UK: Which exchange to buy Ripple, IOTA, cryptos?

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Joined
Jan 2018
From
UK
Hi

I live in the UK and am new to cryptocurrency. I want to get started in buying cryptocurrency for investment purpose not trading. For eg i want to buy a cryptocurrency then hold onto it for some time if the price goes up and i make a profit i will sell.

Im not sure which is the best way to do this. I want to buy other coins such as Riple, IOTA etc. Not Bitcoin, but i see a lot of people saying that you have to buy Bitcoin first and then use that to buy Ripple, is this correct ?.

Can i not just use UK £ to buy Ripple and then sit on it for some time and then sell it back to £.

If i can then which cryptocurrency exchanges should i sign up with?

So far i have just signed up with Blockchain just to get a virtual wallet.

Thanks in advance.
 

evo

Site Admin
Joined
Apr 2017
Yes, even though you don't want to buy and store Bitcoin for the long term, you will still need to buy Bitcoin to trade/convert to the coins of your choice.

Since you're in the UK, the first thing you should do is create an account on Coinbase, which is one of the easiest, safest ways to buy Bitcoin. They are a legitimate company and are US based.

Here's a referral link - Coinbase

From there, you can send your BTC to an exchange of your choice to purchase some of the coins you mentioned.

There are many different exchanges out there. Not all coins are listed on all exchanges, so you have to sign up on the exchanges that have the coins you're interested in. Each one will have a different user experience, but they all serve the same function.

Here is a how to walk through guide on how to buy BTC at Coinbase, send it to Poloniex to sell your Bitcoin (BTC) for Ripple (XRP).

And you mentioned IOTA. This can be purchased on Binance or Bitfinex.

Let us know what other coins you're looking at, and we can suggest some exchanges. You can also look up the coin on CoinMarketCap.com and see what exchanges offer the coin sorted by volume.

If you have any questions, please post up. And welcome to the world of crypto :cool:
 
Joined
Jan 2018
From
UK
Yes, even though you don't want to buy and store Bitcoin for the long term, you will still need to buy Bitcoin to trade/convert to the coins of your choice.

Since you're in the UK, the first thing you should do is create an account on Coinbase, which is one of the easiest, safest ways to buy Bitcoin. They are a legitimate company and are US based.

Here's a referral link - Coinbase

From there, you can send your BTC to an exchange of your choice to purchase some of the coins you mentioned.

There are many different exchanges out there. Not all coins are listed on all exchanges, so you have to sign up on the exchanges that have the coins you're interested in. Each one will have a different user experience, but they all serve the same function.

Here is a how to walk through guide on how to buy BTC at Coinbase, send it to Poloniex to sell your Bitcoin (BTC) for Ripple (XRP).

And you mentioned IOTA. This can be purchased on Binance or Bitfinex.

Let us know what other coins you're looking at, and we can suggest some exchanges. You can also look up the coin on CoinMarketCap.com and see what exchanges offer the coin sorted by volume.

If you have any questions, please post up. And welcome to the world of crypto :cool:


Hi

Thanks for your reply. So your saying i should deposit UK £ into Coinbase then buy Bitcoin then transfer that Bitcoin to Polinex and then use the bitcoin to buy Ripple.

The only problem i see with that is if i have bought RIpple and then after some months/years the price went up and decide to cash out as i will have made profit on it. i would have to sell it back to Bitcoin, and then transfer that back from Poloniex to coinbase and then withdraw the bitcoin back into UK £.
But what is the price of bitcoin dropped, i would make a loss even though i made a Profit on Ripple.

Is this correct or am i looking at it wrong.
 

evo

Site Admin
Joined
Apr 2017
  1. Create an account on Coinbase and purchase Bitcoin (BTC) with UK £ funds.
  2. Transfer the BTC from Coinbase to Poloniex.
  3. On Poloniex, trade your Bitcoin (BTC) for Ripple (XRP)
  4. Transfer your XRP to a wallet of your choice (Rippex, Gatehub, etc.)
Don't worry about the price of Bitcoin. It will not affect how you sell your Ripple in the future. Your concern is based on Bitcoin to fiat prices, and that's irrelevant because you will always trade XRP to BTC, which will be whatever the market rate XRP is at the time you sell.
 
Joined
Jan 2018
From
UK
  1. Create an account on Coinbase and purchase Bitcoin (BTC) with UK £ funds.
  2. Transfer the BTC from Coinbase to Poloniex.
  3. On Poloniex, trade your Bitcoin (BTC) for Ripple (XRP)
  4. Transfer your XRP to a wallet of your choice (Rippex, Gatehub, etc.)
Don't worry about the price of Bitcoin. It will not affect how you sell your Ripple in the future. Your concern is based on Bitcoin to fiat prices, and that's irrelevant because you will always trade XRP to BTC, which will be whatever the market rate XRP is at the time you sell.

Hi

Thanks that clears things up a bit. But its just your last comment that im not clear on

"Don't worry about the price of Bitcoin. It will not affect how you sell your Ripple in the future. Your concern is based on Bitcoin to fiat prices, and that's irrelevant because you will always trade XRP to BTC, which will be whatever the market rate XRP is at the time you sell."

If i should not worry about the Bitcoin price when it comes to selling the Ripple, than how would i receive the fiat £ ?. and what price would that be at would it be the price of the Ripple or the Bitcoin?

Thanks
 
Joined
Dec 2017
From
UK
Hey HiranUK,

Many times we use Bitcoin or others (e.g. ETH or LTC) to buy our target crypto, just because everyone accepts it. We could buy Bitcoin when it's $20k a coin or $5, we don't care because we flip it straight away. It only matters if you hold BTC.

With Bitcoin you're not buying it for itself, just as a means of exchange that is accepted from where you're buying and selling. Most exchanges show their prices in Bitcoin, so you generally need BTC to trade. Like buying shares or stocks, you might need to trade in USD not GBP.

As such you can just buy the $ / € / £ amount you have to trade with and buy Bitcoin at whatever price it is. As you'll immediately transfer that BTC to an exchange and exchenge it for Ripple, etc. then the current BTC $ / € / £ is irrelevant. $500 of Bitcoin is $500 of Ripple, etc.

As above, when you sell your Ripple then the $ / BTC exchange rate is again irrelevant as you'll be cashing out in fiat $ / € / £. What BTC is actually worth at that point has no bearing on the total value of your Ripple.

Losses will be in the form of fees the exchanges charge, so make sure when you do the trades you note the fees and add them to your cash out target.

Cy
 
Joined
May 2018
From
pakistan
Ripple Price Prediction. At Coinpredictioncap.com we predict future values with technical analysis for wide selection of digital coins like Ripple. If you are looking for virtual currencies with a good return, XRP can be a profitable investment option.
The Ripple price at the moment is $0.673300. If you bought $300 worth of Ripple today, you would get a total of 445.044408 XRP. Based on our Ripple forecast, a price increase is expected in the future with more adoption of Ripple, the price forecast for 2023-05-18 is $140.445. With a 5-year investment, the revenue is expected to be around +41,940.00%. Your $300.00 investment into XRP may be worth $42,240.00 by 2023
 
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