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Best way to buy 10,000$ worth of XRP


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7 hours ago, Flintstone said:

I think some U.S folks have had success with Kraken and Bitrue.

Failing that, you’d have to use the decentralised exchange.

Unfortunately US based investors can't go through Kraken anymore. They show it listed when you log on, but you are disabled from buying.

OP, you will have the best bet with Bitrue  but beware, the slippage could be high if you market buy. Set a limit order or spread your market buys into 10 or so smaller buys over 30 minutes or an hour.

You mentioned what seemed to be high fees for bitrue, are you using them as a fiat on ramp? Not sure if you can still on ramp with them, but in the past, their fees for this were higher than should be. At one point it was like 3 percent for a debit/ credit card.

The cheapest way I have found is to bank transfer to coinbase pro. It is free to do this. You will have to buy a crypto, then transfer it to Bitrue. 

This is where it gets tricky though...

You will have to check some charts to see what the best crypto to use is. On bitrue,  check the ETH/xrp, btc/xrp, ect...you want one with high liquidity. For example, if eth is outperforming xrp, it will be easier to get a better price for xrp. Ideally, by the time you buy eth and transfer, it will have appreciated more than xrp and will cover the  cost to trade and transfer. Litecoin is an option too, even XLM (fastest and cheapest way to transfer but lower liquidity on xrp pair).

You have your tether and usdc options too if you prefer to use them. You will have to check the cost to withdrawal though.

One more thing that I am unsure of and you will need some clarification on. With a bank transfer to coinbase, you can buy crypto immediately. However, I am unsure if you are able to withdrawal for a given period of time. I apologize for not knowing this. Whenever I have used the technique listed above, I always had funds on coinbase that would have covered the amount to be withdrawn.

This takes some time and effort but you can come out on top without paying fees.

 

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3 hours ago, jbjnr said:

FYI Bitstamp - DEX notes.

To purchase xrp on the DEX you will first need to get money into the DEX in the form of an IOU.

Bitstamp and Gatehub IOUs are the main ones that are frequently traded (maybe sologenic will become popular). If you have an account at bitstamp, fees are around 0.12% - so the cost on $10k would be $12 - Fees might be slightly higher if you are a new account (0.15%?).

Option 1) Get an account on Bitstamp, buy xrp, pay something like $15-$20 in fees for your $10k purchase.

Option 2) Let's assume you can't do 1) because you are based in the USA and xrp trading is disabled. Deposit $10k into bitstamp, then withdraw the $10k from bitstamp onto the ledger in the form of an IOU into a new xrp wallet you can create offline. Withdrawal of IOU fees are in the region of 0.2% ($20). Now put in a buy order for $10K(-$20) of XRP on the ledger - fees on the DEX are a fractions of a penny so you can ignore them. You will usually only be able to get a slightly lower price on the DEX than you would have done if you'd traded on bitstamp at the same moment in time. Liquidity on the DEX is low. Option 1) is the best.

After purchasing on the DEX, you can then optionally send the xrp back to bitstamp and have them appear in your account there.

If bitstamp IOU withdrawals are also disabled for USA people, then ignore all of this message if you are USA based. (I do not use gatehub any more since they were hacked and didn't handle it very well IMHO, though I still keep my account there open, 'just in case' I ever need it - for coil ILP payments etc).

Bitstamp not listing XRP in the US so option 1 is out. 

For option 2, I went to Withdrawal>IOU and it landed on "IOU Ripple Payment" where I can put in an XRP destination addressz amount of XRP and the would have to click "2FA and withdrawal"

What I can't figure out how to do is "Now put in a buy order for $10K(-$20) of XRP on the ledger". Might be a dumb question but where on bitstamp is the ledger? Thanks. 

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44 minutes ago, CryptoPitbull said:

Unfortunately US based investors can't go through Kraken anymore. They show it listed when you log on, but you are disabled from buying.

OP, you will have the best bet with Bitrue  but beware, the slippage could be high if you market buy. Set a limit order or spread your market buys into 10 or so smaller buys over 30 minutes or an hour.

You mentioned what seemed to be high fees for bitrue, are you using them as a fiat on ramp? Not sure if you can still on ramp with them, but in the past, their fees for this were higher than should be. At one point it was like 3 percent for a debit/ credit card.

The cheapest way I have found is to bank transfer to coinbase pro. It is free to do this. You will have to buy a crypto, then transfer it to Bitrue. 

This is where it gets tricky though...

