Since Ripple reached the £0.50/$0.75 mark interest spiked and rumours have begun to mill around Ripple XRP being available from the major fiat-to-cyrpto exchanges. As of publishing this post, Ripple XRP is still being tipped to become available to purchase using USD/GBP from Coinbase, however the rough introduction of Bitcoin Cash BCH is making this increasingly unlikely.
Once Ripple XRP reached the dollar mark I decided to buy some more, and in doing so I write this guide for others who are also interested in purchasing. Earlier this month I wrote a post on how to purchase Ripple XRP following the easiest way possible. That guide, however, will cost you a lot in fees. I found that on a £50 investment, almost £15 (30%!) was lost on fees.
This guide will take you through a slighter longer path to purchase Ripple XRP with your traditional currency – however it will save you a lot more in fees (why?). The only danger here is you will have to trade multiple currencies, and if you spread your activity over several hours you may loose money to volatility.
For guidance on how to purchase Ripple XRP without using Coinbase read this article.
This guide assumes you’ve purchased cryptocurrencies in some capacity before, and so you will have some understanding on how the process works. This guide also assumes that you have a verified account on Coinbase, GDAX and Binance.
Step 1: Login on Coinbase and purchase either Ethereum ETH or Bitcoin BTC. You may also purchase Litecoin LTC but this will add an extra step which will not be covered in this tutorial.
The remainder of this tutorial will assume you have purchased Ethereum ETH because the transaction is faster and the transaction fees are much smaller.
Step 2: Once you have purchased your Ethereum ETH, you will transfer it to your GDAX account.
GDAX is owned by Coinbase so transfers between GDAX and Coinbase are free! In the GDAX interface go to:
Deposit -> Coinbase Account
And transfer your funds from Coinbase to GDAX.
For more information on why you should use GDAX instead of transferring to Binance directly from Coinbase, read this explanation.
Step 3: Now transfer your ETH to Binance in order to trade Ripple XRP. To do this, go to:
Binance -> Funds -> Deposits Withdrawals
And copy the ETH deposit address.
Next head back over to your ETH wallet on GDAX and go to:
Withdraw -> ETH Address
Pase the address you copied from Binance in to the field and enter the amount of BTC you would like to transfer to your Binance account.
Step 4: Once the funds have arrived in your Binance account, click on on Exchange in the navigation menu. You can choose to use the Basic or Advanced exchange based on your preference.
Step 5: Navigate to the ETH/XRP (or BTC/XRP if you bought BTC on Coinbase) exchange page and enter the amount of Ripple XRP you would like to purchase.
I prefer using the Market option as this results in almost instantaneous transactions. You can also use the options of 25%, 50%, 75% or 100% to quickly and easily spend a percentage of your available ETH to purchase Ripple XRP. Once you have filled the fields, click Buy XRP and your order will shortly be fulfilled.
Step 6: The transaction, if conducted at market rates should be confirmed within a matter of seconds. Your Ripple XRP balance will then be available to view from the Binance Funds page.