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Disclaimer: This guide is not Buy recommendation.
In this post I'll take you step-by-step through how to buy XRP in NZ from a reputable broker and your different payment and storage options.
Ripple is a settlement and remittance network for cross-border payments.
Ripple is built upon an open-source protocol and supports various tokens. The goal of Ripple is to provide secure, instant and almost-free global financial transactions of any size.
Ripple can be confusing because the name "Ripple" actually refers to several different things:
To avoid confusion I'll use the terms Ripple Labs, XRP and Ripple Network for the remainder of these notes.
The Ripple Network was designed by Ripple labs to operate as a distributed ledger (i.e. a blockchain) and validated based on consensus, rather than mining. The native token on the Ripple Network is the Ripple token - XRP - and is used as a bridge currency, meaning it is the "middleman" when exchanging currencies.
The interesting thing about XRP is that it's marketed mostly towards banks, as XRP is generally used to facilitate transactions between banks and institutions. This is in contrast to cryptocurrencies like Bitcoin, which are generally intended for end users.
The option I recommend right now is EasyCrypto.
They are a full-service crypto and Bitcoin brokerage owned and operated in NZ.
Here is why it's my top recommendation:
The reason I like EasyCrypto is that the process is quick, and everything is done in NZD.
To buy XRP, there are six simple steps.
First, click here to head to their website and open an account:
You can sign up with your socials or an email address just like any other online service.
That’s it!
You now have a crypto brokerage account giving you access to hundreds of cryptocurrencies.
As a registered Financial Services Provider in NZ, they need to verify your identity.
This might feel like a nuisance, but try to remember it is actually to protect you.
Don't buy Bitcoin or crypto from anyone who isn't registered in New Zealand, especially if you're new to the market.
People get scammed daily trying to get a deal from obscure sellers.
Verification should only take you a few minutes and only requires a driver’s license or passport:
Once you’ve done that, you’re ready to buy!
For this example, I’m going to walk you through buying $200 of XRP.
Head to the homepage after you’ve signed up and you should see a page with all the coins you can buy:
Click “Buy”, then click “XRP” and then click “$200” as I’ve shown in the screenshot above.
The prices are all in NZD.
On the next page, you’ll get asked to enter your XRP address.
This is where your XRP will be sent to.
XRP addresses work exactly the same as Bitcoin addresses.
If you don’t have one, you have two options.
You can click the “I don’t have a XRP address” button and EasyCrypto will help you set up a private wallet.
I also have a guide that will help you set up a private wallet here.
However, for beginners, my advice is to forgo a private wallet and set up an address at an exchange instead.
This goes contrary to the popular advice, which is to always keep your coins in a private wallet, but personally, I think beginners who are just buying their first few hundred dollars of crypto are not yet ready for private wallets.
However, be aware that carrying crypto on an exchange contains risk! Your funds can be locked or lost in the event the exchange is compromised. However, carrying crypto in a private wallet also contains risk. Personally, if this is your first purchase, and if it's only for a small amount of crypto (say, a few hundred dollars), I think an exchange contains less risk. You can read more about my reasoning and why I recommend exchanges for beginners here.
When you start building your crypto portfolio to higher levels (say, past $1,000) then I would suggest looking into more secure options such as private wallets and hardware wallets. If that sounds like you, check out my guide on private wallets here.
If you're happy to start with an exchange wallet, the exchange I recommend people start with is Binance.
It's the exchange I've been using since I first got into crypto.
Head to their homepage and register an account.
Once you've registered, head to the menu in the top right and click "Wallet".
Then click "Fiat/Spot Deposit/Withdraw"
Then in the top right, click Deposit:
This should take you to the deposit page where you can find your address.
Where it says "Coin", choose XRP.
Where it says "Network", choose XRP.
This should display a string of characters.
This is your XRP address.
Remember - when depositing XRP you must add a memo.
A deposit without a memo will likely get lost and you'll lose your funds.
Again - you must add a memo.
The memo that is required is shown on Binance with your deposit address (see the green highlight in the screenshot above).
Copy/paste both your memo and address, then go back to your EasyCrypto order and paste it into the address and memo fields:
Note: To add a memo you will need to click the "Add memo" option at the bottom of the screen.
The next screen will give you your payment options.
I always use bank deposit because it's free, but choose whichever is most convenient for you:
EasyCrypto will then give you payment instructions.
If you choose card, Poli or Account2Account, your order will execute immediately.
Your XRP should arrive within a few minutes.
If you chose bank deposit, your order will execute whenever your bank deposit clears.
That’s it!
You’re now the proud owner of XRP.
You will see it in the "Fiat/Spot" Wallet section in your Binance account.
One of the cool things about using an exchange like Binance is you get more features to utilise your crypto.
To earn interest on your XRP, follow these steps:
First, click "Earn" in the menu.
This will take you to the Binance Earn page.
Select ETH as your coin, and you will see the staking/deposit options that will allow you to earn yield:
Simply choose one of those instruments, and deposit your XRP.
Your deposit will show in your Binance Earn dashboard, and at the end of your subscription term, your interest will get paid into your Spot wallet.
As you can see, yields are not high on XRP.
XRP cannot be staked, and so generally there is not much yield available to holders.
However, if you're holding your XRP on Binance anyway, it can be worthwhile to deposit it into a yielding account so you earn some interest on it.
Warning: Depositing your XRP/crypto for yield contains risk. Make sure you read the product disclosures and understand the risks before depositing.
In my opinion, EasyCrypto combined with an exchange wallet is going to be the best option for 95% of first-time buyers, and for people who are new to crypto.
When it comes to crypto, most people are interested in buying $200 or $500 or maybe a few thousand dollars as an investment to begin with.
EasyCrypto is absolutely perfect for this and you won’t find a service better suited for it. You are not required to do any foreign exchange, and it's fully regulated in NZ for your safety.
As you get more involved and educated about crypto, increasing your portfolio and adding other coins, you will need to start looking at moving your assets to a private wallet.
I talk about private wallets in this post.
The software wallet I currently use is Exodus which is compatible with XRP.
The hardware wallet I currently use is a Trezor which is compatible with XRP.
A private wallet is the safest way to store and access your XRP, but does come with a learning curve, and still contains risk if you don't manage/backup your wallets properly.
Once crypto starts to become a significant part of your portfolio, start educating yourself on private wallets and moving your XRP to a private wallet like Exodus or Trezor.
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