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Simplest way to buy Ripple without multiple moves

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)

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grindle

iomusicdublin wrote: »

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.

Bob24

iomusicdublin wrote: »

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).

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?

Bob24

iomusicdublin wrote: »

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.

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

lifeandtimes

iomusicdublin wrote: »

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

grindle

Gatehub?

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.

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.

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

manu2009

iomusicdublin wrote: »

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

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.

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

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.

banie01

iomusicdublin wrote: »

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.

manu2009

iomusicdublin wrote: »

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.

smacl

iomusicdublin wrote: »

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

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.

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

manu2009

iomusicdublin wrote: »

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.

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.

smacl

BrokenArrows wrote: »

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.

grindle

BrokenArrows wrote: »

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.

Tango One

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

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.

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?

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.

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!!

TheSheriff

JohnnyFlash wrote: »

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.

grindle

JohnnyFlash wrote: »

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.

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