‘Amount,’ you are expected to input the number of Ripples you would like to purchase. Use the options below it to select what percentage of your funded coins to use, 25%, 50%, or all your funds 100% and the value of Ripple you can get will automatically show up in the ‘Amount’ box.
Click the Buy XRP button.
Now you know how to exchange your Bitcoin for Ripple on Binance. Follow the same procedure for Ethereum, Litecoin or any other cryptocurrency you have to swap for XRPs.