In this guide, we will give you some important tips on How To Sell Ripple For USD Or Bitcoin, as well as other cryptocurrencies, whether on a centralized exchange platform or through peer-to-peer networks.
Note: To know how to sell ripple, you will need to know how to send the XRP tokens from their storage place (account or wallet) to an exchange platform. To do this, go to the account or wallet, and send the amount of Ripple coins you want to sell over to the proper wallet address. Don’t forget that it can take a while for the XRP to show up in your exchange account.
How to sell Ripple for USD
You can either sell the Ripple coins directly for US dollars on an exchange platform that allows XRP deposits and USD withdrawals or trade your Ripple coins for another digital currency first and then trade that currency for USD on an exchange that allows withdrawals in USD. The latter option does involve more steps, but it sure leaves you with more exchanges to choose from.
Here are some exchanges that let you deposit XRP and withdraw USD: Bitfinex, Bitstamp, Exmo, Gatehub, Bitsane, and Kraken.
Steps to selling XRP for USD
you must follow some general steps to sell XRP on any of these exchanges:
– Create a trading account, and confirm your account via the email you gave.
– Go through the account verification process. Even on exchange platforms with optional verification, to be able to withdraw fiat currencies, you will need to give your name, country, proof of residence, pictures of a government-issued ID document (national ID card or passport.)
– Deposit the Ripple into the exchange trading account wallet. Only Bitfinex and Gatehub charge a fee for this operation.
– Sell the Ripple and buy US dollar.
– Withdraw the USD.
The exchanges named above all demand users verify their accounts in order to withdraw USD. Here are the specific requirements:
– Bitfinex: complete online registration form, email address, residential address, phone number, two types of valid government-issued ID with picture (national ID card, driver’s license, residency card, passport, employment permit card, etc.) Also, a bank statement showing your name as the account holder (you must make your first deposit on Bitfinex from this account) and a proof of residence (statement not older than three months from a licensed corporation or government authority, utility, service company.)
– Bitstamp: name, address, ZIP code, date of birth, country, city, proof of residence ( a utility bill, a government-issued document such as tax statement, a bank account statement, certificate of residency, etc.,) and a government-issued ID document.
– Exmo: either a personal ID-card (both sides), a national passport, or an international passport; a proof of residence (bank statement, tax documents, utility bill, or proof of residence issued by a local authority). Also, a selfie with the user holding the ID with their EXMO account open in the background, and a printed and signed user agreement.
– Gatehub: phone, profile information, profile photo, ID (national ID card, passport, or driver’s license) and proof of residence.
– Bitsane: Identification document (national ID card or passport), proof of residence (bank statement, tax assessment or utility company bills), and a picture of the user holding the ID in their hand.
– Kraken: name, date of birth, phone number, country, proof of residence (like a utility bill. No more than three months old), government-issued ID and social security number (United States residents only).
Residents of Germany or Japan, or users who are depositing using a German or Japanese bank account, or using domestic USD funding, are also required to give an ID confirmation photo.
Trading XRP for another cryptocurrency
Trading XRP for another cryptocurrency on Binance
- Create an account on the exchange’s website. Then open the confirmation email sent to you, and click on the link in it to log in. Once that is done, you will be asked to set up a 2FA (two-factor authentication), which is very important.
- You will need to upgrade to a Level 2 or Level 3 account if you wish to trade more than 2 BTC’s value daily. Click on “Send verification documents” on the right side of the screen to do this. You’ll need to have set up 2FA on your account for this.
Optional verification on Binance:
You can decide to verify with enterprise information or personal information. The first will require you to submit company name and address, and then fill out a Google form for more in-depth info.
For the latter, you must give your full name, gender, country, and passport ID, plus a JPEG photo of your passport, or national ID card, or driver’s license.
- Click on “Funds” on the right side of the screen and then “Deposit.” After that, click on the “Select Deposits Coin” tab and select XRP from the drop-down menu. You can view your balance and orders placed here.
- To deposit XRP to Binance, you will need a deposit address and a deposit tag. Here, the site will warn you of two significant things: “send only XRP to this deposit address. Sending any other currency to this address may lead to the loss of your deposit” and “depositing XRP to Binance requires BOTH a deposit address and a deposit Tag. The funds will be lost forever if you fail to include the tag with your deposit.”
- Copy the currency deposit address you are given. Go to the wallet where your XRP are stored and request a transfer to the address you copied. The XRP will be deposited immediately after one network confirmation. To track the progress of your transaction, go to Funds and then click on Transaction history.
- Once the deposit has been confirmed, click on “Exchange” on the top left corner of the screen and select “Basic.”
On the top right corner, you’ll find a search bar. Type XRP into it, and click either the BTC button to sell ripple for bitcoin, or the ETH button to sell for Ethereum. Then click on the displayed trading pair.
- You’ll see the trading view for the pair you chose. Check below for the “Sell XRP” button. Type in the desired amount and the price, and at the bottom, click the pink “Sell XRP button.”
- You have successfully placed your order! To check how much coins you’ve sold, go to the top right corner to “Orders” and click on “Trade history.”
Should I sell Ripple?
One thing common to every single digital currency out there is that it’s tough to predict precisely how it will behave in the market that is known to be so volatile.
Nevertheless, Ripple has already proved itself as one of the most stable digital assets in existence. In terms of market capitalization, it comfortably sits in 3rd place as at the time of writing, with only Bitcoin and Ethereum in front.
Besides, Ripple’s blockchain is one of the most advanced in the cryptocurrency space. It already consistently handles about 1,500 transactions per second, which puts Bitcoin’s current maximum of 7 transactions to shame.
Overall, Ripple’s vast network of partnerships (including Western Union, Apple, Santander, and many other banks, institutions, and organization) surely adds to XPR’s growth potential. Objectively, at this point, Ripple is one of the smartest and secure investment opportunities you can venture into in the cryptocurrency market.