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Another one of the big cryptocurrency players, it is a digital currency but it also has exciting technology under the bonnet. It's a decentralised peer-to-peer payment system that we recognise because of the likes of Bitcoin introducing this technology to us. It uses the same type of distributed ledger or blockchain function as bitcoin and others.
Ripple is also mined, the same way Bitcoin is and will have a limit as to how many tokens are created, again the same way Bitcoin does. The total is expected to be around 100 billion, half of which are expected to be released with the parent company holding the other half.
Ripple wants to be more than just a digital currency. It wants to be a universal payment system that smoothly enables secure, instant and practically free global transactions across any currency - fiat or digital.
You can't buy Ripple the same way you can buy other cryptocurrencies like Bitcoin or Ethereum. The ability to buy cryptocurrencies with the likes of Paypal or directly with your credit card depends on the cryptocurrency. The coins with the largest market share are available to buy on exchanges using fiat currency.
PayPal once embraced digital currencies and made it possible to buy things like Bitcoin through its payment platform, but recently it has withdrawn somewhat and only offers users of cryptocurrency the option of depositing money from the sale of Bitcoin into their PayPal accounts. This is again done through Coinbase, and because of that, only works with Bitcoin, Ethereum and Litecoin.
To use PayPal with Ripple, there is not much opportunity, but it once again has to be linked back to Bitcoin and only be used when depositing money. A Ripple holder could sell their Ripple for Bitcoin, send it to Coinbase, and then withdraw that money into PayPal for fiat currency such as Dollars.
Therefore, if you are looking to buy Ripple you must go through a two-step process and buy a more established cryptocurrency before then exchanged it for Ripple using one of the many crypto exchanges on the market.
Buying larger crytpocurrencies like Bitcoin is very simple. Exchanges like Coinbase give very simple ways of buying Bitcoin, once you are verified you can purchase a coin they offer using your credit card.
Before you can buy Ripple, you need to have somewhere to store it. This is called a wallet.
Crypto wallets should be considered in the same way you use your cash wallet. It is where you store your money, but not all of it. You store the bulk of your money in a secure location (a bank) and then a small, more disposable allocation of your money in your wallet that you can use freely when you want.
You can get wallets that are not attached to any network, these are the safest because there is no way of accessing them unless you have the password. Others can be downloaded or used on a web browser.
All wallets have similarities to your personal email. They have a unique address where coins can be sent and a password only the user knows. Most also offer a 2-step verification process for extra security. Coinbase's, for example, version of 2-step verification consists of them texting your phone a verification code that you must input before entering your account.
To get a Ripple wallet, there are plenty of exchanges that can offer you a wallet. One of the most popular wallet for Ripple is Gatehubs.
Simply go onto their website and click 'Sign up'. You will then be required to enter your details.
Once your account is set up, it should look like this.
You will be given the option of enabling a 2-step verification process and you can also find your wallet address under 'wallet'. This is your unique address and must be sent to the person you buy your Ripple tokens off. They will send them to that address. An example address would be: rf1BiGYXwwQoi8Z2ueFYTEXSwuJYfV2Jpn.
Make sure you keep your password safe and that no one has access to your wallet. As Ripple is decentralised, if you forget your password or someone has access, there is no way of retrieving your coins or password.
Now you have a place to store your Ripple tokens, you must go through the 2-step process of buying Bitcoin (or another established cryptocurrency) and then trading it for Ripple. Lots of up and coming coins, like Dash, must go through the same process. Despite Ripples surge into the top 10 and top 3 in the market share league table it is still not available to buy directly using a credit card or other means.
Coinbase is one of the oldest exchanges and most trusted in the field at the moment, unfortunately Ripple has yet to make it onto their platform. Until that happens we will show you how to buy Bitcoin on Coinbase and in turn trade for Ripple.
As Ripple is one of the easiest digital currencies to make transactions with, due to its speed and low fees, it is unsurprisingly a very popular currency to trade. Its value is currently low when compared to Bitcoin etc, but it still boasts huge volatility that attracts traders to try to pin point exact entries and exits.
Trading Ripple depends on the level of exposure you want to the cryptocurrency. The process we have just highlighted means that you are the owner of the actual coin. Therefore, if you want to trade it, firstly, you must own it. This limits you to only making profit from the Bitcoin market by buying low and selling high.
