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How to Buy Cryptocurrencies: The Easy Step-by-Step Guide for Beginners
Don’t worry if you missed out on buying into Bitcoin during its early years; the rise of cryptocurrency has only just begun. The best time to invest was years ago, but the next best time is right now! With new cryptocurrencies constantly being released and massive real-word corporate partnerships being formed all the time, the crypto scene is about to blow up in a big way. So don’t worry, even if you invest now, there are still some great returns to be made – Here’s how you can join in.
For this guide, we will be using Ripple (XRP) as an example of a cryptocurrency we want to buy. You can replace Ripple with whichever cryptocurrency you want to buy!
This guide will walk you step-by-step through the process of purchasing cryptocurrencies.
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New – A Simplified Method for Australian Visitors
If you’re visiting from Australia, you can now use CoinSpot, an all-in-one crypto exchange, to purchase a huge variety of cryptocurrencies directly with AUD – Follow this guide to get started. CoinSpot streamlines the crypto purchasing process and makes getting your cryptocurrencies much easier.
There are two steps to purchasing Ripple and other cryptocurrencies:
Buying an intermediate cryptocoin, such as Bitcoin or Ethereum, with your local currency using Coinbase.com . The link I have provided will give you a $10 discount on your first purchase of $100 or more.
This method is the most newbie-investor friendly, while also minimizing any wait times and trading fees. If you don’t have any cryptocurrency, start with Step 1. If you already have some Bitcoin, Ethereum, Litecoin, or other cryptos, you can go straight to Step 2.
Step 1: Buying an intermediate cryptocurrency from Coinbase
Coinbase is a website which allows you to purchase and sell Bitcoin, Litecoin, or Ethereum using your local currency with either a credit card or bank transfer. Like any other cryptocurrency exchanges that involve fiat (non-crypto) money, yes, you do have to get verified. But don’t worry, verification is simple and is processed almost instantly.
Get verified. This is simple, just upload a picture of your driver’s license or similar ID and you will be quickly verified. While you wait, head to step 2 and set up your next account.
Once you have your Ethereum in your Coinbase wallet, you can move on to Step 2!
Purchasing Ethereum Steps
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Step 2: Converting your other cryptocurrency to Ripple
To buy Ripple, we will be using Binance. This exchange is great because it does not require identification, has free deposits, and has minimal transaction/withdrawal fees.
After registering, go to the “Balances” section under the “Funds” tab (or click this link to automatically take you there) and search for the currency you wish to deposit.
Press deposit on the crypto you purchased earlier and the site should display your deposit address. Copy this address to your clipboard.
Follow these steps to find your Ethereum deposit address on Binance.
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Go to your Coinbase Ethereum/Bitcoin wallet under the “Accounts” Tab and press send. Paste the deposit address into the “BTC/ETH address” box that pops up. After confirming, this will send your cryptocurrency to the Binance exchange, ready to be traded. The transfer may take some time, depending on how busy the exchanges are, so be patient.
- Now, in the “Buy XRP” section, type the price you want to pay, or leave it as the current price.
- Press the 100% button if you wish to convert all of your crypto to Ripple.
- Press “Buy XRP” and wait for your order to be filled!
Congratulations, you now own some cryptocurrency! As a final tip, I recommend using 2-Factor Authentication on each site you register for to ensure the security of your investments. Happy trading, lets ride this wave together!
Securing your investment
Now that you’ve got your cryptocurrency, you should start thinking about how you’re going to keep it safe. For small quantities, or short-term holdings, you could keep it in your Binance account. But cryptos that you wish to hold for the long-term should be moved to offline hardware storage. This will protect you in the case of a security breach, or if the exchange goes bankrupt. The most popular device for offline cryptocurrency storage is the Ledger Nano S. If you have large investments in cryptocurrencies, I strongly suggest you look into purchasing one of these. The cost is nothing compared to the returns your investments will bring, so keep them safe!
After purchasing, read the comprehensive setup guide to safely store your coins.
Coinbase Review: Ultimate Guide to The Top Crypto Exchange
With the interest and investment in cryptocurrencies having surged over the past few years, the requirement for safe and secure exchanges to facilitate the purchase of crypto has become increasingly important.
