How To Buy Ripple (XRP) With Ethereum (ETH)
Buying Ripple (XRP) is almost as easy as buying Ethereum (ETH), but there are a few steps that the novice investor may not know. Before we get any further into buying XRP, it’s worth making sure you’ve got the right accounts to do your transactions in:
If you don’t yet have a Binance account, you should sign up for your Binance account now.
If you don’t yet have a Coinbase account, you should sign up for a Coinbase account now. If you use my link to sign up and purchase your Bitcoin, Bitcoin Cash, Ethereum, or Litecoin you will be given $10 free Bitcoin. I recommend Ethereum because the fees are MUCH cheaper and it’s a lot faster to transfer than Bitcoin.
Send Ethereum From Coinbase To Binance
After you’ve set up both your Binance and Coinbase accounts, you are ready to purchase your XRP. The first thing you will need to do is send your Ethereum from your Coinbase wallet to your Binance wallet. After logging into your Binance account, hover over the “funds” tab in the upper right-hand corner of the screen, the click on “Deposits Withdrawals” from the drop down menu. You will be directed to the area of Binance where all of your available cryptocurrency wallets will be displayed. If you scroll down the list of cryptocurrencies you will see ETH in the list. On the right-hand side you will click the “Deposit” button to open up a small drop down window that will display your ETH wallet address. You will need to click the copy button immediately to the right of the wallet address (see attached image).
After you’ve copied the wallet address, log in to your Coinbase account. This requires a 2-step verification in the form of a text message code you will need to enter to allow you to sign into your account. Once you’ve signed in successfully, click on the “Accounts” tab at the top of the dashboard. You will be directed to a page that will list your Bitcoin, Bitcoin Cash, Ethereum, and Litecoin wallets (there is talk that at some point there will be more cryptocurrencies available to purchase via Coinbase, so at some point in the future there may be additional wallets that are not displayed there currently). From the list of wallets on the left-hand side, click on the “send” button in the Ethereum wallet to open up a small window. The first open box is where you will paste the copied ETH wallet address that you copied from within your Binance account. Make sure that you verify the address you copy and paste is exactly as it was in the Binance wallet to ensure your Ethereum you send makes it into your Binance wallet successfully. If you don’t paste the wallet address in correctly your money will be sent nowhere and will disappear from your Coinbase wallet forever (See image below — Please note that because I don’t currently have any ETH to send I needed to use Bitcoin as the example in the image. You will do exactly what you see in the image except you will select ETH rather the BTC like the image shows).
From within the pop up window, you will enter the amount of ETH you wish to send to your Binance ETH wallet and then you will click “continue.” The next popup window will then confirm that you wish to send your ETH to your Binance wallet and you will need to enter in a code that is texted to your mobile device to confirm you wish to send this crytpocurrency (see image below — Once again, please note that because I don’t currently have any ETH to send I needed to use Bitcoin as the example in the image. You will do exactly what you see in the image except you will select ETH rather the BTC like the image shows). After entering the code click “confirm” and your ETH will instantly be removed from your Coinbase wallet and will show as “pending” in your recent ETH transactions list.
It will take 10-15 minutes for the funds to arrive in your Binance wallet, but once they do you will receive an email from Binance so you know you can see them there by hovering over the Funds tab from your dashboard and then clicking on Deposits Withdrawals from the drop down menu as mentioned in the beginning of this article. You should see the ETH in your wallet here as soon as it arrives.
Buying XRP With Your ETH
Once the ETH has arrived in your Binance wallet, in the upper-left hand corner of your screen hover over the “exchange tab” and then click on “advanced” from the drop down. This will take you to the trading page where you will be able to use your ETH to purchase XRP (The image below shows how to get to the exchange).
Once you are in the exchange, you will need to navigate to the XRP/ETH cyptocurrency pair to pull up the cryptocurrency to purchase. In the image below, you can see that you will need to click on the cryptocurrency pair in the upper right-hand corner of the screen, click on the ETH tab from the drop down window, and then select XRP/ETH from the list. The list is automatically sorted in terms of the highest traded altcoins in terms of Ethereum. XRP should be near the top of the list. Clicking on XRP/ETH will bring you to the XRP cryptocurrency where you will then be able to purchase XRP using your ETH (image below shows the navigating to the XRP/ETH cryptocurrency).
In the lower right-hand corner of the screen you will enter in the amount of XRP that you’d like to buy using the Limit, Market, or Stop-Limit feature. If you’re new to trading, and plan to trade for a long term investment, just click on the market tab and use this method. By using the market tab to make your XRP purchase you will be buying XRP at the current market price when your order is received (which is almost instantaneous) which will prevent any delays from getting you into the trade. Choosing Limit or Stop-Limit might delay your purchase, or leave your trade in limbo indefinitely if the price never ends up meeting the price you’ve indicated you’d like to buy XRP for. With that said, just choose the market tab, enter in the number of XRP you’d like to buy (or choose to spend 25%, 50%, 75%, or 100% of your ETH from the quick buy boxes underneath the total field and the amount of XRP you can buy with your ETH will automatically be filled in with the appropriate number) and then click “buy.” The screen will display a very quick “succeed” message in the middle of the page and then will disappear.
Checking To Make Sure You Own XRP
Now that you’ve placed your order, there are a few places that you can check to make sure you’ve made the trade successfully and also own the correct number of XRP. The first place you can check this is from within the same small window that you purchased your XRP in. In the upper right-hand corner of this small area you will see a number that should indicate the total number of XRP that you can currently sell, which is the total amount of XRP that you own at this time. You can also view your XRP wallet to see the total amount of XRP that you own by clicking on the “Account” link in the upper-right hand corner of the exchange page, then hovering over the funds tab from your dashboard, and then clicking on Deposits Withdrawals from the menu dropdown. This will display all of your wallets, even the altcoins and cryptocurrencies that you don’t any of. Checking the “hide small assets” checkbox right above the list of altcoins will eliminate all but your XRP and then you will easily be able to see how many XRP you own. The number here should match the number in the image to the left. You’ve successfully purchased XRP using your ETH and now are the proud owner of a very popular altcoin!