Hey folks, another Crypto-currency that has been causing quite a big “ripple” in the recent bitcoin wave is the coin named Ripple, also going by the abbreviation XRP. Ripple is making a big name for itself and is proving to be consistently growing, partnering with corporations and banks that are adopting its technology worldwide. Many of you must have already heard the fuss about Ripple, the question is “How to Buy Ripple in UAE?“. Let me give a brief introduction to the coin and its distinguishing features that makes it different from other conventional cryptocurrencies.
So by using RippleNet, international transfers from bank to bank have been made blazingly quick ? with the use of blockchain technology, and now banks can verify and reflect the transaction at speeds never witnessed before, which is very remarkable. Recently Ripple got listed as a partner with some major Banks, including Standard Chartered Bank and even UAE local banks such as RAKBank. With a talented team excelling in their respective fields from finance to development, Ripple has revolutionized payment processes for banks worldwide. For more details head to the Official Ripple Website.
While banks are taking their time in adapting Ripple, there is an undeniable mutual benefit in adopting this new technology to circulate funds, the first being that banks save several dollars on each transaction by using Ripple’s protocol, with the help of the xRapid product developed by Ripple alongside their other products. This will result in banks skyrocketing their profits looking at the countless transactions they will be reducing costs on, and we all know how banks love profits?. At the same time, clients will experience lightning-quick transfers of their funds, gone are the days of taking several days to send money.
So its a Win-Win situation on either side of the banks and the customers.
Before You Buy Ripple in UAE
Considering the fact that currently you can only Exchange Ripple with Bitcoin & Ethereum Coins in local exchanges, that means you have to start the process with acquiring one of those two currencies of course. If you don’t have bitcoin to exchange for ripple please read our post on How to Buy Bitcoin in Dubai from Bitoasis? If you wish to buy Ripple with Ethereum it is also possible, and in fact cheaper. For more information on that read our articles on How to Buy Ethereum in UAE and How to Buy Altcoins with Ethereum.
- BitOasis (Recommended)
- Binance (Recommended)
- Changelly (Recommended)
- Bittrex (Recommended)
- CEX.io (Recommended for ease of purchase | Higher rates)
For all the above exchanges it’s mandatory that you verify your account to an enhanced level to do successful trading and withdraw your funds anytime, I know it sucks as it can be tedious and take a long time in some cases, but there is no other way around it. They will require some documents to prove your identity, it is very important to follow their steps to the dot to accelerate your verification process.
How to Buy Ripple In UAE? Step by Step Guide
After creating your account at one of the mentioned exchanges, and hopefully becoming an enhanced verified user, you can start your exciting venture?! First, move some bitcoins from your BitOasis wallet to your exchange’s wallet. in the following example we are using Bittrex, but if you wish to learn how to trade on Binance, which we actually prefer as CryptoNews team from a user interface perspective, read up our article on How to Buy Altcoins on Binance with Ethereum , but before that you will have to read the piece on How to Buy Ethereum on BitOasis, which is very useful since the transfer rates of Ethereum are actually lower than Bitcoin.
- Login to Bittrex and get to your BTC wallet Address by navigating to the wallets tab, searching for BTC or Bitcoin in the search bar, and clicking the (+) icon on the right side of BTC.
- Copy your BTC wallet address
- Login to BitOasis and transfer desired amount of Bitcoin from BitOasis to Bittrex Wallet, just navigate to Send Tab and paste your Bittrex BTC wallet address exactly.
- BitOasis will charge you some transfer fee which is being charged in BTC dynamically if you wish to check the fee you will be charged press ‘Get Fee’ before confirming the transfer.
- After confirmation wait for the Bitcoin balance to be propagated in your Bittrex wallet under the wallets section.
- To follow up on your transfer in Bittrex, you can look at the ‘Pending Deposit’ column to observe the amount of bitcoins waiting to be transferred. Binance is ahead of Bittrex in this sense, as it shows you the exact number of blockchains remaining for your transfer to come through.
- Once you receive your BTC Balance in Bittrex click on the ₿ Market tab on the top and search for Ripple (XRP) market to begin your BTC-XRP Trade.
- When you reach the XRP trading page, buy your Ripples by choosing the Ask price and clicking on the max button if you wish to trade all your available BTCs for XRP.
- Once you have acquired the Ripple tokens you will receive them in your Bittrex Wallet.
That’s all fellow crypto-traders, now you have successfully acquired Ripple ?, thanks for reading my article on How to Buy Ripple in the UAE and the Middle East. If you like the post do share and if you happen to have any more questions comment below and the CryptoNews team would be happy to help ?. Wish you a successful Crypto-trading experience, and hopefully the value of your XRPs will go to the moon ?!!!
P.S: BitOasis has hinted rolling out XRP on their exchange, read our latest article on that!