One of the most popular exchanges that is currently available is Coinbase.
Launched in San Francisco in 2020, Coinbase operates in 32 countries and has served over 12 million customers to exchange over $40 billion in digital currencies.
By 2020, Coinbase was the highest funded Bitcoin startup as well as the largest exchange of cryptocurrency in the world. Unlike other exchanges that require users to trade on a market, Coinbase allows users to trade their cryptocurrency at a set price that is based on their market value, which allows users to purchase their cryptocurrencies faster than other exchanges.
Coinbase is one of the easiest exchanges to use to purchase Bitcoin & other cryptocurrencies with fiat via Bank Transfer, Credit Card, Debit Card & Even PayPal.
Read on for our full review.
Coinbase charge fees ranging from roughly 1.49% to 3.99%, depending on your payment method, with credit card transactions resulting in fees at the higher end of the scale.
Coinbase fees are generally lower than other competitors who operate a similar business model, such as Coinmama or CEX.
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Coinbase allows users to buy Bitcoin, Ethereum and Litecoin along with a whole range of other cryptocurrencies with more being added all the time.
In addition, Coinbase operates the Coinbase Pro exchange, which is intended to focus on more advanced traders.
Setting up a Coinbase Account
By following the below step by step guide, you will be able to buy cryptocurrency through Coinbase.
- Signing up – To create an account on Coinbase, all you need is your name, email address and password.
- Account Type – Upon request, you will be asked to confirm your email address. Once completed, you will be redirected to the startup page, where you will be first requested to confirm whether you want to create an individual or business account.
- Verify your Phone Number – The next step is verifying your phone number. The reason for this is to create a form of 2-factor identification in order to ensure that your account remains secure. Other 2-factor identification methods are also available, as set out below.
- Set up Payment Method – As stated above, Coinbase allows customers to choose from two payment methods – bank transfer and credit card. For bank transfers, Coinbase will often set up one or two small transactions to and from your account, in order to verify your account. For credit cards, a screenshot of the credit card is necessary. Bank transfers in the US can take up to 4 to 5 days to complete, or 1-3 days by SEPA transfers in the EU, while credit and debit card transactions are instant. Coinbase also allows for users to link their Paypal account to the platform, but this can be used for proceeds made from selling cryptocurrency only.
- Buy Cryptocurrency – Once you have funds in your account you can buy currency. It’s important to make sure that you are on the right tab of your account to purchase the correct currency. Before confirming the transaction, Coinbase provides you with details of the service fee and the amount of cryptocurrency being purchased in the transaction. Once confirmed, the amount of cryptocurrency that you have purchased will be credited to the relevant Coinbase wallet.
Is Coinbase Safe?
One of the perceptions of cryptocurrency among newcomers to the platform is that it is still risky to invest in. And although it is correct that there have been issues around cryptocurrency exchanges in the past (such as Mt. Gox),
Coinbase is considered to be one of the most secure platforms currently available. First of all, Coinbase is US based and is therefore required to comply with US State and Federal law. This can be contrasted with some of their competitors that operate in countries that may have lighter regulations when it comes to such platforms.
Coinbase has actively pursued discussions with regulators in order to ensure that they were providing an open and innovative financial system and the regulation of Coinbase is considered by some to have restored confidence in cryptocurrencies following the Mt Gox collapsed (although other commentators have complained that Coinbase operates more like a bank, which, within the community, is against the fundamental nature of a decentralised cryptocurrency).
In addition, Coinbase has received investment from a number of high-profile backers, including the Bank of Tokyo and BBVA, which boosts its legitimacy
When it comes to storage of funds, Coinbase is transparent about its methods. Coinbase segregates customer funds from company operational funds, with Coinbase stating on their website that any funds held on behalf of customers are stored in custodial bank accounts and, in the event of insolvency, neither Coinbase nor its creditors would have any rights or entitlements to such customer funds.
In terms of its cryptocurrency storage, Coinbase states that 98% of customers’ cryptocurrency funds and stored offline, through hardware wallets and paper wallets that are stored in vaults and safety deposit boxes worldwide.
In addition, Coinbase states that the remaining portion of cryptocurrency that is stored online is insured, and that in the event of a hack, customers will be entitled to receive any funds lost through this insurance policy.
