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Simplest way to buy Ripple without multiple moves

  • 10-02-2018 5:39pm
    #1
    Banned (with Prison Access) Posts: 154 ✭✭ iomusicdublin


    Can anyone help here. 2 questions

    1. Whats the best way to buy ripple direct without multiple moves or transfers.

    2. What is the best wallet for XRP?

    I do not want to deal with Kraken or Bitstamp or multiple accounts.

    Here is how a UK user advises

    Send GBP to revolut. (No fees)

    Convert to EUR (no fees)

    Sepa it to coinbase (no fees)

    Transfer to Gdax (no fees)

    Buy BTC with eur (No fees)

    Send BTC to binance (no fees)

    Buy xrp with BTC (0.1% fee)


«1

Comments

  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Send BTC to binance (no fees)

    LOL.

    Anyway - you need to have a verified exchange account of some form, whether it be Coinbase or Kraken or Binance.


  • Registered Users Posts: 10,905 ✭✭✭✭ Bob24


    Can anyone help here. 2 questions

    1. Whats the best way to buy ripple direct without multiple moves or transfers.

    2. What is the best wallet for XRP?

    I do not want to deal with Kraken or Bitstamp or multiple accounts.

    Here is how a UK user advises

    Send GBP to revolut. (No fees)

    Convert to EUR (no fees)

    Sepa it to coinbase (no fees)

    Transfer to Gdax (no fees)

    Buy BTC with eur (No fees)

    Send BTC to binance (no fees)

    Buy xrp with BTC (0.1% fee)

    See here: https://ripple.com/xrp/buy-xrp/

    The ones which mention EUR will let you convert euros directly to Ripple (but some of them don't work very well or are very slow to verify accounts ... so I'll abstain from recommending a particular one).


  • Banned (with Prison Access) Posts: 154 ✭✭ iomusicdublin


    Bob24 wrote: »
    See here: https://ripple.com/xrp/buy-xrp/

    The ones which mention EUR will let you convert euros directly to Ripple (but some of them don't work very well or are very slow to verify accounts ... so I'll abstain from recommending a particular one).

    I have read a lot on Reddit and that seems to be an issue in a number of exchanges. What do you use and how long did it take for verification?


  • Registered Users Posts: 10,905 ✭✭✭✭ Bob24


    Bob24 wrote: »
    See here: https://ripple.com/xrp/buy-xrp/

    The ones which mention EUR will let you convert euros directly to Ripple (but some of them don't work very well or are very slow to verify accounts ... so I'll abstain from recommending a particular one).

    I have read a lot on Reddit and that seems to be an issue in a number of exchanges. What do you use and how long did it take for verification?

    I submitted documents to Bitstamp 2 months ago and still not verified :-s

    But my GF who submitted after me got verified in a bit over a month and I saw some people online claiming it was done in a week or 2 las month, so it seems random. I didnt bother trying to register with another one as I don’t want my proofs of ID and address to fly around too much and my GF can hold stuff for me in the meantime.

    Once verified it seems to work fairly well. But the duration of the verification process is not very reassuring about customer support of something was to go wrong.


  • Banned (with Prison Access) Posts: 154 ✭✭ iomusicdublin


    Bob24 wrote: »
    I submitted documents to Bitstamp 2 months ago and still not verified :-s
    That is no use
    Bob24 wrote: »
    I didnt bother trying to register with another one as I don’t want my proofs of ID and address to fly around too much

    This is my problem, I do not want to have 5 different accounts for the coins


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  • Closed Accounts Posts: 2,021 lifeandtimes


    That is no use



    This is my problem, I do not want to have 5 different accounts for the coins

    I set up an account with coinbase with my debit card , buy eth or btc, send it too binance and buy xrp

    2 accs but you'll need at least 2 to buy crypto to be fair


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Gatehub?


  • Moderators, Society & Culture Moderators Posts: 15,419 Mod ✭✭✭✭ smacl


    grindle wrote: »
    Gatehub?

    I know the OP discounted Kraken, but given it has SEPA support and EUR/XRP pairing it seems like a simple choice that only requires one account and no intermediate coins. Current fees are listed as 0.16%/0.26% up to $50k and 0.14%/0.24% subsequently. Edit: FWIW, my Bitstamp verification took over a month as well, which resulted in me never actually using it as I've got access to all the coins I want through other exchanges long since.


