This is a short guide to safely buying Ripple (also known as XRP coin) on the Binance exchange.
What is Ripple
Ripple is a payment network for banks and financial institutions that allows them to send and receive currency and settle transactions more quickly and more cheaply than their existing back-end systems.
Ripple Labs, the San Francisco-based parent company oversees RippleNet, the payment network, which uses XRP, the settlement token of the Ripple network, which is what we are looking at buying on an exchange.
Think of it this way: XRP is to Ripple what ether is to Ethereum, or what bitcoin is to the bitcoin blockchain.
But there’s an important difference between XRP and bitcoin. XRP was never intended to be a functional digital currency the way that bitcoin was. It is merely a utility: the banks or financial institutions that use Ripple conduct their transactions in XRP. The company calls XRP a “settlement token.”
The appeal of Ripple to banks is the ability to move large amounts of currency quickly and cheaply: XRP transactions clear in under 4 seconds on average, the company says. Compare that to the bitcoin blockchain, where transactions are now frequently taking around an hour to go through.
XRP Token Details
Total Supply: 99,993,093,880
Circulating Supply: 38,739,144,847
Step 1 – Register at Binance
To buy the token, you first need to sign up at Binance.
First go to Binance.com.
Next you need to click on the “Create Account” link.
Go ahead and Register at Binance by adding your personal details.
To sign up for Binance you’ll need a valid email address and create a secure password.
Step 2 – Activate Your Binance Account.
You’ll be asked to activate your account before you can log in on Binance.
Go to the email you entered and click on the link sent by Binance to complete the registration process.
Step 3 – Log On to Your New Binance Account
Go back to Binance.com and use your new account details to log in.
Step 4 – Fund your Binance Wallet.
Before you can buy your new tokens, you need to have funds in your Binance wallet.
Note that you can’t send fiat currency direct to Binance. Instead you need to send your favorite crypto (we recommend ETH or LTC due to low transaction costs and fast transfer times).
The easiest way is to buy crypto at Coinbase.com then send it to Binance.
How to Buy Bitcoin at Coinbase
Back at Binance, click the “Funds” link on the top menu bar, then the “Deposits” link on the sub-menu that pops up.
You now need to find the deposit address for the specific type of crypto you are transferring over from Coinbase.
In this example we’re using ETH.
First, search for “ETH” in the search field.
Then click on the “Deposit” button.
Now, copy the ETH Deposit Address and use that as the destination/outward address at your Coinbase account.
Wait a few minutes and the crypto (ETH in this case) will be credited to your Binance account.
Step 4: Trade your Ether for XRP tokens.
Click on the ‘Exchange’ link at the top menu, next to the Binance logo. Then click on the “Basic” option that is displayed on the drop-down sub-menu.
Search for the XRP/ETH pair among the list displayed on the page. Do this by selecting the “ETH” tab and searching for “XRP” in the search box.
Under the XRP/ETH chart, you’ll find the Buy XRP section.
The first box with the Price label displays how much ETH or fraction of ETH you pay to buy each XRP token.
The second box with the Amount label is where you enter the number of Ripple tokens you plan to buy.
You can also use the percentage buttons to indicate what percentage of your funds you want to spend. Clicking on the 100% button uses all the ETH in your account. Clicking 50% uses 50% etc. If you use the percentage buttons, the number of tokens you can buy will be automatically entered into the Amount box.
The Total box shows how much Ether in total you are paying for the transaction. This includes any transaction fees by Binance.
Ready to buy?
Go ahead and Click on the “BUY XRP” button.