How to Buy Ripple (XRP) on Binance: Fees, Features & Step by Step Guide

Ripple is a cryptocurrency and a payment network that promises a more efficient way of sending money between different parties. For investors/traders interested in learning how to buy Ripple (XRP) on Binance, this article will go through everything you need to know, including the various payment options available.

Author: Fejiro Eforhare   -   Last updated: 07/02/2024

Summary

Binance is the largest cryptocurrency exchange in the world, with over 150 million users and a $76 billion daily trading volume. The exchange is loved by retail and institutional investors because of its ease of use, and is perfect for trading a cryptocurrency like Ripple.

This guide will explain in detail how to buy Ripple (XRP) on Binance using different payment methods available on the crypto exchange. We will look at all the conditions to consider when buying Ripple, the trading platforms available, and different step-by-step processes involved in buying XRP using different payment methods.

Things to Consider when Choosing a Ripple (XRP) Exchange

Before you choose a crypto exchange to buy XRP, there are a few things you should consider. They are:

Location of Ripple Exchange

Although cryptocurrencies are not restricted to one location as it concerns their regulation and usage, crypto exchanges are often restricted in their use by the government of the country they are located. Since some countries like the United States of America have strong financial regulations that prevent phony exchanges from registering and operating within the country. An exchange like Binance.US is well regulated in the US and more trustworthy than many others.

List of Available Payment Methods

Check the payment methods the crypto exchange offers. With a crypto exchange that offers a wide range of payment methods, there is a better chance that you will find a payment method that perfectly suits your needs. Some payment methods you should look out for on any crypto exchange include credit card, debit card, PayPal and other similar e-wallets (Skrill, Neteller, etc.), and bank wire.  

How to Check the Cost and Fee

Buying Ripple often involves transaction costs and commissions other than the amount required to buy the coins. It is important to choose a crypto exchange that is transparent with their trading fees. Exchanges like Binance have pages on their website where you can get information on fees and commissions you will likely pay when you trade on their platform. 

Volume Listing

Volume listing refers to the display of the total number of buy and sell orders that have been placed for a particular cryptocurrency on an exchange. This information can be helpful for traders, as it can give them an idea of the level of demand and supply for the cryptocurrency. Find a crypto exchange that offers this feature, as it makes your trading analysis much easier. 

What you need to know before Buying Ripple (XRP) on Binance?

Binance has the highest total value of cryptocurrency traded on its platform each day. According to CoinMarketCap, the crypto-exchange trading volume was around $76 billion in August 2022. According to a report by CryptoCompare, the crypto exchange has a market share of over 61.8% of the global cryptocurrency exchange market.

The platform supports a variety of payment methods, including: fiat currencies, cryptocurrencies, and third-party payment providers. The exchange charges a variety of fees and commissions, including spot, margin, futures, swap, and withdrawal fees. The minimum deposit on Binance varies depending on the payment method being used. It offers CFDs to trade a few cryptocurrencies, but it doesn’t offer CFDs for XRP. The platform charges swap fees which are based on funding rates. It also has minimum deposit amounts that are as small as a millionth of a bitcoin, or 0.001 XRP.

The company has registered different locations as its headquarters since its inception. These locations include: China, Malta and the Cayman Islands. It was banned from operating in the US in 2019, prompting the company to create Binance.US, a US version that complies with all US federal laws, although this version is still banned in six states: Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.

Types of Platforms Offered on Binance to Buy Ripple (XRP)

The crypto exchange has a proprietary trading platform that is available on both mobile and desktop devices.

Desktop Platform

Binance desktop platform is a powerful cryptocurrency trading platform that is available for Windows, macOS, and Linux. It offers a wide range of features and advantages, like powerful charting tools and technical analysis indicators, as well as a great user-friendly interface. Institutional investors are most likely to prefer this platform as it offers more screen real estate for trading. 

An homepage of Binance desktop platform.

Mobile App

For private investors, the Binance mobile app is a great choice for trading XRP and other cryptocurrencies. It is one of the most popular cryptocurrency trading apps in the world, with over 120 million downloads on the Google Play Store and the Apple App Store. It is the preferred choice of many retail investors because of its simplicity and the fact that it allows trading on-the-go.

An interface of the Binance mobile app.

How to Buy Ripple (XRP) on Binance

Buying Ripple on Binance is as simple as following a few steps:

A Step by Step on How to Buy Ripple on Binance

  1. Create a free account on Binance by visiting the website and registering with your email address.
  2. After registration and verification of your account, click on “Buy Crypto” and select “XRP” under the receive dropdown. Also select the currency you wish to buy the coin with. A registration page on Binance.
  3. Enter the amount you wish to spend and choose the payment method you wish to use. Complete the payment process and the XRP will be deposited into your wallet.  A payment page on Binance.