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Yeah, Kraken would be my pick too but OP seems resistant and Gatehub's verification time is likely lower due to lack of traffic.


  • Banned (with Prison Access) Posts: 154 ✭✭ iomusicdublin


    grindle wrote: »
    Yeah, Kraken would be my pick too but OP seems resistant and Gatehub's verification time is likely lower due to lack of traffic.

    kraken was shut down for 48hrs for an "upgrade" last month.

    https://cointelegraph.com/news/kraken-down-nearly-48-hours-gives-engineers-time-to-rest-before-resuming-service


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  • Registered Users Posts: 470 ✭✭ manu2009



    Yes they upgraded there trading platform to deal with the increase in user numbers and it has been performing a lot better since.

    It really is the simplest option, otherwise you will need multiple accounts and the process will take a lot longer.


  • Registered Users Posts: 14,619 ✭✭✭✭ banie01


    manu2009 wrote: »
    Yes they upgraded there trading platform to deal with the increase in user numbers and it has been performing a lot better since.

    It really is the simplest option, otherwise you will need multiple accounts and the process will take a lot longer.

    +1 on this.
    Their previous platform was straining at the seams and leading to multiple ossues with order errors, transactional delays and confirmations.
    Kraken had expected the upgrade to take @6hts and encountered multiple issues on the new system going live that led to extended downtime.
    The new platform is much more stable and allows an easy gateway to XRP and other coins with FIAT


  • Banned (with Prison Access) Posts: 154 ✭✭ iomusicdublin


    There is a class action suit because of the shutdown.

    https://www.lexology.com/library/detail.aspx?g=a6d4113c-2f76-4e50-b966-d6d7d70955d0

    lots of experts believe kraken was hacked.


  • Registered Users Posts: 14,619 ✭✭✭✭ banie01


    There is a class action suit because of the shutdown.

    https://www.lexology.com/library/detail.aspx?g=a6d4113c-2f76-4e50-b966-d6d7d70955d0

    lots of experts believe kraken was hacked.

    That case is related to the flash crash last year and not the extended system outage last month.
    As for Kraken being hacked, its a possibility.
    But the likelihood of such an action not being public knowledge fairly quickly is ridiculously low.
    There has been no credible report of a hack.


  • Registered Users Posts: 470 ✭✭ manu2009


    There is a class action suit because of the shutdown.

    https://www.lexology.com/library/detail.aspx?g=a6d4113c-2f76-4e50-b966-d6d7d70955d0

    lots of experts believe kraken was hacked.

    lol, what experts?

    It wasn't hacked, the upgrade was planned for months before being deployed. You can see all there maintenance updates here: https://status.kraken.com/history

    So much fud in this space at the moment it's getting ridiculous.


  • Moderators, Society & Culture Moderators Posts: 15,419 Mod ✭✭✭✭ smacl


    There is a class action suit because of the shutdown.

    https://www.lexology.com/library/detail.aspx?g=a6d4113c-2f76-4e50-b966-d6d7d70955d0

    lots of experts believe kraken was hacked.

    Which is why you don't leave large sums on any of the exchanges. If security is a concern, and it should be, transfer funds you're not planning on trading in the short term into an offline, hardware, or paper wallet


  • Registered Users Posts: 470 ✭✭ manu2009


    smacl wrote: »
    Which is why you don't leave large sums on any of the exchanges. If security is a concern, and it should be, transfer funds you're not planning on trading in the short term into an offline, hardware, or paper wallet

    This! I recommend using a Ledger Nano S to store your Ripple.


  • Banned (with Prison Access) Posts: 154 ✭✭ iomusicdublin


    manu2009 wrote: »
    lol, what experts?

    It wasn't hacked, the upgrade was planned for months before being deployed. You can see all there maintenance updates here: https://status.kraken.com/history

    when a 2 hour upgrade turns into 54 hour black out during a volatile market frenzy


  • Registered Users Posts: 470 ✭✭ manu2009


    when a 2 hour upgrade turns into 54 hour black out during a volatile market frenzy

    They performed the upgrade in their test environment first without any issues and ran into an unforeseen issue when they applied it to production which caused the extended downtime. They also offered free trading once the site came back online for a period.

