Lots of cryptocurrencies are trying to make their existence dominant in market cap. Bitcoin has been the dominating cryptocurrency in terms of market cap. But now others new currencies are coming every week and it has become a competitive market for new cryptocurrency to get the fame. Ripple since its launch in 2012, has been able to reach top ten positions in terms of market cap. Although the Ripple was developed in 2004, it was launched late in 2012. In this article, we are going to share important tips on best Ripple wallets. Let’s start.
What is Ripple?
Ripple is both a cryptocurrency and digital payment network which is used for the financial transaction. Moreover, it is a Real Time Gross Settlement System (RTGS), currency exchange and remittance network.
Ripple doesn’t use blockchain and proof of work protocol as Bitcoin. It is developed as the secure and instant medium for transaction of any amount of money around the globe with no chargebacks or nearly free. Ripple also has been the most adopted system by Banks and payment networks.
It supports any unit of values of cryptocurrency, fiat currency and commodity or flier miles or mobile minutes as tokens.
Ripple has been third in market capitalization, but it is believed that it’s far more advanced in features as real-time money transaction medium globally than any other cryptocurrencies.
It can be predicted that Ripple will be one of the most used payment networks for the transaction of money globally.
Ripple platform, in 2018, has been adopted and accepted by 80 banks of the world, so don’t you think it is the best time to invest in Ripple?
Best Ripple Wallets
Wallets in the crypto world are the software’s which store your cryptocurrency.
A cryptocurrency has two keys; a public key and a private key. We can share our public key but it’s very much important to keep the private key safe and never should be shared with anyone.
Public key acts as bank account and private key acts as its password. So anyone having the private key can use the cryptocurrency.
It’s really important to store these cryptocurrencies in a secured wallet to protect them from hackers and loss.
Here are the 3 best Ripple Wallets to store XRP safely.
1. Ledger Nano S
Ledger Nano S is a hardware wallet which is popular for its very strong security. It can be considered best wallet for Ripple cryptocurrency as it’s portable and easy to use.
Ledger Nano S doesn’t only store your Ripple cryptocurrency but also stores more than a dozen of other cryptocurrencies like Bitcoin, Ethereum, etc.
Ripple’s wallet Ledger Nano S comes in a USB like a form and looks exactly like a USB device. To connect to your laptop or computer, it has a USB cable. For security issue, it has some extra added security layers.
It requires a 4-digit PIN to access the wallet and also displays the necessary details and information in an OLED screen.
Each transaction needs to be confirmed and approved by the buttons present in the Ledger Nano S wallet which makes it very much secure device to be used as a wallet.
The developer of ‘Ledger Nano S’ even claims it as an unbackable wallet. It is quite impossible to hack this wallet because it performs all the transaction safely in the device itself with connecting to the internet.
The Ledger Nano S stores the Private Key in the device itself, so it is also possible to perform transaction through compromised computer using the Ledger Nano S wallet for Ripple.
A good thing is it’s easy to restore all your coins that you have stored in Ledger Nano S wallet, if your wallet gets accidentally lost or damaged or even theft. And no one can access it except you.
As it requires a PIN to access the device, even if other have the device physically. You can restore every coin you stored in Ledger Nano S wallet with the 24 words backup phrase that the wallet provides when the owner first uses it.
You need to keep the backup phrase safely as it may be needed anytime, if you lost the device physically.
Using this wallet, you can send and receive Ripple cryptocurrency in a completely secure way. It is compatible with Linux, Windows, Mac and Android OS.
The cost for Ledger Nano S is around $100 which can be considered as a quite affordable price for such great features that Ledger Nano S provides.
2. Toast Wallet
Toast Wallet is an open source wallet which is used to store Ripple (XRP) coins. It is one of the best wallet made especially for Ripple.
Toast wallet can be considered one of the safest medium to store Ripple as the source code is open source and anyone can view it which is available on GitHub.
Launched in 2017, since then Toast wallet has been able to make itself a popular and secure wallet for its users. Toast wallet also has a feature to ask the question and get information and interact with other users using the Discord App.
The wallet also has a feature of encryption with a PIN and a passphrase. PuchDb, an open source database software, which allows storing all the information offline locally within the browser itself for the chrome plugin.