Coinbase offers customers a 2-factor authentication method, which can be through SMS to your phone, or through third party apps such as Google Authenticator or Duo.
In addition, Coinbase notifies users if a new device or IP address attempts to access your customer account. However, despite this, if customer accounts are compromised, Coinbase does not accept any liability for funds being lost. For that reason, it is typically recommended that once you have purchased any cryptocurrency on the Coinbase exchange, you store this cryptocurrency offline in a wallet that you control.
We have written a separate post which goes into more detail about the security of coinbase.
Coinbase Customer Support
Coinbase offers customer support through email, as well as having a Knowledge Base and FAQs page available for customers.
Wait times for customer support may vary, with the huge increase in demand for the service in recent months resulting in some delays.
However, typical response times tend to be within 24-72 hours. Some users have expressed frustration with receiving “canned responses” that don’t entirely address the issue raised.
Coinbase serves customers in the following countries:
Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom and the United States.
Transaction limits vary from country to country, as well as variations as a result of payment methods and verification status. You can view your limits through a link on the account’s limits page. Coinbase also allows users to apply for higher limits, although these applications are not generally applicable to credit card transactions.
To apply for higher limits you will need to verify your identity and fully verified US residents can transaction up to $50,000 per week, while verified European customers may have a maximum of $30,000 in their account at any time. Users can check their limits through their account.
Transactions Using Cryptocurrency
It is easy to store, send and receive cryptocurrency through Coinbase:
- To send or store crypto all you need to do is navigate to the Send tab of your account, choose the wallet you wish to send coins from, enter the amount and the public key of the recipient address and click send.
- To receive cryptocurrency, you need to navigate to the Accounts tab, click on the wallet where you want funds to go and click Receive. Once you’ve clicked receive you will be provided with your account’s wallet address which can be used by the sender to transfer the cryptocurrency to you.
Coinbase vs Coinbase Pro ( formally GDAX )
In 2020, Coinbase rebranded the exchange element of the company as GDAX and then again in 2020 to “Coinbase Pro”, to separate the ‘trading’ element of the exchange from the more casual consumer platform.
You will find that you can avoid Coinbase fees by using GDAX as your buying / trading platform by sending a bank transfer to Coinbase and then using Coinbase Pro for purchasing.
All Coinbase customers automatically have an account on Coinbase Pro, you login with the same credentials as you would on the Coinbase website. You can find out more about the two exchanges in our Coinbase vs GDAX comparison post.
Coinbase Pro is designed to appeal to more advanced traders who want to know more than just the basics of market fluctuations related to cryptocurrency pairs.
There are real-time orderbooks, trade histories, and charting tools. At the same time, the interface on Coinbase Pro is highly intuitive, making it possible for traders to start using the platform right away.
If you want to find out more about their Coinbase Pro offering, read our complete review here.
Monitoring of Accounts
One of the criticisms from the online community about Coinbase is that has been known to track where its customers send their cryptocurrency, and may ban users from making certain transfers (for example for transactions with gambling sites or darknet purchases).
Coinbase is also involved in a running dispute with the IRS where they are fighting requests to hand over all customer’s financial data under a “John Doe” summons.
Back in 2020 when the Bitcoin price was been surging to new heights, seemingly on a daily basis. During these periods of extremely high usage, there has been some downtime for the site and the app which has been causing people to be unable to trade or purchase on the system. Unfortunately these are part of the growing pains of the service which is adding customers at an unprecedented rate.
Coinbase has assured it’s customers that they are working on the scaling problem – it is not a huge deal at the moment and has only seen a few hours downtime in total but we thought we’d mention it. This seems to be a common problem across a few exchanges which are all straining under the weight of soaring usage and new people looking to get involved in Cryptocurrencies.
Coinbase seems to have this problem under control now but we will have to wait and see when the next bull run happens whether that have added enough capacity to handle the loads.
Coinbase also offer custody for cryptocurrency assets for institutions in the form of their custody program, which charges a setup fee of $100,000 and a minimum holding of $10million so you can see it is aimed at banks, hedge funds and other finance institutions who would require such a service.
