How to Buy Ripple on Coinbase – Is It Even Possible?
I know…I know…
It seems as if everyone is jumping onto the crypto train and you probably feel that it’s time for you too to be a part of a future that is still so young, yet so promising. Or maybe you’ve been in this space longer than some of us – but whatever the reason for you being a part of this, you sure have made one of the smartest investment decisions of your life.
Even with all the craze resulting in the emergence of new coins each, and every day, very few manage to stand out from the crowd.
Ripple is one such coin and has grown to become one of the hottest coin alternatives in the cryptocurrency market today.
But growth aside, how exactly do you buy Ripple, and even more importantly, is it possible to do so on Coinbase?
There have been many controversies about where you can and cannot buy this coin, and in this guide, we will set the record straight on a few things about buying Ripple, including how to buy Ripple on Coinbase.
Let’s get started!
Where to Buy Ripple
Can I buy Ripple on Coinbase? That is a question on the minds of a lot of crypto users today.
There’s no doubt that the first step when looking to invest in any coin is to know where to buy it – and it is important to get it right to avoid any confusion, which could lead to the loss of your hard-earned money. Not very many exchanges trade Ripple; however, there’s still a decent number of exchanges for you to choose from.
Essentially, a crypto exchange is a platform where people can buy, sell, and exchange different types of digital currencies including Ethereum, Bitcoin, Litecoin, Ripple, among others. Trading in some exchanges is usually conducted using fiat currencies, such as the USD or the Euro, to acquire cryptocurrencies such as Ripple or Bitcoin, and vice versa.
Ripple is traded on a couple of exchanges which includes Binance, Kraken, and Bitsane.
Now, you must be wondering why Coinbase isn’t listed here. And here’s why:
It is not possible to directly purchase Ripple on Coinbase. However, the Ripple team is currently working on a possible partnership with Coinbase to have their digital asset listed on the platform.
Check out this video for more information on the status of Ripple being listed on Coinbase.
There’s another way to go about buying Ripple from Coinbase, the only problem is that the process is not as direct as it ought to be.
You’ll first need to use an exchange that has Ripple listed on it. For the purposes of demonstration, we’ll use Binance.
Here’s a step-by-step guide on how to go about it:
- Create an account on Coinbase, where you will choose to buy either Bitcoin or Ethereum, which you will use to acquire Ripple. You’ll need to deposit funds into your Coinbase account to be able to buy the coins you need, and once that’s done, you need to head over to Binance.
- Binance is a great place to buy a couple of cryptos, and it’s very easy to set up. You’ll need to sign-up by providing an email address and a password. Once you’re done signing up, you’ll go to “Funds” and then “Deposits and Withdrawals”.
- If you bought Bitcoin on Coinbase, you’ll need to transfer that to Binance. This can be done by typing in the search bar of the Binance platform the initials “BTC” and Bitcoin will be filtered out. Click on the “Deposit” icon under Bitcoin then copy the address. On the Coinbase platform, select “Send” under Bitcoin. An address area will appear where you will paste in the address copied from Binance.
- You’ll need to select an amount of Bitcoin and then click “Send”.
- Once that’s done, you will receive the Bitcoins in your Binance account, where you can go ahead and exchange with Ripple coins. You can then transfer your Ripple coins for safekeeping to an offline wallet.
So, to answer the question on how to buy Ripple with Coinbase, the answer is at the moment, if you need to use Coinbase to purchase Ripple coins, the above is the only way to go about it.
Let no one deceive you that they know how to purchase XRP on Coinbase without using another exchange today.
Be careful! Transferring BTC from Coinbase to other exchanges such as Binance is quite expensive. Coinbase will deduct a network fee from your funds, so don’t panic when the amount goes to another exchange a few dollars less. Initially, the easiest and cheapest way to transfer funds from Coinbase to other exchanges was through GDAX, a separate company that was wholly owned by Coinbase, but recently got absorbed by its parent. If you need to transfer coins to say, Binance for free, you’d need to transfer the coins from Coinbase to GDAX first, then to Binance at no fees. But that’s off the menu for now. At the moment, you may have to bite the bullet by sending the coins directly to an exchange with Ripple coins and paying a higher fee.
Since a large number of crypto users rely on fiat currencies to purchase cryptocurrencies such as Ripple, it is important to highlight how to go about doing that. And for illustration purposes, we’ll use the USD.
How to Buy Ripple with USD
Ripple accepts purchases of its coins using fiat money – whether that is the Euro, JPY, or the USD, using your debit/credit card or a bank transfer. To proceed:
You’ll need to create an account on Bitstamp from the Ripple website. Hit the XRP icon and click on “XRP Buying Guide”. You’ll be taken to a page that looks like this:
- Select Bitstamp and complete the signup process.
- Once you’re done signing up, click on “Deposit” from your account. You will be prompted to select your preferred payment method on the left-hand side of the page.
- Select the option “International Wire Transfer” and provide the required information. After this is done, you can use the bank details provided by Bitstamp to transfer funds from your bank account to the platform.
- Next, you’ll need to select the currencies you wish to exchange – click on XRP/USD to trade cash for Ripple. Head over to the “Buy/Sell” section and select “Buy XRP” under the “Instant Order (simple)” icon.
- Inside the “I want to spend” box, key in the amount of XRP you wish to buy, then click “Buy XRP”, and the coins will be added to your account.
As much as this process may vary from one exchange to another, most exchanges have a fairly straightforward procedure for buying Ripples using fiat currencies. To avoid landing on nefarious platforms, be sure to verify an exchange through online reviews and other channels before attempting to use them.
Why Go for Ripple?
Ripple was established in 2012 and has since gained traction among crypto users due to allegedly having faster transaction speeds and low transaction fees.
Ripple serves as an alternative coin to Ethereum, Bitcoin, Litecoin, and is a bit different from most other currencies in the sense that it works with a number of banks and companies. Among its partners, we have the Standard Chartered Bank, American Express, Westpac, and many more.
According to CNBC, the market capitalization of Ripple had surpassed that of Bitcoin at the start of 2018. – So, yes, Ripple is definitely having a moment.
Ripple offers a range of great features including instant on-demand settlements, connectivity across several payment networks, real-time funds tracing mechanism, as well as low operational and liquidity costs.
And for those who need their coins instantly, the platform boasts lightning speeds when it comes to payment settlement, which currently only takes about 4 seconds or less. Well, that’s several thousand faster compared to the 2 minutes taken by Ethereum or the hour by Bitcoin.
At the time of crafting this guide on how to buy Ripple on Coinbase, the platform’s coin (XRP) trades at $0.47 with a market capitalization of $47 billion.
I certainly hope the question of whether or not you can buy Ripple on Coinbase was answered, among many others concerns that you may have had at the start of this post. And in case you still have questions, don’t be shy to drop us a message and we’ll be happy to help out.
In conclusion, I’d like to reiterate that the best exchange so far to buy Ripple coins is Binance; however, keep in mind that the platform doesn’t accept fiat currencies. This means that you may have to purchase coins on platforms that accept fiat money, such as Coinbase, and then transfer the coins to Binance in order for you to acquire your Ripple coins.
So in the real sense, you still get to buy your Ripple coins using Coinbase; it is just not a direct process.