You will have to check some charts to see what the best crypto to use is. On bitrue,  check the ETH/xrp, btc/xrp, ect...you want one with high liquidity. For example, if eth is outperforming xrp, it will be easier to get a better price for xrp. Ideally, by the time you buy eth and transfer, it will have appreciated more than xrp and will cover the  cost to trade and transfer. Litecoin is an option too, even XLM (fastest and cheapest way to transfer but lower liquidity on xrp pair).

You have your tether and usdc options too if you prefer to use them. You will have to check the cost to withdrawal though.

One more thing that I am unsure of and you will need some clarification on. With a bank transfer to coinbase, you can buy crypto immediately. However, I am unsure if you are able to withdrawal for a given period of time. I apologize for not knowing this. Whenever I have used the technique listed above, I always had funds on coinbase that would have covered the amount to be withdrawn.

This takes some time and effort but you can come out on top without paying fees.

 

Bitrue doesn’t have the US listed in the ID verification page which I would need to complete for them to allow bank transfers it looks like. 😫

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10 minutes ago, PAPAMOFO said:

Bitrue doesn’t have the US listed in the ID verification page which I would need to complete for them to allow bank transfers it looks like. 😫

Are you on coinbase pro? You may have to send a bank transfer there, buy a crypto, send it to bitrue, then trade for xrp. Uphold is another option but i believe you are limited to 500 dollars a day and the fees are higher.

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1 hour ago, CryptoPitbull said:

Are you on coinbase pro? You may have to send a bank transfer there, buy a crypto, send it to bitrue, then trade for xrp. Uphold is another option but i believe you are limited to 500 dollars a day and the fees are higher.

Yeah. I'll use that. Question, how do I make sense of the ETH/XRP or XLM/XRP etc rates? The higher the better? image.thumb.png.50baad291f8c424147ae4abd72beaad5.png

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2 hours ago, PAPAMOFO said:

For option 2, I went to Withdrawal>IOU and it landed on "IOU Ripple Payment" where I can put in an XRP destination addressz amount of XRP and the would have to click "2FA and withdrawal"

(That would be "amount of USD" not XRP).

2 hours ago, PAPAMOFO said:

What I can't figure out how to do is "Now put in a buy order for $10K(-$20) of XRP on the ledger". Might be a dumb question but where on bitstamp is the ledger? Thanks. 

You can't make ledger trades on bitstamp, but what you would do is

Step 1, create a wallet address. I've never used xumm, but maybe you can do it with that. I've just realized there is a flaw in my plan, because you'd need to fund your wallet with 20xrp to activate it and since you can't buy xrp, you can't do that. But let's suppose you have a friend who will give/lend you 20xrp for a bit. Create a wallet address using some tool. I can't suggest which because I have my own tool which generates wallet addresses, but if you search this forum, you'll find suggestions.

Step 2. fund the wallet by sending 20xrp to it (or find soomeone who can send 20xrp to it, it can be from any account) - you will have a private key you must keep secret and a public one that you send the 20xrp to. On receipt of 20xrp the account is now activated and 'live' on the ledger. When you send you your own wallet, you can ignore the destination tag. You can check your wallet on the ledger using xrpscan or bithomp etc.

Step 3. I use my own software for making trades, but you can use this. https://github.com/Bithomp/bithomp-tools it is no longer supported, but works fine. Download the index.html file and load it into your browser locally, once done, you can enter your secret key and make a buy of xrp. practice with tiny amounts to start with, like buying $1 worth with the rate set to whatever the going price is (say $1.05 right now), the fees are just 0.0001 xrp for example, so don't worry about wasting cash. When you buy on ledger with USD from bitstamp, you have to put currency=USD and issuer = rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B which is the wallet that "creates" USD for bitstamp - check that issuer address before making a payment.

step 4, after you have bought xrp, go back to bitstamp and look at the address where you deposit xrp and destination tag number for your account, then using the bithomp tool, you can make a payment (send) the xrp to your bitstamp account and it will appear there. The destination tag is super important when sending to bitstamp because thhey use one wallet for everyone and a differet tag for each account - the tag is your identifier.

caveat. If you screw up, you can easily lose all your money. Note that if you withdraw USD from bitstamp to your xrp wallet, then change your mind and want to send the USD.bitstamp back to bitstamp, it will apppear in your account again, but the address you send it to is not the same as the one you send xrp to, look in the bitstamp docs

step 5 - Don't trust me, don't trust anyone else that you don't normally trust. If the above instructions confuse you, then stop and spend some time learning all this properly. Experiment with small amounts. If necessary, experiment with making payments and purchases using the test ledger.  I wrote this after coming in from working in the garden and it's all from memory (except the USD bitstamp address that I looked up) and may have mistakes. Tomorrow I'll be on vacation and won't be offering further help. If you don't think you know what you're doing, then you probably shouldn't do it. Good luck!