While the program is still in its early phase, they already have their first client and have accepted their first deposit. Custody services are a way for large financial organizations to securely deposit their assets in a way that is insured. This service, the first of its kind, could lead to larger institutional adoption of cryptocurrencies at large.
Coinbase and Paradex
Recently, Coinbase announced the acquisition of Paradex which is a decentralized exchange for Ethereum ERC-20 tokens, they are hoping to integrate some of this into their offerings and make a wide range of tokens tradeable on their Coinbase Pro platform.
This is good news for their customers and indeed any holders of coins which will be listed as this should greatly increase the exposure of these assets to a wider range of people.
Instant UK Bank Purchases
Coinbase have recently rolled instant UK bank account purchases, that means you are now able to link any UK bank and enjoy near-instant purchases of their supported currencies.
It also means you can deposit and withdraw back to your bank making Coinbase one of the fastest and most efficient ways to convert your coins back to fiat.
Before this step, the process took a lot longer and involved international bank transfers and more fees involved in the conversion of cryptocurrencies. If you are based in the UK, this is a huge positive for using Coinbase as your fiat on-ramp and off-ramp.
Visit your account settings page and click “Link a New Account” to see the new UK Bank account option.
Another new addition to the Coinbase platform is their “Coinbase Bundle”. The bundle is an easy way to buy all 5 cryptocurrencies they currently offer ( BTC, ETH, LTC, BCH, ETC).
Onside your account you will see the option to purchase the Coinbase bundle, you simply enter an amount you wish to purchase and it will automatically be split between the coins as follows:
- 75.2% Bitcoin
- 15.58% Ethereum
- 6.11% Bitcoin Cash
- 2.33% Litecoin
- 0.78% Ethereum Classic
This is an easy way to gain exposure to the coins currently available on Coinbase.
Coinbase also operates a custody service aimed at financial institutions and segregates and holds digital assets in trust for the benefit of its clients. Coinbase Custody operates as a standalone; independently-capitalized business to Coinbase Inc. and is a fiduciary under New York State Banking Law.
In addition, it is fully insured, regulatory compliant, undergoes regular external financial and security audits, and is SOC 2 Type I certified with SOC 2 Type II, and SOC1 Type II certification expected in the near future.
Coinbase simplifies the process of purchasing and securely storing high quantities of cryptocurrencies for institutional investors, and there is currently an implementation fee of up to $10,000 and clients are expected to retain a minimum holding balance of $1,000,000.
The custody service also allows asset holders to “stake” their tokens, and the team have unveiled Tezos (XTZ) staking for their clients, and the ability to participate in staking allows institutions to securely participate in Proof-of-Stake (PoS) based projects that reward parties for helping to secure the blockchain network by staking their assets.
Client assets are held in segregated cold storage, and Coinbase Custody runs its own nodes and validators and operates first class, institutional grade security and infrastructure standards. In addition to staking, Coinbase Custody will soon introduce governance support for the Maker (MKR) protocol, with Maker and Tezos voting expected to be integrated in Q2, 2020.
- Security – Coinbase Custody uses 100% offline, segregated storage for all client funds, and posts all bond requirements for its stakers.
- Compliant – Coinbase Custody is a fiduciary and qualified custodian and offers staking services as a non-discretionary fiduciary activity to its clients.
- Simplicity – Clients can enjoy simple deposit, withdrawal, reporting and consensus features across all assets on Coinbase Custody.
Coinbase Custody is also integrated with Coinbase’s OTC desk and the vertically-integrated custody service provides clients with access to instant and anonymous liquidity. The Custody team completed its first OTC trade directly out of cold storage in March, and the OTC desk is agency-only, with all counterparties required to adhere to robust KYC and AML policies.
However, with Coinbase acting as an intermediary, the anonymity of the involved counterparties is preserved whilst guaranteeing settlement.
Custody clients can leverage the OTC desk to price and confirm trades before moving funds, and the OTC and Custody client service teams work together to simplify the entire process. Any clients initiating positions can buy OTC and settle assets directly into Custody.
