In today’s digitalized world, people are more inclined towards in having digital money in their digital wallets. If the world can get digitalized, why not the money! However, that digital money or cryptocurrency cannot fit in our normal wallets, can it? Whether be it, Bitcoin or XRP, we need something digital to store it. Although we can get free wallets for Bitcoin, we cannot get free wallets for every other cryptocurrency, we have to buy it. And when we are going to buy something, we ought to know which one is the best and which is not, right?
Here, in this article, we are going to help you find the best wallet for ripple or the best XRP wallet. Have a look.
- 1 WHAT ARE CRYPTOCURRENCY AND RIPPLES?
- 2 BUY RIPPLE WITH FIAT CURRENCY
- 3 BUY XRP WITH BITCOINS
- 4 CHOOSING WALLETS FOR STORING RIPPLES!
- 5 HARDWARE WALLETS
- 6 ONLINE COIN WALLET
- 7 DESKTOP COIN WALLET
- 8 PAYMENT SYSTEM WALLET
WHAT ARE CRYPTOCURRENCY AND RIPPLES?
But before jumping into the topic of best ripple wallets, we should know about cryptocurrency and ripples. Cryptocurrency is nothing but a form of a digital asset which has been designed as a medium for exchange. Bitcoin which was created in 2009 was the first form of centralized cryptocurrency. Ripple is also a type of cryptocurrency which is like bitcoin. Ripples XRP unit is also very similar to bitcoin and has a very limited number of units that can be mined. Ripples can be transferred from the account to account without the need of any intervening third party. The ripple network has been designed in such a way that it can allow the seamless transfer of any form of currency whether dollars, Euros, pounds, XRP, and Bitcoin.
In details, the ripple is Real Time Gross Settlement System, currency exchange and remittance network that has its own cryptocurrency called XRP (ripples). Ripple enables us to perform secure and immediate financial transactions of any size nearly free of cost.
Thus ripple is the name for both a digital currency (XRP) and an open payment network within which the currency is transferred. A big advantage of Ripple is that it doesn’t restrict access with fees or charges for currency exchange and processing delays like credit cards and banks.
Currently, there are a total of 100 billion XRPs are in existence out of which 61 percent of the total XRP is owned by RIPPLE company.
Now the question must be coming to your mind that how and from where can ripples or XRP be bought? The answer is quite simple, and it is not at all a very tiring process.
One can by XRP either with the help of fiat currency or by exchanging with Bitcoins.
BUY RIPPLE WITH FIAT CURRENCY
The best way to buy ripple for people who don’t own Bitcoin is to purchase it directly through a wire transfer or a credit card. One can buy XRP with a wire transfer through BitStamp. Initially, a KYC form needs to be filled and then it is easy to send Euros through a SEPA transfer or USD by a bank transfer. As soon as the transfer process is over fiat currency can be traded for XRP.
BitStamp: It is a Bitcoin exchange based in Luxembourg which allows trading between USD currency and bitcoin cryptocurrency. It allows USD, EUR, Bitcoin and ripple deposits and withdrawal. Bitstamp allows you to either use your credit card or trade Bitcoin directly for buying XRP a Bitstamp account needs to be opened and verified. When the verification process is over, you can deposit funds and purchase Bitcoins or XRP.
GateHub: It is another exchange that supports XRP. First, you need to sign into GateHub and go through a KYC process. GateHub accepts both SEPA and bank transfer although it charges $15 fee for a bank transfer. After that, the USD or EUR can be traded for Bitcoins which is then converted into XRP on the GateHub trading platform.
BUY XRP WITH BITCOINS
It has been found that the least expensive procedure to purchase XRP is by buying Bitcoin from a Bitcoin provider like Coinbase and then trading it for XRP.
Kraken is another popular exchange that allows users to trade Bitcoin for XRP. XRP may also be purchased with bitcoin by trading it on Paloniex or Bittrex on other exchanges.
CHOOSING WALLETS FOR STORING RIPPLES!
Digital currencies like ripple are not registered under the law of any country, so one has to be very careful in choosing the correct coin wallet for keeping the XRP safe because if one chooses a wrong wallet, he or she may end up losing all his money. Unlike Bitcoin wallets, Ripple wallets do not come for free. For booking your Ripple wallet, you need to give 20 XRP. Thus you need to be careful in choosing the perfect wallet for you or may end up in spending too much XRP. That’s why today I m going to help you all in choosing the best ripple coin wallet.
