Getting Started With Ripple
If you want to trade XRP, you first need to decide which exchange you want to use. The most important criterion is the fees that are levied by the exchanges on trades, deposits, or withdrawals. There are some exchanges where you can buy cryptocurrencies using fiat currency.
In order to open an account, you must provide all the necessary identity proofs. Now select which cryptos you want to trade. The trade is usually made in currency pairs like XRP/ETH, XRP/BTC, XRP/GBP, etc.
While placing the trade, there are few options that you will have like buy order, sell order, put/call, market order, limit order, and stop-loss order.
When you have bought your Ripple, the coins will be credited to your exchange account, which works as an online crypto wallet.
If you don’t have any plans to trade XRP that you have bought, then you can also transfer them to your personal wallet to keep them secure.
Ripple is an open-sourced payment network that works like banks enabling the transfer of any currency worldwide using XRP. It has two separate entities – one is an open payment system, and the other is an actual currency that is used on the payment system.
Ripple is one of the largest cryptocurrency, and its value increased 40 times in the year 2017. The main benefit of Ripple is the speed at which the transactions are settled. Among other benefits of Ripple are the lower cost of transactions and the certainty of the transfer. These benefits have caused wide adoption of XRP and have lead to the growth of RippleNet.