Coinbase is one of the largest exchanges in the US. It offers trading services for over 100 cryptocurrencies.
The exchange also supports buying and selling of bitcoin, Ethereum, Litecoin, Ripple, and other altcoins.
Coinbase has recently announced plans to add support for Ripple (XRP) to its platform.
This means that customers will soon be able to trade XRP against USD or EUR.
If you are planning on getting some XRP then this guide will help you understand how to move your coins from Coinbase to another wallet.
Before we start, let’s take a look at what Coinbase is:
What Is Coinbase?
Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam.
They started the company with $6 million in funding from Andreessen Horowitz and Founders Fund among others.
The idea behind the company was to make it easy for people to buy bitcoins without having to go through any lengthy verification process.
In 2013, Coinbase launched its first app called Buy Bitcoin which allowed users to purchase bitcoins using bank accounts, credit cards, or debit cards.
In 2014, they added an option to buy Ether as well.
As of today, Coinbase claims to have more than 10 million active users who use its platform to buy and sell digital currencies.
Now that you know what Coinbase is, let’s see what XRP is and how to get it out…
What Is XRP?
Ripple is a blockchain-based payment network. It allows money to transfer across borders cheaply and quickly.
It works like email. When someone sends a message, it goes into the inbox of the recipient.
Similarly, when someone makes a transaction, it gets sent to the ledger. Once all parties agree to the terms, the transaction is recorded permanently.
Unlike traditional banking systems where transactions can take days or weeks, Ripple enables them to happen within seconds.
Ripple is built on top of the open-source software protocol known as x86. It uses distributed consensus to validate transactions.
This means that no single entity controls the network. Instead, every node in the system validates each transaction.
How To Get Your XRP Out Of Coinbase
Sign Up For Coinbase
To begin, you need to sign up for Coinbase. You can do so here.
Create A Wallet
After signing up, you will be asked to create a new account.
Choose A Wallet Type
You will now be given the opportunity to choose between a hardware wallet like Trezor or Ledger, or a paper wallet.
We recommend deciding on a hardware wallet.
Select A Currency Pair
You will now be presented with a list of all the available currency pairs.
For example, if you want to buy XRP, you should select “US Dollar (USD) / Euro (EUR).”
Next, you will be prompted to enter the amount of XRP you wish to buy. If you don’t already have an address, you will be shown where to create one.
Once you’ve entered the correct amount, click on “Confirm” to complete the transaction.
Wait For Verification
Your order will now be processed. Once completed, you’ll receive an email confirming the transaction.
Once your funds have been verified, you can transfer them to your preferred wallet.
Congratulations! You just bought your first cryptocurrency. Now, you can send it to anyone else who wants to buy it.
That’s it! You now know how to get your XRP out of Coinbase
Why Use Coinbase?
Coinbase is one of the most popular ways to buy cryptocurrencies because it offers a simple interface and fast processing times.
The fees are also very low compared to other exchanges. If you’re looking to invest in crypto, this is definitely the best place to start.
However, keep in mind that Coinbase charges a small percentage per trade. This fee is called the trading fee.
For example, if you wanted to purchase $100 worth of Bitcoin, Coinbase would charge you 0.25% ($2.50) plus any applicable taxes.
This may not seem like much, but over time these fees add up.
For example, if you were to make 10 trades a day, that would cost you about $300 a year.
So, before investing too heavily, make sure you understand what you’re getting yourself into.
Also, consider using another exchange such as Binance or Kraken. They offer lower fees and better customer support.
How To Buy Ripple With PayPal
- Sign Up for Coinbase
- Add Payment Method
- Go To Settings
- Scroll down until you see the payment methods section
- Click on Add Payment Method
- Choose PayPal
- Follow the instructions on the screen
- Complete the process
- Verify your Account
Now that you have added your PayPal account, you can go back to the main page, scroll down to Settings, and verify your account.
How To Buy XRP With Credit Card
- Open Coinbase
- Log In
- Click on Deposits/Withdrawals
- Click on Send Money
- Enter the amount you’d like to deposit
- Enter your credit card information
- Click on Continue
- Your money should arrive within 24 hours.
- Congratulations! You just bought your own cryptocurrency!
How To Sell Cryptocurrency Using Coinbase
- Log Into Coinbase
- Select Deposits/Withdraws
- Select Sell
- Enter the amount you wish to sell
- Enter your bank details
- Enter your phone number
You can then follow the steps above to withdraw your coins from Coinbase.
In conclusion, getting XRP out of Coinbase is an easy process that doesn’t take too much time.
Whatever your reason for investing in cryptocurrency, you’ll be able to navigate your investments easily with peace of mind.
If you enjoyed this article, you might enjoy our post on ‘Is Ethereum Dead?‘.