- Quick trading for offline funds
- Agency-only OTC desk provides anonymous access to trusted counterparties
- The OTC and Custody client service teams provide a seamless process from pricing risk through to trade settlement
The USDC Stablecoin
Coinbase also supports the USDC currency (USD Coin), an ERC-20 token and “stablecoin” with a price pegged to the price of the US Dollar. As a result, holders of the coin will always be able to redeem 1 USD Coin for US$1.00 and protect themselves from the volatility of holding digital assets such as Bitcoin and Ethereum.
USDC is minted by Centre, a consortium that collectively holds US$1.00 for every single USDC with the funds being held in a consistently monitored and audited bank account. The stablecoins are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency, and these issuers are required to report their USD reserve holdings on a regular basis with Grant Thornton LLP producing monthly reports on these holdings.
As a result, USDC is fully transparent and the project works within US money transmission laws, and the CENTRE open source technology project received early stage financial contributions from Circle and Coinbase, helping it to develop and it remains responsible for governing the currency and connecting its growing body of users and network of various stakeholders.
In addition to being supported by Coinbase and Coinbase Pro, USDC is also tradable on leading exchanges such as Binance, Bitfinex, Kucoin, OKEx, and Poloniex. As an ERC-20 token is also integrates with a variety of wallets, and can be used on decentralized platforms such as Bitpay, BlockFi, Dharma, Nexo, Melonport, and Loom.
How to earn free crypto with Coinbase
As part of its mission to create an open financial system, and make blockchain technology more accessible, the exchange operates the Coinbase Earn learning portal which allows users to earn cryptocurrencies, while learning about them at the same time.
Coinbase Earn aims to incentivize users to develop a deeper understanding of a digital asset, as well as its underlying technology, and does this by making easy to consume, educational content readily available.
Verified users are able to earn crypto by completing a series of educational tasks such as watching videos, and filling out quizzes, and the initiative is open to eligible individuals located across the globe.
In addition to watching tutorials and answering quiz questions, users are also rewarded for sharing their unique referral links, and inviting other eligible friends to complete the lessons.
It’s currently possible to take courses on digital currencies such as Stellar Lumens (XLM), Zcash (ZEC), Basic Attention Token (BAT), and 0x (ZRX) with further currencies expected to be added in the future.
The Coinbase Wallet app
The Coinbase Wallet is a user controlled non-custodial digital currency wallet and decentralized app (dApp) browser.
Here, the private keys (that represent ownership of digital asset) are stored directly on your device and not held centrally on an exchange. This places users in control of their funds and there’s no need to have a Coinbase Consumer account in order to use the wallet.
The wallet is available to both iOS and Android users, and the app can be downloaded from the Apple and Google Play app stores.
Once downloaded, users can link their Coinbase.com accounts to the Coinbase Wallet app, and after completion, can easily transfer crypto to the wallet app at anytime with just a few clicks.
The wallet incorporates multi-coin support and allows users to manage popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and all ERC-20 tokens including the USDC stable currency.
In addition, the wallet also allows for the storage of digital collectibles and holds all ERC-721 collectibles and unique digital characters and creations.
The Coinbase Wallet also integrates with a range of dApps, and allows users to engage online games, and marketplaces, as well as in decentralized finance (DeFi) projects like Augur, and trade on decentralized exchanges and relayers like Kyber Network, Paradex, and Radar Relay.
The wallet is secured as users’ keys are protected with Secure Enclave and biometric authentication technology, and each users is in sole ownership of (and has sole knowledge of and access to) their private keys.
How to use the Coinbase Wallet App
- Download either the iOS or Android app
- Connect your Coinbase.com account by clicking “Connect Now” in the notification, or by selecting “Connect to Coinbase” from the Settings menu.
Once your account is linked, you can transfer funds from the Setting menu at any time, and you can also use the Settings menu to unlink your account whenever necessary.
You can find out more by reading our article covering the Coinbase Wallet integration.
The Coinbase Card
The recently announced Coinbase Card allows Coinbase customers based in the UK to easily spend cryptocurrencies both in-store and online.
The card can be used at any location integrated with the Visa network, and customers can use their card in millions of locations around the world, make payments via contactless, Chip and PIN technology, while also making cash withdrawals from supported ATMs.
