A few days ago a mate of mine reached out asking me the following question: Can you buy ripple on Coinbase? The answer is no and yes. You cannot (currently) buy XRP on Coinbase, but you can, however, buy another cryptocurrency on Coinbase, transfer it to an exchange and trade the cryptocurrency for Ripple.
The interest in Ripple has grown tremendously during the last couple of months due to the price increase as well as that banks seem to love Ripple (read more on why banks love XRP here). In this article, however, we will not focus on what makes Ripple so good and why you should invest in it, rather we will show you how to use your Coinbase account to buy Ripple.
How To Buy Ripple on Coinbase
1. Sign up to Coinbase (with our link you’ll get a $10 bonus when you spend over $100 with them)
2. Sign up to Kraken, Bittrex, Bitstamp or Binance (cryptocurrency exchanges supporting Ripple)
First, you deposit money into Coinbase in EUR or USD. If you already have some cryptos on Coinbase, this won’t be needed. Then, grab the Bitcoin public address from your cryptocurrency exchange, this is the address you will use to receive Bitcoins in the future as well. Make sure that you don’t change the address in the slightest since sending Bitcoin is non-refundable and if you have 1 error in the code it might send to someone else’s wallet, and not yours. It’s advised to send a test amount of $1 to make sure it is working properly.
Once you have tested and sent over the amount to the exchange of your choice, it’s time to exchange the Litecoin, Bitcoin, Ethereum or Bitcoin Cash for Ripple. And voilá, you have bought Ripple on Coinbase (sort of)!
We hope that, in the future, Coinbase adds support for Ripple so that you don’t have to go through this hassle to buy Ripple on Coinbase. Even though this method might seem a bit confusing at first, it is a very simple process and usually doesn’t take more than a few minutes to get done.
Having a hard time picking a Ripple exchange?
Read this tutorial on the best XRP exchanges so that you easily can find the best exchange for your needs (payment methods offered, fees, and good customer support for example).
Also, make sure to not keep all your capital on an exchange since it has a higher risk of being hacked than for example hardware wallets. Here you can find the best wallet for Ripple.
Have a good one!