XRP is a popular asset among cryptocurrency investors due to its use for cross-border payments and transfers between banks. Traditional bank transfers can take up to five days to complete and carry substantial costs. To improve the movement of value between borders and banks, Ripple labs issued XRP so that these transfers could happen instantly and with near-zero fees. Investors that are bullish on the future of XRP note that the digital asset may be able to take market share from SWIFT, which manages approximately $5 trillion in transfers every day.
Beaxy Exchange is working to add fiat pairs for XRP. Until these pairs are added onto the trading platform, you will need to have Bitcoin (BTC) in order to buy XRP on the exchange. Follow the easy steps below to learn how to buy XRP on Beaxy.
1. Open an account on Beaxy
To initiate the process of buying or selling XRP tokens you must begin by registering an account on the Beaxy Exchange trading platform. Simply go to the exchange’s website and enter your name and email address and click enter. Now that you have registered your email address you can move on to the KYC process. This involves submitting documents that prove your identity. This is important because government regulations require cryptocurrency exchanges to document all of their customers. You can complete KYC in less than 5 minutes on Beaxy. If you reside in the United States, submit a copy of your driver’s license. Otherwise, you can use your passport to verify your personal information.
2. Purchase Bitcoin
At this point, your account is registered and verified and you now have access to buy, sell, trade, and withdraw funds on the Beaxy exchange platform. Before you can buy XRP, you will need to have Bitcoin (BTC) in order to purchase it. To get bitcoin, go to the My Account section of Beaxy and click on the Buy Crypto tab. Now you can enter the amount of Bitcoin that you want to buy. After completing this process, your newly purchased BTC will be displayed in your Beaxy wallet.
3. Exchange BTC to XRP
Now that your Beaxy account is funded with BTC, navigate to the XRP-BTC trading pair on Beaxy. Enter the amount of XRP that you would like to buy and submit your order. If you enter a market order is will be completed instantly. If you submit a limit order with a specified price level, the order will remain on the order book until your price level is reached.
XRP value and price
On 10th June 2020, the cost of Beaxy was 0.00002042 BTC, and its market cap was 8,481,162,937 dollars. It is ranked 4 amongst all cryptos with a daily volume of 990,295,914 dollars.
BXY advantages and disadvantages
1. Transaction fees
Ripple allows for low-cost payments and transactions, among the lowest fees of any cryptocurrency network. This is often cited as a point of importance, given their frequent comparisons to large payment networks like Visa, Mastercard, and Paypal.
2. Transactions are lightning-fast
Ripple (XRP), being supported and facilitated by cutting-edge technology, allows itself for lightning-fast transaction speeds. With an average transaction time of just four seconds, it out-sped the average time of one hour for Bitcoin and one to two business days for most banks.
3. It is accepted and recognized by many banks
For larger net worth clients, including many banks globally, XRP and the Ripple payments network are used to facilitate transfers of funds. This means that investors, traders, banks, and companies looking to move funds around the world may use XRP to do so. Given the speed and low fees mentioned above, this can make XRP and the Ripple payments network a good way to move large amounts of cash.
1. XRP Reserve help by Ripple
Ripple, the company that developed the XRP digital asset and digital ledger, has a reserve of billions of XRP tokens. This can be a disadvantage because the company regularly sells large portions of the token to fund its ongoing operations which can cause the price of XRP tokens to drop a lot in short period of time. It is important to consider these transfers by Ripple before deciding to buy or sell XRP.
Best XRP wallet – how to choose
An easy way to store your cryptocurrency is directly on the exchange you purchase it on. If you properly secure your account with a strong password, 2-factor authentication, and other advanced measures like withdrawal limits and IP whitelisting, this will likely be the best route for you. At Beaxy we have even greater protection in the form of third party institutional-grade custody, which ensures your funds are truly safe. However, having your cryptocurrency in online exchange wallets on other exchanges may subject you to additional risk. A secure way to separate it for much more control, ownership, and access would be to put it in an offline wallet, or another digital wallet of your choosing. There are a lot of Ripple wallet services, each with their different pros and cons. There are two main types of wallets to store your Ripple (XRP). Those are software and hardware wallets.
Software wallets are the most common storage service and are connected directly to the internet (hence the name software). The benefit of these types of wallets is that they can be accessed as long as there is an internet connection. However, they aren’t the most secure as they can still be attacked by hackers, even if you use secure passwords and 2FA.
Hardware wallets are the more expensive (software wallets are often free) yet most secure storage options. These wallets are physical storage devices that can keep your XRP safe offline, away from all manner of cyber-attacks. There are some that feature a recovery procedure that can recover lost funds should it get damaged, lost, or stolen. Why you should Buy, Sell and Exchange Ripple (XRP)
Creating an account with Beaxy takes just a few minutes. By registering and verifying your account you will get access to one of the world’s most liquid markets for XRP tokens. You will also get access to the Beaxy mobile applications for iOS and Android devices.