The Visa debit card is linked to customers’ crypto account balances on Coinbase, giving them direct access to spending a variety of cryptocurrencies, and when using the card, Coinbase instantly converts the crypto to fiat currency, currently GBP, which is then used to complete a purchase.
The Coinbase Card is the first debit card that directly links with a leading cryptocurrency exchange in the UK and EU, and the card facility is currently available in the UK, with support for other European countries planned in the coming months.
Fees and Spending Limits
- Plastic Card Issuance Fee: £4.95
- Domestic Cash Withdrawal Fee (applies to both ATM and Over the Counter “OTC” withdrawals):
- Up to £200 per month: Free
- Any amount over £200 per month: 1.00% of value of ATM withdrawal (per transaction)
- International Cash Withdrawal Fee (applies to both ATM and Over the Counter “OTC” withdrawals):
- Up to £200 or currency equivalent per month: Free
- Any amount over £200 or currency equivalent per month: 2.00% of value of ATM withdrawal (per transaction)
- Domestic Purchase Transaction Fee: Free
- Intra-EEA Purchase Transaction Fee: 0.20% of value of POS transaction
- International Purchase Transaction Fee: 3.00% of value of POS transaction (per transaction)
- Card Replacement Fee: £4.95 (per Card issued)
- Chargeback Processing Fee: £20.00
- Crypto Liquidation Fees: 2.49% of transaction
Currently, Coinbase Card users must adhere to the daily spending limit of £10,000, in addition to the monthly purchase limit of £20,000 and yearly purchase limit of £50,000.
There is also a daily ATM withdrawal limit of £500, and customers can contact [email protected] in order to change their daily spending limits.
A complete list of fees and limits is included in the Cardholder Agreement, which can be found in the Coinbase Card App Setting.
The Coinbase Card app enables customers to access their accounts on the go, and select which of their crypto wallets they will use to fund their card spending.
The app also provides instant receipts, transaction summaries, and spending categories with both i0S and Android versions available and the app can be downloaded on the Apple and Google Play app stores.
In order to celebrate the launch of their crypto debit card, Coinbase are waiving the £4.95 card issuance fee for the first 1,000 people who sign up to join the waitlist.
Customers can download the iOS and Android app and link their Coinbase account, after linking any crypto balances held on Coinbase will be immediately available to spend via the virtual card with the Coinbase Card later being sent in the post.
Coinbase continues to take the protection of customer data seriously and employs a number of security protocols to safeguard sensitive information. For example, passwords and OAuth tokens are stored using AES-256 encryption on their servers, and all traffic goes over SSL to prevent third parties from monitoring connections.
In addition, the Coinbase Card is fully regulated and issued by Paysafe Financial Services Limited, who in turn is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2020(FRN: 900015) for the issuing of electronic money and payment instruments.
Cards currently take anywhere from 5 to 7 business days to arrive, after being ordered, with card during the week in the afternoons. Cards ordered after this time will generally be sent out the following business day.
The exchange has also recently announced further developments regarding its expansion plans with customers across Latin America and Asia being provided with greater access to the Coinbase service.
Approximately 11 new countries across both regions have been integrated into the Coinbase network and users in close to 53 countries across four continents are now able to purchase, store, trade, send, and receive cryptocurrencies on Coinbase.com and Coinbase Pro.
Customers in Asian hubs like Hong Kong, India, Indonesia, South Korea, and the Philippines; as well as the inhabitants of Latin American countries including Argentina, Chile, Colombia, Mexico, and Peru have all been welcomed to the fold, in addition to New Zealand of Oceania.
Although it’s not perfect, Coinbase offers customers (and especially newcomers to cryptocurrency) a practical and easy-to-use service for buying and selling cryptocurrency.
However, as with any online exchange, despite the security levels outlined above, the recommendation will always be that any cryptocurrency purchased through Coinbase should be transferred to personal wallets allowing you to have full access to the private key to your cryptocurrency.
Overall, it is a good introduction to the world of cryptocurrency and allows users to dip their toe into the world of cryptocurrency without it feeling like it’s a strange new world.
We have updated this review in 2020 to cover all the new options and features which Coinbase have been introducing.
They continue to go from strength to strength and remain the safest and easiest way for newcomers to get involved in cryptocurrency. They have rightly earned their position as a leader in the field.
