Cryptocurrencies are now one of the most talked-about investments across the financial market. There is so much to learn and know about these digital currencies. Trading cryptocurrency can also be very stressful, so it’s important to choose an exchange that meets your needs in terms of accessibility and security. To buy cryptocurrencies, you need a wallet where you can store the cryptographic keys of your wallet. Binance has established itself as one of the best crypto exchanges with a track record of excellence across the years. Thinking of which cryptocurrency to buy or invest in? XRP is up there with other top digital assets to invest in. In this article, we will be looking at the steps to buy XRP on Binance.
What Is XRP?
XRP is a cryptocurrency owned by Ripple Labs, Inc., an American technology company founded in 2012 in San Francisco, California. It was created for banks and payment networks for payment settlement, money transfer systems, and currency exchange. XRP is tailored to work on the Ripple network; It is listed among the top 5 cryptocurrencies by market capitalization. XRP is also bought as an investment, as a means to exchange with other cryptocurrencies, and also as a way to finance transactions on the Ripple network. It is a much faster, cheaper, hassle-free way to exchange currencies and send money across borders without stress.
What Is Binance?
Binance is a crypto exchange where traders can buy, sell and trade different digital assets. Traders are open to trading more than 300 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. Traders can also trade Binance coin (BNB), its blockchain-based token. Binance also provides traders with wallets where they can store their digital assets. It has a very high standard of safety and security. Binance can process 1.4 million orders per second. Binance has a friendly interface which makes it easy for newbies to use. It offers diverse investment products for fixed staking and flexible savings to earn interest.
How Does Binance Work?
Any trader that intends to use Binance must first register for an account on the web or mobile app of the crypto exchange. To register, you will need to submit your email or phone number and supply a password. After that, you will be required to verify by entering a six-digit code sent to your email or phone number.
The next step requires you to complete an identity verification to unlock the fiat deposit and withdrawal limits. You can verify your identity by providing all the basic information about yourself. To further increase your verification level, you will be required to verify with a selfie or your ID card. After passing through these checks successfully, you will need to deposit fiat using the means of deposits specified on the platform. Finally, you can begin carrying out your trading activities.
How To Buy XRP On Binance
Buying XRP on Binance is straightforward. You can do this on the web platform and the mobile app available on Android and Apple. In the steps below, we will be looking at how you can purchase XRP on Binance.
Register Your Account
Like every budding trader in the market, you will need to open an account on Binance. You can do it on the web platform or the mobile app, as explained above. After registering, you will need to complete all checks and verifications to carry out your activities.
Verify Your Account
Passing verifications on Binance is very tedious but still doable if you follow the guidelines here. After registration, you will need to complete a simple KYC check where you will need to submit private information. To unlock a higher withdrawal limit and get the verified tag on Binance, you will need to upload a selfie of yourself and upload a utility bill showing where you live.
Fund Your Account
Now that you have verified your account, you will need to transfer fiat or another digital currency into your wallet to purchase XRP. Binance provides traders with a wide list of options to deposit funds on the platform, including the peer-to-peer method. You can access the funds’ tab at the top of the platform then click on the deposit option.
Buy Your XRP
After depositing fiat into your account, you will need to exchange it for USDT to make your purchase. However, making a purchase is quite tricky on Binance, as you will be required to go to the XRP/USDT pair and create an order. In creating an order, you will need to ascertain the order limit. The limit that the coin will trade at and automatically enter your XRP wallet in the exchange.
Although there are more than 100 crypto exchanges that provide traders with the opportunity to buy XRP, Binance provides an easy approach to do that. Also, users in the United States might encounter difficulty buying XRP due to Ripple’s Securities and Exchange issues. If traders cannot deposit fiat on Binance, such a trader can use the peer-to-peer payment option or buy with another crypto exchange that they own. Finally, before purchasing XRP, it is ideal for researching the exchange and the token as things change in a twinkle of an eye in the crypto sector.
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