[ Guide ] Alternative Buying & Securing XRP

[ExpectUs]

Good day fellow citizens, compliments of the season.

I have noticed a trend of complaints lately against certain local exchanges:
[] Cash takes to long to reflect into the exchange ( during banking hours )
[] Verification on withdrawals, even tiny amounts take weeks

Please Take Note: If you have no issue using the current local options for buying XRP, SKIP THIS GUIDE.

This guide is intended for newer users, however may help the regular buyer have more liquidity between exchanges.
Please note going forward I am not providing investment advise, do your research on the steps provided.
There will be some fees using this method, however it will open up the possibility to buy various crypto's not available here.

Moving Cash

1. Open an account at Luno ( Local BTC / ETH Exchange ) https://luno.com
1.1. Set up your Two Factor Authentication ( I recommend using Google Auth from the play store, I'm not an Apple guy so can't recommend on that )
1.2. Download the Luno App
2. Open an account at Binance ( International Crypto Exchange ) https://binance.com
2.1. Set up your 2FA same as above.
3. Fund your Luno ZAR wallet via EFT ( Using Pay & Clear speeds things up, they are normally super fast )
4. Buy Ether using your ZAR balance
5. Send your ETH to your Binance ETH Wallet
5.1. Luno: Go to wallet / ETH / Send ( It will be best to use the Luno App at this point to Scan the Binance Wallet QR )
5.2. Binance: Go To Funds / Deposits-Withdrawals, Click on DEPOSIT next to ETH, click on the QR code.
5.3. Scan the QR with the Luno App, and proceed with the transfer.

It will take a few minutes for your Ether to arrive at Binance, check FUNDS / HISTORY for status.
Once the funds are in:

Buying XRP

6. Binance: Exchange / Basic
6.1. Look to the top right for [BTC] [ETH] [BNB] [USDT], Select [ETH]
6.2. Select XRP/ETH from the right column below [ETH]
6.3. Bottom Left under Buy XRP, select 100% and it will show you how much XRP you can buy with your ETH at the current ask price.
6.4. Once you are ready and or made adjustments, hit Buy XRP and wait for your Bid to be bought.

Your XRP will reflect under Funds / Deposits-Withdrawals.

STORING XRP

Unless you want to actively trade your XRP, you will want a cold wallet, storing crypto on ANY exchange wallet is putting your money at risk.
There are a few options for storing XRP safely, hardware and paper wallets, however I will only list one open source, free and trusted offline generated paper wallet, and provide a tip on encrypting and storing it.

7. Download the Bithomp Paper Wallet: https://github.com/OctillionSA/ripple-paper-wallet
7.1. Click on Clone or download / Download ZIP

The Generator is a webpage inside the ZIP file.

8. Download & Install 7ZIP http://www.7-zip.org/download.html ( It allows compressing files with easy encryption / decryption )
9. Disable your Internet Connection ( Pull the network cable out if you don't know how )
10. Extract the Bithomp ZIP file to your desktop.
10.1. Open index.html from the Bithomp archive
10.2. Click on Generate
10.3. Open a new notepad, and copy / paste your Public & Secret from the Generator into notepad

Save Your PUBLIC address somewhere visible as well, you will need it to withdraw into, it's safe to do so.

10.4. Save the text document to your Desktop.
10.5. Right click the text document and select 7ZIP / Add To Archive
10.6. VERY IMPORTANT: Enter a strong password under 'Encryption', do not forget this password or your XRP will be unrecoverable.
10.7. Hit Ok to compress and encrypt the file.
10.8. Backup the encrypted file to your HDD, Online Storage & 1 or 2 USB Drives and your paper wallet is now secure.
10.9. Open a new notepad, type 1234 then Copy that text. Your clipboard is now safe.
10.10. Check again that you have at least 3 copies scattered of your encrypted file, then delete the TEXT file.
11. Binance: Funds / Deposits-Withdrawals / XRP / Withdrawal
11.1. XRP Withdrawal Address = Your Saved Public Address. TAG = Leave Blank
11.2. If you want to store all your XRP, just click Max, then submit.
11.3. Check your Email address you used for Binance, the send is pending confirmation from you.

Your XRP is now securely stored on your Paper Wallet.

