Can I buy Ripple in Coinbase?

At the moment, it’s not possible to buy Ripple directly from Coinbase. After Ripple Labs was accused of accumulating profit illegally by SEC early this year, Coinbase suspended Ripple trading. Allegedly, they were offering digital asset securities that they had not registered with the watchdog. Ripple claims this wasn’t true because Ripple does not have the status of a security. It’s up to the court to decide. Either way, it impacted their reputation negatively in the US, and Coinbase is a US-based exchange. It wasn’t impacted elsewhere and quite a few investors are still willing to buy it.    

Before getting started, you need to register with Coinbase and download their Atomic Wallet app on your phone. Then, sign in to your account. In the top right hand corner, you’ll see a Buy/Sell button. After you click on the “Buy” tab, you’ll see a drop-down menu of assets you can trade. Choose Stella Lumens (XLM). You can exchange it for XRP later. Why XLM? It is believed to be the best coin for exchanging because its fees are among the lowest.

You’ll see several preset amounts, ranging from 10 to 1,000 dollars. Choose an amount you want to buy XRP for. Of course, you don’t need to limit yourself to those. To enter a specific amount of your choice, click on “Custom”. Keep in mind that while minor, fees are still fees.

The next step is “Buy Now.” You must send the assets to your Atomic Wallet. Once you open it, type in “XLM” in the search bar. Then, press “Receive” and copy the XLM address. Now, go back to the exchange. Press “Send/Receive” in the top right hand corner and paste the Stella Lumens address in the “To” field. Under “pay with”, choose “XLM”, then go to “Continue.” Your Lumens will be in your wallet in a few minutes.

Finally, go to “Exchange” and choose “XLM” and “XRP” under “You Send” and “You get” respectively. Press “Send all,” then tap on “Exchange.” Now you’ve completed the conversion.

Leave a Reply

Your email address will not be published. Required fields are marked *