How to Buy Ripple (XRP) in 2024

Ripple (XRP) is a popular payment cryptocurrency that allows cheap and fast transactions across the globe. Ripple serves as a bridge currency to facilitate fast and low-cost international transactions. This guide will cover everything you need to know about how to buy Ripple. From exploring the most popular platforms to buy XRP to investigating the best wallets to store your cryptocurrency assets, we have covered it all in this guide. You’ll also learn some interesting facts and information to help you decide if XRP is worth your investment or not.

How to Buy Ripple: Step by Step Guide

1. Find a reputable exchange: You can buy Ripple through a crypto exchange, broker or peer-to-peer marketplace. Research the various platforms available and choose one that meets your needs. We reveal the best platforms below!
2. Create an account: Sign up to your chosen broker with your email or phone number. You may need to verify your account with proof of ID.
3. Fund your account: Connect a payment method to your account and deposit enough funds to cover the cost of XRP (plus fees). Users can fund their purchases through various methods, including a bank account and bank transfer, to streamline the buying process.
4. Search for XRP: Search for XRP and then view any available news or market insights to get a better understanding of the token’s performance.
5. Buy XRP: Use your account funds to buy XRP by opening a ‘BUY’ order. The coins will appear in your account after a few minutes.  

Why Can You Buy, Sell and Trade Ripple in 2024?

This part of the guide uncovers the best platforms for XRP trading, buying, and storing Ripple. XRP can be traded on various cryptocurrency exchanges, which offer different functionalities and benefits.

The most straightforward way to acquire Ripple is via a cryptocurrency exchange. These are platforms that facilitate trades between users for a fee. They have simple interfaces and often have an educational section for traders to help them in leveling up their game. Although a number of brokers don’t allow you to buy XRP in the US, we’ve highlighted which do and which don’t.

Binance

Binance provides a premium user experience with an intuitive trading interface, multiple deposit options, and swap pairs for XRP. Also, they have a built-in wallet where you can securely store your crypto assets.

Binance is the world’s largest (and arguably most well-known) cryptocurrency exchange, with over 200 million users around the globe. For buying XRP, Binance charges a transparent fee structure of 4.5% for debit card purchases. Although this may seem a little high, the transparency makes it easy to work out how much your XRP purchase will cost.

Coinbase

Coinbase is considered to be one of the most user-friendly cryptocurrency exchanges available. It is slightly more beginner-friendly than Binance due to the fact that it doesn’t offer spot or margin trading. The exchange has a simple interface that makes it easy to navigate between various tools on the platform.

Much like Binance, Coinbase has a strong strong reputation amongst both beginners and experienced investors.

Perhaps that most appealing feature of Coinbase is the platform’s mobile app which allows you to seamlessly buy and sell XRP on your phone. This is excellent for users who feel more comfortable with mobile applications and feels similar to a standard mobile banking app.

Paybis

To use Paybis, you can sign up either on your smartphone or desktop device. The service is available in 48 of the 50 US states. You can find the full list on the platform’s official website.

In terms of features, Paybis is relatively straightforward for to use. You can access real-time price charts in addition to a cryptocurrency calculator. Both will continue to serve you as you become more advanced in your investment strategies.

Paybis’ main selling point is that it supports instant purchases with credit cards and debit cards. Therefore, it is a good option for anyone who wants to buy XRP quickly.

Choosing a Crypto Exchange to Buy XRP

When choosing a crypto exchange to buy XRP, it’s essential to consider several factors, including security, fees, payment methods, and user experience. Look for exchanges that are reputable, well-established, and have a strong track record of security and customer support. Some popular crypto exchanges that support XRP trading include Binance, Coinbase, and Kraken. Additionally, consider decentralized exchanges (DEXs) that offer peer-to-peer trading without the need for intermediaries. When selecting an exchange, make sure to read reviews, check the fees, and understand the payment methods available.

How To Buy XRP on Binance: Step-By-Step Guide

Below are the basic steps that you need to follow to buy XRP on Binance. This process will be relatively similar on most centralized exchanges however, it is important to read through your chosen provider’s instructions carefully.

Storing Your XRP Crypto Assets

Storing your XRP crypto assets securely is crucial to protecting your investment. There are several options available, including hardware wallets, software wallets, and paper wallets. Hardware wallets, such as Ledger and Trezor, provide an additional layer of security by storing your private keys offline. Software wallets, such as MetaMask and MyEtherWallet, offer convenience and ease of use but may be more vulnerable to hacking. Paper wallets, which store your private keys on a physical piece of paper, offer a low-tech solution but require careful handling to avoid loss or damage. Consider using a combination of these methods to diversify your storage options and minimize risk.

What is The Best Wallet to Store Ripple?

After buying Ripple from an exchange, it is important that you store your crypto in a secure wallet.

It is recommended to store your crypto assets in a cryptocurrency wallet, especially a cold wallet, rather than an exchange. This is because exchanges are susceptible to hacking attempts.

Cryptocurrency wallets are free to use but require a bit of extra admin to set up. It’s also important to understand the best practices of using a crypto wallet such as safeguarding your private keys and always using a secure internet provider.

Here is an overview of our top choices for XRP wallets in 2024.

How to Trade Ripple (XRP) CFDs

An alternative way to invest in Ripple is to trade CFDs (Contract For Differences) issued by brokers. These are derivative products, so you won’t own the underlying asset while still investing in the coin. This also means you cannot withdraw, transfer, or spend your Ripple. However, crypto brokers often have easy investing methods, perfect for beginners.

Here you can find the top two options:

Eightcap

Eightcap is an advanced trading software that lets you set up indicators and view different time graphs. The tutorials are accurate, and familiarizing yourself with the platform is fast.

