Despite the fact that many do not consider it a cryptocurrency, the Ripple ecosystem and its XRP coin have been highly popular within the crypto world. Even surpassing Ethereum twice as the best valued currency in the market, Ripple’s XRP has shown that it has important investors who believe in its idea and its unique positioning between the traditional and modern markets.
Partnerships with banks such as BBVA, Santander and SBI Group have shown that the currency is performing according to their expectations, thus demonstrating quite considerable growth potential that can positively impact its prices.
This guide is intended for all those who want to invest in the XRP of the Ripple ecosystem and do not yet know the methods they have within the market. Likewise, we will explore some of the options that exist in the local markets to be able to buy XRP with FIAT currencies from our locality.
How to buy Ripple on Bitinka
The first exchange that we are going to review is Bitinka , a portal that will allow us to carry out operations with various local currencies such as Peruvian Soles (PEN), Boliviano (BOB), Argentine Pesos (ARS), Colombian Pesos (COP) and Chilean Pesos ( CLP). Let’s find out what we need to do to operate on this exchange.
The first step to execute will be to register in the portal and for this we must click on the button “ Register! ”. Once we press the button, we will be directed to a form where we will have to indicate Name, Surname, Country of Residence, Email and data of a personal identification document (Depending on the country of residence that we place, we will be allowed to place different documents ).
Once we provide all our data, the platform will tell us that the registration is complete and that we have to verify our email. If there is no problem, the “Registration Confirmation” message will be in the inbox of the email provided.
Once we have pressed the Confirmation button within the email, we will be directed to a Bitinka page that will indicate that the Registration is complete.
When entering our Bitinka account again, we will have to go directly to the verification of our identity since only then will we be able to deposit with FIAT currencies and operate with cryptocurrencies. To do this, we are going to go to the option that says “User Verification” and we will follow all the instructions that the platform requires us to comply with. The account verification procedure may take some time so we must be prepared for it.
When the platform tells us that our identity has been correctly verified, we will have the possibility to fund our account from the ” Wallet ” option. We may use the available FIAT currencies: Peruvian Soles (PEN), Boliviano (BOB), Argentine Pesos (ARS), Colombian Pesos (COP) and Chilean Pesos (CLP). The options we have to deposit with these currencies are bank transfers and in the case of Argentine pesos we are also allowed to use the Easy Payment method.
Having a balance in our account, we will be able to carry out the Ripple (XRP) purchase operation in Bitinka without major complications. We will have to go to the “ Trade ” option and there we will look for the trading pair we are looking for.
One of the most positive aspects of trading on Bitinka is that Ripple’s XRP coin can be traded with all the FIAT currencies with which we can deposit. We can trade the XRP/PEN, XRP/BOB, XRP/ARS, XRP/COP and XRP/CLP pairs.
Commissions and Bitinka
An element to take into account when making cryptocurrency purchase and sale operations are the commissions that are applied to us to carry out the operations. In the case of Bitinka we must pay special attention since they vary from one place to another.
According to what we can see on the official Bitinka website , a 1% commission is applied to all fund transfers made with local currencies on the amount deposited.
To continue reading: R3 adds Ripple as the first cryptocurrency for its universal payment application
If you want to deposit through Pago Fácil in Argentina, a commission of 3.5% will be applied to the amount to be deposited. While for deposits in Colombian Pesos an extra commission of 1% is applied valued at 6300 Colombian Pesos, an extra commission is also applied for deposits in Peruvian Soles valued at 7.5 Peruvian soles.
Regarding cryptocurrency purchase and sale operations, Bitinka charges 0.5% of the amount to be operated.
How to buy Ripple on Bitso
The Mexican nation has a significant movement within the crypto market and specifically for Ripple we are going to find the option of Bitso , one of the largest exchanges in the region and which, in the case of Ripple, presents quite a considerable movement. With this portal we will have the possibility to buy Ripple with Mexican Pesos in an easy and comfortable process.
The process of registering a new account in Bitso will ask us to indicate our country of residence and to provide an email together with the password that we will have to access the account. Finally, we will be asked to accept the terms and conditions, privacy policy and to affirm that we are over 18 years of age.
With all the data filled in, Bitso will tell us that a message has been sent to the registered email in which a 6-digit code is stipulated to activate the account. Once we have the email, we will proceed to enter the code.
When entering Bitso for the first time, the platform will indicate a series of personal questions that we must answer to pass the identity verification procedure. It is important to remember that we must answer these questions based on the information contained in our official identification documents in order not to have problems later.
In the same verification process we will be asked to indicate a cell phone number. It is important that the number that we provide is an active number and that we have reach since they will send us an SMS by that means to finish activating our account.
If we do not want to verify and we are comfortable with the established limit, we just have to click on “Fund” and once there, we must select which of the available options is more comfortable for us to deposit our pesos.
In the event that we want to operate with a higher limit and we do not have problems verifying our identity, we must go to our “Profile” located in the upper right corner and once inside look for the “Limits” option. Here we will see an option that indicates “Raise limits” and this will direct us to the account verification process.
The verification procedure will require us to upload an official identity document, as well as proof of current address that can be an account statement or a receipt from a public service.