How to Open a Ripple Trading Account on Binance

  1. Visit the Binance website and create an account. 
  2. Verify your account with information about yourself like your name, date of birth, address, and a government-issued ID like your passport or driver’s license.
  3. Fund your account. You can fund your account using a variety of methods, including credit card, debit card, bank transfer, and peer-to-peer trading. 
  4. Find the Ripple trading pair. Once your account is funded, you can start trading Ripple. To find the Ripple trading pair, go to “Trade” and search for “XRP.” 
  5. Here, you can use limit, market, and stop-limit orders to help you buy XRP.

How to Buy Ripple (XRP) Using Visa or Mastercard Credit Cards on Binance

  1. Log into your Binance account. Click on “Buy Crypto” and select “Credit/Debit Card.” A Binance homepage.
  2. Click on the dropdown button in the “Spend” option and choose the fiat currency you wish to buy with. The payment option page on Binance.
  3. In the “Receive” option, select XRP and you will see the equivalent value of XRP for the amount of fiat money you want. A crypto buy page on Binance.
  4. Click on “Continue” and then “Add New Card” to register your credit card. A credit card payment page on Binance.
  5. Enter your credit card details including your billing address and click on confirm. You will be redirected to your bank’s transaction page. A page to add credit cards on Binance.
  6. Confirm the transaction by following the on-screen instructions. 
  7. Your XRP will be purchased and placed in your Binance Spot Wallet. 

How to Buy Ripple (XRP) Using Visa or Mastercard Debit Cards on Binance

  1. Log into your account from your mobile or desktop device.
  2. Select “Buy Crypto”. Then, select the “Credit/Debit Card” option. A payment-methods page on Binance.
  3. Select the fiat currency (EUR, USD,etc.) you wish to trade with and enter the amount. A page to buy crypto on Binance.
  4. Choose XRP from the list of crypto options to buy from. You will see the XRP equivalent immediately. Then click on “Continue”
  5. Select “Add New Card” and enter your debit card details. Enter your billing address and confirm. A debit card payment page on Binance.
  6. You will be redirected to your bank’s transaction page. You may be required to provide an OTP to prove that you’re the one making the transaction. 
  7. Once the transaction is confirmed, you will see the bought XRP in your Binance Spot Wallet.  

How to Buy Ripple (XRP) Using Paypal on Binance

To use Paypal to buy XRP, you will have to fund your Binance account with crypto from Paypal using the following steps:

  1. Log into your PayPal account and access your crypto tab by clicking on “Finances” at the bottom of the app.
  2. On the crypto tab, choose the cryptocurrency you wish to transfer and click on the transfer arrows next to the “Buy and Sell” option. A deposit page on Binance.
  3. Log into your Binance account and click on “Wallet”, then “Fiat and Spot Wallet”. A crypto deposit page on Binance.
  4. Search for Bitcoin, Bitcoin Cash, or Ethereum (the coins supported by PayPal for now) and click on “Deposit”. Choose the network you wish to transfer with and copy the address generated.
  5. Paste this address on your PayPal app and enter the amount of the crypto you wish to send. Finalize the transaction and you will receive the crypto in your Binance Spot Wallet.  
  6. You can trade this coin for XRP by using the “Trade” feature on the Binance trading page.  

How to Buy Ripple (XRP) Using Skrill on Binance

Binance doesn’t currently allow deposits with Skrill on their platform. To buy Ripple using Skrill, you have to do it with Peer-to-Peer (or P2P) transactions. Here’s how to do it:

  1. Login to your account. On the homepage, click on “Trade” and select “P2P.” A page to trade crypto on Binance.
  2. On the P2P page, you will see a list of traders willing to sell their USDT and other stablecoins for payment via Skrill. Click on the dropdown bar that says “Payment Methods” and select “Skrill” to see a list of traders looking to sell their stablecoins for payment via Skrill. A P2P page on Binance.
  3. Choose a trader to buy from and complete the transaction using your Skrill e-wallet. After the transaction is complete, the funds would be transferred to your funding wallet. A page to buy crypto with Skrill on Binance.
  4. Go to your funding wallet by cling on “Funding” and selecting wallet, then transfer the USDT to your fiat/spot wallet by clicking on “transfer.” A crypto transfer page on Binance.
  5. Go to the homepage and click on “Trade”.  There, you can trade your USDT stable coin for some XRP.  

How to Buy Ripple (XRP) Using Neteller on Binance

To buy Ripple on Binance using Neteller, you need to use the P2P trading process. To do this:

  1. Log into your trading account and click on Trade > P2P. A page to trade crypto on Binance.
  2. Change the payment method to Neteller by clicking on the “All Payments” tab and selecting “Neteller”. A P2P page on Binance.
  3. Choose a trader to buy USDT from and send the money to the trader using the Neteller platform. Once the trader confirms your payment, he/she will send the funds to your funding wallet. A page to buy crypto with Neteller on Binance.
  4. Go to your funding wallet and transfer the money to your fiat/spot account using the “Transfer” button. Then click on “Trade” and buy some Ripple using the XRP/USDT pair.  

