This content represents the writer’s opinions and research and is not intended to be taken as financial advice. The information presented is general in nature and may not meet the specific needs of any individual or entity. It is not intended to be relied upon as a professional or financial decision-making tool.
Cryptocurrencies are the future of safe and instant transactions, but people are still getting the hang of them. The reason for that is that, even though crypto came into our lives years ago, there’s always something new to learn about it and new cryptocurrencies going into the market. Sometimes mistakenly called xro (where to buy xro).
Unlike regular currencies, all cryptos are different from each other and offer different benefits to their users. However, the process you must go through to buy Bitcoin, SOL, or any other cryptocurrency is almost always the same. XRP is not the exception to that.
The way in which XRP works confuses traders and investors due to the complexity of what the crypto is itself. Nonetheless, as it happens with other digital assets, everything gets easier when you study and learn how to buy and sell the currency. If you are looking forward to learning how to buy XRP, this is your page.
Here at WeInvests, we have all the information related to cryptocurrencies, digital assets, and investments you need. You can dive into our website if you want to know more things about XRP and the market in general, so don’t hesitate to do it.
- 1 What Is XRP?
- 2 RTGS
- 3 Currency Exchange
- 4 Remittance Network
- 5 Cryptocurrency
- 6 How to buy XRP on eToro
- 6.1 Step 1: Open an Account
- 6.2 Step 2: Upload ID
- 6.3 Step 3: Make a Deposit
- 6.4 Step 4: Search for XRP
- 6.5 Step 5: Buy XRP
- 7 Conclusion
What Is XRP?
The first thing to know if you want to buy crypto is what that asset is itself. Ripple, or XRP, represents more than a cryptocurrency since it’s also a real-time gross settlement system (RTGS). This payment protocol also forms a currency exchange and remittance network.
We know it can be overwhelming to read all those terms in a single paragraph, so here is a brief explanation of everything Ripple is:
Real-time gross settlement systems are, in a nutshell, funds transfer systems that send funds from a financial entity to another. These systems allow instant transactions of money and securities to happen, and the same goes with crypto.
Banks worldwide use these systems to support and promote individual transactions, and they are usually managed by the central bank of the country. RTGS transactions are mostly irrevocable, which also applies when transactions are made with cryptocurrencies.
Currency exchanges or crypto trading services are licensed businesses that let investors and traders buy, sell, or trade one crypto for another. Thanks to that, people can use their fiat money to get cryptocurrencies. Crypto wallets are usually linked to crypto exchanges, so people receive the funds directly in their wallets.
Remittance networks represent and make what currency exchanges and RTGS are. These networks are made by a series of providers that form a whole platform. The providers in those platforms allow users to transfer money to others individuals regardless of where they are.
As you may know, cryptocurrencies are digital assets with a value that people can buy, sell, and trade on a digital basis. Since crypto only exists on digital platforms, you can’t physically have it. Therefore, people use digital wallets to store them and crypto exchanges to get them.
XRP is a cryptocurrency, which means traders and investors can use it as they would use any other cryptocurrency. This crypto is one of the largest and most desired assets in the world, and investors have bright-looking predictions for its future. The reason for that is its value and how you can use its open-source payment protocol.
Since the Ripple platform promotes fast and inexpensive digital transactions, it’s expected that the use of this crypto is going to increase the global liquidity of funds. The reason for that is that the platform makes transferring money all around the world -including XRP- simpler.
However, that doesn’t mean you can only buy and sell XRP from the Ripple platform. Like other cryptos, such as Bitcoin and SOL, you can get XRP from several online markets, so there’s no need to worry about that. This crypto is also compatible with all crypto wallets and crypto exchanges.
How to buy XRP on eToro
There are several reasons why you could be interested in buying Ripple, but one of the most common reasons among traders is the high complexity of the coin.
However, to make this process much easier for you, we created the following handy guide on how to buy XRP with eToro.
Step 1: Open an Account
This step may seem a bit obvious, but you must first open an account to buy with this platform. Follow this link to go to eToro website.
It will require you to fill in only the basic information, which only takes a couple of minutes.
You should check out eToro’s terms, conditions, and policies before proceeding to the next step. Additionally, rereading your information to make sure it doesn’t have any errors is also a good idea.
