How to Buy Ripple With Cash
Ripple is unique among the other altcoins that are in circulation. Combining the benefits of blockchain technology that cryptocurrency enthusiasts are already familiar with, along with elements that make it attractive to established financial institutions, Ripple is in a privileged position to become widely accepted. Some genuinely believe that it is poised to surpass all of its rivals.
It is this strong potential for true universality that brings a lot of interest to Ripple from individuals around the world. If you are interested in learning how to buy Ripple with cash, this guide will provide you with the basic information that you need in order to do so.
1. Identifying Ripple
As with all cryptocurrencies, Ripple has its own three-letter denominator. It is “XRP.” Knowing this will allow you to identify market pricing for Ripple on a wide variety of platform dashboards. After all, if you don’t know what to look for, how can you buy it?
2. Fees for Buying Ripple with Cash
Whenever you purchase Ripple or any other cryptocurrency in cash, you should expect to pay some sort of fee. The way that this fee is presented will vary depending on the platform that you use.
It will usually be reflected directly as a processing or transaction fee. If not, it will be assessed indirectly by being incorporated into the spread between the buying and selling price that you are quoted. The latter method will be easily recognizable for those of you who have engaged in Forex trading or spread betting. If you are a complete novice to financial instruments, the best way to understand it is to compare it to a currency exchange house such as those found in an airport.
3. Defining Cash Purchases of Ripple
When you are considering purchasing Ripple with cash, it is important to understand the different ways that a cash purchase is defined. Normally, it will involve a bank or wire transfer.
However, it could also be defined as making a physical cash deposit at a bank, sending a wire transfer via a third-party such as Western Union, and physically exchanging fiat cash with another person.
Not every platform will have all of these cash options available. The vast majority will default to a bank or international wire transfer.
4. Cryptocurrency Exchanges vs Peer-to-Peer Marketplaces
When seeking to purchase Ripple with cash you will be dealing with one of two types of platforms.
The cryptocurrency exchange acts as a market maker. Without needlessly complicating the explanation of what a market maker is, you can view these platforms as places that sell Ripple directly to you.
The other type of platform is known as a peer-to-peer marketplace. These services function exclusively by bringing independent buyers and sellers of Ripple together. They do not participate directly in sourcing or delivering the Ripple. What they do is provide a safe and secure platform for buyers and sellers to negotiate and transact there Ripple sales and purchases.
These peer-to-peer marketplaces offer a form of independent escrow service. This allows buyers to deposit the cash funds required for their Ripple purchase with the knowledge that the seller will not receive those funds until they have a genuinely transferred the Ripple to them. Likewise, this protects the seller by assuring them that when they release their Ripple the buyer has already deposited payment in escrow.
5. Ripple Wallet
A Ripple wallet is a quintessential requirement prior to purchasing Ripple with cash. We detail how cryptocurrency wallets function and the different options that are available to you in other guides and articles that we have written specifically for that purpose. We strongly suggest you give those a read if the concept of the cryptocurrency wallet is completely new to you.
Suffice it to say that there are different types of cryptocurrency wallets. These include those that are desktop-based, hardware-based, and paper-based. Ideally, you should keep your Ripple wallet as isolated as possible from the internet aside from when you must submit your public key in order to instruct another party where to send you your purchased Ripple.
6. Cointal
Cointal is a peer-to-peer marketplace that deals in Ripple as well as other cryptocurrencies. Among the many payment options that are available are cash payments. These can be in the form of bank transfers, Western Union, MoneyGram, bank teller deposits, and face to face cash exchanges.
Cointal does not charge a purchasing fee to Ripple buyers. They only charge a one percent fee to sellers. However, it is important to note that Cointal does assess a one percent fee for withdraws. This means that if you wish to withdraw your Ripple to an external Ripple wallet, you will be charged this fee.
One thing to be aware of with peer-to-peer marketplaces such as Cointal is that the availability of Ripple will always vary. There will be moments when there will be plenty of sellers willing to sell you Ripple in the quantity that you require. However, there will also be other moments when the marketplace may be completely dry.
Cointal offers a safe and secure platform to conduct independent Ripple transactions. Provided that you are willing to do the required fieldwork to find the deal that suits you best, Cointal can be a valuable platform.
Visit Cointal Now7. CryptoGo
CryptoGo is a cryptocurrency exchange that allows its users to purchase Ripple with bank transfers. They use a “spread-based” monetization model. That means they do not charge you individual fees. They price their profit into the exchange price that you are quoted for Ripple.
CryptoGo has a $500 minimum for transactions. That means that you must purchase at least that amount worth of Ripple each time you transact on the platform. This may be high for some who are just getting started with Ripple.
In terms of maximum amounts that can be purchased, CryptoGo is one of the few exchanges that has no maximum ceiling for purchases.
CryptGo clients must submit copies of their identification and proof of address in order to use the platform. Using cash as your method of payment does not exclude you from this requirement.
8. CEX.io
CEX is another cryptocurrency exchange. They allow you to pay via bank transfer.
Registering for an account on CEX will require you to verify your identity. This prerequisite is met by sending them an image of your passport, driver’s license or other government-issued ID. You may be asked by the CEX compliance department to also submit a selfie of yourself holding the aforementioned documents.
CEX does not charge deposit or withdrawal fees. Transaction fees can range from as low 0.04 percent to 0.25 percent based on the average transaction volume that you accumulated in the 30 days prior.
Visit CEX.IO Now9. Conclusion
Buying Ripple with cash is relatively uncomplicated. It is, however, not the only avenue that is open to you for purchasing Ripple. There are also ways to use credit and debit cards as well as third-party payment processors, such as PayPal and Skrill. If you are interested in these other methods, make sure to read the guides that we have written on those subjects.