As with other cryptocurrencies, in order to buy and sell Ripple’s XRP cryptocurrency in Nigeria, you must go through an exchange or broker. While bitcoin continues to reign supreme as the best cryptocurrency to trade due to its relatively high liquidity and market recognition, Ripple continues to gain ground both in popularity and relative valuation.
Overview: Buying Ripple in Nigeria
Buying XRP in Nigeria requires you have access to a cryptocurrency exchange that allows Nigerians to register and that offers Ripple’s XRP. It’s really easy to buy Ripple in Nigeria, although your broker or exchange of choice make up the most important element in this process.
Before you dive into your first purchase of Ripple’s XRP, you should have a good idea of whether you want to buy the cryptocurrency to just hold and spend or if you just want to trade it speculatively. By opening an account with a reputable online broker that supports XRP cryptocurrency trading, like XTB for example, you can easily trade contracts for difference or CFDs on XRP using an electronic trading platform like MetaTrader4 from MetaQuotes.
This means you can potentially make (or lose) money on the movements of the underlying cryptocurrency without dealing with the hassle of holding XRP directly.
- Open an Account at a Cryptocurrency Exchange
To open a cryptocurrency account, you will first need a funded account, such as a bank account, although some exchanges will accept credit and debit cards, PayPal and an electronic funds transfer payment. Before you dive in to buy your first XRP, you should be fully aware of the financial risks involved and have some basic knowledge on how to trade cryptocurrency.
If you want to purchase XRP directly, you will probably need to register with an exchange and then obtain a unique crypto wallet to buy and sell XRP from and to store your cryptocurrency.
The crypto wallet address has a lot in common with an email address, except that you can use the wallet address to receive payments and gifts, as well as to pay for goods and services. Your wallet can be accessed via your desktop computer, laptop, tablet, smart mobile device or web-based wallet. Ripple charges a modest extra fee for you to keep your XRP in your own wallet, but you run the significant risk of hacking if you keep your XRP at an exchange, so choose the option that works best to you.
On the other hand, if you decide you simply want to trade XRP to make money on the movements of the cryptocurrency, then you can forego registering with an exchange or getting a crypto wallet. Nigerians have a number of options as far as cryptocurrency exchanges, including several that have their home base in Nigeria. - Get a Cryptocurrency Wallet
In order to trade XRP and retain full control over your transactions, you must withdraw them from the exchange or another source to a personal cryptocurrency wallet. A wallet requires you to use software that allows you to notify the crypto network that you want to send and receive transactions.
The wallet software can be installed on a desktop, laptop or on an Android, iOS tablet or smartphone. Alternatively, you can use a web-based wallet that does not require a download and gives you access anywhere you can make an internet connection. If you want to buy or start trading XRP, your wallet must be able to accept multiple cryptocurrencies including XRP. Another form of wallet is known as a hardware wallet.
This consists of a peripheral device that looks much like a USB memory stick that can give you increased security as long as you do not lose it. Some Nigerian exchanges, such as NGexchanger, offer a bitcoin wallet to its customers. However, many other exchanges do not provide one and require that you either have a wallet or that you leave your currency at the exchange. - Withdraw Your Ripple to Your Wallet
Once you have purchased your XRP on an exchange, you may withdraw the currency to your XRP or multi-currency wallet. Ripple charges 20 units of XRP to withdraw the cryptocurrency to a wallet as a reserve requirement. This amount protects the XRP shared global ledger from excessive growth that can result from spam or malicious usage.
You can also buy Ripple from a local seller, as listed by CoinDirect.com in the graphic shown below. Note that only one seller (Soki Briggs) and no buyers of XRP appear on this list:
Best Crypto Exchanges
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
82% of retail CFD accounts lose money.
Cryptocurrency exchanges used by Nigerians:
Naira2USD
Another leading Nigerian cryptocurrency exchange, Naira2USD, is located in Onitsha, Nigeria. This exchange offers 24/7 email customer support as well as client support during Nigerian business hours via telephone, online chat and WhatsApp.
Funding methods include bank transfers, bank deposits and depositing cash in person. Several other cryptocurrency exchanges have their base in Nigeria; however, they do not support Ripple. Nevertheless, some exchanges do allow you to purchase Ripple by buying bitcoin first.
International and semi-international exchange permitting Nigerians to buy and sell cryptocurrencies:
- Instant exchanges
1. Changelly
This international instant cryptocurrency exchange, according to its website, provides the best crypt-to-crypto rates in the business. The company’s trading algorithm integrates with the largest cryptocurrency exchange platforms, including Bittrex, Binance and Poloniex, to name just a few.
The company accepts deposits via Visa or Mastercard for funding transactions, as well as in various cryptocurrencies.
2. CEX.IO
CEX.IO cryptocurrency exchange accepts customers from all over the world including Nigeria. In addition to supporting cryptocurrency trading, this exchange allows customers to trade nine forex currency pairs as well. The company accepts Visa/Mastercard, Crypto Capital and bank transfers for funding cryptocurrency purchases.
Popular wallets used in Nigeria for XRP:
1. Coinomi
This mobile cryptocurrency wallet offers a single platform with over 278 cryptocurrency wallets and tokens, as well as the ability to exchange currencies at no cost. The secure application can currently only be used on Android devices, but Coinomi says an iOS version will soon be released. The wallet platform boasts impressive blockchain interaction speed and easy setup and installation.
