How to store Ripple in a Ripple wallet

The Top 5 Most-Used Ripple (XRP) Wallets Explained

Luka
Luka Cryptocurrency wallet

Hypothetically, after spending hours and hours of doing the much needed research, an investor has finally realized that Ripple (XRP) is the cryptocurrency with the most potential to grow through the next fiscal quarter.

Now the investor needs a place to acquire it, and then he has to choose the ideal Ripple wallet to store coins.

How is this done? In this article, it is clearly explained how go through this process and how to get a Ripple wallet.

Marketplaces

At the time of writing, Ripple is a top 5 cryptocurrency.

That means that it is trading with a lot of volume. This simplifies the acquiring process and investors are able to trade it easily.

Simply put, an investor has to have a currency (FIAT or Crypto) that is paired with Ripple on a trading platform, transfer those funds to the platform of his choice, and, by placing an order, get his hands on the wanted amount of cryptocurrency.

Ripple is a top 5 cryptocurrency and therefore easy to acquire

Where to Exchange Euro for Ripple?

As a newbie in crypto trading, one may encounter some problems, as not all cryptocurrency exchanges are allowed to accept FIAT currencies deposits (USD, EURO, JPY, KRW etc.).

However, Bitvavo supports five ways of Euro deposit:

  • Bank transfer
  • iDeal
  • Bancontact
  • MyBank
  • SOFORT

Bank transfer and the iDeal channel offer 0% fee on EURO deposits. They are therefore great ways to start the trading adventure.

Traders can deposit EURO to Bitvavo with 0% fee using bank transfer or iDeal

Do Wallets Store Crypto Coins?

In order to acquire Ripple, one needs to create a Ripple wallet. However, let's first make something very clear:

Cryptocurrency wallets DO NOT contain coins! Coins are always a part of the blockchain network, and, as such, cannot be removed from it.

Cryptocurrency wallets only contain keys that enable its owner to have the exclusive control over the funds stored on the blockchain. Therefore, just like a PIN number, one should NEVER reveal his private keys to anyone.

Wallets store private keys, which give the user exclusive control over his funds

How to Choose a Ripple Wallet?

First of all, we have to explain that, according to the fundamental approach to storing coins, there is a variety of wallets. No Ripple wallet is better than other types of wallets. Every kind of Ripple wallet serves its purpose for the investor according to his needs:

  • Online Ripple wallet
  • Ripple hardware wallet
  • Ripple desktop wallet
  • Mobile Ripple wallet
  • Ripple paper Wallet

1. Online Ripple Wallet

Online wallets are those which are hosted by a third party. That means that, like a traditional bank, somebody else is keeping investor's private keys safe on his behalf.

Let's take the example of Stan.

Online Ripple wallet
As a newbie cryptocurrency investor, Stan wants the easiest and safest access to his Ripple without the need to go through technical difficulties.

Therefore, Stan chooses to store his XRP in the free Ripple wallet that came with his Bitvavo account.

Otherwise, Stan would have to go through the whole learning process before being able to select the right kind of Ripple wallet, and maybe miss the right investment opportunity.

Online wallets are best for new investors as they provide instant access without technical difficulties

2. Hardware Ripple Wallet (Ledger Nano S)

Say that Lucian buys some Ripple (XRP) and his projection is that it is worth keeping hold of his coins for the long run.

Lucian has to find the safest way of storing coins, which doesn't need to provide him with the ability to quickly trade.

Hardware Ripple wallet
Lucian's best choice would be one of the Ripple hardware wallets, as they offer the most security. This is simply due to the fact that, when the wallet is not plugged into the computer, private keys are not accessible online.

He would choose the Ledger's Nano S multi-currency wallet.

Nano S stores Lucian's Ripple with a top-notch security system where private keys cannot be hacked or leaked as the data is stored in a secure environment on the device. It has a PIN number, which has to be used every time he wants to access his funds.

When connected to a computer with a USB cable, Nano S supports Windows 7 and up, Mac OSX, Linux or the Chrome OS.

Besides being a Ripple (XRP) wallet, Nano S has the support for Bitcoin (BTC), Ethereum (ETH), Dash (DASH), etc.

A hardware wallet is the safest option to keep cryptocurrencies such as Ripple

3. Ripple Desktop Wallet (Toast Wallet)

Desktop wallets are the applications for PC or laptop, which are, as other programs, installed on the operating system.

Ripple desktop wallet
Most cryptocurrencies have one such storage App developed, and Ripple has a few of them.

E.g., Oliver, as he spent everything to buy XRP, doesn't have enough money to buy Ledger Nano S, but he wants to have a user-friendly Ripple wallet to store his coins.

Oliver downloads the Toast wallet, as it is easy to use and more secure than its competitors. If he is smart, Oliver would always back up his Toast wallet, because if his harddrive malfunctions, he could lose his private keys, which would make it unable for him to access his funds.

Always remember to back up your Ripple desktop wallet

4. Mobile Ripple Wallet

Mobile wallets are Apps for smartphones and similar devices, on which the keys to cryptocurrencies can be stored.

Mobile Ripple wallet
For example, Jane is a dynamic young woman who travels much, and she wants to have full-time control over her Ripple. If she wants to make a payment, she wants to be able to do it on the go.

Therefore, she visits Google Play store and downloads the mobile Ripple Wallet App, where she can immediately deposit her XRP using her Android device.

The mobile Ripple Wallet App enables Jane to send and receive Ripple anywhere, anytime, if she has the internet connection.

Of course, mobile Ripple wallets, like desktop wallets, have to be backed up. Otherwise, if Jane's smartphone brakes down, she would lose access to her funds.

Mobile wallets enable a user to control the funds on the go

5. Paper Ripple Wallet (XRP Paper Wallet)

Besides hardware wallets, paper wallets, although somewhat primitive, present the safest way to store cryptocurrencies.

Paper wallets are nothing more than private and public keys, which give the user access to his funds, written on a piece of paper.

The most user-friendly place to make one such paper Ripple wallet is xrppaperwallet.com.

Paper Ripple wallet
Following the instructions provided on the website, Mary, who wants to have a paper wallet and put into her home vault, can print all the information needed to access her funds.

Paper wallets are free, and, as long as Mary doesn't lose that printed piece of paper or share the information with anybody, bulletproof.

Paper wallets are free and - in theory - bulletproof

There is no Perfect Wallet

There are upsides and downsides to each kind of wallet, and it depends exclusively on the investor's needs and preferences, which Ripple wallet is the best option.

Not sure yet? Get an online Ripple wallet by creating an account with Bitvavo.