Can I Buy Ripple on Coinbase?
Editor’s note: As of late 2020: XRP has been delisted from Coinbase, and other exchanges are following suit.
It was huge news in the crypto-sphere when Coinbase announced that they would support XRP.
Based on Coinbase’s guidelines for the listing of new coins many speculated that XRP would never be supported because it’s too centralized.
That all changed early in 2019 when Coinbase started letting its users buy, sell and trade Ripple. Coinbase has quickly become the best place to buy XRP. All you need to do to buy on Coinbase is create an account and then add a bank account or debit card.
Many crypto traders and investors prefer to use Coinbase because of the high priority that they place on security. They keep a majority of their funds in a cold wallet and encourage all of their users to set up 2FA. Also, their intuitive layout makes it easy to buy crypto for the first time.
Coinbase is also popular because, besides XRP, they support so many currencies. For example they offer support for USD, EUR and GBP. They also support a number of stable coins like DAI and USDC.
For years Coinbase allowed its users to purchase cryptocurrency with a credit card, however, that’s no longer possible. While some exchanges like Binance still allow for buying Ripple with a credit card, all transactions are handled by a third party provider. However, Coinbase does allow you to get free cryptocurrency through its Coinbase Learn product, which teaches you the crypto basics.
Buying Ripple with a Bank Transfer vs. Debit Card
It’s important to note the differences between using your bank account to buy Ripple versus using a debit a card. When you buy with a bank transfer it can take as much as five days for Coinbase to clear the transaction so that you can send the XRP off of their platform.
That wait time is definitely a big disadvantage. The advantage, however, is that the fee for purchasing XRP with the bank method is lower. Also, there’s no need to worry about slippage: the price is locked in as soon as you click the buy button.
When you buy Ripple cryptocurrency with a debit card the fees are higher, sometimes even as high as $10 for a relatively small purchase. However, the advantage is that the XRP is available immediately. Within seconds it’s possible to transfer the XRP off of Coinbase to an external wallet of your choosing.
How can I invest in Ripple?
Lately an increasing number of people have been asking Google where to buy Ripple cryptocurrency. Although we have some great recommendations the truth is that there is no one size fits all solution. The best platform to buy Ripple will depend on where you live and what exchanges you have access to.
Before we talk about buying Ripple, however, it’s important to cover a handful of basics regarding crypto. That includes:
- How to store Ripple or any other cryptocurrency correctly
- How blockchain-powered currencies are different than traditional currencies
What to Know Before you Buy
It’s important to note that when you send any cryptocurrency, including XRP, the transaction is permanent. Bank transfers and PayPal payments can usually be reversed, however, crypto transactions cannot be. That’s why it’s always important to double check that you’re sending your coins to the right address before you hit the confirm button.
Also, storage is very important. *Never store any significant amount of XRP on a cryptocurrency exchange. *The only amount of cryptocurrency that you should keep on an exchange is an amount that you are willing to lose. Exchanges get hacked all the time and if your coins get stolen from an exchange there’s a good chance you’ll never get them back.
While desktop or mobile wallets are a good solution for storing your Ripple, the best way to keep your investment safe is a hardware wallet. Trezor and Ledger are two popular hardware wallets. If you’re going to buy XRP Ripple you should consider buying one of these.
Also, when you create a wallet for the first time, desktop or hardware, you’ll be given a seed phrase. *Never *store this seed phrase on your computer or anywhere online. If a hacker gains access to your files he can steal all of your funds. Always write down the seed phrase with a pen and store it somewhere safe.
Finally, make sure to store your seed phrase in multiple locations. If a fire or flood destroys your hardware wallet and seed phrase there is no way to get back your funds. Redundancy is always necessary when dealing with crypto.
Now that we’ve covered the basics, let’s look at how to buy Ripple.
How to Buy Ripple Directly
First you’ll need to create an account on an exchange that has a XRP USD pair.
Coinbase is often thought of as the best XRP exchange, however, Kraken also allows its customers to buy XRP Ripple with USD. Depending on where you live the best place to buy Ripple with USD will be different.
After registering on an exchange you can add your payment method, whether that’s a bank account or debit card, and then buy your Ripple. Once the payment clears you can withdraw your coins to an external wallet. That’s really all there is to it. Congratulations, you’re now a cryptocurrency investor!
If you don’t have access to an exchange that allows for buying Ripple with USD there is another option: you can purchase Bitcoin first and then trade it for Ripple XRP.
How to Buy Ripple with Bitcoin
Finding an exchange that will let you buy Bitcoin with USD is easy. Bitcoin is the most popular cryptocurrency by far and every major (and minor) exchange supports it.
To buy Ripple XRP with Bitcoin, first, create an account on an exchange with an XRP BTC pairing. A full list of exchanges that support this trading pair is available here. Then create another account on the exchange that you’ll use to buy the Bitcoin (if the exchange you’re using to buy Bitcoin doesn’t support XRP).
Once you have an account on both exchanges you can buy Bitcoin then send it to the exchange with the XRP BTC pairing. After the Bitcoin transaction has cleared you can exchange the Bitcoin for Ripple and you’re good to go! Withdraw the XRP to your hardware wallet then put the wallet somewhere safe.
The disadvantage of buying Ripple in this way is that you incur trading fees for the BTC to XRP exchange. Also, there may be fees for the Bitcoin withdrawal. This method is only recommended if you cannot register on an exchange with a XRP USD pairing.