Knowing about a cryptocurrency asset is one thing, and taking a step to buy the asset is another thing entirely. If you have come across XRP, the native token that powers Ripple’s payment network, chances are you wish to buy some of it.
The token recently became the champion of the crypto industry after beating the securities and exchange commission (SEC) in court. Because of the victory, many investors now find the token attractive, which is one of the factors that drive price.
Ripple is also embarking on several expansion projects that make it more useful to major businesses on a global scale. This is another major reason why investors are optimistic about the future of the token.
If you’re like most investors, you may be considering buying the token but if you haven’t done it before, it can be challenging. Therefore to make your journey easier, we discuss in this guide how to buy the XRP token, so that you can easily buy the token for yourself at any time.
How to Buy XRP
CypherMind-HQ.com Artificial Intelligence Crypto Trading System - Stay on top of the competition using the advanced CypherMindHQ AI system! Leverage the capabilities of high-tech algorithms and take your cryptocurrency trading to the next level. Learn more today!
There are many channels through which you can buy XRP, but you should have a wallet that you’ll send the assets to when you buy them. If you have settled on that, here are the best ways to buy.
Peer-to-peer (P2P)
Peer-to-peer (P2P) trading is a method of trading in which crypto traders can buy and sell assets directly between buyer and seller without having to use a crypto exchange. P2P trading has become increasingly popular because of the convenience that comes with it.
First, you can carry out such trades using your local currency. You can use money from your local bank account to pay for the XRP directly because the person you’re buying from is usually from the same country as you.
Apart from that, you can buy physically from a friend in your neighborhood, which is even better because you can then pay with physical cash. P2P platforms such as Paxful facilitate such trades and you can use any of them to buy your XRP.
Use a Centralized Exchange
This is the most popular method of trading cryptocurrencies in general, including XRP. You’ll need to sign up on a centralized crypto exchange like Binance and add funds to the exchange to buy XRP.
CypherMind-HQ.com Artificial Intelligence Crypto Trading System - Surpass the competition with the refined CypherMindHQ AI system! Take advantage of groundbreaking algorithms to amplify your cryptocurrency trading prowess. Learn more today!
Some exchanges may allow you to deposit your local currency directly while some may not. In case of the latter, you’ll have to buy a different crypto asset such as a stablecoin and deposit it to the exchange. After that, you can now trade the stablecoin for XRP on the exchange.
Some exchanges also offer P2P trading platforms that you can use to trade at zero fees. If your exchange’s P2P platform allows trading of XRP, it will be a good idea for you to use it. Otherwise, you’ll need to place a spot market order to buy it and then withdraw it to your personal wallet.
The last part is critical because it isn’t safe to hold assets on a centralized crypto exchange for long because the security isn’t guaranteed. The only excuse is if you trade the assets regularly.
Decentralized Exchange
This is the least popular method of buying XRP and crypto in general, but one you should consider using if you value privacy. Decentralized exchanges don’t have central control, and your money is always in your personal wallet.
You also don’t need to register or provide any personal information to use it. This makes your transactions 100% anonymous, unlike the first two methods that require that you complete KYC to use them.
All you have to do is find a decentralized exchange like Uniswap or Pancakeswap and connect your wallet. You’ll then be able to swap whatever token or coin you have forXRP. The token will usually be paired with a more prominent asset such as Ethereum or BNB, depending on the blockchain the exchange runs on.
Disclaimer: Avantage Cryptocurrency is not liable for any financial losses arising from the information available on our website. Read our disclaimer to learn more. The views and ropinions shared on our blog represent the perspectives of the individual authors only. Engaging in crypto trading carries inherent risks and might not be appropriate for every investor. Before delving into online trading, visitors should verify the legal status of such activities within their local jurisdiction. All logos, images, and trademarks showcased on this website are the property of their respective owners, used in accordance with the Fair Use act. Some of the posts (not all) on this site such as posts in the Avantage Cable category are promotional paid posts not written by our authors.
Leave a comment