A backup phrase, the pin, and passphrase should be kept safe. It is necessarily important to write down the backup phrase to recover the coins if you ever lose your passphrase.
Toast wallet is compatible with Windows, Linux, MacOSX, Android and Chrome extensions. To sync your wallet in different platform, it also has an encrypted backup feature.
The only limitation that Toast Wallet has is, it requires 20 XRP to be stored and maintained in your wallet. And the amount 20 XRP cannot be withdrawn.
Actually, it is not the limitation of Toast Wallet but the limitation of Ripple network itself. To activate and remain activated any Ripple wallet needs to have minimum 20 XRP balance in the wallet.
Related: The 10 Best Litecoin Wallets
Binance is an exchange which can be used as a wallet to store your Ripple coins. Since its launch in 2017, it has been one of the fastest growing exchange. Binance wallet is very much helpful if you are buying Ripples the first time and if you need a wallet for temporarily purpose only.
It is not recommended to store Ripples or any other coins for many days in any exchanges as they may get shut down or hacked at any time. This may put your coins at high risk of losing them at any time.
Yet there is some good news, when you use Binance to exchange BTC or ETH to XRP and to store your XRP, you can claim 50% discount on trading fees. If there is urgent need of storage to store your Ripple coins, then Binance can be one of the best option available as a wallet.
Otherwise, it is highly recommended not to store any of the coins in any exchange or in any online platforms. You can transfer your Ripple coins to Ledger Nano S wallet from Binance after the exchange process for better security.
How to buy Ripple?
It is very much easy to buy Ripple like any other popular cryptocurrency. Here is the step by step process to own Ripple coins.
Step 1: Buy a Wallet
It is the most important thing to do before you buy any of the cryptocurrency. Without a wallet, it is not possible to trade or send your Ripple or invest in ICO. And for security purpose also you need to have a secured and trustable wallet.
You can choose the hardware wallet Ledger Nano S to store your Ripple coins, as it is one of the safest wallets available for Ripple coins.
The main thing to consider after buying a wallet is to keep the PIN and backup phrase safely, so that you can restore your coins if accidentally you lose them.
It is not recommended to store your coins in the exchanges, as they may shut down without any notice and also has a high risk of being hacked. As soon as you buy your coins, you should send them to your wallet. That’s why it is the very first step to do before you buy Ripple coins.
Step 2: Buy Ripple Coins (XRP)
Here you have two options to do so; first is you can directly use fiat currency and the second option is you can use exchanges.
- Directly through Fiat Currency
Bitstamp can be used to buy Ripple coins directly through the wire transfer or credit cards using Fiat Currency. You need to sign up and fill the Know Your Customer (KYC) form to buy Ripple through Bitstamp.
EUR can be used to send through SEPA transfer and USD through bank transfer to buy Ripple in Bitstamp. You can directly exchange your fiat currency to Ripple coins through their exchange as soon as the transfer clears. Credit Cards also can be used to exchange to Ripple Coins in Bitstamp.
GateHub exchange also can be used to directly exchange into Ripple. You need to sign up and fill the KYC form to use the exchange. It accepts both wire transfer and bank transfer, but it requires $15 fee for bank transfer.
- With Bitcoin through Exchanges
Another best option to buy Ripple is by first buying BTC in any exchanges and then exchanging them for Ripple coins (XRP). It can be a cheaper method to own Ripple coins.
In this method, first, you need to buy Bitcoin (BTC) from Coinbase or any other exchanges. Then you can trade Bitcoin for Ripple in any exchange like Changelly, Shapeshift, Kraken, Poloniex, Bittrex, etc. You also can choose exchanges according to the region suitable for you and where you reside.
Step 3: Transfer your XRP to your Wallet
Leaving your Ripple coins in the wallet of exchanges is considered as the most unsafe medium to store. It is highly recommended to store your Ripple coins in a hardware or a secured wallet as soon as you trade your them from any exchanges.
Exchanges are considered unsafe because they may get shut down any time or get hacked and you may have to lose all your coins. And moreover, you do not have control over the private keys in such wallets. So as soon as the purchase process is complete, you need to transfer your Ripple coins in a secure wallet which you own.