Learn how to buy XRP, the digital currency created by Ripple, designed specifically to facilitate fast, low-cost cross-border transactions for financial institutions. XRP acts as a bridge between traditional banking systems and the evolving world of cryptocurrency, enabling seamless transfers of value across borders. Follow our step-by-step guide to purchasing XRP on Netcoins. Start trading today and enjoy the rewards of using a trusted platform. You don't have to worry about holding your XRP in a wallet—we take care of ensuring the safety of your assets at all times.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email, click on the link to verify your email address.
2. Fund It
Choose your preferred funding method: bank wire transfer, interac e transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
Why Buy XRP?
XRP is unique from other major cryptocurrencies, like bitcoin or ethereum. Rather than being a decentralized cryptocurrency for the people (like bitcoin), XRP is a centralized cryptocurrency focused on helping banks and other financial institutions move money quickly around the world at a fraction of the cost. With that said, XRP isn’t trying to be a currency people can use to buy and sell goods as much as it’s a currency in service to banks.
Thanks to the technology invented by Ripple, the XRP blockchain can process around 1,500 transactions per second. In comparison, the Bitcoin blockchain can process only a handful of transactions per second. Plus, XRP transactions can be confirmed in three to five seconds, whereas Bitcoin transactions are confirmed in ten minutes. Faster processing times can help the currency scale faster and gain wider adoption.
If you want to learn more about Bitcoin, Ethereum or Crypto Staking, follow our educational blog!
Things To Consider Before Investing In XRP
Like bitcoin and other cryptocurrencies, XRP has created millionaires overnight but it has also made people lose their wealth. Buying XRP is still considered a risky investment given its volatility. But high volatility can work in both directions. It can work in your favour and yield great potential for return. And it can work against you by causing you to take on big losses. That is why it’s important to never invest more than you’re ready or willing to lose. For many investors though, buying XRP is seen as a great opportunity to invest in the future of banking – an industry long-plagued by outdated technologies and ineffective processes. However, keep in mind that XRP is a centralized cryptocurrency, meaning it puts all the power on a centralized entity like Ripple. At any moment, Ripple could change the rules of the game, the code that runs the XRP network, and ultimately the supply of XRP, violating the trust of the network.
FAQs
Why is KYC (Verification) required?
Netcoins USA Inc. is a licensed money service business under FinCEN, we adhere to the strict guidelines set by them for Money Transmitter Businesses. We are required to have a Know-Your-Customer (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers, as per American regulations.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business in the US.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, regular ACH, ACH pre-funding or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy XRP in the US.