How to Buy Ripple: Easy, Step by Step, Illustrated Guide
If you own Bitcoin or Ethereum and want to exchange it for Ripple (XRP), click to sign up and make the exchange here: Binance.com.
Ripple cannot be purchased on many of the biggest and most popular cryptocurrency platforms at the time of this writing. That makes it necessary to buy Bitcoin or Ethereum from an exchange like Coinbase, transfer that cryptocurrency to Binance (the top cryptocurrency exchange in the world), and then exchange it for Ripple. If you already own one or more of these previously mentioned cryptocurrencies (also called altcoins) you can exchange them by following the simple, step-by-step instructions below about how to buy Ripple on Binance.
If you know what you’re doing, but don’t own any cryptocurrencies yet, the first thing to do is to buy Bitcoin or Ethereum from Coinbase and then come back to this page to learn how to exchange them for Ripple. If you don’t know anything about anything, take a look at our in depth article explaining cryptocurrency investing. You can also check out 10 Questions to Ask Before Investing in Bitcoin.
The advantage that lower-priced digital currencies such as Ripple, Tron, and Stellar Lumens have over higher-priced digital currencies is the potential to increase profits exponentially. The question that many investors are asking themselves is “can I make more profit investing in a cryptocurrency that is priced at $0.20 than I can make by investing in one priced at $10,000?” In other words, is it easier for a currency to increase from $0.20 to $0.40, or for a currency to increase from $10,000 to $20,000, either of which would double the investment?
The answer to this question is why many investors are selling their Bitcoin and exchanging it for cryptocurrencies such as Ripple, a lower priced altcoin with huge potential. If you’re one of those that wants to experience the excitement of buying a low-priced altcoin with the hope of seeing your investment grow exponentially, simply follow the easy instructions below to get started. One last thing: this is a step-by-step guide for buying Ripple on Binance, but Binance offers many lower-priced cryptocurrencies for exchange. If you are interested in buying a currency other than Ripple, it’s the same process as outlined below. You would simply substitute your cryptocurrency of choice for Ripple.
How to Exchange Ethereum or Bitcoin for Ripple
To exchange Bitcoin or Ethereum for Ripple, you’ll need to open up an account at Binance.com (click this link to go to Binance). We will now explain the step-by-step process for opening an account on Binance and how you can exchange Bitcoin or Ethereum for Ripple in your Binance account. You can buy Bitcoin and exchange it for Ripple or other cryptocurrencies on Binance, but Bitcoin transactions can take a lot longer to complete and can result in higher transaction fees than Ethereum, and therefore, in the instructions below we will use Ethereum in our example.
Step 1. Sign Up for a Binance Account
Click this link – Binance.com – to create a Binance account.
Click the “Register” link in the upper right area of the page.
To prove you’re human, you’ll need to drag the puzzle piece until it fits into the puzzle slot.
You will now see the Email Verification page.
To complete the email verification, login to your email account and click on the confirmation link in the email.
Enable Two-Factor Authentication
A window will appear asking you to Enable two-factor authentication (2FA) by selecting one of the options. You can click “Skip for Now” and come back to this later, or you can enable this now. You can choose “Google Authentication” or “SMS Authentication.” Note: This is optional, but you should definitely enable two-factor authentication to make your account more secure.
Option 1: Enable SMS Authentication on Your Mobile Phone
It’s usually simpler to choose the “SMS Authentication” option. Once this option is selected, and after clicking a button that says “Send SMS,” you will receive a secret code in a text message on your mobile phone. Enter this code into the appropriate box. Once you have enabled “SMS Authentication,” you can skip down to Step 2 below.
Option 2: Enable Google Authentication
If you would rather enable Google Authentication, continue with the instructions below. If you have already enabled SMS Authentication, you can skip this section and go to Step 2 below.
To enable Google Authentication, go to your APP STORE or GOOGLE PLAY and install an authenticator. You can use any authenticator, but for this tutorial we will use Duo Mobile because it has a high customer rating. Go to your App Store and search for “Duo Mobile.” Install this app on your mobile phone.
Take a Picture of the “Enable Google Authentication” Page
Once Duo Mobile is installed on your mobile phone, you’ll want to do two things. First, take a picture (or a screen shot) of the “Enable Google Authentication” page for your records. If you lose access to your authenticator, it is the only way to recover your password quickly. And if you lose access to your authenticator you can’t login to your Binance account and buy, sell, or withdraw money from that account. So be sure to take a picture or screen shot of this page and keep it somewhere safe.
Scan the Authenticator Code
Second, after downloading the authenticator App, you’ll want to scan the code (it’s the gray box with all the black lines you see in the image below. It sometimes takes a few tries to get it right. If you have trouble scanning the code with your mobile phone, you can enlarge the image on your computer by holding down the “Ctrl” key on your keyboard, and at the same time scrolling with the scroll wheel on your computer mouse. This will enlarge the image of the code on your computer and make it easier to scan the code. Note: pressing the CTRL key on your computer keyboard while using your mouse’s wheel to scroll will cause the text and images on your computer monitor to become smaller or larger.
Now when you login to your Binance account you’ll need to provide your password and your 2FA code (two-factor identification code). Each time you login to your account you will need to enter your login details, as well as fit the puzzle piece into the puzzle slot. Once you have fit the puzzle piece into the proper slot, you will be sent a secret code on your mobile phone, which is accessed by opening the authenticator App (such as Duo Mobile). Retrieve that secret code from the App on your mobile phone and enter it when logging into your Binance account.
