XRP, also known as Ripple, was launched in 2012 with the aim of revolutionizing international money transfers through the use of cryptocurrency. Despite facing volatility and experiencing a significant drop in value over the recent years, XRP has a dedicated following and once reached an all-time high of $3.40 at the start of 2018.
Ripple (XRP) is currently trading at $0.423, which is slightly higher than yesterday’s price. Before investing in XRP, it’s important to consider the potential risks and to familiarize yourself with its legal, regularity, and tax implications in the United States. If you’re still interested in purchasing Ripple, the following guide provides all the details on how to buy XRP in the US and lists the various platforms available for purchase in the United States.
Let’s begin!
Four Steps: How To Buy Ripple (XRP)
To buy XRP, all you’ll need is a smartphone device or laptop, an internet connection, a photo identity issued by your country, and a way of payment.
- Contrast Crypto Exchanges
Acquiring XRP is simple and easy through a cryptocurrency exchange. By examining the table mentioned below, it is possible to find an exchange that offers the features you are seeking, such as low transaction fees, easy-to-use, user-friendly, or round-the-clock customer assistance.
- Creating An Exchange Account
When you create an account on an exchange, you will have to verify all your information, such as your email and identity. By using your photo ID and your smartphone device.
- Make A Deposit
After verification, you can deposit USD via the payment method that best fits you. All the facilities such as bank transfer, cryptocurrency, PayPal, and debit/credit card payments are available.
- Buy Ripple (XRP)
Now you are ready to convert your funds into XRP. On exchanges that are simple and easy to use for novices, this process is as straightforward as entering the amount of USD or XRP you wish to buy and clicking “buy”. If you want, you can also transfer your XRP asset to a personal wallet for withdrawal.
Why Buy Ripple (XRP)?
- You can establish an account with your chosen cryptocurrency platform by providing your email or phone number. This typically creates a path to deposit cryptocurrency, but not USD in the account.
- To purchase XRP in US dollars, you will have to go through a verification process known as a Know Your Customer (KYC) verification check. Multiple exchanges in the United States use this as a standard security process which includes uploading a government-issued ID and in some cases, a photo of the person with the current date and time.
- The process of KYC is usually completed immediately, but in rare instances, it may take a few hours or days.
Moreover, many No KYC exchanges allow crypto investors or traders to operate anonymously without revealing their personal details to crypto exchanges. Many crypto exchanges do not use KYC. They give customers the same security and reliability as a normal crypto trading platform provides. No KYC crypto exchange is the best way to trade crypto like XRP anonymously. However, the only drawback of non KYC exchanges is, they may limit the deposit and withdrawal amount up to a specific amount.
Best Ways To Buy XRP
After setting up your account, you need to add funds to buy XRP. We have listed some of the common ways of buying XRP and information on each payment strategy.
- Buy XRP Using A Bank Account
Many exchanges in the United States offer bank transfer facilities that are both free and instantaneous. Some platforms provide other alternatives such as Fedwire, SWIFT, and wire transfers, but it’s essential to verify if the deposit fees will be charged before proceeding with the transaction.
- Buy XRP Using A Debit Card
How to transact with a debit card will rely on which platform you are using.
- Some exchanges will allow you to transfer funds from your debit card and spend how much you need or want.
- While the others will only allow you to use a debit card to create instant purchases, which often requires high fees.
- Buy XRP Using A Credit Card
Many exchanges accept credit cards as a quick and fast way of transferring payment, but it is also important to remember the risks before utilizing this method in buying Ripple (XRP).
- Charge higher fees than bank transfers.
- Card issuers may obstruct cryptocurrency transactions.
- Limited and expensive purchasing options.
- Maybe at the end you lose all your initial investment as well as charged fees with interest via your credit card provider.
- Buy XRP Against Your Cash
XRP buying against your cash isn’t popular in the US, but it can still be done with a platform such as Robinhood and more.
- XRP ATMs: It is possible to buy XRP with cash by using a specialized XRP ATM, which can be found in several cities in the US. However, it is important to note that you will still have to provide a government-issued identity through a Know Your Customer (KYC) check before finalizing the transaction.
- (P2P) Peer-To-Peer: Another option to buy XRP with cash is through a peer-to-peer (P2P) platform, where you can interlink with someone who is willing to sell XRP directly in exchange for your cash. However, this method carries a high percentage risk of fraud if you try to end the transaction in person or without using an escrow service. Therefore, it is essential to find a well-established and reputable platform that offers an escrow service and allows you to trade online.
6 Essential Factors For Finding The Best Place To Buy XRP
When buying XRP in the US, there are many different trading platforms to select from, so to assist you in finding the best fit for you, take into consideration the following factors;
- Registration
We recommend using a platform that is registered locally. Such exchanges are more likely to accept USD and are more aware of local payment methods such as SWIFT, which can avoid additional foreign exchange fees. The different exchanges based in the US are locally registered like the Financial Crimes Enforcement Network (FinCEN) which means they are compliant and aware of all the US laws.
- Security
Consider the security features offered by the platform, such as two-factor authentication and PGP-encrypted emails. Cold storage of user funds is monitored as standard practice in the industry, but insurance funds are less common than user funds and can help to create strong and powerful security protocols.
- Fees
Examine the details to determine the exact cost of your transaction. Depending on the platform, this may include fees such as spreads, trading fees, and charges for deposits and withdrawals.
- Transaction Limits
Are there any restrictions or limitations on the minimum or maximum amount of XRP that can be purchased? Does the platform limit the number of funds that can be withdrawn from your account in a single transaction or within a day i.e. 24 hours of time?
- Various Other Platform Features
Be aware of other features that align with your investment or trading goals. For instance, many exchanges now offer the ability to earn interest on your holdings, while others provide crypto debit cards that allow you to spend your crypto coins.
- Customer Support
You will have easy and quick access to customer support in case of any problem faced in a transaction. Are they located in the US? Evaluate the available ways of contact and the response time of the customer support team.
The Bottom Line
When looking to buy XRP, start by differentiating a variety of cryptocurrency brokers and exchanges that are available and giving services in the US. Evaluate their features, fees, security, and overall reputation in the market to determine which platform is the best fit for you. Moreover, when you purchase some XRP, consider your short-and long-term goals. This will help you to make a decision whether to keep it on an exchange or convert all your transactions into your personal wallet.
