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The Washington Independent

How to Buy Ripple Stock

How to Buy Ripple Stock

Ripple is a peer-to-peer decentralized open-source platform based on the blockchain, with its own currency, XRP. Rather than using blockchain mining, Ripple verifies transactions via a consensus mechanism involving a consortium of bank-owned computers. Ripple enables an effortless movement of money in any form, including dollars, euros, and cryptocurrencies such as Ethereum and Bitcoin.

Anderson Patterson
FinanceCrypto
Oct 27, 2021

Table of Contents

Ripple is a peer-to-peer decentralized open-source platform based on the blockchain, with its own currency, XRP. Rather than using blockchain mining, Ripple verifies transactions via a consensus mechanism involving a consortium of bank-owned computers. Ripple enables an effortless movement of money in any form, including dollars, euros, and cryptocurrencies such as Ethereum and Bitcoin. 

XRP has been gaining traction as one of the most popular cryptocurrencies. Because Ripple is not a publicly traded firm, purchasing its stock can be challenging.

Private investors on the secondary market are the only way to acquire shares in the company. One must be a "professional investor" to acquire and trade Ripple stock. The minimum qualification of the investor should be at least $1 million in liquid assets or have an income of more than $200,000 per year for the previous three years.

Follow the steps mentioned below to purchase Ripple (XRP) online

Sign up at a Crypto Exchange Platform

The first step in purchasing Ripple for beginners is to register an account with an online crypto exchange. To sign up, one must first have a funded account, such as a bank account, though some exchanges accept payment via credit and debit cards or a bank transfer. The following indicators should be considered while selecting a platform:

  • Credibility. Choose a crypto platform running for several years without trouble so that you will not be a victim of a scam. 
  • Security. Find out what safeguards have been put in place by the crypto platform to protect users' money.
  • Modes of payment. Check out if the platform offers a variety of supported payment systems for the sale/purchase of cryptocurrencies, thereby offering users flexibility and freedom. 
  • Commissions. Look for exchanges that charge the lowest fees.

To buy Ripple on Changelly is the best option since Changelly is one of the leading crypto exchange platforms that meet all of the above criteria. Changelly makes purchasing XRP simple, allowing users to receive XRP securely within minutes in their wallets.

Verify Your Account 

Before buying coins like Ripple, several crypto exchange platforms demand new users to verify their accounts. Verification requires uploading copies of your ID and proof of address documents that match the information on your signup form. If you want to use fiat currency like the US dollar or Euro, you'll need to upload additional identification documents.

Obtain a Cryptocurrency Wallet

To buy Ripple while having full control over your transactions, you must first transfer them from the exchange and deposit them into a private cryptocurrency wallet that supports XRP. That’s why you need to get yourself a crypto wallet first.

Deposit Funds and Purchase Ripple

As soon as your verification is complete, you should deposit funds in your account matching the value of Ripple you wish to buy on the exchange. You can then proceed to buy XRP on the exchange.

Transfer Ripple to Your Wallet

Upon purchasing XRP, you should immediately transfer it to your private Ripple wallet. Keep in mind that Ripple imposes a reserve requirement of 20 XRP. This quantity prevents the XRP shared global ledger from becoming overburdened due to spam or malicious activity.

Conclusion

Ripple is an excellent investment since it uses less energy than Bitcoin, is confirmed in seconds, and is inexpensive. Ripple is also one of the top six most valuable Blockchain-based coins in terms of market valuation. Before making a purchase, make sure you have done your research.

Anderson Patterson | Anderson is a video editor and developer who believes in the power of visual organization. He recently graduated from the University of Washington, where he concentrated on post-production during his studies. He was first exposed to the mystical world of visual art creation while watching his father edit advertisements when he was a child, and he has been working towards his dream of becoming a video editor ever since.

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