So you own some Ripple and are looking to convert it into something good old Bitcoin… Is that correct? Well luckily for you I’m going to show you exactly how to convert ripple to bitcoin in this short post.
There is more than one way to go about it but I will show you what I consider to be the top two ways to do so. These two ways are very different from each other, but they both work great. It depends on your situation which is best for you and I’ll explain more on this as I go over both of the ways.
#1 – Exchanging XRP for BTC on Changelly
Using the Changelly exchange is the first method for exchanging XRP to BTC that I will go over. Changelly is an exchange but it’s very different from your typical cryptocurrency exchanges like Bittrex, Binance, Coinbase, GDAX etc. as you will see.
When you go to the Changelly exchange you will be able to start the XRP to BTC exchange right on the homepage. As you can see above, you will choose XRP from the drop down menu, enter in the amount of XRP that you have, and choose BTC over on the right side which is what you are exchanging it for. Then you will click the green exchange button. After that, you will enter in the bitcoin address that you want to receive your bitcoin at.
This may sound a bit strange, but like I said this exchange is very different from the typical ones out there. Here is how it works: you send your cryptocurrency that you are looking to exchange to Changelly, they exchange the cryptocurrency for you, and then they send the final cryptocurrency back to the wallet destination of your choice. Here is a little diagram of how it works…
So with Changelly there is no cryptocurrency being held by the exchange. You simply send your crypto into them, they exchange it, and send the new crypto back to you.
The upside to using it in exchange like this is that it is extremely easy to use, straightforward, and it does everything for you. You do not end up with the cryptocurrency on the exchange which you would then have to withdrawal off of the exchange. You send it in and they send it back, as simple as that. But the downside to using in exchange like Changelly is that they charge slightly higher fees than many of the others out there. I mean it’s still not that bad, they only charge a .5% the, but it is a bit higher than others out there and is worth mentioning.
Creating an account at Changelly is also very simple and can be done very quickly so that you can make an exchange as soon as possible.
You can read my full Changelly review here.
#2 – Exchanging XRP to BTC Using Binance
The second way of exchanging XRP to BTC that I want to go over is by using the Binance exchange. Binance is what I would call one of the more “typical” cryptocurrency exchanges out there, and in some cases it might be better for you to use this method.
When you go to Binance you will have to go over and type in XRP to bring up the page where you can trade Ripple. This will bring up the ripple price chart along with the order book and trade history. There is a lot more going on here than you see on Changelly. This is because Binance is for traders. Professional traders use this site along with the many tools it provides to help you make the best trades possible (I use Binance for daytrading).
But anyhow, when you get to the XRP/BTC trading page you are going to want to scroll down until you see the area where you can make buy/sell orders, and of course you are going to be interested with selling XRP on the right hand side. Here you will be able to enter the amount of XRP that you want to sell and at what price you want to sell it at. Your order will be matched with by orders from people spending their BTC to buy XRP, which will result in you ending up with XRP in your account.
Unlike Changelly, Binance does the store your crypto on the exchange and provides wallets for each type of cryptocurrency that you hold. This means that before you can sell your XRP you will first have to send it to the Binance exchange and after you make the trade you will have to send your BTC off of the exchange to whatever wallet you want to send it to. In actuality you could keep your BTC in your wallet on the Binance exchange but this would not be advisable for long-term holdings.
So as you can see, Binance is more of a hassle in this way, but one of the upsides to using Binance is that the exchange fee is as low as .05%, which is 1/10th that of Changelly.
Something else that you should know is that if you are going to use Binance you will have to create an account with them and go through the verification process, which can take a while. So if you are looking to exchange XRP to BTC right this minute and you do not have a Binance account already then this would not be the best choice.
How Should You Go About Exchanging Your XRP?
Both ways that I just went over are legit and work… it just depends on what you are looking for.
If you are looking to make a quick exchange of XRP to BTC and have your BTC sent to a wallet somewhere then Changelly is the better choice of the two. If you are looking to cut down on the fees a bit and are willing to go through the bit of extra work having to move your crypto on and off the exchange, then Binance is a great choice.
These are 2 of my top choices to make this kind of exchange but you should know there are others out there. You could use exchanges like Bittrex, COSS, KuCoin, etc in place of Binance and sites like ShapeShift in place of Changelly. Changelly and Binance are just two exchanges you can easily do this at that are trusted and that I recommend.
I welcome all comments and questions below. If you have a question or are confused on anything I will get back to you as soon as I can on anything. Thanks 🙂