How to Buy Ripple with Coinbase
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Bitcoin is far from the only cryptocurrency available on the market—alternatives like Ripple have popped up and begun to take market share from powerhouses like Bitcoin and Litecoin.
Unfortunately, Ripple is not as easy to invest in compared to more popular types of cryptocurrency, but creative internet entrepreneurs have devised clever workarounds to make Ripple an option for Coinbase users.
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What is Ripple?
Ripple differs from Bitcoin because it values a more mainstream functionality. Unlike Bitcoin, which values anonymity and decentralization, Ripple has ties to banks and financial institutions.
It was Invented in 2020 as a way for banks and forex investors to quickly transfer money across international lines, the cryptocurrency has quickly risen in value. At the time of this writing, Ripple was valued by CoinMarketCap as the third most valuable crypto on the market. With a price of just over 50 cents a coin, Ripple is a great choice if you’re a novice investor looking to get the most bang for your buck.
Step 1: Create an Account with Binance
Binance is a cryptocurrency transfer service that allows users to exchange one coin for another—think of it as an online currency exchange system like the kind you might see at the airport of a foreign country.
Coinbase does not currently support the direct purchase of Ripple, so you’ll need to import another currency into Binance before conversion. Opening an account with Binance is simple; just click the “Register” button as indicated below and follow the steps indicated by Binance’s system to enter your personal information.
Step 2: Invest in a Transfer Currency Using Coinbase
Once you have your Binance account, you’ll have to set up a Coinbase account. Unfortunately, Coinbase only allows users to invest and store three types of cryptocurrencies: Bitcoin, Ethereum, and Litecoin.
Y ou’ll need to use Coinbase to purchase one of these three currencies, transfer them to Binance to convert into Ripple, and store your Ripple in a desktop wallet. After you’ve created an account with Coinbase, transfer your held currency into Bitcoin, Ethereum, or Litecoin.
Because you won’t be holding your Coinbase “Transfer” currency for long, it doesn’t make a huge difference which of the three currencies you purchase. However, it may be best to use Ethereum, as this currency typically takes less time to transfer into Binance, thanks to a lower level of popularity. Need help making your first purchase with Coinbase?
Check out the tutorial below for a step-by-step guide.
Step 3: Transfer Your Held Currency into Binance
Next, return to your Binance account and import the currency you’ve purchased through Coinbase. On the top of the screen under the “funds” tab, click on the button labeled “deposits and withdrawals.”
Scroll through Binance’s massive list of cryptocurrency options until you find the transfer currency you purchased in Step 2. Click on the currency symbol and make sure “Deposit” is selected.
Copy the address indicated, return to your Coinbase account, and initiate a transfer by clicking on the icon that looks like a paper airplane. Paste your Binance address into the transfer destination and send the currency you’ve purchased in Step Two to your Binance account. This transfer is not instantaneous, and can take anywhere from a few minutes to a few hours to complete depending on server traffic—so don’t panic if an hour later, your funds still have not made it to your Binance account.
Step 4: Convert your transfer currency into Ripple
Once your transfer crypto has made it to your Binance account, it’s very simple to convert it into Ripple. Return to the homepage of Binance and search for Ripple (abbreviated “XRP”) using the search tool on the top right side of the page. Binance will then show you a real-time conversion rate of the currency you’ve transferred in from Coinbase to Ripple.
On the bottom of the page, click on the tab that says “Market—” this means that you’ll be buying Ripple at the current market price. Under the section titled “Buy XRP,” you can choose which percentage (from 25 percent to 100 percent) of your held currency you’d like to convert into Ripple. Click on “Buy XRP,” and your purchase will be completed instantly. You can click on the tab titled “deposits withdrawals” to view your Ripple in your Binance wallet.
Step 5: Choose Where to Store Your Ripple
Though you may choose to hold your Ripple inside of your Binance wallet, most investors choose to download a desktop wallet to transfer their cryptocurrencies for safe keeping.
Some users go a step further and purchase an offline hardware-based wallet, like the Ledger Nano S, to store their Ripple. Your level of technical understanding and risk tolerance will determine the best type of wallet for you. You can also take a look at our picks for the Best Cryptocurrecy Wallets
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