You’ve probably heard of Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies. But have you heard of XRP? It’s the third-largest cryptocurrency by market cap, and it can be traded just like Bitcoin. This means it can be bought and sold on digital currency exchanges. If you’re interested in getting started trading cryptocurrencies, this guide will show you how to trade Ripple XRP on Binance.
This is a great opportunity to get exposure to the digital currency market! Before you get started, make sure you read our list of “What you need to know about cryptocurrency trading.” You can also check out our step-by-step guide on how to buy your first cryptocurrency to learn more.
What is Ripple XRP?
Ripple is a digital payment protocol for banks and financial institutions. It’s built on a blockchain framework that allows it to be used as a cheaper, faster, and more efficient alternative to current banking systems.
Investors and speculators can get involved in Ripple via digital currency exchanges. The goal is to buy and sell XRP at a profit, although many people are also using it as an investment.
How to Trade Ripple XRP on Binance
If you’re interested in trading XRP, you can start by logging into your Binance account and opening a wallet. Once you have a wallet, you can use it to hold and trade your XRP.
To buy XRP with fiat currency (i.e. government-issued money), you will first need to purchase Bitcoin or Ethereum on an exchange like Coinbase, Kraken, or Gemini. You can then use your newly-acquired coins to purchase XRP.
Register for a Binance Account
If you don’t already have an account with Binance, you will need to create one. Sign up with your email address and create a password. Once you’ve completed the signup process, you can login to your new account and take advantage of this great opportunity to get exposure to the XRP market.
Set Up Your Binance Account
As soon as you have an account set up with Binance, you can start purchasing XRP. You will need to sign in via the web interface to your account in order to purchase XRP.
Download the Binance App
The best way to buy and sell cryptocurrencies on Binance is via the Binance mobile app. The app is available for both Android and iOS devices, and it is free to download. Once you have the app downloaded and opened on your mobile device, you can log in to your account and make your first purchase.
Access Your New Binance Account
After you have created an account with Binance and downloaded the app, you can access your new account via the web interface. The web interface has some great features, like real-time market pricing for XRP and other cryptocurrencies, orderbook for buying and selling, and basic charting for XRP’s price development.
To log in to your new account via the web interface, you will need your unique username and password. Do not lose these two pieces of information. If you forget them, you will not be able to recover your account.
Verification and Authentication
When you first sign up for an exchange, you will need to go through a verification process. This step is to make sure you are who you say you are and not trying to access the account of someone else.
The verification process can take anywhere from a few days to a week, depending on how strict the exchange is being. Once verified, you will be able to place larger trades and access advanced features like margin trading and funding your account via wire transfer or credit card.
Market Trades and Exchanges
You can trade XRP on Binance through two different market trades and exchanges. The first is “neo,” which is the native coin of the Binance exchange. The other is “binance coin (BCN),” which is the token issued by the Binance exchange itself.
Ripple’s XRP is a new cryptocurrency that’s already making waves in the financial industry. It’s currently the third-largest cryptocurrency by market cap, and it can be traded just like Bitcoin.
If you’re interested in getting started trading cryptocurrencies, this guide will show you how to trade Ripple XRP on Binance. This is a great opportunity to get exposure to the digital currency market! Before you get started, make sure you read our list of “What you need to know about cryptocurrency trading.” You can also check out our step-by-step guide on how to buy your first cryptocurrency to learn more.