In this short article I will be going over how to buy Ripple on Bitfinex. There is nothing strange about this process but I can understand how it can be complicated and confusing. For this reason I will try to break it down best I can into different steps.
The nice thing about Bitfinex is that they allow for fiat money deposits, which is something you don’t see too often in the world of cryptocurrency. Fiat money, in case you don’t know what I’m talking about, is “normal money” like USD, EUR, etc.
One of the major downsides to Bitfinex is that they do not allow users from just anywhere. One of the biggest hits to their user base came in November 2017 when they shut the doors on US customers. So as of now if you are living in the US you cannot use Bitfinex as an individual.
If you are a US resident now you know that you are going to have to go elsewhere. What I would suggest for people who can’t use Bitfinex and want to buy Ripple is reading this post about using GDAX to buy Ripple. But anyway… I’m assuming that you are in a place that Bitfinex supports so here are the steps to purchasing…
Step 1) Deposit Funds
What you first are going to have to do is deposit funds into your Bitfinex account (assuming that you already have created a Bitfinex account… if you haven’t you have to do this first). There are many different currencies you can deposit, such as fiat currencies like the US dollar, euro, Japanese yen, pound sterling, tether, and tons of different cryptocurrencies, but you aren’t going to be able to deposit just anything.
You are only able to trade USD and Bitcoin for Ripple. So this means you are only going to want to deposit USD or Bitcoin.…
If you plan on depositing USD then you are first going to have to go through a verification process on your account before you can do this. This can take a few days to fully go through and can be annoying. However your probably going to want to do this because after you purchase Ripple and want to withdraw it you’re going to have to verify your account at that point anyhow.
If you can’t or don’t want to deposit USD, or don’t want to go through the whole verification process then your only other option is to deposit bitcoin. If you choose to do this you are going to click on bitcoin and you will then see a Deposit Bitcoin page that lists three different wallets including your exchange wallet, margin wallet, and funding wallet. You are going to want to click to generate the address of your exchange wallet.
Then you can go over to the exchange, hardware wallet, or wherever you have your bitcoin stored and enter in this address to send bitcoin to.
Don’t have bitcoin and need to buy some? If you don’t have any Bitcoin then you have two options, You can either buy it at Bitfinex or you can buy elsewhere and send it over to Bitfinex. If you do choose to buy Bitcoin on Bitfinex it is much more simple than trying to buy ripple. You can buy Bitcoin with all of the different fiat currencies that this exchange supports, Japanese Yen, Euro, USD etc.
If you want to use a different exchange then I would suggest using GDAX. They accept USD, EUR, and GBP.
Step 2) Exchange Funds for Ripple
Now that you have deposited your funds it is time to exchange them for Ripple. You can do this by heading over to the Trading link in the upper left menu, scrolling down until you find Ripple, and then clicking on either XRP/USD or XRP/BTC, depending on what you just deposited.…
After that it’s pretty straightforward. You will be presented with a price chart for ripple and off to the left hand side you will see where you can buy/sell. All you have to do then is enter in the amount, the price you’re looking to buy it at, and click on”Exchange Buy”. What will then happen is Bitfinex will place your order on the exchange and match it up with someone looking to sell their XRP at the price you are looking to buy it at.
If you are looking for the purchase to go through instantly then you are going to want to put your buy order at market price, which there’ll be lots of sellers, meaning that your order will get matched pretty much instantly and go through right away.
Step 3) Move Your Ripple Off Of The Exchange
This is optional but you more than likely are going to want to move your Ripple off of Bitfinex and into a wallet that is more safe. Bitfinex provides you with a Ripple wallet, but they basically hold your cryptocurrency in their hands. So if they get hacked, which has happened in the past, you could lose your Ripple.
There are a lot of more safe options out there than storing your ripple on an exchange. If you are looking to hold onto it long term then you’re going to want to keep it safe and secure. If you want to keep it as safe as possible while still having easy access to it then I would suggest a hardware wallet. There are a lot of hardware well it’s out there, TREZOR, KeepKey, Ledger Nano S and others but not many of them support Ripple. The Ledger Nano S is one of the few choices that I know does and they are one of the best hardware while it’s out there, making a good choice altogether.
Summary of The Process
Okay, so in order to buy Ripple on the Bitfinex exchange you are either going to have to deposit US dollars or Bitcoin. And since the exchange is shut down two individuals living in the US then I’m guessing most people’s only option is going to be purchasing with Bitcoin. If you already have bitcoin then great, but if you don’t then you can purchase it through Bitfinex or other exchanges like GDAX.
When it comes to purchasing bitcoin on Bitfinex it is much easier. You can purchase it with any of the different fiat currencies that are on the exchange. So what you would do if you wanted to do this is deposit your fiat currency, by bitcoin with it, and then use that bitcoin to buy Ripple.
And if you wanted to use another exchange like GDAX you could purchase Bitcoin through them with USD, EUR, GBP and then send your bitcoin over to Bitfinex, where you could exchange it for Ripple.
I hope this little guide helped you out. I know it can be confusing and I probably could’ve done a better job explaining some things, so if you have any questions about anything just leave them below and I’ll get back to you as soon as I can 🙂