XRP wallets are most searched wallets of 2019 and there is a reason behind it.
Today we are going to find out the reason behind these huge searches and what are the best ripple wallets of 2019?
Cryptocurrency wallets are essential to keep all your digital currencies safe. They carry out a very crucial task of protecting your keys and it is therefore imperative that we choose the right wallet to store our digital currencies.
Today at BlockchainBiome, we look at some best wallet for ripple and some of the features that they have.
Latest News: The latest news comes from Ripple CEO is the sudden turnaround on Bitcoin.
What is Ripple?
Ripple is one of the most highly valued cryptocurrencies in the market. It has tremendous value and has been rapidly on the rise in the recent past. Ripple was created with the intention of transforming digital payment systems. You should check this detailed discussion is ripple a scam?
One of the distinguishing characteristics of Ripple is that mining on the network does not generate new coins. All existing coins in the network were released during the initialization of the network.
Consequently, there are no rewards or transaction fees that are paid to the miners. The founders of Ripple are also responsible for the creation of RippleNet. Through RippleNet, Ripple aims to create a seamless mode for transacting money.
Ripple was built in order to alleviate the problems of cross border transactions. It acts as a central currency during transactions involving multiple currencies.
Where to buy Ripple?
Ripple can be exchanged for several cryptocurrencies such as Ethereum and Bitcoin on exchanges such as Changelly, Bittrex, Binance, Bitfinex, and HitBTC.
Ripple (XRP) is supported on most cryptocurrency exchanges and finding the right exchange should not be too much of a hindrance.
To carry out trade to obtain Ripple using Changelly:
- Visit https://changelly.com/ and create an account for carrying out the exchange.
- Select the preferred cryptocurrency for carrying out exchange with Ripple.
- Select the amount of cryptocurrency that you wish to exchange Ripple for.
- Click on the ‘Exchange!’ option.
- You can then view the exchange rate for the transaction that you desire. Click on ‘Next’ if you are comfortable with the transaction rates and click on ‘Next’.
- Next, you will have to choose the wallet address or the recipient address for depositing the Ripple that you buy. Choose the address and click on ‘Next’. This is where you will need a Ripple wallet to store the coins.
- Finally, you will have the option of reviewing your transaction details. Go through the details meticulously and choose ‘Confirm & Make Payment’ to confirm the transaction. You will then receive confirmation of the transaction in your email.
To obtain Ripple through trade on Bittrex:
- Visit https://bittrex.com/ and set up an account for trading by signing up.
- Navigate to the ‘Markets’ section. This is where you will get to carry out the trade.
- Select the cryptocurrency and Ripple pair that you want to exchange on the platform. You can do so by searching for the currency in the search bar available on the Markets page.
- If you wish to buy Ripple, you will merely have to search for Ripple in the search bar. You will then get the option to either Buy or Sell Ripple.
- Next, choose the specifics of the transaction such as bid/ask, number of units, the type of transaction and the total. Choose ‘+ Buy XRP’ to buy XRP. Additionally, you can set how long the transaction will be valid for, in the ‘Time-in-Force’ field.
To carry out trade for Ripple on Binance:
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- Visit https://www.binance.com/en and create an account through a straightforward email registration process.
- Choose ‘Deposit’ and deposit your preferred cryptocurrencies onto the Binance platform.
- You will find the ‘Trade’ section on the right-hand side of the screen. Choose the cryptocurrency and Ripple pair.
- You will find the order book on the left. You will find the price at which the buying or selling is taking place. Here, you can choose your price.
- Select ‘Buy XRP’ at the bottom. Once done, the transaction will be complete.
Here are some of the Best Ripple Wallet: XRP Wallets
|S.No.||Best Ripple Wallet|
|1.||Ledger Nano S|
Why use a wallet?
One might wonder, why even use a wallet in the first place? To answer this question, you will need to understand what a wallet is and what it does for you.
A cryptocurrency or ripple wallet facilitates the storage of keys and communicates with blockchain networks. Primarily, wallets carry out transactions of digital currencies and help in monitoring them. Digital currencies are not ‘stored’ in these wallets in the traditional sense. Rather, wallets store your public and private keys. Additionally, they make your transactions with the blockchain much simpler and convenient.
There are several kinds of wallets. These include hardware wallets, desktop wallets, and online wallets. Desktop wallets require you to download them onto the desktop in order to be accessed.
These are generally only allowed on a single system. Despite the fact that this means that there is a single point of failure, desktop wallets are generally very secure. Contrary to desktop wallets, online wallets are not hindered by the single system drawback. Online wallets exist on the cloud and are accessible on any system with an internet connection.
However, these wallets are more susceptible to attacks and are less reliable since they are owned by third parties.
Hardware wallets store the information on devices such as a USB. While the transactions are online, the keys are stored offline, which, enhances security. These wallets can be interfaced to the web so that they can connect to networks. Since the storage of keys is offline, they cannot be hacked.
Ripple wallets provide a way for users to secure their digital currency. It is necessary to have a wallet and a wallet address to carry out trade and exchange of cryptocurrency.
Therefore, wallets are essential.
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Ledger Nano S
When talking about the best wallet for ripple, the Ledger Nano S can never be excluded from the discussion. Ledger Nano S offers a secure way of storing your keys. Ledger is a company that started building hardware for Bitcoin.
