Ripple has become a new kid (cryptocurrency) in the block (blockchain) that is making heads turn. And has emerged as a perfect substitute to bitcoin, allowing people to get the taste of the craze.
What are you waiting for ?. Its time for you to take a plunge at ripple trading and learn how to buy ripple
One of the top five cryptocurrencies with a colossal $46.2 billion market cap, Ripple (XRP) for the first time surpassed $2 mark. As of Friday, Ripple saw a jump of 60% and the price gain is largely driven by the craze that we see in Asian crypto gamblers.
Understanding what is Ripple and how to buy Ripple:
Ripple, Inc. is the company that builds and maintains the Ripple network. It has built a blockchain-based system that banks use to issue IOUs and settle debts. XRP is Ripple’s asset and native token.
Ripple is a cryptocurrency, but is more known as a which unlike bitcoins cannot trade on their own value and need to be tied to something else of trading.
What is XRP:
XRP is created and backed by the company Ripple labs, a global money transactions business, this makes ripple more centralized than other cryptocurrencies like litecoin and bitcoin.
Unlike bitcoin and other cryptocurrencies which exist as a digital money, ripple was born as a solution to the problem of transferring money from one country to another. XRP tokens were created to pay transactions fees between participating financial institutions thus allowing funds to transfer at an astonishing speed – in a matter of seconds.
Low transaction fees and the speed of transacting money is what is appealing to its customers (some of the biggest financial institutions in the world).
How to buy ripple:
Just like any other cryptocurrency, ripple trading is also facilitated by several digital currency exchanges. Some of the top digital currency exchanges in the world that enable ripple trading as well are :
Trading ripple using these exchanges is quite simple and have 2-3 step process.
- The user would need to sign up with the exchange first
- Share the KYC details for approval process
- Deposit money in the exchange wallet by Transferring money from the bank to the exchange wallet
- Once the money is deposited in the exchange wallet, user can place his bid of the per ripple amount he wants to pay and the number of ripples he wants to purchase.
- Buying Ripple: Once the buyer price matches the seller price, the user account gets credited with the number of ripples he wanted to purchase.
- Selling Ripple: For selling ripple, the same process is followed as for buying. The user needs to place an order of the ripples he wants to sell and the per ripple price he wants to sell at.
How to buy ripple in India :
In order to buy ripple in India, users would need to signup with one of the digital currency exchanges operating in India. Out of of the bunch present in India, Koinex is by far the simplest of the lot when it comes to buying or trading ripple in India
Follow these simple steps and start trading ripple in India:
Sign up :
User would need to sign up with koinex by filling in his details and submitting in the KYC documents.
Depositing Money :
In order to buy ripple, the user would need to transfer money into the koinex wallet which he can later use for purchasing ripple. Below screenshot gives you a view of the portfolio that user holds and the money that he has invested in.
Below is the screenshot of the trading window that allows the user to buy or sell cryptocurrencies that he wish to. ripple in our case.
User can see the current prices of all leading digital currencies in the world. In order to buy ripple the user would need to fill in the amount of digital currency he wants to purchase along with the per unit price he wants to purchase it for. The same process has to be followed if the user wants to sell his digital currency.
Trick of the trade is to place a bid which is closer to the ongoing bids.
If your bid does not match the the ongoing buying or selling bids. The chances of you making the purchase or sale becomes less.
So the bottom line is to have bid prices closer to ongoing buying or selling prices.
So what are you waiting for, follow the above stated simple steps and start your journey of ripple trading.
” Be Fast and Be Curious “
Click to learn more about – Ethereum trading in India and about how to trade in zebpay and bitcoin trading in India