2. Coinpayments.net
This wallet platform was designed for the merchant who wants to accept cryptocurrency payments or for anyone who does business online. The wallet platform accepts 65 altcoins and services more than 230,000 vendors in 182 countries. Coinpayments.net also supports popular shopping carts used by ecommerce stores, such as Opencart, Magento and WooCommerce.
3. Bifi
Functioning as a completely wireless hardware wallet, the Bifi wallet supports an unlimited number of cryptocurrencies and crypto assets. The wallet provides total security from online and offline security threats and allows you to manage all of your cryptocurrencies on one dashboard.
Bitfi’s open source software requires only one password phrase for access to all coins and does not require a backup. Bitfi claims that the wallet cannot be hacked, and it comes in a smartphone-like device.
Final Thoughts
Besides Naira2USD or an international exchange, you can walk into either of the Nigerian exchanges with paper currency and buy the cryptocurrencies you want.
You can then either leave them in the exchange or transfer them to a mobile or web-based wallet. If you want to avoid the expense of a wallet and simply trade CFDs on XRP without taking possession of the cryptocurrency, you can open an account with an online broker such as XTB. Nigerian cryptocurrency traders can take advantage of the broker’s impressive xStation 5 trading platform that boasts one of the fastest execution speeds available.
In addition, XTB offers excellent charting, news and technical analysis tools and allows trading directly from its charts.
Continue reading: BEST FOREX BROKERS IN NIGERIA
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About Jay and Julie Hawk
About Julie:
Julie Hawk earned her honors undergraduate degree from the University of Michigan before pursuing post-graduate scientific research at Cambridge University. She then started work in the private sector as a business systems analyst for a major investment bank, where she qualified as a Series 7 Registered Representative and received comprehensive training in various financial products. Further honing her skills, she attended the prestigious O’Connell and Piper options training course in Chicago, mastering professional option risk management techniques.
Julie then transitioned into the role of a professional Interbank forex trader, currency derivative risk manager and technical analyst, ascending to the position of vice president over a 12-year career in the financial markets. Julie’s illustrious banking career spanned working for major international banks in New York City, London, and San Francisco, where she served as an Interbank dealer, technical analyst, derivative specialist and risk manager. Her responsibilities included educating, devising customized foreign exchange hedging and risk-taking strategies, and overseeing large-scale transactions for esteemed banking clients, including corporations, fund managers and high-net-worth individuals. As part of her responsibilities, Julie managed substantial portfolios of forex options, spot, and futures positions as a currency options risk manager, earning recognition for executing innovative and highly profitable forex derivative transactions. Julie also spearheaded educational conferences on currency derivatives.
During her banking career, Julie attained world-class expertise in technical analysis, including Elliott Wave Theory, and pioneered research into automated trading and trading signal systems. An active member of the San Francisco Writers’ Guild, Julie also authored trade strategies, educational material, market commentary, newsletters, reports, articles, and press releases. She became a sought-after market expert who was frequently interviewed by financial magazines and news wires such as REUTERS.
Following her retirement from the banking sector, she dedicated 15 years to online forex trading, mentoring and freelance writing for TheFXperts, which she co-founded with her husband Jay. Julie is the co-author of “Forex Trading: A Beginner’s Guide” and “Technical Analysis for Financial Markets Traders,” in addition to five other books on financial markets trading and personal finance. She now focuses on writing articles on financial markets for platforms like Benzinga, although she continues to trade forex online and mentor fellow traders as part of TheFXperts’ financial team.
About Jay:
Jay Hawk grew up in Chicago and Mexico City where he became bilingual in English and Spanish. After taking formal training as a classical guitarist at prestigious music conservatories in Europe, Jay then embarked on a remarkable journey into the financial markets, cultivating his notable expertise through hands-on experience that began on the Midwest Stock Exchange.
His financial career progressed as he started actively participating in various exchange floor trading activities in the Chicago futures and options pits, where he worked his way up the ladder, serving as a clerk, trader, broker, investor and fund manager. Jay then ran a retail stock brokerage desk and managed funds for large institutional investors, leveraging his discretionary trading skills to yield profitable results for clients.
This ultimately led to Jay holding exchange seats and operating as a market maker on options exchanges in Chicago and San Francisco, initially on the Chicago Board Options Exchange. Jay also played a significant role in the Chicago Mercantile Exchange’s evolution, where he contributed to launching and actively trading the first listed currency futures options. After transitioning to the West Coast, Jay then held a seat and ventured into trading stock options and their underlying stocks on the Pacific Options Exchange.
Jay’s comprehensive understanding of fundamental economic and corporate analysis continues to inform his trading and investment activities and has led to his subsequent success as an expert financial writer. Together with his wife Julie, he co-authored “Stock Trading: A Beginner’s Guide”, “Commodity Trading: A Beginner’s Guide” and “Fundamental Analysis for Financial Markets Traders,” among their published books focusing on financial markets trading, market analysis, and personal finance.
As an integral member of TheFXperts’ team, Jay now excels in trading forex online for his personal account, mentoring aspiring traders and writing for financial platforms like Benzinga where he specializes in covering topics related to the stock and commodity markets, as well as investing, trading and reviewing online brokers.