So you are looking to purchase some Ripple are you.. and you are wondering how to buy Ripple on GDAX? Well the truth is that you cannot purchase Ripple directly on GDAX. However, GDAX is a great choice to use in the process of buying Ripple. It can be used as the first step. Now I know this might not make much sense right now but you will see what I mean. In this short post I will be going over this process step-by-step.
Process of Buying Ripple With GDAX In a Nutshell
There are very few ways of purchasing Ripple directly, and depending on where you live there may be pretty much no ways to do this. The more common way that people buy Ripple is by first purchasing a cryptocurrency that is able to be easily bought with regular money…then exchanging that cryptocurrency for Ripple. It’s a roundabout method and there is an extra step involved but it’s actually quite simple and anyone can do it.
The GDAX exchange is great for this because it allows users to buy Bitcoin, Bitcoin Cash, Ethereum, and Litecoin with fiat money such as USD, EUR, and GBP. It is also one of the most trusted exchanges out there because of it being regulated by the US government, having an insurance policy to protect customers, and the simple fact that they have been around for a while.
So what you’re going to do is first purchase cryptocurrency on GDAX and then exchange it for Ripple on another exchange.
Step 1: Buy Cryptocurrency on GDAX
Okay so the first thing you need to do is purchase a cryptocurrency which you will then used to exchange for Ripple.
In order to buy cryptocurrency from GDAX you will first need to create a Coinbase account because Coinbase is the company that ends GDAX. If you want to support this website you can use my Coinbase referral link here: Coinbase.com/join, which you can also earn a free bitcoin bonus from. After creating your Coinbase account you can then go to GDAX.com and login with the account you just set up.
Then inside of the GDAX you are going to want to select either BTC/USD or ETH/USD, which you will be buying. Then click on the deposit button as you can see in the screenshot…
*If you already have BTC or ETH then you can skip ahead to step 2
When you click on deposit a pop up will open up where you will be able to deposit funds. On GDAX you first have to deposit USD, EUR, or GBP to your account before you can make trades. You can do this either by linking a bank account or by doing a bank wire transfer. I already have a bank account linked to my GDAX account so I don’t have to do anything, but what you have to do is click on the add bank account button if you want to use this method. You will then be directed to Coinbase to link your bank account to your account.
If you already did have a Coinbase account and have money deposited in it you are able to use the money there on GDAX, but if you just set it up as directed above then you will not have this option.
After your bank account is linked and you deposit your funds it can take a few days to actually go through and be deposited in your account. Then after that buying is very simple. Click to buy either BTC or ETH, enter the amount you want to buy and click buy.
Step 2: Transfer It To Binance
Now you have your cryptocurrency available and are ready to transfer it to another exchange where you will be able to trade it for Ripple. Binance is a great exchange to do this through.
What you will first have to do before you can transfer it over is create a Binance account. You can go to Binance.com to do this. After your account is approved you will want to go to Funds up in the top menu and then click on Balances…
Next up you will want to go to the search bar and type in the symbol for the cryptocurrency you just purchased on GDAX, which should be ETH or BTC. As an example I am showing you ETH. So as you can see my Ethereum wallet pops up at the top of the list and what you want to do next is click on deposit.
When you click on deposit you will be given your “ETH Deposit Address” which is a bunch of numbers and letters. Copy this code.
Then what you are going to have to do is head back on over to GDAX, go to the cryptocurrency that you purchased, in my case Ethereum, and click on withdraw…
You will see a Withdraw Funds box and you will want to click on ETH Address… This is where you want to enter your Binance wallet address that you just copied. After that withdraw the funds and you are done with step two.
Step 3: Exchange For Ripple
Now that you have your cryptocurrency on the Binance exchange it is time to trade it for Ripple, which was the end goal all along.
What you now need to do is click on exchange (1), click on the cryptocurrency you just bought which was either BTC or ETH (2), and type in XRP (stands for Ripple) into the search box (3) and click on it. If you bought Bitcoin you should see a XRP/BTC chart and if you bought Ethereum you should see a XRP/ETH chart as I do here…
Then you are going to want to scroll down and below the price chart you will see a section where you can buy and sell XRP. Of course you’re going to be interested in the “Buy XRP” side of it…
So what you will be able to do here is trade your BTC or ETH for XRP. You will enter in the price you want to pay and the amount of ETH or BTC that you want to spend. What Binance will do is place your order and match it up with someone that is looking to sell XRP for ETH or BTC. So it’s not like you can buy it for any price you want to. If you want your order to go through as fast as possible just set the price at the current market price for XRP/BTC or XRP/ETH.
After your order is processed, which should be done in a matter of seconds if you chose to buy at market price, then your XRP will end up in your Ripple wallet which you can access by going to Funds in the upper menu, click laying on Balances, and typing in XRP into the search box.
Step 4: Move Ripple Off of Exchange (Optional)
If you want to you can leave your Ripple in your wallet on Binance, but this is not advisable if you are planning to hold onto your Ripple long-term. The reason it is not advisable is because if Binance were to be hacked you could end up losing your funds. Now I’m definitely not saying this is going to happen. Binance is one of the best exchanges out there like this, but I’m just saying it could happen and is not the safest way to go about holding onto your Ripple.
There are many different types of wallets you can store your Ripple on, including smart phone app wallets, desktop software wallets, hardware wallets etc. If you want to keep things as safe as possible while still keeping your XRP readily accessible then you are probably going to want a hardware wallet.
But there aren’t really many hardware wallets out there that support XRP (TREZOR and KeepKey do not). Ledger Nano S is going to be your best bet. It is one of the top two cryptocurrency hardware wallets on the market and I personally use it, so it is something that I would recommend.
Summary of Everything
Okay, so GDAX is not an exchange that you can buy Ripple directly at. However they are a good exchange for “on boarding” because they give users the ability to purchase cryptocurrency with fiat money such as US dollars and euros. Because of this GDAX is a good choice for the first step towards purchasing Ripple. So you by your bitcoin or Ethereum on GDAX and then you send it off to another exchange such as Binance where you can exchange it for Ripple. It’s a little more complicated than I would like but it’s actually pretty simple once you go through it.
Something else you might want to take a look at since you are looking to purchase Ripple is Changelly. Changelly is another exchange and they give you the ability to purchase Ripple directly with a debit card. The downside is that this option is not available in many countries. But if you’re interested you can read my post on buying Ripple through Changelly.
As always if you have any questions or comments please leave them below and I will get back to you as soon as I can. I know this might get a bit confusing for some of you so don’t hesitate to ask for help 🙂