Our articles explain a lot about Ripple (XRP). This time we explain how to buy and store the XRP tokens. There are many ways, but in this article we explain an easy and safe way.
Finding and setting up a XRP wallet
Before you buy your first XRP, you need to find a wallet where you can store it safely. There are many different types of wallets on the market with different capabilities. The two most recognizable groups are hot wallets and cold wallets. Customer wallets from exchanges are usually Hot wallets. Cold wallets, on the other hand, are used to securely store our assets outside of exchanges and outside of direct access to a blockchain network. There is also a third variant – desktop wallets.
An example of a fine desktop wallet is Exodus
Exodus is a crypto wallet with a very user-friendly interface. It is characterized by a high level of security and allows you to store more than a hundred different coins. To get one, you just need to visit the official Exodus website and download the application. The next step is to configure the access. This is where you set your password. Remember that this password gives access to your coins, therefore it should be a complex combination. Next, a series of words will appear in front of you. You should write these down and keep them in a safe place. They will help you to access your account again in case your device gets damaged. This is THE backup of your wallet and your coins.
It’s that easy. Let’s move on to buying XRP.
Create an account and buy XRP on Kraken exchange
You can buy cryptocurrencies like XRP from Ripple on a cryptocurrency exchange or from a broker. In the article “Cryptocurrency Trading,” we outline the differences between them. Here we will discuss the purchase process that takes place directly on the exchange.
Creating an account on Kraken is very simple. You are first asked to provide your email address, create a username and set a password. After creating an account, it is also a good idea to verify the account to make it extra secure. To do this, you will need to provide your address details. These need to be confirmed at a later stage. This is done by providing a document that lists both your name and your address.
The next step is to deposit the capital with which you are going to buy your first XRP. When the money appears in your account you can go to the trading tab. On the left side of the coin selection you can select XRP. On the right side you can directly buy XRP at the current price. There is also the option to set a buy order at a specific price for XRP if you are not interested in the current price. At the same place, you can sell your XRP at a specific price in the future.
After the purchase, you can send the money, also called ”withdraw”, to the pre-configured Exodus. This step should not be skipped, as your funds are only fully secure outside the exchange.