    We have advised the simplest method, if you don't like Kraken use one of the other options but don't dismiss it based on false hack claims with no substance to back them up.


  • Registered Users Posts: 7,494 ✭✭✭ BrokenArrows


    grindle wrote: »
    LOL.

    Anyway - you need to have a verified exchange account of some form, whether it be Coinbase or Kraken or Binance.

    Binance and coinbase don't require any verifications. Verification only increases the daily transaction limit.


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  • Moderators, Society & Culture Moderators Posts: 15,419 Mod ✭✭✭✭ smacl


    Binance and coinbase don't require any verifications. Verification only increases the daily transaction limit.

    Binance doesn't have FIAT so you'll need to go through a second exchange. Coinbase can be expensive if not used in conjunction with GDAX which brings you back to verification or suffering extra fees.


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Binance and coinbase don't require any verifications. Verification only increases the daily transaction limit.

    True true. Coinbase needs verification for CC to be used I think? Handy for buying dips.
    Maybe I'm misremembering from the 40 trillion other accounts I've opened.


  • Registered Users Posts: 714 ✭✭✭ Tango One


    Kraken is definitely the way to go if you want to keep it simple.


  • Registered Users Posts: 1,102 ✭✭✭ TheSheriff


    I would also say that since Krakens upgrade I have had zero issues.

    A very simple interface and the ability to buy XRP directly using euros etc.


  • Registered Users Posts: 10,905 ✭✭✭✭ Bob24


    TheSheriff wrote: »
    I would also say that since Krakens upgrade I have had zero issues.

    A very simple interface and the ability to buy XRP directly using euros etc.

    Do they have long delays for registration / account validation or period during which validation is closed?


  • Registered Users Posts: 1,102 ✭✭✭ TheSheriff


    Bob24 wrote: »
    Do they have long delays for registration / account validation or period during which validation is closed?

    I honestly am not sure to be honest, I registered for Kraken months ago, and I believe it only took ~3 days to register.

    The volume of new registrations on exchanges probably wasnt as high back then as now.

    Best bet, register for a few and see which comes through the quickest.


  • Registered Users Posts: 7,055 ✭✭✭ JohnnyFlash


    TheSheriff wrote: »
    I honestly am not sure to be honest, I registered for Kraken months ago, and I believe it only took ~3 days to register.

    The volume of new registrations on exchanges probably wasnt as high back then as now.

    Best bet, register for a few and see which comes through the quickest.

    Does anyone do any due diligence on these exchanges? Like see who is running them, and are they leveraging etc? It's my understanding that almost none of them have any access to conventional banking facilities, so where is the money being stored (the dollars and euros and others)? You'd sometimes wonder about liquidity when it comes to them. Now I'm only a neutral observer of all this, so I'm probably talking out me hat!!


  • Registered Users Posts: 1,102 ✭✭✭ TheSheriff


    Does anyone do any due diligence on these exchanges? Like see who is running them, and are they leveraging etc? It's my understanding that almost none of them have any access to conventional banking facilities, so where is the money being stored (the dollars and euros and others)? You'd sometimes wonder about liquidity when it comes to them. Now I'm only a neutral observer of all this, so I'm probably talking out me hat!!

    I've done very little due diligence on Kraken to tell the truth. I know it is US based, which gives me more hope than the multiple Chinese based exchanges out there.

    I really consider my crypto investment as a complete gamble. Its small peanuts for me.


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Does anyone do any due diligence on these exchanges?...Now I'm only a neutral observer of all this, so I'm probably talking out me hat!!

    You're certainly not talking out your hat - most exchanges are opportunistic scum-havens.

    Coinbase and Kraken at the very least are dependable known quantities with traditional financing behind them and insured against theft.


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  • Registered Users Posts: 13,972 ✭✭✭✭ SteelyDanJalapeno


    If you don't trust Kraken, just transfer it off instantly after you buy it.
    It's like 2 steps, you've outline at least 7 steps above


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