So, you’ve decided to invest in Ripple XRP rather than Bitcoin. Now you need to choose an XRP wallet to store your crypto assets in.
Choosing the best XRP wallet is not as easy as it sounds. Do you want hardware or a software wallet? What is more important, security or accessibility?
Below is a list of the best XRP wallets on the market. Each has its pros and cons. You need to be careful when you are choosing a wallet for your cryptocurrency. Spending time to understand different Ripple XRP wallet options is important to protect yourself from scams and fraud.
Let’s take a look.
BEST Crypto Wallets 2021: Top 5 Picks
Best Crypto wallets – top crypto wallet options for both hot wallets and cold wallets for storing Bitcoin and crypto
Table of Contents
- What is XRP Cryptocurrency?
- What is an XRP Wallet?
- Best XRP Wallets
- How to Buy Ripple XRP
- Read More
- Final Thoughts
What is XRP Cryptocurrency?
XRP is the native cryptocurrency for products developed by Ripple Labs.
Ripple products provide a similar service as SWIFT does for fiat currencies. It offers financial institutions a quick and reliable option for sourcing liquidity on demand. Its products are used for payment settlement, asset exchange, and remittance systems.
XRP is used in its products to facilitate quick conversion between different currencies.
What is an XRP Wallet?
Even if you are not using the Ripple products for currency conversion, you can invest in the XRP currency.
Once you have purchased an XRP token, it needs to be stored in a crypto wallet that supports the XRP currency.
There are different types of wallets for you to consider, and each wallet can vary in terms of features, usability, and security. The first choice you have is choosing between a hardware and a software wallet.
Hardware Wallets Explained
A hardware wallet is an offline, physical device that stores the private key to your XRP tokens. A hardware wallet is one of the safest wallets available. Hardware wallets do require an initial investment though – you need to buy the hardware itself upfront. Most hardware wallets for sale will support not only XRP but other crypto assets as well.
Software Wallets Explained
A software wallet is generally free to use. It will store the private key to your XRP tokens on your device, whether that be a mobile phone, desktop, or laptop computer. A software wallet is considered less safe than a hardware wallet because it might be vulnerable to malware. Make sure to take the necessary precautions and only download official or highly recommended software wallets.
Best XRP Wallets
Here are some of the best XRP wallets for you to consider.
Binance is a software wallet. It is one of the safest XRP wallets and offers a wide range of tools for trading online. The platform is compatible with Web, iOS, Android, and PC clients. Binance offers basic and advanced exchange interfaces for trading.
2. Bitcoin IRA
Bitcoin IRA is a platform that enables you to buy or sell crypto with minimal effort. Like an IRA, it offers you tax-free gains on profits. The Bitcoin IRA is not only for trading in Bitcoin. You can trade in gold, XRP, and more. You can store your crypto assets online and engage in secure trading through SSL.
3. Coinbase They dont list XRP so no good at all.
Coinbase Wallet is a software wallet. It provides multi-currency support and allows you to generate more wallets for different cryptocurrencies easily. You can send crypto payments via the app and store your keys on Google Drive. This ease of access makes it a good wallet, however, it also makes it more vulnerable to hackers.
Coinsmart is a software wallet linked to a digital currency exchange. This enables you to buy and sell crypto with no hassle. It supports a wide range of cryptocurrencies like Bitcoin Cash, XRP, Litecoin, and more. Coinsmart processes all fiat withdrawals in a few days.
5. Ledger Nano
Ledger Nano is a hardware wallet. Ledger Nano XRP wallets are secure, reliable, and support multiple cryptocurrencies, so there is no need to switch wallets if you need to store more than one asset. Security is the most prominent feature of the wallet. You can take it off the grid at any time, making it almost impossible for hackers to steal your assets.
Trezor is a hardware wallet. It offers high security, multicurrency support. Its open-source design means it is constantly being improved.
Coinmama is a software wallet linked to a cryptocurrency exchange. You can buy cryptocurrencies with your credit card or debit card and you can get instant delivery of your coins.
Edge Wallet is a feature-rich software wallet. It has an easy-to-use user interface and a unique approach to the security of your funds. Its interface seems quite easy for the users of banking apps. Also, Edge provides you an easy-to-use security layer that you have full control over. The wallet offers the facilities of sending, receiving, storing, and exchanging coins.
Electrum is one of the best XRP wallets available on the market. It is a software wallet, but you can integrate this free Ripple wallet with existing hardware solutions, including KeepKey, Trezor, and Ledger Nano. This allows for top-level security and a low waiting time for online transactions and payments. Electrum offers great security and prevents theft and fund loss.
11. Atomic Wallet
Atomic Wallet is a software wallet. It is a decentralized wallet platform that lets you operate without the need to register and verify your account. This creates a focus on privacy.
12. Exodus Is a good choice as well
How to Buy Ripple XRP
If you are planning to buy Ripple XRP, you can follow these easy steps:
- Get an XRP Wallet – to store your Ripple XRP you will need a wallet that can hold them. Choose one of the best XRP wallets reviewed above.
- Get your public address – once you have your wallet, you will need to find your public XRP address.
- Choose a crypto exchange – in most cases, you’ll need to open a brokerage account with a crypto broker before you can buy or sell any type of stablecoin or altcoin. The best platform for you will vary depending on the assets you need access to.
- Find Ripple XRP to buy – this is the part where you need to know how to buy Ripple XRP. Find the three letters XRP ticker symbol on the crypto exchange.
- Buy Ripple XRP – place your buy order through your brokerage account. A buy order is a set of instructions that tells your broker which cryptocurrency you’re buying, how many coins you’re buying, and sometimes the price that the order should be executed at. You can pay for the Ripple XRP via a credit card or a wire transfer. When the order is complete, you’ll see your coins in your trading account.
- Send the Ripple XRP to your wallet – using your XRP address, send your newly bought Ripple XRP to your wallet. You now know how to buy Ripple XRP!
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Choosing the best XRP wallet is not as easy as it sounds. Even the best XRP wallets each have their pros and cons.
You need to be careful when you are choosing a wallet for your cryptocurrency. Spending time to understand different Ripple XRP wallet options is important to protect yourself.
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