How to Buy Ripple (XRP) Using Bank Wire on Binance

  1. Login to your account on the Binance website. A Binance homepage.
  2. Go to “Deposit” and select “Bank Deposit.”A P2P page with bank transfer payment option on Binance.  
  3. Select the currency you wish to deposit and choose the “Bank Card” option. A bank wire payment page on Binance.
  4. Binance will do a quick identity verification for you before you can transfer the money to your funding wallet.
  5. After concluding the transaction, you will receive payment in your funding wallet. You can find your funding wallet as an option on the wallet tab.
  6. You can use the money to buy some XRP from the “Buy Crypto” section in the home page. 

How to Buy Ripple (XRP) Using P2P Payment

  1. Log into your Binance trading account and click on Trade > P2P. A page to trade crypto on Binance.
  2. Choose the payment method you wish to trade with or leave it in “All Payments” if you are open to trading using multiple payment methods. A P2P page on Binance.
  3. Search for a trader looking to sell USDT with the payment method you are comfortable with. Read all the requirements set by the trader and send them the money for the amount of USDT you want. A P2P payment page on Binance.
  4. The trader will confirm the transaction and the right amount of USDT will be deposited in your funding wallet.
  5. Go to your funding wallet and transfer the money to your spot/fiat wallet. Now you can trade this USDT for XRP in the “Trade” tab. 

Buying Ripple (XRP) Vs Trading Ripple (XRP) CFD at Binance

You can buy Ripple by buying the coin directly or through the use of CFDs. When you trade XRP directly, you enjoy the benefit of fully owning the asset, which you can use to purchase goods or services or hold for long term investments. On the other hand, you can potentially lose if the value goes down.

CFD trading is a system of trading that involves speculating on the future price of XRP without owning the coin as an asset. Using this method means you can trade both rising and falling prices of the coin. Trading CFDs on Binance would have been another option available, but the crypto-exchange does not offer CFD trading for many altcoins, including XRP. However, Binance allows margin trading for the XRP coin. Margin trading is very similar to CFD trading, as it uses leverage to trade XRP assets. However, with margin trading, you own the underlying assets.

As an investor, you should choose the trading style that suits your level of experience and risk tolerance. You can take advantage of both buying real XRP and margin trading to diversify your investment portfolio.

Bottom Line

Ripple is a fast growing cryptocurrency, and one which has gained the attention of many traders and investors worldwide. This guide article helped breakdown how to buy Ripple (XRP) on Binance using different payment methods. We looked at all the factors to consider when trading Ripple, why you should consider trading with Binance, the fees you are likely to encounter when you trade on this exchange, and how you can buy XRP using real and CFD crypto trading.

The crypto exchange offers a wide variety of payment methods, but the availability of these methods depends on your trading location. It is important to note that these methods could involve a certain level of risk, so be wary when using them.

Frequently Asked Questions (FAQs)

You can buy Ripple Coin on crypto exchanges like Binance, eToro, and Coinbase. 

The best place to buy Ripple is in a trustworthy crypto exchange like Binance, Coinbase, eToro, or Kraken.

To buy XRP with credit cards, click on “Buy Crypto”, choose the credit card option, enter your credit card details and verify the transaction with your bank. 

The crypto exchange doesn’t support buying Ripple on their platform using PayPal. However, you can buy cryptos like Bitcoin on your PayPal account, transfer it to your Binance Wallet and trade it for some XRP.

No, you cannot buy Ripple on Binance without being verified. The exchange has a policy of requiring all users to complete identity verification before they can buy or sell cryptocurrencies.

Go to “Trade” on the Binance app and click on “Convert”. You can choose a limit order or market order. When you’re done, the XRP equivalent will be deposited in your spot wallet.

People who live in the United States can only use Binance.US, a US version of the trading platform. However, this trading app is banned in 4 states – New York, Hawaii, Vermont, and Texas. US residents in the other 46 states can use the site to buy Ripple.

You can buy things like NFTs and other cryptocurrencies with XRP on the crypto exchange. 

Yes, it is a safe platform to trade cryptocurrencies like Ripple.

The minimum amount required to buy Ripple on the crypto exchange is $15.

Binance charges a trading fee of 0.1% on all XRP trades. This means that if you place a buy order for 100 XRP, you will be charged a trading fee of 0.1 XRP. The exchange also charges a withdrawal fee for all XRP withdrawals. The withdrawal fee for XRP is 0.2 XRP. This means that if you withdraw 100 XRP from your account, you will be charged a withdrawal fee of 0.2 XRP.

Yes, you can trade Ripple futures on the exchange.

Yes, you can transfer your Ripple coins from Binance to another wallet of your choice.

Yes, the exchange provides a crypto wallet for Ripple. You can access this wallet by going to the “Wallet” tab on the website.

The current total market cap of Ripple is $26.85 billion.

The current price of Ripple is $0.5041.

Yes, you can buy NFTs with Ripple. However, not all NFT marketplaces support Ripple payments.

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