Newbie Please help

[LuvWhiteSand]

Hello,  I am very new to trying to buy XRP.    I have done tons of research... I still can't figure what to do.  Here is my situation, I am in the US I have a bank account set up solely for use with Cryptocurrencies.  I want to buy as many XRP I can with $5,000.00 and do it as quickly as I can.  I have been looking at websites till I can't look at another.  Fees for each movement of the money... aaaagghhhhh!!!  Can anyone help me simplify this?

[Guest]

4 minutes ago, LuvWhiteSand said:

Hello,  I am very new to trying to buy XRP.    I have done tons of research... I still can't figure what to do.  Here is my situation, I am in the US I have a bank account set up solely for use with Cryptocurrencies.  I want to buy as many XRP I can with $5,000.00 and do it as quickly as I can.  I have been looking at websites till I can't look at another.  Fees for each movement of the money... aaaagghhhhh!!!  Can anyone help me simplify this?

I have found that people suggest either Bitstamp, Bitfinex or Gatehub mostly if you have a US bank account.

Bitstamp get you an much more accurate price while taking a smaller fee which is 0.25%.

[RippleEvangelist]

+1 for Bitstamp.

Problem is that they (and all other exchanges) are burdened with new customers. At Bitstamp you need to verify your account first and a friend of mine has been waiting for a couple weeks now.

 

[Champipple]

https://buyingripple.com/

Hope this helps

 

[MooseInTime]

Coinbase account to buy LTC (verif needed - this will be a long wait)

Shapeshift.io to convert to XRP (no verif needed)

Store in toast wallet (no verif needed)

[Zedy44]

As a fellow US investor I'll give you my process...

1. ACH deposit $USD to Coinbase account.  ACH is free (woohoo!), but takes about 10 business days to clear (boo!).  If you don't have a Coinbase account yet you could be waiting weeks just for that to be processed.
2. Buy Litecoin or Ether (small fee..approx 2% I believe).
3. Transfer Litecoin/Ether to BitStamp.  This costs something small as well, but if you first transfer to GDAX (Coinbase's trading platform) the transfer is free.  I skip that and just consume whatever transfer fee they are whacking me with.  It's way less than 1% whatever it is.  Note if you don't have a BitStamp account yet this could also take weeks to get verified.
4. Sell Litecoin/Ether for USD (0.25% trading fee)
5. Buy XRP (0.25% trading fee)

or

1. Use credit card and buy XRP directly on BitStamp.  You get whacked with a 5% fee for doing this, but IMHO the fee is negligible when you factor in the 5-10% volatility that XRP experiences daily.  I've been using my CC to make purchases since mid-december because I just couldn't wait for my ACH's to go through over on Coinbase and I profited quite nicely by doing so.  Another potential downside of CC purchase is you are forced to buy at market price at the time the transaction goes through so basically I get two bitstamp windows open.  One with my CC info input already and I just need to click submit and in the other I use tradeview to wait for a proper dip and then execute the purchase when I'm ready.  Timing is always off by a factor of seconds, but you can approximate a range of $.05-.10 doing it this way.

 

People may have easier or other ways, but this is how I do it and it's worked fine for me so far.  Best of luck to your crypto investing in 2018.  Buy and hold!

 

[LuvWhiteSand]

Wow thanks for the fast replies.   Very good information.   Thanks to everyone will figure out what to do.  Zeddy44 thanks for the US point of view greatly appreciated.

with my research I was looking at BitStamp but was reading how long verification is.

Is there a way to give everyone reply points?

Edited January 2, 2018 by LuvWhiteSand

[LuvWhiteSand]

Oh yes one more thing.  What are the best wallets?   or should I purchase a hardware wallet?

[BlackBox88]

1 hour ago, LuvWhiteSand said:

Oh yes one more thing.  What are the best wallets?   or should I purchase a hardware wallet?

Summary of what I got for advice so far: for trading you can keep a small amount on your online wallet but for larger sums a cold or hardware wallet is recommend 

I just bought a Ledger Nano S because a lot of people recommend it, should arrive tomorrow.

[Trippy]

1 hour ago, LuvWhiteSand said:

Oh yes one more thing.  What are the best wallets?   or should I purchase a hardware wallet?

If you don't want to pay for a Nano S, you could try Toast. Jatchili is also an option, but a bit fiddly.

[LuvWhiteSand]

3 hours ago, Zedy44 said:

As a fellow US investor I'll give you my process...

1. ACH deposit $USD to Coinbase account.  ACH is free (woohoo!), but takes about 10 business days to clear (boo!).  If you don't have a Coinbase account yet you could be waiting weeks just for that to be processed.
2. Buy Litecoin or Ether (small fee..approx 2% I believe).
3. Transfer Litecoin/Ether to BitStamp.  This costs something small as well, but if you first transfer to GDAX (Coinbase's trading platform) the transfer is free.  I skip that and just consume whatever transfer fee they are whacking me with.  It's way less than 1% whatever it is.  Note if you don't have a BitStamp account yet this could also take weeks to get verified.
4. Sell Litecoin/Ether for USD (0.25% trading fee)
5. Buy XRP (0.25% trading fee)

or

1. Use credit card and buy XRP directly on BitStamp.  You get whacked with a 5% fee for doing this, but IMHO the fee is negligible when you factor in the 5-10% volatility that XRP experiences daily.  I've been using my CC to make purchases since mid-december because I just couldn't wait for my ACH's to go through over on Coinbase and I profited quite nicely by doing so.  Another potential downside of CC purchase is you are forced to buy at market price at the time the transaction goes through so basically I get two bitstamp windows open.  One with my CC info input already and I just need to click submit and in the other I use tradeview to wait for a proper dip and then execute the purchase when I'm ready.  Timing is always off by a factor of seconds, but you can approximate a range of $.05-.10 doing it this way.

 

People may have easier or other ways, but this is how I do it and it's worked fine for me so far.  Best of luck to your crypto investing in 2018.  Buy and hold!

 

Thanks Zeddy44.... I have signed up for BitStamp and waiting for verification.   I think for this initial purchase once verified will go the CC route.

[Zedy44]

1 hour ago, LuvWhiteSand said:

Thanks Zeddy44.... I have signed up for BitStamp and waiting for verification.   I think for this initial purchase once verified will go the CC route.

Just be aware many folks in the US have had issues buying crypto assets with CC's.  Personally, I had to call my CC company (TD Bank) and ask them to put an override on the car to allow the purchases to go through.  Now I can buy freely with my CC, but had they not given me the override I would continuously get my card rejected by BitStamp.  Your experience may not be the same as mine...some folks called and asked for override and were either not granted it or were given it and it did not help and the rejection still occurred.  So if you do get rejected when you try the first time it least call the CC company and let them know it was rejected and ask specifically why.  If they say anything about token asset purchases etc...ask for a manager to place an override on the card and try again.

Good luck!

[LuvWhiteSand]

Thanks for the heads up.   While waiting for verification I might even call my CC company and chat with them about this kind of purchase.  I might want to keep the rejection available and just call them before I make any purchases....  

[LuvWhiteSand]

On ‎1‎/‎2‎/‎2018 at 5:06 PM, Trippy said:

If you don't want to pay for a Nano S, you could try Toast. Jatchili is also an option, but a bit fiddly.

Might have to do this unless I trust amazon.  On Ledger's website the preorder for the Nano S is for new batch in March!!