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Leonazul99

Buying 10k worth of XRP

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Hello everyone, I would like some guidance and or be pointed to the latest tutorial. I have casually followed cryptocurrencies for a while and am considering buying XRP. I have never purchased BTC or any other coins.  I do have a BTC online wallet that I use for mining with nicehash with my 1070ti.

Before I continue, I realize that this investment is very speculative and 10k is small percentage of my overall index fund equity portfolio so I accept the risk of losing it all.

I am in the US and bank with capital one who I understand places restrictions with cryptocurrency.  I was going to transfer money first to my fidelity brokerage account and from there wire the money to an exchange.

What exchange should I use? I read concerns with tether and the exchanges using BTC/USDT. Does the exchange automatically buy BTC and then buy XRP? Would you choose a Toast wallet or cold storage? I would like to stay as anonymous as possible.

I am in no rush to buy and if I go ahead it will be in 1-2 weeks.

Other suggestions?

Edited by Leonazul99

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buy 10k worth of litecoin (cheapter and faster) and use shapeshift.io to send it to your ripple wallet. wallet type: ledger nano s 

Edited by Reiko

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@Leonazul99 If you are US based and want to buy XRP directly with a wire, then use Kraken (US Based) or Bitstamp (EU Based).  However, I am not sure how long the wait time is to get approved for both exchanges currently.  During the pump in December, people were waiting at least a month to get verified.

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1 minute ago, Internethobo said:

@Leonazul99 If you are US based and want to buy XRP directly with a wire, then use Kraken (US Based) or Bitstamp (EU Based).  However, I am not sure how long the wait time is to get approved for both exchanges currently.  During the pump in December, people were waiting at least a month to get verified.

A month? Wow, I would like transaction to be as quick as possible.  What does everyone think of Reiko's suggestion? And what exchange would you buy LTC on? Coinbase? It appears that the shapeshift limit is 5k USD per conversion

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1 minute ago, Leonazul99 said:

A month? Wow, I would like transaction to be as quick as possible.  What does everyone think of Reiko's suggestion? And what exchange would you buy LTC on? Coinbase? It appears that the shapeshift limit is 5k USD per conversion

Your plan of purchasing that much and remaining anonymous is going to slow you down. 

 

BTC fees are based on the amount of BTC transactions x percentage. LTC or ETH are better to use as a tool to get XRP, but you still have to bank transfer it in and that will be reported.

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6 minutes ago, Leonazul99 said:

A month? Wow, I would like transaction to be as quick as possible.  What does everyone think of Reiko's suggestion? And what exchange would you buy LTC on? Coinbase? It appears that the shapeshift limit is 5k USD per conversion

Verifications are much faster now than in December. Though don't put all your hopes on one exchange.

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7 minutes ago, Leonazul99 said:

A month? Wow, I would like transaction to be as quick as possible.  What does everyone think of Reiko's suggestion? And what exchange would you buy LTC on? Coinbase? It appears that the shapeshift limit is 5k USD per conversion

If you are going to buy on Coinbase and never traded before, you will have a limit of what you can purchase.  I believe $10k bank transfer is the max per week.  If you are going to buy on Coinbase, I would recommend you to buy ETH then transfer it to Binance and buy XRP with ETH.  Once you purchase your XRP, transfer it to your toast wallet or Ledger Nano S.

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IMHO, Reiko's suggestion is pretty good/probably your best option. Sign up for a coinbase account now and start the verification process. Do the same for Bitstamp and maybe a couple other exchanges. Coinbase is generally the most reliable in my experience. So you'll buy LTC with USD from Coinbase, then use Shapeshift or similar to transfer that to XRP. LTC because it's far faster transaction times than bitcoin and far less fees.

As far as wallet goes, you have a few possible good options depending on how much work you want to personally put into it, exactly how paranoid/secure you want to be, and how quickly/easily you want to be able to move XRP out of your wallet once they are in there.

First of all, before any of this, make sure you understand what a wallet actually is and what it is not (it dosn't techincally "store your coins"-- your coins are stored on the blockchain, your wallet just allows you to access and move those funds). I have a thread about this here:

Now, about your options:

1. Hardware wallet--Hardware wallets are great if you're willing to spend a little money, want to be able to access your funds relatively quickly once they're in your wallet, and you don't want to put much personal effort into gaining security. The disadvantage is that it's semi-expensive (relative to your investment amount, not really though) and there are ways you can **** up and ruin your security if you don't pay enough attention: they can sometimes give a false sense of ultimate security which can lead to these kinds of **** ups.

I would recommend the Trezor personally because it is open source and they have a great track record of quickly fixing any bugs that come and you can get great support from community members and Trezor themselves. You don't have to trust a private entity. That sad, the Ledger Nano S is also a great option.

2. Toast Wallet on an iOS device with Touch ID or Face ID. Using Toast Wallet on an iOS device that has TouchID or FacID, and that is kept updated, is actually quite a secure way of storing your coins. Your private keys will be kept safely inside the Secure Enclave in the device--this is the same place your fingerprint and other human data is kept and is not breakable by even Apple themselves (in theory). It is essentially the same concept as the Nano S uses. Plus, apple keeps iOS on tight lock as far as what can execute code on the device, as well as keeping it heavily sandboxed, so it's actually pretty damn secure. Not quite as good as a hardware wallet, but still good.

3. Creating your own cold wallet. There's various methods to do this quite well documented on the forum, and this is in theory just as secure as a hardware wallet but more difficult to execute with the advantage of it being cheaper.

Any way you choose, you should create your wallet in the most secure method you can depending on what you choose, then send a small test transaction into the wallet (30-40xrp or so) to activate it. Then test and send about half of the remaining coins not used for the activation fee to another wallet to test if you're able to really control the wallet. Then, test whatever backup method your chosen wallet uses. For example with the Trezor or Nano S, you would wipe the wallet and restore from the seed you wrote down when originally creating it. If you successfully restore from your backup and are again able to send the other half of the remaining xrp to another account as a test, you can be quite confident that you control your wallet and have confidence you can restore it from backup sould the need arise. If you're using the Trezor/Nano S, this is as good time to put your seed (or whatever backup method you use based on your wallet) on a piece of paper and put that in a bank vault or home safe, then delete any remaining copies. Now you can send the rest of your XRP to your new wallet. Remember, NEVER share your secret key(s) or your recovery seed with ANYONE. Anyone with access to those can steal your funds.

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Just did some research and it appears GDAX is better to buy lite coin  since it is tied to Coinbase and has lower fees. Question is there some reason I would buy Ltd first and then transfer instead of buying XRP directly with another US exchange like Kraken?

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6 minutes ago, Leonazul99 said:

Just did some research and it appears GDAX is better to buy lite coin  since it is tied to Coinbase and has lower fees. Question is there some reason I would buy Ltd first and then transfer instead of buying XRP directly with another US exchange like Kraken?

If you we no already verified at Kaken you might have trouble with a transaction limit there.  They have tiers for verification and each tier takes time for approval.  

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I strongly suggest bitstamp. Direct bank transfer to them, and buy XRP directly for dollars. This is the way to avoid the least transactions & fees.

 

Fees here - https://www.bitstamp.net/fee_schedule/

 

I used a combination of coinbase/gdax/uphold and shapeshift/binance before discovering bitstamp and I am kicking myself as I could have had way more zerps! Oh well.

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I have roughly  the same values at the moment but mine were bought during September last year for roughly a thousand pounds :)

Edited by t11cky
wording

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