Buy Ripple UK (XRP)
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 GBP) into your account. And then you can use that money to buy cryptocurrencies on the platform/exchange.
Buying Ripple in the UK has become pretty easy since CEX.io came onto the crypto scene. Just sign up, verify your account, and buy XRP with GBP.
We’ve laid out the steps on how to get started below!
How To Buy Ripple in the UK
- Register for an account with CEX.io.
- Verify your account.
- Deposit GBP into your account
- Click the “Buy/Sell” link
- Select “Ripple” and “GBP”.
- Enter the amount of GBP you want to trade for XRP, or how much XRP you want to buy.
- Review the details.
- Click “Buy”
How To Get Started
Setup Your Account
CEX.io is definitely our go-to crypto trading platform in the UK. They offer a great range of cryptocurrencies and they are UK based so it's easy to sign up and use GBP to trade.
The first thing you'll need to do is sign up for an account from their homepage.
Verify Your Account
After you've created your account, to unlock higher limits you'll need to verify your account. You can do this by clicking on your name top right then clicking on "Verification", this will take you to a separate subdomain where you can verify your details. You will have to fill out all of your personal information including any documents required, don't worry about this, every exchange requires it. Cryptocurrency exchanges need to request this information to abide by local laws.
Fund Your Account
You can now deposit money in your account, there are a few different options which you can see below. If you have any issues you can always reach out to their support team.
Once you’ve funded your account with GBP, you’re set to buy some crypto.
CEX.io caters for all users, so they have both simple and advanced ways of buying cryptocurrency. Essentially you can just choose which Cryptocurrency you want to buy and which local currency you want to use, in this case GBP.
Where To Buy Ripple
We reviewed all of the exchanges available in the UK and we highly suggest using CEX. It far surpasses the other exchanges as the best option due to it's customized platform and ease of use.
CEX is by far our favourite exchange for people in the UK. Their platform is incredibly easy to use and allows you to buy Cryptocurrencies with GBP. They have their HQ in the UK so it allows from some great benefits like faster payments and localised support.
What is Ripple?
Ripple is the name of both the global payment system and that system’s native token, commonly abbreviated to XRP.
The incentive for designing this platform was to improve the outdated banking system and make the process of exchanging value as easy as that of exchanging information on the Internet. This is known as the Internet of Value.
The XRP token is used, on one hand as a store of value, and on the other, as collateral for transaction costs when exchanging value and completing cross-border payments.
What Are Their Future Goals?
Advances in technology have turned the transport and communication industry upside down in the last century and a half. Just try to imagine your lives without air transport or the Internet. These are just two innovations that have made the exchange of information, goods, and people to every corner of the world significantly faster and easier.
This has enabled companies to venture into foreign markets and increase the number of customers, which is what we mean by market globalization. It also means that international payments have become an indispensable part of every larger scale business.
But here’s the catch! The financial industry remains stuck within an outdated cross-border payment system that still relies on financial institutions to act as intermediaries. Our bank needs to link the transaction with an international bank, a process that can take up to several days and for which they charge hefty fees.
This is where Ripple enters and proposes the following: why not invest in the blockchain technology to make faster and cheaper cross-border payments online? Why not use this technology to provide financial inclusion for the underbanked and establish and maintain new industries?
This has been their goal ever since.
Who Created Ripple?
If you are part of the crypto community, you must have heard of Jed McCaleb. He’s a software engineer by profession and has worked on some very successful crypto projects throughout the years, including Overnet and eDonkey.
On top of that, he was the co-founder of Mt. Gox, one of the first, and at one time the most popular crypto exchange in the world. Traders and investors remember the major security breach of Mt. Gox in 2011 when a hacker illegally transferred a large number of bitcoins to his account.
Luckily, McCaleb had by then sold the platform to Mark Karpeles and wasn’t involved in the scandal. He had already moved on to some other projects. That same year, together with the business executive and angel investor Chris Larsen, they had a conversation with Ryan Fugger, the developer of OpenCoin, an online payment system.
They proposed to add some more blockchain features to his system and improve the way money transfers were conducted. OpenCoin was soon renamed into Ripple. To ensure enough liquidity and to avoid spam, they launched a token to fuel the network under the same name.
Ripple’s innovative approach to international payments gained a lot of supporters from the start. As of 2019, the start-up is worth more than $10 billion thanks to investments and venture capital from world-leading companies like Andreessen Horowitz, Core Innovation Capital, Accenture, CME Ventures, Santander Group, Tetragon, Seagate Technology, Standard Chartered, and many more.
In terms of trading volume, Ripple (XRP) is third only to Bitcoin and Ethereum, which is an outstanding accomplishment on its own! At least for now, Ripple is less profitable as a store of value. The coin reached its peak at the start of 2018 when 1 XRP was worth 2.5 GBP. Currently, the coin’s value remains at £0.15.
Who Is It For?
As a retail trader, Ripple may not change the way you trade digital coins or make online money payments. Instead, Ripple aims to make these changes on a larger scale, focusing on big industry players, i.e. global financial institutions and banks. It aims to improve the way we communicate value across continents.
Most banks nowadays continue to use SWIFT, a money service designed in the ‘70s that fosters communication between banks on an international level. It’s a medium through which they’re able to complete the cross-border transactions that you request. However, SWIFT is extremely outdated, slow, and expensive, which is another reason why banks incur high service fees as well.
Ripple proves a promising alternative and allows banks to make international transfers faster and cheaper than usual. Their idea is to get to a point when value (i.e. money) will be sent as fast and easily as a text message on the Internet.
Users used to choose between the following three services offered by Ripple:
- xRapid, to convert your funds into XRP and use them for cross-border payments,
- xCurrent, cross-border payments that are not converted to XRP and give you the option to track the transfer as well, and
- xVia, a combination of the two with some additional features.
However, in October 2019, the platform removed these services and introduced RippleNet that unites all their features and allows users to choose whether they want to use XRP or not.
Ripple’s Pros and Cons
Ripple has some other advantages too. When compared to Bitcoin, whose blockchain can process only 7 transactions per second, or Ethereum’s with 15 transactions per second, the XRP ledger is designed to process up to 1,500 transactions per second!
Moreover, to this day there haven’t been any major security breaches to tarnish Ripple’s reputation, and the fact that all XRP tokens have been pre-mined means that customers are free from worries about potential inflation scenarios in the future.
Besides major venture capital firms, Ripple is backed up by important banks across the world including Santander, Yes Bank, Union Credit, Axis Bank, Westpac, NBAD, UBS, and more.
On the other hand, the support of such institutions and the company’s own policy call into question Ripple’s decentralization. While this is not necessarily a bad thing, it does go against what blockchain technology and digital coins were meant to represent – a decentralized, anonymous marketplace.
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.