Ripple is a cryptoactive popular with many investors. It is no coincidence that at the time of writing our guide it is in third place in the ranking of the most valued digital assets on the CoinMarketCap. It is possible to buy this cryptocurrency on many platforms, but in this article we will focus on its acquisition on one of the best current platforms, namely Binance.
The means available to buy Ripple
Formerly a platform exclusively dedicated to exchanges between cryptocurrencies, Binance has started to diversify in terms of means of payment. Indeed, there are now more choices to get Ripple than a few years ago.
Here are the different trading pairs that you can find on Binance in order to be able to buy XRP (Ripple) tokens:
- XRP / USDT;
- XRP / BTC;
- XRP / ETH;
- XRP / USDC;
- XRP / BUSD;
- XRP / BNB;
- XRP / TRX;
- XRP / TUSD;
- XRP / XZC.
You will also be able to purchase XRP directly by depositing money from a credit card in the currency of your choice. To do this, the country in which you reside must be authorized by Binance to perform this type of transaction.
Transfer of your cryptoactive assets to Binance
If you chose the option to buy Ripple with other cryptocurrencies, it must first be that they are on the platform. If this is not the case, you will have to transfer all the crypto assets that you have on the platform in order to be authorized to trade. This can be any virtual currency mentioned above.
To successfully transfer cryptocurrencies to Binance, you need to go to the Wallet / Spot Wallet tab. You will then arrive on this page:
By clicking on “Deposit”, you will get the address of your Binance wallet linked to the digital asset concerned. Then simply send the assets in your possession to this Binance address so that they can be used to buy Ripple.
The purchase of Ripple on Binance itself
If you have not opted for the immediate purchase of XRP with the currency of your country, then you have at your disposal two options to get Ripple. The former is faster, but more expensive, while the latter takes longer, but will allow you to buy XRP tokens cheaply. To start buying your Ripples on Binance, you will first need to go to
At market price
The quickest option is buying at market prices. It is also at this price that you will buy your XRP if you use a credit card directly to acquire them. Using this option, you immediately get Ripple from the seller who has the lowest price.
The advantage of the market price is that your order is completed at once and that XRP tokens will be credited directly to your account in exchange for the other assets. The downside is paying a higher price than buying through an order placed at a specific price.
By placing a purchase order
The other option to get Ripple is to place a so-called buy order. You sort of set the price at which you want to buy an XRP token and wait until a seller is ready to sell it to you at that price. Be aware, however, that everyone who is willing to pay more than you will have priority in the shopping list. It’s quite easy to understand, because a seller will always try to get the best possible sale price.
The main advantage of this type of purchase is being able to get Ripple at a price lower than that practiced on the market. The downside is that your order may take a long time to find a seller at the price you set. This is why it is advisable not to fix a too low purchase price.
Reduced transaction costs thanks to the BNB token
Binance allows its users to benefit from a reduction on transactions if you obtain its Binance Coin (BNB) token. If you only occasionally trade on the platform, taking advantage of this reduction is not essential. But if you plan to buy virtual currency on the site regularly, get the BNB as soon as possible to pay less fees.
What should you remember to get on Ripple with Binance?
Buying Ripple with Binance is straightforward and not just for cryptocurrency experts. To successfully acquire XRP tokens, you have several options. The main one is to use other digital assets that you will exchange for Ripple. This is the first reason why Binance was created. Otherwise, you may prefer a direct purchase via the real currency of your country, for example euros or dollars, while the latter.
When you use another cryptocurrency to obtain XRP, you will have two methods at your disposal to carry out this operation. Buying at market price will allow you to immediately get Ripple, without waiting, but at a higher price, while acquisition via a purchase order will allow you to obtain it at a lower cost, but taking more time.
There isn’t really an optimal strategy for getting Ripple. The choice is to be made according to your personal preferences and your ability to be patient or not. If you want to know more about the world of cryptoactive, do not hesitate to consult our page which talks about different existing projects in this industry.