How to Buy Ripple From Binance
From retail traders to individual investors and large corporations, everyone is catching up on the Ripple (XRP) craze! Some of them like to speculate on its price and invest in it, while others use the Ripple platform for instantaneous cross-border payments because they need XRP to convert their fiat currencies and transfer their funds more easily.
But where can one buy XRP? We’re glad you asked.
Binance is undoubtedly a true leader in the crypto industry for anyone looking to buy both Ripple and plenty of other cryptocurrencies. In just a few years, it managed to become a global powerhouse, offering a suite of trading tools, acceptable fees, and full-time customer support.
In our guide today, we’ll tell you how to buy Ripple from Binance by following a few simple steps.
Register for a Binance Account
To start trading on Binance, you’ll need to register for an account on the exchange. You’ll be asked to provide your full name, email address, place of residence, and other personal details. The platform complies with KYC and AML policies so, if you want to trade more than 2 BTC per day, you’ll need to verify your identity showing a government-issued ID.
Next, you have two options when buying XRP:
- Buy XRP with a credit card.
Binance allows customers to buy cryptocurrencies with fiat currencies. Therefore, one option is to use a credit card, Visa or Mastercard, to fund your account and purchase XRP. Just click on the “Buy Now” button and insert the card details.
The advantage of using a credit card is that on average you’ll get your coins within half an hour if not less. You’re allowed to purchase XRP or any other cryptocurrency worth up to $20,000 at quite reasonable fees. Binance either charges you 3.5% on each transaction or $10, retaining the right to incur the higher one.
- Buy XRP with other cryptocurrencies.
The second option is to buy XRP using your already purchased cryptocurrencies. First of all, you need to make sure that they’re in your Binance account. You can go to the “Funds” section, click on “Deposit”, and select the cryptocurrency you’ll be transferring. Binance supports a variety of digital coins so you probably shouldn’t worry that your currency is not on the list.
Once you’ve selected the cryptocurrency, Binance will generate a wallet address. You need to copy this address and go to the digital wallet that safeguards your cryptos. Choose the number of coins that you want to transfer and send them to the copied Binance address. Be patient, as it might take some time for the coins to reach your account.
Now that you have your digital coins ready, you can transfer them into XRP. Over at Binance, click on the “Exchange” tab, and you’ll be redirected to the trading dashboard. Here, you need to find your trading pair, i.e. if you want to exchange BTC for XRP, find the XRP/BTC pair. To avoid confusion, remember that the first coin in the pair is the one you want to get from your trade.
It’s time to place your order. For this, you can choose between a Sell and a Limit Order. If you choose the first one, you are basically saying that you’re okay to buy the coin at the current market rate. However, if you don’t like the rate set by the market at the moment, you can set your own price limit. You’ll have to wait longer to find a buyer, but you might end up getting a really good deal.
The final step is to specify the number of XRP you want in the “Amount” field. Binance will show you the current market rate of 1 XRP in the “Price” field if you’ve opted for a Sell order. Otherwise, you’ll be asked to determine the price limit. The platform will calculate and display the total sum. You can either accept the offer and click on “Buy XRP”, or cancel it altogether.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.