The explosive growth path of Ripple over the second half of 2017 has gotten its fair share of media attention, but how can you get access to this exciting new cryptocurrency in 2018?
The interest with investing in the altcoin market has now gone beyond the initial headline acts such as Bitcoin and Ethereum. Launched in 2017, Coindirect is a trading platform that allows its users to have access to buy, trade and sell over 20 altcoins, including Ripple. Here’s a guide that will run you through all the steps leading up to your first purchase of Ripple (XRP).
Create your account
By clicking through to the Coindirect homepage, you’ll be prompted to sign up with your email address, followed by a password of your choice. Once this has been registered, you’ll be asked to fill in your basic personal details such as your name, address, mobile number and date of birth. This information helps to protect people selling altcoins by proving to them that you’re a human.
Choose your digital currency wallets
With Coindirect, your account automatically starts with a Bitcoin and an Ethereum wallet that you’ll have access to 24/7. Coindirect hosts your wallets for free and allows you to create separate wallets for each of the currencies you may want to buy, trade and sell with.
Adding a Ripple wallet is as simple as navigating to your ‘Wallets’ tab, clicking ‘Add Wallet’, and choosing ‘Ripple’. The wallet will appear immediately with a balance of 0.
Get your identity verified
For buying altcoin over the value of 800 GBP, Coindirect requires proof of identity. This step can be bypassed if one trades under this value. The verification process is a way to protect buyers like yourself, as well as sellers, by following local and international compliance standards.
To successfully verify your account you’ll see a ‘Verify Identity’ option on your new ‘Dashboard’ tab. You’ll be prompted to upload 3 documents including your valid identity document, a clear photo of yourself holding up that same ID and a proof of address that is less than 6 months old. Once uploaded, verification may take up to 24 hours to authenticate by the Coindirect team.
Click to buy coins
Once your Ripple (XRP) wallet has been created and you’ve successfully verified your identity for purchases over 800 GBP, you’ll be ready to start buying Ripple.
Click on the ‘Buy Coins’ tab and select to buy Ripple. This will open a page that displays the selling rates currently on offer, which includes who you’ll be buying Ripple from, as well as their amount limitations. Once you’ve selected your preferred seller, you can fill in the pound value you want to purchase, your payment preference and then click ‘Place an order for Ripple’.
You’ll be brought to a page that will allow you to complete a secure bank transfer with your chosen UK bank or through PayPal. In many cases the trade will conclude fairly quickly, but there is a 90-minute window that allows for the purchaser to upload their proof of payment before the transaction can be approved by the seller. All transactions on Coindirect are escrow-protected so your funds, and the sellers Ripple (XRP) are only transferred once both parties honour the transaction.
Cryptocurrency security options
Coindirect has bank-grade security and is registered with the Isle of Man FSA, so its AML compliance is overseen in line with global standards. The platform allows individual users to add an additional level of personal account security by offering Two-Factor authentication for logging in. To activate this function, download a Two-Factor Authentication app like Google Authenticator and connect it by finding the ‘Security’ page on your top right profile drop down menu.
Diversify your cryptocurrency investment
The markets for cryptocurrencies, like Ripple, are experiencing high levels of growth and are affected by speculation, you should expect a fair amount of volatility. As in traditional investment, it is advised that you should diversify your cryptocurrency portfolio. This means you should consider buying more than one cryptocurrency but first start by researching the top cryptocurrencies that show the most promise such as Ethereum, Litecoin, Dash, Monero etc. before making your purchase.
What makes Coindirect different
Coindirect.com gives you the ability to buy, sell and convert over 34 altcoins instantly and easily. This is unique as alternative options could take several days, and a cumbersome process utilising a number of companies in combination in order to make a simple purchase.