TickMill

TickMill is perfect for expert traders due to its multiple trading apps (MT5, MT4, and CQG), tools, and graphs. Also, you can access educational resources like webinars, seminars, ebooks, infographics, and courses to strengthen your trading knowledge.

How to Buy XRP on a Mobile App

Exchange smartphone apps are the most convenient way to invest if you can’t physically access a desktop device. They allow you to trade, stake, withdraw, and deposit coins as long as you have an internet connection. Take a look at the top three options:

Crypto.com – Cheapest app to buy XRP USA

Crypto.com offers some of the cheapest trading fees available. You can get even lower fees if have a high trading volume or hold a large amount of the app’s native CRO token. Crypto.com’s availability in the USA makes it one of the best apps to buy XRP in the US.

Kraken – Simplest app for XRP trading

The intuitive user interface of the Kraken app makes it fairly easy to use, but traders and investors will also benefit from custom orders, market data, watchlists, and portfolio tracking tools. The Kraken mobile app is available to users in the US.

Binance – Best app for advanced XRP trading

If you’re interested in advanced XRP trading, then Binance could be the app for you. Users get access to hundreds of trading pairs, savings accounts, price alerts, and much more in the pro version. However, you can’t buy XRP in the US as the Binance.US app doesn’t support it.

How To Buy XRP on Crypto.com App: Step-By-Step Guide

How to Buy XRP Using a Decentralized Exchange

A unique way to buy XRP is with a DEX (Decentralized Exchange). This is a decentralized application built on the blockchain that uses smart contracts to run. Moreover, these platforms work by connecting a crypto wallet and swapping tokens using a liquidity pool system. Also, DEXs are unregulated and allow you to purchase coins anonymously. As DEXs are available anywhere, they provide an alternative way to buy XRP in the USA.

How to Buy Ripple Anonymously?

The platforms listed above require you to provide some personal information before buying XRP. This is done to comply with anti-money laundering policy. However, identity verification processes can slow down the time that it takes to buy Ripple and other cryptos.

If you are looking to buy XRP quickly, or would prefer to keep your identity private, here is an overview of how to buy Ripple anonymously.

How to buy Ripple without registration or KYC?

You can avoid the registration and KYC processes by using a decentralized exchange. These applications require connecting a crypto wallet, allowing you to remain anonymous. To buy XRP through a decentralized exchange, you will need to fund your wallet with another crypto that can be swapped for the coin.

Another way to buy Ripple anonymously is to use a peer-to-peer (p2p) platform. Similarly to decentralized exchanges, p2p marketplaces allow you to buy XRP by connecting an anonymous wallet to the platform and swapping coins for XRP. Peer-to-peer marketplaces connect you directly with sellers which means that prices fluctuate depending on how much sellers are willing to sell their XRP for.

Can you buy Ripple offline?

Ripple cannot be bought offline as you need an internet connection to use brokers, XRP exchanges, and P2P platforms.

How to Sell Ripple in 2024 Using Binance

After you have seen a bit of growth on your investment, you may decide to pocket your profits and sell Ripple.

Selling coins like XRP is a smooth process with Binance. Here’s a simple guideline for cashing out your investment:

• Step 1: Sign in to Binance and open the spot trading interface.

• Step 2: Search for XRP and enter how much you want to sell in a sell order.

• Step 3: Confirm the order and wait for the transaction to finalise.

Should You Buy or Sell Ripple?

Ripple has experienced a bit of a roller-coaster ride of the last few years, due to a recently-settled lawsuit against the SEC. Nevertheless, Ripple Labs came out victorious and things have seemingly settled down.

Despite the lawsuit, XRP remains one of the largest cryptocurrencies by marketcap and Ripple stands out as one of the most promising blockchain networks. The Ripple network combines high speeds, low costs and scalability to offer an efficient alternative to traditional payment methods.

Do You Need to Pay Tax on Ripple in the US?

Compared to many countries, cryptocurrency laws and regulations in the US can be a little complicated. To understand US crypto laws, it’s worth keeping in mind that some aspects will differ on a state-by-state basis. If we look at regulations from a federal perspective, all crypto exchanges in the country must register with the Financial Crimes Enforcement Network (FinCEN).

Cryptocurrencies they’re classed as a currency by the Treasury. However, the Commodity Futures Trading Commission (FTC) refers to them as commodities. Like in many countries, you need to report and pay tax on cryptocurrency profits that you make in the US. Several scenarios are taxable, including selling your coins for cash. When announcing cryptocurrency profits, the IRS will class these as properties. If you earn below $40,400 in long-term gains from crypto over a fiscal year as an individual — or $54,100 if you’re the head of a household — you won’t need to pay tax. If you earn more than $40,000 in long-term crypto gains within a year (or $54,100 if you’re the head of your household), you’ll pay 15% up to $445,850 as an individual. This figure rises to $473,750 as of the head of a household. Anything above the figures mentioned above is taxed at 20%. If you’re filing as a married couple, your allowances are double that of a regular individual.

Below are the thresholds and percentages you will pay according to your tax classification:

Final Thoughts

The best way to buy Ripple in 2024 is to use a centralized exchange such as Binance or Coinbase. Both of these platforms offer a simple interface and excellent usability. To buy XRP, you will need to create an account, connect a payment method and swap fiat for XRP tokens through the exchange. 

There are several ways to buy Ripple in 2024 and the best method for you will depend on your experience, goals and strategy. After reading our guide, we recommend that you explore different Ripple exchanges to see what each platform offers and learn more about the trading process. 

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