Released in 2012, Ripple is a real-time gross settlement system aka RTGS. It’s also called the Ripple Transaction Protocol (RTXP) or Ripple protocol and is built upon a distributed open source Internet protocol and consensus ledger. It aims to provide a secure, instant, and ‘nearly free’ global financial transactions with no chargebacks.
As I write this, Ripple has just taken a deep dive and is currently valued around $2.60 per coin. Just until yesterday, Ripple’s value was enjoying a steady increase. Last time I checked, it was priced above $3. In Korean markets, it was valued more than $4 per coin.
Now that Ripple’s price has come down dramatically, it’s a good time to invest your money into it. Today’s deep dive in Ripple’s price is a reflection to CoinMarketCap’s decision to ignore Korean markets’ price which led investors to believe its price was dropping.
Step 1: Create Your Account at an Exchange
The biggest cryptocurrency exchange right now is Coinbase. Coinbase recently put an end to rumors that they were going to add Ripple on their platform. This is why you need to find an exchange that supports Ripple and operates in your country.
I use the UK-based EXMO exchange to buy Ripple. They have an easy to use interface and allows easy trading of many ‘coins.’ This includes Bitcoin, Litecoin, Ether, Ripple, Doge among others.
The first step will be to create an EXMO account. Register your account with correct details as you will need to verify your identity later. Choose a login, enter your email and enter your password twice. Agree with terms and conditions, click ‘I am not a robot’ and click Register.
Check your email now. If you received a confirmation email from EXMO, then click the confirmation link and activate your account. If you didn’t, then wait. Their systems are sometimes overloaded.
Step 2: Verifying Your Identity
Once your account is activated, you will need to verify your identity and address. After your identity and address are confirmed, you will need to sign an agreement to complete your verification.
Scan/take a good photograph of your government issued ID card or passport showing your details and photo. Do the same with a utility bill/tax bill/bank statement or another government-issued certificate of residency that shows your complete address.
Step 3: Adding Money to EXMO Wallet
Okay, you have created an EXMO account and applied for verification. Verification can take a long time, usually around two weeks or more. You can, however, start trading without a verified account.
Before you buy Ripple, you will need to add money to your EXMO wallet. You will then use this money to buy Ripple or any other coin that is supported on the platform. There are many ways to add money to your EXMO wallet, including credit/debit card and wire transfer. There are many third-party services you can use to transfer money to EXMO, too.
Go to the Finance section and click Deposit in front of your preferred currency. You can add USD, EUR or RUB. When you click Deposit, you will be shown different ways you can add that currency. These ways differ based on the money you want to add.