Ripple (XRP) is one of the heavyweight contenders in the crypto market. In fact, some will even say that it has the potential to topple Bitcoin as the number one cryptocurrency. This is one of the reasons why XRP is still in demand.
Now you could be buying XRP because you believe it will overtake Bitcoin in the future. Or, you want to diversify your crypto holdings. Either way, you will need to purchase XRP, which brings us to the question – how to buy XRP online safely?
In this article, you’ll learn what your options are so you can find the one that best suits your situation.
First Things First
First and foremost, you must know how to get into the cryptocurrency space. Cryptocurrency is still at its early stages, and buying XRP may not be a straightforward process for you. There are two basic ways of getting XRP.
There’s the direct and the indirect process.
- Direct Process – The direct route of obtaining XRP is buying it online with the use of cash or fiat. This method is more convenient, but it has its downsides. XRP may be a major cryptocurrency, but it’s not as big and as accessible as Bitcoin. Hence, your option of directly exchanging your cash or fiat to XRP may not be available depending on your location.
- Indirect Process – This is called an indirect process because you will have to add an extra step. Specifically, this method requires you to buy Bitcoin first, then exchange that Bitcoin to XRP. Keep in mind that Bitcoin is the biggest and most accessible cryptocurrency. Hence, it may be a lot easier for you to obtain Bitcoin using fiat. Once you have Bitcoin, it is just a matter of using an online cryptocurrency exchange to convert Bitcoin to XRP. This method may be a bit more of a hassle, but it’s the most accessible route for many.
The Safest Method
Perhaps the safest method of obtaining XRP is buying it from someone you trust, and it doesn’t matter if you use Bitcoin or fiat to obtain it. You can do everything online too, so it’s both convenient for both parties. You could ask a family or friend to send you XRP to your wallet, and you send him Bitcoin or fiat via PayPal or bank account transfers.
This method may be the safest because you’ll be a lot more certain that the other party will send you XRP once you send your fiat. Furthermore, you don’t have to deal with a lot of hassles like submitting IDs, SSN number or getting approved when opening an account with a legal cryptocurrency broker or exchange.
If you don’t have a family or friend that can send you XRP, then your only option may be opening an account with an online cryptocurrency exchange or broker. There are plenty of them like Coinbase, Binance, and Bittrex to name a few.
Perhaps the key here to finding a broker or exchange you can trust is to do research on their history. You’d want an exchange that has been operating for at least three years. A broker or exchange that has never been hacked is also a must.