Step 2: Upload ID
After registering, you can’t start trading before verifying your account. eToro takes the safety of its users very seriously, which is why anyone who joins this platform must go through the KYC process and submit two documents.
- Utility bill
- Driver’s license or a valid passport
- Bank account statement
Step 3: Make a Deposit
The next step before buying XRP is to fund your account, as you’re going to need money to execute those transactions. Luckily, eToro features several deposit methods, making it a lot easier for traders to transfer money into their accounts. Moreover, it doesn’t charge any hidden or conversion fees, and all transactions are secured with SSL technology, so you don’t have to worry about your account being hacked.
In order to fund your account, all you have to do is go to the deposit section and type in the following information:
Step 4: Search for XRP
Now you can go to eToros’ discover area, which is meant to display all the available cryptocurrencies in popularity order. This screen is also going to show you the real-time behavior of each currency, so you can better evaluate how each asset is performing.
However, you need to find XRP, which tends to be one of the most popular assets, but if you can’t find it, you can always use the search bar and type in “XRP.”
Step 5: Buy XRP
Once you find XRP, all that’s left to do is choose how much of it you’re going to purchase. Please, be mindful of your purchases, as this has to be part of a bigger strategy to help you earn profit.
However, XRP is a very popular cryptocurrency, and that doesn’t seem to be changing anytime soon.
The first step to getting any cryptocurrency is to get a crypto wallet. Since these assets don’t exist in a physical form, it’s the only way to get them and store your funds. Fortunately, getting crypto wallets is not difficult, and most of them are free.
Once you’ve chosen a crypto wallet platform, the only thing you have to do is create an account and give all the information the platform asks you to submit. Some crypto wallet platforms have account fees, but that also means they offer some benefits, so pick the one that best suits you.
Crypto wallets work with two keys, one for accessing your funds and another for making crypto transactions. The former is called the access key, and the latter, the signing key. When you make a crypto transaction, the receiver of the funds gets a part of your signing key. Getting that key lets them know the funds are coming from you.
There’s not a way to recover your keys if you lose them, so never share them with another person. Don’t worry about getting hacked or suffering a cyber-attack. Your funds are completely safe in your wallet since everything works under a blockchain system.
As we mentioned before, you can- and have- to link your crypto wallet to the crypto exchanges you use. Doing that allows you to receive the cryptocurrency you want to invest in directly in your crypto wallet. Crypto exchanges may have an option available in the platform or program that leads you to submit your wallet’s information.
Some crypto exchanges have that as a requirement when you create an account, so do that before you try to invest in any cryptocurrency.
Whether you choose a credit card or any other payment option, select the amount of money you want to invest in the currency and submit the payment. Crypto exchanges may transfer the XRP you’ve purchased to your crypto wallet after you do that.
Some platforms ask you to wait a little time before you receive your funds, but you always receive them at the end of the day. If you already have your funds in your crypto wallet, you can already sell them, trade with them, or do anything else you may want.
Now that you have a crypto wallet, you have to look for the crypto exchange or online broker of your preference. Account fees are more common in these systems, so be prepared to pay something to create your account and use your funds.
If you don’t know which crypto exchange or online broker to go for, these are some of the factors you may take into account before picking one:
After you’ve chosen a crypto exchange that meets those criteria, create an account and follow the sign-up process.
Since you are reading this guide to buying XRP, the commissions for that crypto should appear once you do it, so the only thing left to do is submit the funds you want to invest in the cryptocurrency.
You can’t get XRP -or any other cryptocurrency- for free, but there are many ways to pay for them. Users can submit fiat money to crypto exchanges with the payment options the platform allows them to. Most people use their credit cards to do it, but some platforms let people use other systems, such as PayPal.
Ripple and XRP are complex things to understand when you first hear of them, but things get simpler once you start reading about them. Buying XRP -or any other cryptocurrency- is not as difficult as many people think since you only need to follow the steps given in this article.
Cryptocurrencies, trading, and investing in digital assets, in general, get more popular each day, so this is probably the best moment for investors and traders to learn about the matter. Our page has a lot of information about XRP, Bitcoin, and digital assets, so you can find all the information you want here.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.Read More