Various types of wallets can be found for storing XRP
- Online Wallet – Gatehub.
- Payment System Wallet – CoinPayments.
- Exchange System Wallet – Paloniex.
- Desktop Wallet-Rippex.
- Hardware Wallet-Ledger Nano S.
Ledger Nano S
It is a kind of hardware wallet that has been designed for storing digital currencies. Not only does it store Ripple XRP but also other digital currencies including Bitcoin and Ethereum. Because it is a hardware wallet, it can be touched, held and carried around in the pocket. So it’s like carrying XRP in your own pocket. This device has a physical appearance of a USB device, and it can store an unlimited amount of XRP. It can b attached to your desktop or laptop or even your mobile phone with the help of a digital cable. Thus you can easily do transactions with the help of this small device. Ledger Nano S is the cheapest hardware wallet that comes with a screen. It costs only $65.Bt the fact that it is cheap doesn’t compromise its security. This device can store not only XRPs but also all types of digital currencies like Bitcoins, Ethereum, etc.
Security-The main advantage of this device is its safety features that have made it secure from hackers and unwanted users.
Bottons-This device is provided with two physical buttons. In order to confirm a payment, the user needs to press both the bottons at the same time physically. Thus online hackers can’t hack into the device and make payments. This helps in keeping the XRP completely safe.
Pincode-Ledger Nano S also requires a pin code when the setup is made. The pin code protects your XRP in case the device is lost. If a stranger gets hold of the device, he won’t be able to send XRPs from your device because the four digit pin code would b unknown to him.
Offline storage-The main purpose of having a hardware wallet is that it can store your keys in a secure offline environment. If XRPs are stored online, they may be stolen by hackers.
Screen-The screen of Ledger Nano S acts as another level of security. Whenever a transaction is made using the device the screen shows a real confirmation report to indicate that the transfer has really happened. Another important feature of this device is that when the set up is made the wallet generates a recovery phrase. This phrase is the back up of the wallet in case anything happens to the device. Since the recovery phrase is generated offline, it makes sure that no one gets his hand on it other than you. But if it was generated in an internet connected device online hackers may get hold of it and your XRPs may be stolen.
Purchase-Ledger Nano S can be bought online from various online stores including popular stores like Amazon or Ledger store. The device would b sold to you in a box with tamperproof tape around the packaging. So you can be sure that no one has tampered with the device and it is perfectly safe. In case the tape looks to be tampered with be sure not to use it and report it to the company immediately. It would be exchanged for a new one.
Contents of the box- Ledger Nano S. one micro-USB cable
- Lanyard for wearing device around neck
- One keychain and key ring
- Recovery sheet for writing down seed
According to me, Ledger Nano S is the best wallet for Ripple XRP. It is secure, user-friendly and cheap at the same time.
ONLINE COIN WALLET
It deals with digital currencies like XRPs and Bitcoins. GateHub is one of the coin wallets that are mentioned on the ripple official website page. That is the reason as to why investors trust GateHub so much. GateHub is very user-friendly, and the layout of the wallet is quite simple. The wallet a complete history of the transaction and also the exact amount which u have invested in Ripple XRP coins. When any transaction is made they send a notification to the user via an email to keep him posted about the financial value of the XRP wallet.
Many online stores are accepting ripple XRPs through GateHub and because of this ripples are being used not just for trading but also for payments. GateHub analysts always show how real-time rate of XRP and USD. For this reason, investors can invest their money at the most opportune moment.
DESKTOP COIN WALLET
Rippex is Brazil-based. It is famous for its low transaction fee where registration on the rippex website is free. Rippex also provides its users advanced levels of functions including various verification process, privacy, and complete transparency of transactions. Rippex can store currencies like USD or EUR along with Ripples. Rippex wallet app is also available nowadays compatible with your mobile phone. Rippex wallet allows you to transfer XRP from one wallet to another within a few seconds. Thus it is very fast and very useful in case of quick transactions. The charges of Rippex vary from 0 to 0.3 percent depending on the type of cryptocurrency being transferred.
PAYMENT SYSTEM WALLET
It is a cryptocurrency payment website in which you can store your XRPs online. The transaction fee is 0.5percent for all currency. Coinpayments can be used for both investment and shopping purpose using XRPs.
There exist many other wallets for Ripples. However, the wallets mentioned above are the best digital wallets to store XRP. Happy Purchasing!