To connect the hardware device to the computer, you will be provided with a micro USB cable. Ledger Nano S provides support to most prominent cryptocurrencies, including, Bitcoin, Ethereum, Ripple, Litecoin, Dash, etc.
It has two physical buttons that you would have to press at the same time to complete a transaction.
Setting up the Ledger Nano S:
- Plug the Ledger Nano S to turn it on. You can connect it to the computer using the micro USB cable that will be provided to you when you purchase Ledger Nano S.
- Next, you will have to create a secure 4-digit pin on the screen. After selecting each digit of your PIN, you will need to press both the buttons on the device to confirm the digit.
- Once the PIN is set up, you will have to write down a 24-word recovery phrase. This phrase is extremely important. So, write it down carefully. The words appear one at a time.
- Ledger Nano S will then ask you for two random words from the phrase. Enter the words accordingly.
- Install the Ledger Manager app to manage the hardware wallet from your computer.
Using Ledger Nano S is also very straightforward. Entering the PIN and simultaneously pressing both buttons on the device will allow you to complete transactions. One more reason why this is one of the XRP wallets is its price. Ledger Nano S is priced at $59.
Toast – Best XRP Wallet
Toast wallet was specifically built for Ripple, so it is often referred to best ripple wallet. Toast is completely open source and was built for storing XRP. One of the desirable features of Toast is its support for cross-platform utilization. Toast is available on iOS, Android, Windows, Linux, and Mac.
Must Read: In-Depth Toast Wallet review, Is it a Safe?
Using Toast Wallet:
- Download the desktop version of the Toast wallet or download Toast Wallet from the Play store.
- Launch the app, you will then see a warning that says that the wallet cannot be used until a deposit of 20 XRP is made to it. You will need to send 20 XRP to the wallet to have it activated.
- Next, click on ‘Create New Wallet’ to get started with a new wallet.
- The next step would be to create a PIN to secure your wallet.
- Once done, you will have to set a passphrase to encrypt the wallet. Write down the recovery phrase and store it securely. You will need this in case you lose your phone or delete the app.
- Click on ‘+’ to generate a new wallet address. To this address, you should send 20 XRP through any exchange or platform. When this is complete, the XRP wallet is set up and ready to use.
Toast is considered to be a secure wallet. It is specifically meant for XRP and there should be no hassles while using it.
GateHub is an easy to use online ripple wallet with a sleek user interface that can be used by beginners. GateHub can be used for Augur, Ripple, Bitcoin, and Ethereum. It was primarily built for Ripple and is the best wallet for ripple.
Must Read: GateHub Review, Is it Worth Trying?
- First to start with this XRP wallet, register for an account on GateHub. To do so, specify an email address and set a password for it.
- You will get a recovery key for accessing the wallet. Store this key securely.
- When you log in for the very first time, you will need to choose an account type. You will have to provide and validate a phone number.
- Next, you will have to verify your account by uploading the requested documents. This verification is mandatory if you choose to carry out a trade using the wallet.
- Furthermore, you can set up 2 Factor Authentication for additional safety.
Exarpy is yet another best ripple wallet platform built especially for it. It is also an online platform that provides a secure and easy way to store Ripple. The best aspect of Exarpy is that it has easy tutorials that help users understand how to use Exarpy.
Users can buy Ripple on various exchanges or exchange cryptocurrency for Ripple on other platforms and store it on Exarpy.
However, Exarpy charges its users on every transaction. There is a flat fee of 0.025 XRP for every transaction carried out. It is the best XRP wallet if you do not mind the transaction fees and are looking for a convenient way to carry out Ripple transactions.
Desktop Wallets: Best Wallet for Ripple
Atomic is a desktop wallet, which means it will have to be installed on the desktop to be used and accessed. Atomic works on Windows, Mac, Ubuntu, Debian, and Fedora. It is easy to use and rather convenient.
Atomic has additional features that allow users to exchange XRP on it through an in-built exchange platform that is powered by Changelly. Additionally, through Atomic, one can buy XRP with a bank card.
Atomic guarantees safety. It has support for over 300 tokens. Atomic poses no problems while using it and is one of the best Ripple wallets available.
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Oops! Sorry Rippex is Closed Right Now.
Rippex is also a desktop wallet and provides great control over managing Ripple. Rippex even has a 2 Factor Authentication system that keeps all the keys secure. All the transactions are validated by the Ripple network.
To use Rippex:
- To start with this XRP wallet visit the Rippex site and download the wallet application from their site.
- Choose your operating system and download the application.
- Once you get your wallet, to activate it, you will need to add some XRP into the wallet.
- You can then carry out payments by entering the wallet address and the amount, and click on ‘Confirm’.
Wrapping up Best Ripple wallets
Wallets are absolutely necessary to keep your digital currencies safe. In this article, we have listed out some of the best XRP wallets.
While selecting a wallet, you will have to factor in the security for the different types of wallets. Some might find that online wallets are more convenient while others might prefer the security provided by hardware wallets.
All the ripple wallets listed above are sure to leave you satisfied and are considered to be highly secure.
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Don’t forget to let us know your favorite ripple wallet in the comment below!