The other option is to trade Ripple on leverage, meaning you do not need to front the full size of the trade, the broker will compensate for you. This method also allows you to short sell the market, meaning you can take advantage of price fluctuations in both directions.
If you want to trade Bitcoin by owning the actual cryptocurrency there are various sites you can use; Poloniex, Bittrex, CEX and many more.
If you are interested in trading Bitcoin on leverage, you must go through a broker. All brokers are similar and different at the same time. They will offer you slightly different rates and customer service. We highly recommend you use a broker that you trust, this obviously comes with time. Below are the brokers we have tried and tested and feel give the best service to their clients.
All have very low minimum deposit amounts, which means you can deposit a small amount and test the brokerage out before committing a larger portion of your capital.
Ripple intends to break down walls of regulation put up by financial institutions through the use of their distributed ledger. Transfer fees, exchange rate fees and processing delays are a thing of the past with the use of Ripple and due to its ability to operate through a different currency sphere, its global appeal and application increases two-fold.
Ripples goal is to aid the movement of money rather than restrict it, which it claims has been the case with banking institutions. It wants to build on the success of pioneers Bitcoin and add to the decentralised network of currency.
A good analogy is to compare Ripple with the internet and what the internet did for information. Prior to the internet, news and information was distributed by newspapers and media houses, therefore dictated to people by charging them. They could adjust stories or delay the release of them depending on their agenda. Once the internet became available, information and news flowed freely with multiple sources making it available as it happened.
Ripple wants to do the same with money, taking its control out of other people’s hands (banking institutions) and giving it back to the individual. It plans to do this by making it nearly free to transfer money and enable transfers to happen immediately across the world. The appeal of Ripple is huge and it is also attracting interest from forward thinking banks.
Banks such as Unicredit, UBS and Santander have used Ripples technology as a payment network for their settlement infrastructure technology. Ripples technology is becoming more attractive to banks than Bitcoins. The banks highlighted above have gone with Ripple technology over Bitcoin because of the advantages to the user it has.
What separates Ripple from the other cryptocurrencies is that its fast and free. Two very enticing words when speaking about money. There are hundreds of coins available at the time of writing this and all are based on similar distributed ledger systems on blockchains. Each one will vary slightly from the original (Bitcoin) and claim to be better but few will topple the giant. Ripples ability to provide fast and free transactions definitely puts it in the competitive camp of coins.
Looking at Ripple, it is always hovering in the top three of the market cap of all cryptocurrencies. This is a good sign of a successful commodity. Another positive of Ripple it’s price, it is very low, sitting at about 16 cents at the time of print. But with a market cap at over $6 billion, the currency is booming due to the high volume of trades and transactions.
This is what Ripple was designed for, lots of fast transactions, and thus it shows that it is working and attracting users. Coins that are performing the way they were designed are always going to attract investment as they will look for continued performance and ultimately to the future. Ripples functionality definitely leads itself to more front-end solutions. Coins that are functioning well and taking their share of the market cap are always the ones to first look at when investing. Another thing to look out for with Ripple is its future functionality.
Ripple’s value and worth will be determined by the adoption of it as a truly decentralised payment system. There are plenty of other coins that are also offering similar services. Ripple however, is the only one that is making it their key focus. The idea of free and fast transactions is already attracting attention from banks and other financial institutions, who were already interested in blockchain technology.
If the banking sector can successfully integrate blockchain technology into its operations, their preferred digital currency will likely be Ripple. If this were to happen, Ripple trading volumes may begin to enter the realms of the Forex market and potentially further.
Currently Ripple is on the ground floor of revolutionising the banking sector which is hugely outdated. It is the technology that will give people control over their own finances rather than banking sector. Following in the footsteps of the internet and what it has done for the freedom of information.
If you are thinking about buying and trading a cryptocurrency, picking one with free and instant transactions certainly makes sense. Trading with a smoothly run currency will always have an advantage over a currency with slower transaction times, traders want quick and easy processes.
Furthermore, Ripple having a cap on the amount of coins created will likely cause inflation and its price will rise. This will increase the opportunity to use this as an investment and when you consider the fact that large institutions are beginning to adopt Ripples technology, the upside potential continues to grow.