How to buy ripple(XRP) in Nigeria
Table of Contents
How to buy ripple(XRP) in Nigeria
Ripple is a real time gross settlement system (RTGS), currency exchange and remittance network using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records.
About 3 or 4 years back, buying cryptocurrency in Nigeria was a little bit complicated.
As a result of the greater exposure cryptocurrency has received in these past few years, buying cryptocurrency is now very easy.
In this blog post, am going to show you how to buy ripple in Nigeria easily. Also, some good exchanges to buy ripple from.
Table of contents
1. What is ripple?
2. How to buy ripple in Nigeria
3. Exchanges to buy ripple in Nigeria
4. Wallets to store ripple
5. Conclusion
What is ripple?
Ripple is a real time gross settlement system (RTGS), currency exchange and remittance network using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records.
The ripple protocol (XRP) is meant to move large amounts of money in a short time period.
The protocol also ensures that transaction fees will be very low.
If you have been involved in currency exchange before, you will know that some currencies cannot directly be converted to another currency.
Hence the US dollar is usually used as base currency to facilitate the exchange.
This means that, for currency A to be converted to currency B, currency A has to be converted to it’s equivalent in the US dollar, before it is converted to currency B.
There is usually a double commission during this process, this makes currency exchange very expensive.
Ripple intends to solve this by being the base currency. Ripple (XRP) is less expensive.
In summary, the goal of ripple is to move money faster and at a cheaper rate. This is the reason it has been adopted by lots of banks.
How to buy ripple(XRP) in Nigeria
When buying cryptocurrency was still complicated in Nigeria, people will usually buy Bitcoin (as it was the easiest to buy) and then convert it to ripple on foreign exchanges.
It is now very easy to buy ripple in Nigeria without needing to buy Bitcoin first.
Before you can buy ripple in Nigeria, you will need to to open an account at a cryptocurrency exchange(more on this later).
Some of these exchanges lets you buy cryptocurrency using your debit/credit card, bank deposit and ussd transfer.
You will also need to get a ripple wallet(more on this later) to store your XRP.
It is never smart to leave your crypto assets on exchanges except maybe you are trading cryptocurrency.
Exchanges to buy ripple in Nigeria
There are many exchanges to buy ripple in Nigeria, but I have selected some few trusted platforms that I have reviewed.
Quidax
Quidax is a cryptocurrency exchange that has begun operations in Nigeria.
Although registered in Malta, quidax opened operations in Nigeria in August 1st, 2018.
Quidax is one of the fastest growing exchanges and makes it very easy to buy or sell cryptocurrency.
Quidax supports Bitcoin (BTC), ethereum (ETH), ripple (XRP), Bitcoin cash (BCH), litecoin ( LTC), dash (DASH), Bitcoin gold (BTG), tether (USDT).
On quidax you can buy ripple either by using “instant buy/sell” or buying it on the quidax trading exchange.
You can buy ripple on quidax with your credit card, bank deposit and ussd deposit.
You can read my full quidax review
Remitano
Remitano is owned by Babylon solutions limited, a Seychelles based company.
It is a cryptocurrency exchange that was founded in 2014.
Remitano is not a direct exchange where you can buy e-currencies from directly, but rather it is a peer to peer exchange.
This means that, it is a platform where buyers and sellers meet to buy and sell e-currencies.
Remitano allows sellers to list their crypto assets for sale. When a buyer requests to buy a crypto asset, the seller transfers the crypto asset to remitano’s wallet.
When the buyer has paid the agreed amount in Fiat currency to the seller, remitano remits the locked coins to the buyer and collects a small transaction fee for it’s escrow services.
Read my full remitano review
Blockvila (Formerly Ngexchanger)
Blockvila is a company based in poelrt Harcourt, Nigeria that deals on the buying, selling and exchange of digital currencies, they have been in operation for over two years.
It is a subsidiary of an ICT company Nyxel integrated services, they are also registered under the Nigerian corporate affairs commission.
Blockvila deals on cryptocurrency like Bitcoin, ethereum, litecoin, ripple, dash e.t.c
Blockvila was formerly known as Ngexchanger. The change in name was so they could move their business outside the shores of Nigeria.
Read my Ngexchanger review
Binance
Binance is a cryptocurrency exchange that began operations in 2017, it is based in Hong Kong (china) and is headed by chanpeng Zhao (CZ).
Binance offers cryptocurrency to cryptocurrency exchange service and is available to users worldwide.
You can buy cryptocurrency on binance using your naira debit card.
Binance places limits on trades depending on your level of verification. To verify your account, you will need to fill out a KYC (Know your customer form) and provide some means of identification.
Binance is a very popular exchange and the preferred exchange for many cryptocurrency enthusiast. It is a great exchange to buy ripple in Nigeria.
Coincola
Coincola is an OTC (over the counter) cryptocurrency exchange where you can buy cryptocurrency from people in close proximity.
Coincola supports all the major cryptocurrency like bitcoin (BTC), ethereum (ETH), ripple (XRP), litecoin (LTC) e.t.c
Coincola supports over 150 countries.
One of the major draw of coincola is that you can buy cryptocurrency like ripple with your local currency or other payment methods like PayPal, Amazon gift cards, iTunes gift cards, steam wallet gift card e.t.c.
You can read my full coincola review
Changelly
Changelly is another unique exchange that lets you trade cryptocurrency without verifying your identity.
Changelly started operations in 2015 and is headquartered in Malta.
On Changelly you can trade another cryptocurrency for ripple. You can also buy cryptocurrency with a credit card via simplex.
Changelly is not entirely verification free, as you may be asked to provide a means of verification if an activity seems suspicious.
Changelly supports over 140 cryptocurrencies.
Wallets to store ripple(XRP)
After you have successfully bought ripple, you will need to know where to store it, the below wallets are popular wallets that you can use in storing ripple.
Coinonomi
This mobile cryptocurrency wallet offers a single platform with over 278 cryptocurrency wallets and tokens. It can only be used on Android devices.
Coinpayments.net
This wallet platform was designed for the merchant who wants to accept cryptocurrency payments or for anyone who does business online.
Bitfi
It functions as a completely wireless hardware wallet, the bitfi wallet supports an unlimited number of cryptocurrency and cryptography.
Atomic wallet
Atomic wallet is a multi currency custody fee ripple wallet that supports over 500+ coins and tokens.
Conclusion
Ripple is a cryptocurrency on the rise, although there has been criticism of the ripple network.
Some cryptocurrency enthusiats have questioned if ripple (XRP) is even a cryptocurrency, due to the centralized nature.
There is no questioning the idea behind ripple, it is a great idea. If more banks adopt the ripple network, the value will continue to rise, leaving investors smiling.
So if you believe in the potential of ripple and want to invest your money on it, then I hope this post has helped you understand how to buy ripple in Nigeria easily.
If you have questions or you have comments, you can leave them below in the comments section.
You can also share this post to your friends that needs it.
Thank you for reading.
Read my post on what is ripple
Read my post on how to buy Bitcoin in Nigeria
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