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5 minutes ago, PAPAMOFO said:

Yeah. I'll use that. Question, how do I make sense of the ETH/XRP or XLM/XRP etc rates? The higher the better? image.thumb.png.50baad291f8c424147ae4abd72beaad5.png

Buy low, sell high. You will need to look at the eth/xrp, xlm/xrp, price charts on Bitrue to find enter and exit points. 

I am getting the feeling that this might be too complicated or you have not had the proper experience to do this. I am not saying this to be mean, I just don't want you to lose money.

Take caution. This is risky and if you don't know what you are doing this is probably not the best way to go about getting xrp.

I strongly encourage you to just buy a stable coin on coinbase and transfer it to Bitrue. You might pay some more in fees but it is the less risky way to do this.

I strongly advise you to consider doing it this way.

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A personal recommendation from my end is that everyone should configure and use the DEX at least once. The DEX doesn't have a great order book depth, but even for low 5 digit orders it's pretty good and I'd imagine that a majority of your sales and purchases are around this level or at lower ones.

https://www.xrptoolkit.com also lets you set up limit orders. Xumm doesn't do it yet but there are xApps being developed as we speak that presumably would allow this.

Setting up DEX can help you jump in at good prices or get out at "not as bad" prices, especially for relatively modest orders, especially as exchanges find themselves unresponsive. 

With time, I'm sure the DEX order book is going to get much better. If written instructions that @jbjnr provided above are too confusing, there should be video instructions on YouTube.

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4 hours ago, PAPAMOFO said:

Bitstamp not listing XRP in the US so option 1 is out. 

For option 2, I went to Withdrawal>IOU and it landed on "IOU Ripple Payment" where I can put in an XRP destination addressz amount of XRP and the would have to click "2FA and withdrawal"

What I can't figure out how to do is "Now put in a buy order for $10K(-$20) of XRP on the ledger". Might be a dumb question but where on bitstamp is the ledger? Thanks. 


It is quite easy.
Create or import a xrp wallet with XUMM.
Then create a trustline to Bitstamp USD inside XUMM.
Now you can withdraw USD from Bitstamp to XUMM.
Inside Xumm you can convert USD to XRP. Or you use xrptoolkit or solodex to create a market order on DEX.

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Here is one route to your goal, to minimize the loss in fees, etc.

Assuming you have an account at an exchange you can wire fiat into (eg. binance.us, etc) then send to fiat to there and then do the following...

  1. Signup at bitrue (simple account, not for bank transfers).
  2. At your Binance.us account, buy some ADA (like $1,000 worth) during a dip.
  3. Withdraw the ADA at Binance.us and deposit into your Bitrue account (low fees)
  4. Trade the ADA for XRP directly (they have a trading pair) at Bitrue (during a dip!).
  5. Repeat steps 2-4 until you're done.

I'd also suggest you keep ALL transfers well under 10k in USD value, just because we've seen people run into delays due to triggered flags. 

Once you have your precious XRP at bitrue, you could withdraw it (in steps) to your own private XRPL account (eg. XUMM wallet), and off the exchange.

GL friend.

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8 hours ago, Ripley said:

The DEX doesn't have a great order book depth, but even for low 5 digit orders it's pretty good and I'd imagine that a majority of your sales and purchases are around this level or at lower ones.

A number of people have said over time that they suspect the order book is deeper than it appears...   as in there are automated MarketMakers that in extremely short time frames will place bids and offers around the price to match new orders.

I don’t have the experience with it but believe the people that have said that know what they are doing.

So perhaps a series of smaller orders at just below the current price wouldn’t move the book like it might at first appear.

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Posted (edited)

I buy crypto just on binance, but as I know it is not legal in some countries. But I really like how easy they made the leverage trading. Since December I have made many profitable trades on their futures. And with the help of lifeforex blog and a small balance I made about 10x in a few months.
Btw here is a new analysis https://www.liteforex.com/blog/analysts-opinions/bitcoin-price-prediction-forecast/. They predict really accurately.

Edited by cheonbMi
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