Guide for buying and storing Ripple (XRP)

evo

Site Admin
Apr 2017
Seattle
#61
Thank you for the excellent guide. The problem for me is getting verified on Coinbase. Bank Account is linked, but I have attempted the ID verification about 15 times and it has failed every time. Now I am locked out for 24 hours. Apparently this has been a common problem over the last month. By the time I finally get verified, if that ever happens, plus the 5-7 day waiting period for my BTC to arrive, it will be weeks before I get my hands on some Ripple, which is a huge loss as it is blowing up by the hour.

I understand sites like Bitstamp have fees to buy ripple directly and withdrawing back to your bank account, but would it not be preferable over waiting weeks and missing out on the lower price? Also, is the verification on Bitstamp any quicker/easier?
Yeah, the whole verification thing sucks. Some places are better/worse than others, but we've all experienced it. It's part of the growing pains in this space, and unfortunately customer support and service is lacking at most of these places because everyone is significantly backlogged with support channel requests.

For Coinbase, try using an older address to see if the verification goes through. They are using an independent third party service and they are referencing your credit bureau report. Once you're verified, you can make sure your current contact information is current and up to date on your profile. But for my verification, I had to use an older address and it went through.

Every exchange is different. You either need to send BTC/ETH to the exchange you want to make trades on, or you have to wire some funds in, which also takes time.

I have not used Bitstamp, but you can give it a try. Furthermore, I would recommend taking the time to sign up on these different exchanges and getting verified and setup, so you have access to the sites you want when you want them. I've lost out on many good opportunities because I wanted a particular cryptocoin and it was offered on a different exchange, so I had to get signed up and play another verification game. Frustrating. :(
 

evo

Site Admin
Apr 2017
Seattle
#62
Correct me if I am wrong: this means you have to wait seven days before you can trade your BTCs for XRPs?
Once your BTC funds are cleared, you can immediately trade your BTC for XRP.

If Kraken allows immediate access to your BTC funds, then yes, you can immediately trade your BTC to XRP.

With Coinbase, there are 2 funding options. Bank withdrawal to purchase BTC takes 7 days to clear, but has less transaction fees. Credit Card purchases are immediate, but have higher transaction fees. And Coinbase gives you significantly higher weekly limits from your bank account versus your credit card.
 
Apr 2017
Texas
#67
I meant can I transfer BCH wallet funds the same as BTC wallet funds to Poloniex?
You can transfer BCH to any other BCH wallet. You can transfer BTC to any other BTC wallet. You can't transfer BCH to a BTC wallet, and visa versa. If your goal is to buy Ripple, you should send BTC as it pairs with XRP; BCH does not pair with XRP.
 
Apr 2017
Texas
#69
Thanks for your posts and responses, interesting and educational.

Is it better/safer to store currency in gatehub or coinbase? What are the reasons if any?
I’ve used both. Frankly I like and trust Coinbase more than GateHub, particularly with ease of use. Also with GateHub you need to set up gateways which is kind of annoying. But one thing I do like about GateHub is that they allow you to import a private key, for those who have their Ripple stored on paper wallets.
 
#70
I would like to recommend you two best solutions in this regard. You need ro buy the ripple coin from the Bittrex exchange and keep them in the ripprex wallet. It is the best and suitable way to deal with your coins as far as I am concerned!