Alright, so you want to buy some Ripple. First things first, a quick crash course on buying crypto in general.
Cryptocurrencies are bought through exchanges. Exchanges are platforms you need to sign up for (like forums/apps or any other website with user accounts). Once you’ve signed up, you can log in, deposit credits/money (preferably AUD) into your account. And then you can use that money to buy cryptocurrencies on the platform/exchange.
In Australia, we have quite a few options when it comes to cryptocurrency exchanges. The majority, however, only support a handful of coins, these are usually the bigger ones like BTC (Bitcoin) and ETH (Ethereum).
Long story short, our favourite Australian platform at the moment is CoinSpot, it’s easy to sign up, you can use AUD, and they have 100+ coins available for you to purchase (including Ripple).
We’ve laid out the steps on how to get started below!
1. Setup Your Account
As mentioned above, Coinspot is our go-to for trading cryptocurrencies in Australia, definitely if you're starting out. It's the most trustworthy exchange available and it makes trading buying, selling and switching coins incredibly easy.
After creating your account the first thing you'll want to do is Enable 2FA (2-factor authentication, adds an extra step for logging in to your account, very easy to setup), you should see the message below at the top of your page while on the dashboard.
2. Verify Your Account
Before you do anything on CoinSpot you'll have to verify your account.
Click top right on Account > Settings > Verification.
Complete the 6 steps to verify your account, don't be alarmed uploading this information, every exchange requires it. It's to ensure your safety and make everyone on the platform accountable.
3. Connect Bank Account
You'll need to connect up your bank account if you want to buy coins on the platform.
Click top right on Account > Settings > Bank Details.
Fill in the required bank information.
4. Buy Coins
Once your account is verified and you've added your bank account details you can start buying and selling cryptocurrency.
Go to Buy > View All Coins
This page lists all the coins that CoinSpot has available (which is a lot). Simply click on Buy and input the amount of the coin you want to purchase or the amount of AUD you want to spend.
We highly suggest paying with POLi as it allows for near-instant transactions.
Easy as that! You now have bought some cryptocurrency. We highly recommend moving your cryptocurrency to a hardware wallet if you are planning on holding it for a while. If you are planning on day trading, or trading fairly regularly we suggest keeping it on the CoinSpot platform.
Where To Buy Ripple
We highly suggest using CoinSpot to buy and sell Cryptocurrency. We've done a comparison of the top 10 exchanges in the world for Australians to use and CoinSpot clearly deserves the top spot, you can see our full CoinSpot review here.
1. CoinSpot Exchange
CoinSpot is by far our most recommend exchange for Australians. They have an easy to use platform and an online wallet that makes trading simple for new users. They have a strong sense of community and are constantly posting updates and adding new coins to their portfolio. This is the most trusted exchange in Australia and arguably the best exchange globally.
What is Ripple?
The name ‘Ripple’ serves two purposes: it is the name of the payment network and the name of the digital currency (XRP) that is transferred within the payment network. One of the major goals of Ripple is to create an open-source platform that can be distributed easily. It will primarily be focused on Ripple’s payment system, which is still in beta testing.
What Are Their Future Goals?
One of the major goals for the platform, according to the team at Ripple, is to give people the opportunity to break free from any walled garden, whatsoever. This is mainly in direct relation to financial institutions that typically control the value stores of society. Institutions include banks, credit card companies, PayPal and other similar branched organizations in the financial sector; any place that easily and commonly restricts fees, and charges for the exchange of currencies or has processing delays. Many of these institutions, like PayPal, will merely freeze accounts whenever they feel like it.
Ripple has a goal of building a platform based on a decentralized, digital currency approach. They already recognize the importance that Bitcoin brought to the world. Their next step is to do for money, what the Internet did for the world and information exchange.
Who Created Ripple?
OpenCoin is the company behind the massive cryptocurrency giant that is Ripple. Ripple is one of the top five cryptocurrencies in the world, falling just between Ethereum at second and Litecoin at fourth. The team at OpenCoin sees a significant issue with the current state of the industry. For example, they believe the industry as a whole needs to do a better job at keeping money flowing more freely.
There is a company blog written by the Ripple team, which gives a brief history of money and its transportability. Other points it makes is overwhelming frustration that ensues because banks and other financial institutions control the flow of money. At any time, any of these organizations can easily halt a transfer or put it into review, extending the time that money is left sitting stagnate. These delays significantly affect the success of a company or individual. And in a world where seconds can cost millions, entities cannot afford to have their money tied up with a bank or other financial institution.
Chris Larsen is the CEO and CTO of Ripple. Jed McCalen is the primary guide for the company when it comes to cryptocurrency and all forms of digital currency. He’s straight out of Mt. Gox, which is the center for most of the world’s Bitcoin trades.
Larsen is formerly the founder of the internet company E-Loan. There are other programmers and developers on team Ripple as well, most of whom have a background in working Bitcoin. OpenCoin has received backing, funding as well as support from Andreessen Horowitz, FF Angel IV, Lightspeed Venture Partners, Vast Ventures and the company Bitcoin Opportunity Fund.
It’s important to note as well, OpenCoin has no affiliation with OpenCoin.org. They are developing their open source version of another electronic cash system previously developed by David Chaum.
Who is It For?
Ripple is designed for anyone who is already in the crypto-space. Specifically, Ripple is being developed to benefit Bitcoin Users. In no way does Ripple consider themselves a competitor to Bitcoin. Instead, they see themselves as a new platform that will complement the original cryptocurrency. They even have a page dedicated to Bitcoin users called Ripple for Bitcoiners.
Ripple has designed their network to give the user seamless transfer of any currency. It doesn’t matter if the currency is yen, euros, pounds, dollars or Bitcoins – Ripple is a one-source system for exchanging and transferring these different currencies.
The platform is also designed for not only individuals but banks, business and larger entities as well. They have created the platform to provide simple, reliable and on-demand cross-border payments. Payment providers will also appreciate Ripple as it has a lower foreign exchange cost than any other organization and offers much faster payment settlements.
Ripple’s Pros and Cons
The open sources technology is already well-established, worldwide and built on the popular blockchain technology.
The company is stable; they have had a proven track record for over five years of user-friendly technology that is ready for any financial institution or enterprise to use.
The founder of TechCrunch Michael Arrington has just launched a USD 100million cryptocurrency project with XRP.
XRP is scalable; they can handle a consistent 1,500 transactions a second, twenty-four hours a day, seven days a week. They can handle the same throughput as VISA, the world’s largest payment processor in history.
One of the cons of Ripple is that many consider the company to be centralized in many ways (unlike other altcoins like Bitcoin Cash, Monero, IOTA, NEO, Litecoin, and Verge). Also, in many ways, Ripple is not entirely transparent about their XRP market quarterly published reports that show exactly how much of their tokens were sold on the open market. The final issue is that some institutions have questioned the purpose of the XRP token, they love the idea behind Ripple but don’t see the coin itself as useful.
Still, Ripple is a powerhouse in the crypto-world, and the fact that one day there may be a maximum XRP could drive most of the financial transactions in the world would be a good reason to buy Ripple’s XRP coins.