How to Buy Ripple (XRP) using Binance.com

Quick Summary
If you already own bitcoin or ethereum (or any token on coinbase), then you can transfer your digital currency to Binance.com and purchase (XRP) ripple or some other alt-coin.

If you do not have bitcoin or ethereum then you’ll first have to sign up to coinbase and buy some.

If you are familiar with digital currency, you may have already bought some on coinbase and are ready to invest it in alt-coins. If so, you are already headed in the right direction. If not, it is best to start from the beginning.

1. Start With Coinbase If You Do Not Own Any Bitcoin or Ethereum.

How to Buy Bitcoin

Coinbase is an online platform which deals in alt-coin, such as Bitcoin, EthereumLitecoin and other kinds of digital currency.

Even though it was only founded in 2011, it has rapidly become a trusted site for hundreds of countries to perform transactions.

Users can buy and sell alt-coin on Coinbase, and even use an App to conduct their business.

 What is Ripple XRP?

XRP is the cryptocurrency of Ripple, and even though it is relatively new, it went up 20,000% in 2017.  This is much more than the rise of other cryptocurrencies this year. Ripple handles 1,500 transactions per second and is very fast.

Ripple itself is a payment network that banks and other financial institutions can use to transfer money, even internationally. The difference between Ripple and other alt-coin dealers is that XRP was never meant to be a real functional digital currency like bitcoin, and its intended use is to help financial institutions move large amounts of money. That makes buying it trickier, since regular brokers like Coinbase do not yet offer Ripple XRP to buy or trade.

If You Need to Buy Bitcoin or Ethereum

Here are ALL the steps you need to take in order to buy Ripple (XRP) on Binance.com:

1. Sign up for Coinbase, if you haven’t already, and buy Bitcoin.

Here is the link: https://www.coinbase.com. You will need to verify your contact information, including your email and phone number, and your bank account. When you buy Bitcoin, you will need to choose which currency you are using and the amount.

2. Sign up for Binance at https://www.binance.com.

You will need to verify your email at Binance, after which you should have an account.

3. Transfer your Bitcoin to your Binance account.

How to Transfer Bitcoin/Ethereum from Coinbase to Binance

After you log in to your Binance account, go to the tab for Funds and then click on Deposits Withdrawals. This will be along the top of your screen. You will need to choose Bitcoin or Ethereum (whatever it is you’re transferring from coinbase) from among the cryptocurrencies, and then click on the Deposit button. After you complete that task, go to the “Your Accounts” tab and click “Send” right under where it says “Bitcoin wallet” or “Ethereum wallet”.

In this example, I am going to simulate transferring Ethereum to my binance account. If you have bitcoin, then type BTC into the search box. LTC for Litecoin and BCH for bitcoin cash.

 

We’ll need to copy our Deposit Address and then hop on over to Coinbase.

Login into Coinbase

Once you’re logged into Coinbase, then click on accounts and select the wallet you want to transfer your digital currency from.

Making the transfer

Go ahead and paste in the deposit address you copied from Binance. Then enter the amount you would like to transfer. You have the choice of transferring a maximum when you click inside the amount box. When you are ready, click continue and your crypto currency will be on its way to binance. It will take anywhere from a few minutes up to a half hour depending on how busy the network is.

 

binance.com

 

To Summarize

a. After you log in to your Binance account, go to the tab for Funds and then click on Deposits Withdrawals. This will be along the top of your screen. You will need to choose Bitcoin from among the cryptocurrencies, and then click on the Deposit button. After you complete that task, go to the “Your Accounts” tab and click “Send” right under where it says “Bitcoin wallet.”

b. You will need to copy the BTC Deposit Address from Binance so that you can paste it into the field where it tells you to “Enter a BTC Address.” You will have to write in your own amount, and then click “Continue” so that the Bitcoin will be sent to Binance. You can then make sure that the transaction went through by checking your “Bitnance Transaction History.” However, wait a short while to check, as it can take between 10 and 30 minutes for the transaction to be fully confirmed.

4. Now that you have the funds in Binance, log in there and trade your Ethereum for XRP.

This part is easy but looks complicated. You will have to start on the ETX-XRP exchange: page https://www.binance.com/trade.html?symbol=XRP_ETH. This page has a lot of numbers and looks like an investment page on a newspaper. Ignore most of it and look toward the middle, where there is a chart with three tabs, the first one saying Limit. If “Limit” is selected, click on “Market” so that it is selected instead.

After you have selected “Market,” go lower on the chart where there are numbers and click on “100%.” This is telling the program to convert all of your Ethereum into XRP. Then click “Buy XRP.” To check and make sure that your transaction was processed correctly, you can go to the “Deposits/Withdrawals” page on Binance.

Final Notes

You should always verify that your transactions have been processed correctly, especially since you are the one taking all the steps. If you want to trade another alt-coin on Binance, you may want to do that too. For instance, you can probably get better transfer rates between Bitcoin and Ethereum if you use Coinbase and Binance.