So, you want to know how to buy Ripple in South Africa or XRP? My feelings toward it have always been bittersweet. However, it’s hard to ignore the profit potential this cryptocurrency poses.
Before I guide you on buying XRP I highly recommend you read my tutorial on “How to buy Bitcoin in South Africa” as many of the steps are similar.
What do you need?
-Read the guide I mentioned above to get a general idea about buying cryptocurrency.
-You need access to a cryptocurrency exchange that allows South Africans to register and offers Ripple XRP.
Which cryptocurrency exchange to use?
Option #1 – Enter the market with one exchange and use another to buy Ripple
Here you have many options as usual. Keep in mind that some local exchanges (South African) don’t have Ripple on their exchange. In cases like this, you need to purchase Bitcoin or some other cryptocurrency (enter the market) and then send it to another exchange to trade it for ripple.
Buying BTC is the simplest option as there is bound to be a BTC/XRP trading pair. However, you can enter the market with Ethereum or even Litecoin. Some exchanges have ETH base trading pairs as well. If not, you’ll need to do multiple trades.
You can use any other international exchange that has XRP.
Option #2 – Use an exchange that allows you to buy Ripple directly with ZAR
Option #2 seems so simple, why don’t you choose that you might ask? The simple answer is that I’m already registered with ICE3X and it’s my favorite exchange. I’m also already registered on Binance so it’s really not much effort for me. You can choose either one, however, I’m sticking to option #1.
How to buy Ripple in South Africa? Step by step
Keep in mind that I chose option #1. To buy XRP I would buy BTC, ETH or LTC from ICE3x – whichever is cheapest. Once the order is complete, you would send it to Binance and exchange it for XRP.
Step #1 – Buy Bitcoin to enter the market
Please follow the guide I mentioned above to do this. Here is the link again.
Remember, you can easily do the same with LTC, ETH or any other cryptocurrency.
Step #2 – Withdraw your Bitcoin from ICE3X and send it to Binance
Here, all you need to do is withdraw your Bitcoin from your ICE3X account to your Binance account. Basically, you’ll be sending BTC from your ICE3X wallet to your Binance wallet.
Once you’ve logged into ICE3X, go to your account dashboard, scroll down and next to Bitcoin (in the case that you bought Bitcoin), click “Withdraw”. Next, you’ll need to enter the BTC wallet address from Binance. Find out how to get that here.
Next, send the hash confirmation and click on the link once you’ve received it in your email address.
Within a few moments, depending on the network, you’ll receive your BTC in your Binance wallet.
Step #3 – Exchange BTC for XRP
This is the same as buying Bitcoin. You are basically buying XRP with BTC or exchanging BTC for XRP.
After you’ve logged into Binance, if you haven’t registered an account you can do so here, go to the XRP/BTC trading screen.
It should look something like this:
Now all you have to do it place your order to exchange BTC for Ripple, wait for it to fill and you are good to go.
It’s always good to take your cryptocurrency off from the exchange and put it in a wallet you control. Just remember that Ripple has a wallet fee. So, although it might be riskier keeping your XRP on an exchange, it will definitely be cheaper.
The fee seems to currently be set at 20 XRP. Read more about it here.
That’s all there is to it. Know you know how to buy Ripple in South Africa! This might seem like a lot of work, but it will go a long way in helping you understand trading and cryptocurrency better. Alternatively, just go to Coin Direct and directly buy XRP there.