Ripple Trading in Simple Steps – Complete Beginner’s Guide
Interested in buying Ripple, but don’t know how to begin? If yes, then you are not alone.
Launched in 2012, Ripple (XRP) is a popular cryptocurrency. Traders across the globe use it as a trusted investment because it is fast and far more efficient than other crypto assets. It is traded on hundreds of regulated and unregulated exchange platforms. But for beginners, trading Ripple can be a bit intimidating. Well to help you out, in this guide we are going to cover everything you need to know about trading Ripple.
Table of Contents
How to Buy Ripple in 5 Simple Steps
Step 1: Choose an Exchange Platform
The first and most important thing to do is to register on an exchange platform. The exchange platforms allow you to buy/sell and trade Ripple directly through their platform. Make sure to select a regulated exchange that offers protection to your funds. Before you sign-up, assess the exchange based on the following factors:
- Payment methods
- Minimum Investment
- Crypto Wallet
- Fees and Commissions on ripple to INR andINR to xrp exchange.
Step 2: Develop an investment plan
Before entering into the trade it is worth creating an investment plan. Having a plan ready will help you maximize profits by offering a better analysis of the Ripple market. Developing an investment plan involves defining goals and creating strategies based on them. Given below are tips to help you:
- The degree to which you want to conduct transactions and where you want to implement stop loss.
- Whether you want to trade only on Ripple or want to include other cryptos as well.
Step 3: Open a Ripple Account
Once you have decided which Ripple exchange platform to use, next proceed to sign up. The process involves abiding by some regulatory rules which include mentioning the full name, address, mobile number, email address, and nationality. Additionally, you will be asked to present a government-issued ID proof to complete the KYC process. Some platforms may take days to process your ID, while some may allow trading right away, so make sure you check this before selecting a trading platform.
Step 4: Deposit Funds
To begin a Ripple purchase, you need to deposit some funds into your account. Check what payment method your XRP platform uses. However, the fastest way to buy Ripple is through debit/credit card or e-wallets like Skrill or PayPal. When depositing money to the account, you will be required to make a minimum deposit. So make sure to check the terms and conditions of the trading platform to verify whether the minimum deposit amount is affordable to you or not.
Step 5: Set up a Trading Order
Now that you have deposited money in your account, you can get started to buy Ripple. You’ll get a list of different order types to utilize in your Ripple buying plan. After completing the order, confirm your option. Post this, XRP coins will be added to your account.
Hence, trading Ripple is no different than other cryptocurrencies. It is quite simple and is likely to differ depending on the exchange platform you choose.