How to Exchange and Sell Ripple
Ripple continues to grow in popularity rising the crypto ranks and currently dominating third place among more mainstream digital currencies. In fact, the XRP blockchain platform is developing very quickly supporting over 1500 transactions per second, whereas Bitcoin, the world’s most popular cryptocurrency to date, has a transaction limit of only seven.
Ripple is, without a doubt, gaining the spotlight within the crypto sphere. There are numerous ways buyers can now easily exchange Ripple into to other currencies. This guide will detail the various ways in which a consumer can exchange or sell Ripple on the overall crypto market.
As it stands, cryptocurrency investments offer a certain level of risk, with fluctuating rates in addition to cyber hacks and fraudulent activity particularly associated with premature digital currencies. It is crucial to be informed about the ways in which cryptocurrencies can be bought or sold.
In addition, if one follows recommended practices and security is held as a priority, the trading of cryptocurrency can be a very profitable and reliable practice and can offer a world of benefits throughout your business journey.
There are two main processes in which crypto users can exchange Ripple. Both transactions are detailed below.
- You can convert Ripple XRP directly into US Dollars.
- You can also convert Ripple XRP into a different cryptocurrency of your choice first, which you can then convert it into US Dollars.
Directly change Ripple to USD
First, Ripple traders wishing to convert their digital assets into US Dollars are required to sign up for a new account which is then verified through an authentication process sent to the email address associated with the account. Second, identification documents will need to be verified as would be the case for any traditional bank account.
The purpose of these documents is to reduce the risk of fraud and make sure that people trading with Ripple are legitimate users. Given the high risk involved with online transactions and cryptocurrency scams that continue to run rampant, it is important that safety and security are considered first.
The documents you will require are as follows:
- Your national ID or Passport
- Proof of residence; a three-month-old utility bill from a licensed party or government will also suffice.
These are the primary documents you need to verify your account, regardless of which exchange you chose to sign up with, however some exchanges require more documents to further this verification process and provide a deeper level of security to its users.
Bitfenix requires an additional form of identification, such as a copy of the individual’s work ID or driver's license, as well as an official bank statement proving the linked bank account is in fact the user’s personal account. Exmo also requires the above, in addition to a written agreement contract along with a picture of the buyer visibly holding that contract.
Bitstamp requires the documentation listed above, with an additional requirement of a government tax statement for added verification. Github and Bitsane require only the basics, but sometimes they may ask you pose in a photo holding your ID for reference. Finally, Kraken requires the basics listed previously, in addition to a phone number and SSN for US residents.
Depending on which exchange you chose, scanned documents will be required upon registration as these exchanges take their verification process very seriously. Once you have successfully signed up you will need a digital wallet from which to transfer the value of XRP into the desired account in order to convert and claim the desired amount in Dollars.
How to Convert Ripple into Other Currencies Using Binance
In order to use Binance to convert your Ripple XRP you must first sign up free of charge. Then proceed with the verification process that will either utilize an email or text message to further secure your account. This process of verification is widely used within the digital currency industry in order to reduce the risk of online hacks and fraudulent activity. This requires your verified email address and usually your personal information similar to the previously mentioned sign up process. You will certainly need a picture ID and further personalized details to complete their online form.
Next, you will need to locate the Deposit Coin in Funds option in the menu tab, and proceed to click “XRP”. There you can view and manage orders you’ve placed and access them quickly and efficiently.
Enter the desired Tag and address. Note that you may risk losing your funds if you fail to enter the correct deposit tag. Then copy the address generated into your wallet and request the transfer. Your XRP will likely be transferred immediately however, if you want to track it, you can go back to the Funds tab, click Transaction history, and have full access to previous transaction records. It is crucial that you record every address and transaction in a safe location as once they are lost, it is difficult if not impossible to recover.
Once the above steps have been completed, your transfer should say “confirmed”. You can then click “exchange” then “Basic” and search the cryptocurrency you want to exchange your digital assets into, choosing the desired cryptocurrency such as BTC, for instance. You should now ﬁnd a trading-view page. in the box entitled “Sell XRP” type your desired exchange value and price, followed by clicking the “Sell” button.
Your order should be placed immediately if all steps were followed correctly. If at any point you require to double check these details, you can access previous transactions in the history tab.
Selling Ripple Using a P2P Network
Using a P2P network to sell your Ripple is a great option if you are security-oriented. This is because the transactions go through their system automatically and you don’t have to provide any personal information.
This means that you’re at risk too. Not providing personal information makes this a potential hotspot for scammers to take advantage. Given the various types of malware, or “ransomware”, that plagues the internet, security is key to a safe business venture within the crypto-sphere.
When it comes to eliminating the risk factor, Cointal has a reimbursement policy to cover users who experience online hacks. Although that may alleviate the worry, it is important to always check the other user’s rating before you trade.
Luckily, Cointal has a system where people with successful and honest transactions can get good ratings indicated by a tag labeled “trusted seller”. Make sure you only trade with the people who’ve earned that tag. Also, you can do your part by rating the person you’ve traded with so that you can help other users stay safe on the system.
Finally, if someone asks for your personal information, instantly report it to the Cointal team, as the website states clearly that the process does not require your personal information.
The actual conversion process is relatively simple. First create a Cointal account allowing you to browse potential offers. You can limit the search to offers that are relevant to you by setting filters such as price-range for example. Once a buyer with the “trusted” tag is located you can accept their offer and proceed to make the trade.
Note that Cointal may take a 1 percent fee from sellers.
Why Sell Ripple
Within the cryptocurrency market rates are often changing with trends and interest growing in popularity making cryptocurrency particularly unstable. However, Ripple has proven to remain a growing commodity among crypto users, and continued to rise in ranking despite the boom of new currencies within the past year. The platform has the potential to enter the mainstream as a common currency in the very near future.