This secret code changes every 30 seconds, so be sure to use the most recent code if it takes longer than 30 seconds to retrieve it. Also, you are sent a different code every time you login, so don’t try using an old code. You should now be logged into your new Binance account.
Step 2. Transfer Ethereum from Coinbase to Binance
Now that you have accounts on both Coinbase and Binance, you can transfer your Ethereum (ETH) from Coinbase to Binance, where you can then exchange it for Ripple (XRP) or any of the other cryptocurrencies Binance supports.
In your Coinbase account, click on the “Accounts” tab.
Your Coinbase wallets are in the left column, and a list of your transactions are in the right column. Click to select your “ETH Wallet.” Then click the “Send” button for your ETH Wallet.
You will now need to enter an “ETH Address” in the Recipient box. This is where you’re sending your Ethereum, which is to your Binance account. You’ll find this ETH Address in your Binance account.
In your Binance account, click the “Balances” link in the “Funds” drop-down menu.
In the left-column of the list, find “ETH” (Ethereum). If you can’t find it, search for “ETH” or “Ethereum” using the search box. Click the “Deposit” button in the “ETH” row (it’s on the right side of the ETH row). Doing this will display your “ETH Deposit Address.”
In Binance, copy the “ETH Deposit Address” by clicking on the small “Copy” button.
In Coinbase, paste the “ETH Deposit Address” you just copied from your Binance account into the Recipient box. Double-check to make sure that the address you just pasted into the Recipient box is exactly the same as the ETH Deposit Address in your Binance account. If the wrong address is entered into the Coinbase Recipient box, you will lose your funds.
Clicking in the “Amount” box will display a “Send Max” button. If you would like to send all of your funds to your Binance account, click “Send Max.” If you would like to send a smaller amount, enter that amount in the box and then click “Continue.”
A verification code will be sent to your mobile phone. Enter that code in the box and click “Confirm.”
In the left column, click on Eth Wallet. This will bring up your ETH transactions in the right column. If you don’t see your transaction listed yet, just keep refreshing the page until it shows up. It will normally display as a “Pending” transaction for awhile. An Ethereum transaction will normally take 10-15 minutes to complete, but it can take longer. If you sent Bitcoin, it can sometimes take a few days before it shows as completed in the transactions column. So if it says “Pending” for awhile, this is normal.
For an ethereum transaction, if you keep refreshing the page every minute or two, you should eventually see a completed transaction within 10 or 15 minutes, meaning your funds were sent to your Binance account.
Step 3. Exchange Ethereum for Ripple in Binance
Once your Ethereum (or Bitcoin) has been transferred from Coinbase to Binance, you will be able to see the amount you own by clicking “Balances” from the “Funds” drop-down menu.
The final step is to exchange your Ethereum for Ripple. In the upper left corner click “Advanced” from the “Exchange” drop-down menu.
1) Click “BNB/BTC.”
2) Click the “ETH” tab from the drop-down menu.
3) Select XRP/ETH (XRP is Ripple and ETH is Ethereum). Selecting XRP/ETH will allow you to exchange ETH for XRP or XRP for ETH.
In the lower right corner you’ll see two sections, one to “Buy XRP” and one to “Sell XRP.” We want to buy XRP using our ETH funds. So under “Buy XRP” click the “100%” tab. This will exchange all of your ETH funds for XRP and will show you the total amount of XRP that you will be buying at the current market price.
Note: without getting too technical, there are three tabs named “Limit,” “Market,” and “Stop-Limit.” Choosing the “Market” tab will cause your “Buy” order to be filled immediately at the current market price. A “Limit” order is an order to buy (or sell) at a specific price or better. A “Stop-Limit” order becomes a limit order once a specific stop price has been reached. For this example, we will use a market order since it will get filled immediately.
Click the “Market” tab.
Click the “Buy” button.
Assuming you had enough ETH funds to make the exchange, you will see a “Success” sign briefly appear. The “Success” sign disappears quickly, so you can check to make sure the exchange was a success by clicking “Account” in the upper right corner of the screen, then clicking “Deposits Withdrawals” from the “Funds” drop-down menu. There you will see the cryptocurrencies you own at the top of the list.
If you bought Ripple, and don’t see it on this list, it’s probably because you placed a Limit order instead of a Market order and it was not filled. You can check to see if your order was filled by clicking on “Open Orders” in the “Orders” drop-down menu. If your order is still open (if it was not filled) you can choose to wait and see if the price eventually hits your limit price and gets filled, or cancel the order and place a new Market order to buy your cryptocurrency immediately.
If you did not have enough funds to make the trade you will see an “Order failed” sign briefly appear.
Step 4. Checking Your Cryptocurrency Balances
Once you have successfully exchanged Ethereum for Ripple:
1) Click on “Account” in the upper right area of the page.
2) Click on “Balances” on the “Funds” drop-down menu to see how much Ripple (XRP) you now own.
3) You can also see how much your total account is worth in Bitcoins and USD.
We hope this tutorial was useful for you and that you will have great success in your cryptocurrency trading endeavors. Please be sure to check out our other cryptocurrency articles. The more you know about cryptocurrency investing, the better chance of reaping success in the market.