If you’re interested in XRP, also known as Ripple, you should make sure you know exactly what you want when you pick your compatible wallet. Unlike a Bitcoin or Ethereum wallet, an XRP wallet requires every owner to start out with having at least 20 XRP available on their account. This amount serves as a small form of charge all XRP owners have to pay.
Why have the 20 XRP charge? The developers wanted to prevent hackers from creating multiple accounts on wallets who could then attempt to spam the network. While it may seem like an unnecessary choice, the developers did this to protect the overall community.
Because of this charge, every XRP cryptocurrency trader must absolutely know they made the best decision when they pick out their wallet. What wallets on the market can hold XRP? What features do they have? Where can you purchase XRP?
CoinPayments was created by a team of developers from Canada who made an easy to follow website for those getting started in the world of cryptocurrency. You don’t have to visit an exchange to get started with them. Instead, you can invest in XRP directly from their website after you’ve made your new account. Unlike other cryptocurrency websites and wallets, CoinPayments acts similarly to a traditional bank. Much like a modern bank, you can connect your smartphone to your account to closely observe your investment throughout the day or use the application to make a transaction using your XRP.
For those who haven’t devoted all of their funds to one cryptocurrency may get the most from this wallet as you have the freedom to dabble in a little bit of everything. CoinPayments works with over 240 altcoins that you can store all from a single account. Additionally, you can convert any of the currencies you have on your CoinPayments account to another currency rather than having to do all of the work from an exchange website only to return your new funds back to your wallet. You can do it all from one location.
CoinPayments does have a specific drawback: all transactions made from this wallet comes with a 0.5% fee.
This online wallet makes it simple for first time cryptocurrency investors to get started by providing them a convenient service all from one website. From their Cryptonator account they can create their wallet and exchange currency to go directly to their account. While Cryptonator do not have the same currency variety compared to CoinPayments, this website provides bank-level security for all accounts. Additionally, you can sync your account to your smartphone from an easy to use application and make a transaction from any location.
Not every cryptocurrency user will find Cryptonator to their liking as it acts like a traditional bank compared to other wallets. Normally, those who create a wallet have access to their private key they have to keep track of. Cryptonator does not provide this and keep track of this information from their website. For some users, this may feel too much like a traditional bank and prefer one of the other services listed in this article.
The developers behind Toast Wallet wanted to work with as many users as possible, regardless of their desktop’s operating system or what phone they use. The application’s wallet can get downloaded from a Windows, iOS, or Linux computer, or exclusively work from a Chrome browser. The developers made this one of the cleaner websites to use for anyone new to cryptocurrency to jump right in while also keeping it as secure as possible.
For cryptocurrency traders constantly on the move, you can download your Toast Wallet account to your Android or iOS phone and keep a dutiful eye on it. If you plan on using your your smartphone the most with this application, its best to keep the account information written down somewhere in case something were to happen to your smartphone. While Toast Wallet remains easy to use, they did make it difficult to recovery an account.
Due to this being a hot wallet, it’s recommended you don’t try to keep all of your XRP on this account. You may want to treat it like a debit card with a limited amount of funds and have the majority of your funds stored separately.
Ledger Nano S
If you’re planning to stay invested in your cryptocurrency for the long run, the Ledger Nano S may serve you best. This wallet uses a piece of hardware you hold on to and plug into your computer to download the funds you purchase on it. By doing this, it makes it infinitely more secure than the ones directly connected to the blockchain servers. Also, whenever you want to do a transaction you have to confirm the payment with a pin the Ledger digitally produces attached to the side of it. The look and function of the Ledger Nano S resembles a flash drive.
Additionally, the Ledger permits all owners to hold multiple cryptocurrencies on it. If you have investments in other cryptocurrencies you can exchange them in for XRP and still use this wallet without having to switch to another.
While it provides additional security, you do have to carry it around with you like a traditional wallet. For all of the added layers of security, the Ledger Nano S comes with a reasonable price tag of 79.99 €.
Of the wallets detailed in this article, Exarpy was the most recent to release and only holds XRP. This wallet was designed with a simple interface and the developers created a number of how-to videos on their YouTube page showing how those who create an Exarpy wallet can send XRP to cryptocurrency exchanges or send their newly purchased XRP funds to their new Exarpy account from those same exchanges.
Because Exarpy was recently released, the wallet does not have as many features as the others. Soon, the developers plan to create Ripple gateway payment solutions, which mean when members have a wallet on Exarpy they can directly purchase XRP using USD or Euros and have it go straight to their wallet from their account on the exchange of their choosing without visiting a different website. The team currently have their gateway payment programs created for Changelly and Coinbase.
This particular wallet may best serve those who have worked with XRP for quite a long time and have interest in looking into other wallets. Based on the kind of feedback the Exarpy community gives, the development team may add new features to grant accounts the ability to hold additional currencies. Though, this remains undecided.
Now that you’ve investigated your choices of wallet you likely have an idea of what you want to start with. Here’s the next big question: where can you go to buy XRP? Do most cryptocurrency exchanges have XRP available?
Ripple simplified the process and created an entire page for you to choose from on their website! They feature sixteen different cryptocurrency exchanges for you to choose from with two more, SBI Virtual Currencies and Satoshi Citadel Industries, coming soon.
Remember to have at least 20 XRP available on your wallet account to pay for the address fee. Also, if you plan to use one of the exchanges brought up in this article do not anticipate keeping your funds on the exchange’s website for long. The longer you keep it there the higher chance you have of losing your funds.
You should ensure you transfer your funds to your chosen wallet as quickly as possible to have direct control over them. When you do, you can start making transactions with you newly acquired XRP on anything you like from a secure, reliable source.
Please note: One of the more reliable XRP wallets not mentioned on this list was called Rippex. Rippex was created by by a Brazilian team who developed a dependable wallet with excellent security for their users. On February 2nd, the Rippex team announced they would close their website and wallet to all users. The team provided a timeline showing all accounts and funds connected to Rippex will freeze on April 2, 2018. For anyone who uses a Rippex wallet, or planned to use one, one of the wallets featured on the list will serve as an excellent substitute.