• X
  • Listen in to our latest podcast!

    November 10, 2017

    How to buy Ripple in South Africa

    How to Buy Ripple In South Africa

    Seeking to buy Ripple in South Africa? Here’s an easy guide to purchase, trade, and store Ripple with software or hardware wallets!

    While cryptocurrencies such as Bitcoin and Ethereum have cemented themselves in the minds of investors this year, other emerging digital currencies have begun to stake a claim in the market; and while contenders such as Litecoin, Dash, and zCash battle it out, local investors have continued to seek out ways to buy Ripple in South Africa.

    Released in 2012, Ripple is built upon an open source internet protocol and consensus ledger which is powered by a native cryptocurrency called Ripples (XRP).

    Read: How to buy Ethereum in South Africa

    The Ripple Transaction Protocol supports tokens that can represent fiat currency, cryptocurrency, or any other commodity or unit of value. Ripple has, over the past year, been adopted by numerous banks and the Ripple network has even been adopted by the Bill and Melinda Gates Foundation.

    While the former advent has set some tongues wagging in the hardline cryptocurrency community, Ripple remains an interesting investment for South Africans considering its relatively low price (at the time of writing), its appeal to banks and other corporate entities, and its focus as serving as an alternative remittance option to many financial instituitions.

    How to buy Ripple in South Africa through Coindirect:

    South Africans seeking to invest in Ripple can make use of Coindirect – Coindirect is a local exchange that offers South Africans easy trading access to a host of cryptocurrencies, including the likes of Bitcoin, Ethereum, Litecoin, and many more.

    To buy Ripple in South Africa, users can create their own Coindirect account by signing up with their email address and can then create a password. In order to unlock a R15,000 ZAR trading limit, users will need to fill in their personal details and can verify themselves by uploading a copy of their ID or Passport, a selfie holding both items, or a Proof of Address.

    Users can then make use of secure instant EFT to purchase their coins – within a 90-minute payment window, users can dictate how much Ripple in XRP or Rand value they wish to purchase, and can EFT the required funds directly to Coindirect. Until the EFT is authenticated, the allocated Ripple will be held in escrow.

    Coindirect provides customers with both easy access to an online Bitcoin and Ethereum wallet, and users trading Ripple will further receive their own online wallet for their personal use.

    Users interested in selling their Ripple or other cryptocurrencies can further setup payments to reflect directly into their banking account of choice once a trade is completed.

    Ripple trading: a note on Ripple network activation fees

    An important factor to take into account when purchasing Ripple is that the Ripple network requires a minimum 20 Ripple as an address activation fee. Traders wishing to withdraw Ripple for the first time should make sure that their initial transaction is hence above 21 Ripple.

    Ripple Wallets: hardware or software?

    A popular option amongst investors is to transfer their purchased cryptocurrency to an online wallet for safe-keeping; while this can be affordable, some online wallets require users to share intimate account details which can leave investors open to scams.

    Some surety in this process can be gained by never sharing the private key to one’s Ripple, and traders making use of Coindirect can secure their online wallets through two-factor authentication (such as through Google Authenticator).

    A more secure method – although, naturally more expensive – is to purchase a hardware wallet to store one’s cryptocurrency. These typically take the form of a USB node that appears somewhat familiar next to a USB flash storage drive.

    Read: How to buy Bitcoin in South Africa

    Have your say!

    What are your thoughts? Do you plan to purchase Ripple in the near future? Be sure to let us know your opinion in the comments below!

    Follow Bandwidth Blog on Twitter: @BandwidthBlog

    Listen in to our latest podcast!