In this step-by-step guide, we would like to show you the best way we know how to buy Ripple XRP with a debit card or bank transfer.
There are multiple ways to buy Ripple XRP with a debit card or bank transfer. If you are a beginner, this can sometimes be a time-consuming and complex process. However, we want to make this much easier for you. In the following guide, we would like to show you the best way we know how to buy Ripple XRP with a debit card or bank transfer, whether you are a beginner or professional crypto investor or trader.
If you need to buy Ripple XRP with a credit card, we have a step-by-step guide called Cheapest Way To Buy Ripple XRP With A Credit Card. This method is less preferable because the fees are much higher than buying Ripple XRP with a debit card or bank transfer. If you can avoid using a credit card, we would like to show you how to to buy Ripple XRP with a debit card or bank account.
So, let’s get started.
Here is what you need before you move forward:
1. A valid photo ID (i.e. passport, driver’s license, etc.).
Note: You must provide some sort of ID as part of the Know Your Customer/Anti-Money Laundering laws. If you are thinking about buying a large amount of Bitcoin, you may need to provide further documents such as a selfie of you holding your identification card.
2. A debit card, credit card, or bank account.
How To Buy Ripple XRP With A Debit Card Or Bank Transfer
In order to buy Ripple XRP with a debit card or bank transfer, you will first need to buy Bitcoin which will later be used in exchange for Ripple XRP.
When buying Bitcoin using a debit card or bank transfer, we highly recommend using Coinbase. Coinbase is one of the most convenient and reliable places to buy Bitcoin and has some of the lowest fees out of any cash to crypto exchange. Coinbase allows you to buy Bitcoin directly with your fiat money (i.e. bank account, debit card, wire transfer) which makes it a quite preferable exchange if you are just getting into crypto. Unfortunately, Coinbase no longer accepts credit card purchases. If you are purchasing with a credit card, please go to our article Cheapest Way To Buy Ripple XRP With A Credit Card.
Step 1: Create A Coinbase Account
If you don’t already have a Coinbase account, click here to sign up. Simply fill the required fields and upload your ID. Once you are signed in you will need to provide bank details or credit cards in order to make a purchase. If you already have a Coinbase account, go ahead and sign in.
After completing the sign up process, you will be redirected to the dashboard as shown in the picture below where you will be able to see the current price of available cryptocurrencies on Coinbase.
Step 2: Go To Buy/Sell
At the top of the main Coinbase page, click the Buy/Sell menu. Once clicked, a window will pop up that looks like this. Make sure Bitcoin is selected in the drop-down menu. Again, since we cannot buy Ripple XRP directly on Coinbase with a debit card or bank account, we must first buy Bitcoin which we will use later to buy Ripple XRP with.
Step 3: Enter The Amount
Input the amount of cash you wish to spend in terms of dollars and the website will tell you the amount of Bitcoin you will receive for that specified amount. Once you decide the amount, you can click on the ‘Buy Bitcoin Instantly’ button.
Step 4: Confirm Your Order
After clicking that button, you will be redirected to the confirmation page that looks like this. Click on the “Confirm Buy” button to finalize the purchase and you will see a green check indicating the purchase was successful. You can go back to your dashboard and check your balance & your orders. Since we will be transferring the Bitcoin somewhere else, we will keep your newly purchased Bitcoin in your Coinbase wallet.
Tip: The safest way to store Bitcoin and other cryptocurrencies long-term is in your own private wallet be it a paper wallet, hardware wallet, or mobile wallet. Since we are transferring the Bitcoin to another exchange right away, this is not necessary at this time.
Now that we have Bitcoin, it’s time to begin the process of buying Ripple XRP. In order to buy Ripple XRP, we will simply use another cryptocurrency exchange called Binance.
There are some specific reasons behind choosing Binance. Since Ripple XRP cannot be purchased directly from Coinbase with USD, you must transfer your Bitcoin to another exchange and purchase Ripple XRP there. We recommend using Binance for this. Binance is a fast, secure, and transparent exchange with simple yet highly intuitive and user-friendly user interface that allows beginners buy cryptocurrencies with ease. It is also one of the largest and most popular crypto exchanges.
Step 5: Create A Binance Account
Click here to go to the Binance registration page which looks something like this. Register for an account.
Step 6: Verify Your Account
Verify you account with the registered email address and you will be redirected to the following page.
Step 7: Prepare For A Deposit
After logging in, put your mouse over the “Funds” button located in the menu bar and select “Deposits”.
Step 8: Find Your Bitcoin BTC Deposit Address
A drop-down list will appear on the screen and you can search for the cryptocurrency you wish to deposit. Select BTC Bitcoin. The exchange will provide you with a deposit address which is a string of letters and numbers.
Step 9: Copy Your Bitcoin BTC Deposit Address
You will need to copy this address since we will need to input it into Coinbase as the address where you are sending your Bitcoin.
Step 10: Go To Your Coinbase Wallet
Go back to your Coinbase account. In your Coinbase account, click on the “Accounts” tab at the top to view your Bitcoin BTC Wallet. Click the “Send” button next to your BTC Wallet to begin the process of sending your Bitcoin to your Binance wallet.
Step 11: Transfer Your Bitcoin
Enter your BTC Deposit Address that you copied from your Binance account and enter the amount of Bitcoin BTC you wish to transfer. It may take up to 30 minutes or several hours for the transaction to complete depending on the current network load. So don’t panic if it does appear in your Binance account instantly.
Step 12: Check Your Balance
In Binance, navigate to the “Funds” button and click on the “Balances” button to check if you have received the Bitcoin you sent from your wallet. Find BTC Bitcoin in the list. If the transaction has been completed, the BTC Bitcoin amount you transferred will appear under the “Available Balance” column.
Step 13: Go To The Exchange
Once you have confirmed that your Bitcoin has arrived, In the menu bar on Binance, click the link labeled “Exchange” like the one shown below. You will see the two options, “Basic” and “Advanced”. Choose “Basic”.
Step 14: Select XRP/BTC
When you click “Basic” you will be redirected to the following page. On the top right corner, select the “BTC” tab and search for XRP (as shown in the screenshot below) and the XRP/BTC pair will appear. Click on the pair and you will see the Ripple XRP chart with numerous details.
Step 15: Buy XRP
Now scroll down and you will find the Buy XRP windows in the center. Input the required details and type of order you want to place to buy Ripple XRP. The “Market” order will allow you to Buy Ripple XRP with current market price and “Limit” order will allow you to set the price at which you want to buy the Ripple XRP as the market moves up or down.
Step 16: Check Your Balance
Once you place your order it will appear in the “Open Orders” list. When it completes, it will disappear from that list. You can go to the “Balances” page under the “Funds” menu to see your XRP Ripple “Available Balance”.
Congratulations! You just purchased your first Ripple XRP coins. You can now send them to a private wallet if you would like to store them long-term or you can leave them on Binance if you will be trading them again soon.
Hope this guide was helpful. Please share your tips and tricks in the comments to help make this a much smoother process for others.