Ripple cryptocurrency is a coin created for everyday transactions. Not just individuals, but banks too. 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. That’s why a lot of people are looking to buy Ripple. You may hear from your co-worker that he wanted to buy Ripple when it was $0.004 or lower. That’s indeed something a lot of people wish for.
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 XRPs 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. Keep in mind that Ripple’s XRP needs to be kept in a good Ripple Wallet.
Now that you have purchased some Bitcoins or fractions of Bitcoin let’s proceed to exchange them for Ripple.
Step 1 – Register on Binance Exchange
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.
Step 2 – Verify your account
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.
Step 3 – Go to the ‘Funds’ button from Binance
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.
Step 4 – Select your desired cryptocurrency to deposit
Click on the drop-down arrow and enter BTC in the search box that appears.
Step 5 – Generating a wallet address
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.
Step 6 – Wait for the confirmation of the transfer
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.
Step 7 – Understanding the interface of the platform
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.
Step 8 – Be sure to buy Ripple at a lower price by using limit buy
Make sure the ‘Limit’ tab is active, that’s the section right under the XRP/BTC price chart. A market tag would buy Ripple for you at a higher price that if you set it yourself. If you’re a newbye, you can use the Market tab to buy Ripple from Binance.
Step 9 – Calculating the amount of Ripple that you can buy
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.
Step 10 – Buying Ripple
Click the Buy XRP button from Binance.
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. As a last thing, make sure you do secure your Ripple tokens by storing them on a Ripple wallet.
At the moment, it is possible to purchase XRP on Binance through different digital currencies including Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Paxos Standard (PAX), TrueUSD (TUSD), USD Coin (USDC) and Tether (USDT). XRP accounts for over 2.5% of the current trading volume on the Binance exchange.
To purchase XRP using digital currencies other than Bitcoin, the process is very similar. After verifying your account, you will have to send funds to your Binance account. In the ‘Funds’ section select the ‘Deposits’ option and select the digital currency you want to deposit.
Once a wallet address is generated, you will be able to send funds. It is worth pointing out that you can only send the virtual currency linked to that address. That means that if you generated a USDC address, you can only send USDC coins to it. Do not send another crypto to this address more than USDC. The same applies to other digital currencies and addresses generated.
It will be very easy to use any of the aforementioned cryptocurrencies to purchase XRP. If you have another crypto, you will have to exchange them for one of those using the Binance exchange.
There are more places where you can buy Ripple from. Binance is not the only one but we choose it because of its safety and friendly interface, compared with other exchanges.