Selling XRP

Since it is a lot easier getting cash from Luno, I will recommend that route:

1. Download Toast Wallet
2. Generate new address from Secret ( This is your saved Secret key )
3. Send your XRP from Toast to your Binance XRP wallet ( XRP / Deposit / Scan The QR )
4. Once the funds arrive, you can now sell your XRP on the market for ETH ( Step 6 Above )
5. Send your ETH from Binance ( ETH / Withdrawal ) to Luno ( Luno Wallet / ETH / Receive )
6. Sell ETH & cash out from Luno

I recommend ETH as a trading pair throughout due to lesser fees, and much faster transaction times.
Keep in mind at the current wallet costs, 40-60 XRP will be locked using these methods

Happy trading, and may 2018 be the year we all get to go to the moon.

 

[Kloofvreter]

There's a fee involved with every transaction, right?

 

[backstreetboy]

1. Use cex.io account/wait for new registration to open again
2. Fund with CC
3. Buy XRP
4.
5. PROFIT!

OR

1. Use altcointrader.co.za
2. Fund with EFT
3. Buy XRP
4.
5. PROFIT!

 

[Kloofvreter]

1. Use cex.io account/wait for new registration to open again
2. Fund with CC
3. Buy XRP
4.
5. PROFIT!

OR

1. Use altcointrader.co.za
2. Fund with EFT
3. Buy XRP
4.
5. PROFIT!

Much easier, but the OP includes instructions for storing crypto in a wallet as well. So I'm wondering if transferring to and from a wallet also incurs a fee?

 

[acidrain]

Google Auth is available for iOS as well.

 

[ExpectUs]

Much easier, but the OP includes instructions for storing crypto in a wallet as well. So I'm wondering if transferring to and from a wallet also incurs a fee?

Yes it does, firstly the 20 XRP lock on new wallets, for now, secondly a very small less than 0.01 XRP fee

 

[ExpectUs]

1. Use cex.io account/wait for new registration to open again
2. Fund with CC
3. Buy XRP
4.
5. PROFIT!

OR

1. Use altcointrader.co.za
2. Fund with EFT
2.1. Wait days
3. Buy XRP
4. Wait weeks
5. PROFIT!

FTFY

 

[Kloofvreter]

Yes it does, firstly the 20 XRP lock on new wallets, for now, secondly a very small less than 0.01 XRP fee

Thanks.

Does that mean you won't be able to cash out those 20 XRP? Or how does that work?

 

[Kloofvreter]

FTFY

Wait weeks, as in hold?

 

[Zukat]

Agreed, using altcoin much easier if you want to get XRP.

Yes it does, firstly the 20 XRP lock on new wallets, for now, secondly a very small less than 0.01 XRP fee

Do you know if the fees are not permanent, as that lock is getting more expensive by the day...

 

[ExpectUs]

Thanks.

Does that mean you won't be able to cash out those 20 XRP? Or how does that work?

You cant move it out of the wallet until Ripple drops the minimum reserve, which they will eventually, it used to be 50 XRP.
As for my FTFY edit, been seeing a lot of complaints regarding ACT withdrawal lately

 

[Kloofvreter]

You cant move it out of the wallet until Ripple drops the minimum reserve, which they will eventually, it used to be 50 XRP.
As for my FTFY edit, been seeing a lot of complaints regarding ACT withdrawal lately

Oh ok, I see.

I've transferred ETH from Luno to ATC, took quite a few hours to reflect. In those hours, I got drunk, and instead of selling the ETH, I withdrew it, to my ATC ETH address /facepalm.

That transaction was instant, but incurred a fee of +- R100

 

[backstreetboy]

As for my FTFY edit, been seeing a lot of complaints regarding ACT withdrawal lately

Have no problems with them. They did give an update at their blog https://www.altcointrader.co.za/news

 

[Drifter]

Iqoptions charged me $53 dollars.

 

[saor]

Iqoptions charged me $53 dollars.

Stop using rando websites and just stick to the recommended exchanges, like binance.

@ExpectUs : Nice detailed explanation, thanks. Cool that you covered how to get it into a private wallet as it's very easy to be lazy about just leaving things on the exchange.