Binance and Coinbase are among the best-known crypto exchanges, while Ripple (XRP) is the third largest cryptocurrency in the world by market capitalization. We therefore take a look at the possibilities Binance and Coinbase offer in terms of trading with Ripple.
Buy Ripple on Binance
Binance is a pure crypto exchange that does not support trading in fiat currencies such as the euro or the USD. But one of the cryptocurrencies that can now be traded on Binance is Ripple. You can trade both Bitcoin and Ethereum for Ripple/XRP on Binance. For this you first need an account on Binance. On the Binance homepage, go to Register at the top right, and on the next page enter a valid email address and choose a password. Binance will send you a confirmation link to your email address. Once you click on the link in the email you received, the registration is complete and you can log into your account. To send Bitcoin or Ethereum to your Binance account, go to Funds in the top bar and then select Deposits:
In the next window you may then choose the cryptocurrency you would like to deposit (in the screenshot below it is Bitcoin):
The deposit address you can find on the page and that is specific to the chosen cryptocurrency has to be entered on the platform which you are sending the bitcoins to Binance from. After successful completion of the transaction, you can review the details on the Binance page under Funds -> Transaction History.
The next step is trading your Bitcoins for XRP/Ripple. To do this, select the trading pair on Binance and then enter the details on the page for that trading pair:
Especially for those who do not have much experience in trading cryptocurrencies (or in trading on exchanges in general), it is worthwhile checking out general information and specific options for trades on the relevant page provided on the platform.
Why you can’t buy Ripple on Coinbase
Although Coinbase is one of the largest exchanges for cryptocurrencies and Ripple one of the most important digital currencies, XRP cannot yet be traded on Coinbase and some other crypto exchanges. The Ripple company is not decentralized, but decentralized control is usually a trademark of cryptocurrencies. And against this background, there is the fear that it cannot be ruled out that the US regulators may classify Ripple/XRP as a security. And this would also increase the legal obligations for crypto exchanges such as Coinbase as additional licenses and approvals would have to be obtained.