Home - Blockchain - How to Buy Ripple on Robinhood?

James Carter

January 18, 2023

How to Buy Ripple on Robinhood?

Ripple, also known as XRP, is a digital asset and cryptocurrency used as a medium of exchange on the Ripple network. The Ripple network is a decentralized payment protocol that enables fast, low-cost international money transfers. Ripple allows for transferring any currency, including both fiat and digital currencies, to any other currency in seconds.

Ripple’s significance in the cryptocurrency market is that it is one of the most established digital assets, and several financial institutions and payment companies have adopted it for cross-border payments. Ripple’s technology has the potential to significantly improve the efficiency and speed of international money transfers, making it an attractive option for businesses and individuals. Ripple also has relatively low volatility compared to other cryptocurrencies, making it a less risky investment option.

Overview of Robinhood and its features

Robinhood is a platform for buying and selling stocks, options, exchange-traded funds (ETFs), and now cryptocurrencies without paying fees. It can be used on both mobile devices and the web. It was started in 2013 to make it easier for the average person to get into the financial markets by getting rid of things like high commission fees.

Some of the critical features of Robinhood include:

  • Commission-free trading: Robinhood allows users to buy and sell stocks, ETFs, options, and cryptocurrencies without charging commission fees.
  • Easy to use interface: The Robinhood app and website have a user-friendly interface that is easy for beginners to navigate.
  • No account minimum: Unlike other platforms, Robinhood does not require a minimum account balance to start trading.
  • Instant deposit: Users can deposit money into their account and start trading immediately instead of waiting for the funds to clear.
  • Cryptocurrency trading: Robinhood allows users to buy and sell several major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.
  • Robinhood Gold: Users can access additional features like margin trading and extended trading hours for a monthly fee.
  • Cash management: Users can earn interest on uninvested cash and get a debit card, similar to a checking account.
  • Research and news: Robinhood provides its users with access to market data, information, and analysis, as well as educational resources to help them make informed decisions.
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Overall, Robinhood is a popular trading platform that appeals to a wide range of investors, from beginners to experienced traders, thanks to its commission-free trading, easy-to-use interface, and wide range of investment options.

Setting up a Robinhood account

A. Signing up for a new account

  • Creating a new Robinhood account is accessible as follows:
  • Go to the Robinhood website or download the application from the App Store or Google Play.
  • Click the “Sign Up” button, usually in the right of the top corner of your screen.
  • Fill in your name, email address, phone number, and other information.
  • Make a password that meets the security requirements of the platform.
  • Confirming your email address can be done by following the link sent to you in an email.
  • Enter the code sent to your phone to check your phone number.
  • Read and agree to the privacy and service terms.
  • Choose whether you want to open an account for yourself or with someone else.
  • Fill in any other information the platform asks for, like your Social Security number and where you work.
  • After you set up your account, you’ll be asked to link a bank account or debit card so you can put money in it.

After you’ve done these things, your Robinhood account will be ready to use. You can now buy and sell stocks, options, ETFs, and cryptocurrencies like Ripple on the platform.

B. Linking a bank account or debit card

To start trading and investing on Robinhood, you need to link a bank account or debit card to your account. Here’s how to connect a bank account or debit card:

  • Sign in to your account on Robinhood.
  • Tap the “Menu” button, which is usually in the top left corner of the screen.
  • Tap “Settings” followed by “Bank Accounts.”
  • Click “Add a bank account” on the Bank Accounts page.
  • Choose whether you want to link a bank account or a debit card, and then enter the necessary information. This will have your bank account number and routing number, as well as your debit card number, the date it expires, and the CVV code.
  • Tap “Add Account” once you’ve filled out all the required fields.
  • In the case of a bank account, you may need to verify it by putting two small amounts of money into it, which you will then need to enter to verify the account.
  • Once your account is verified, you can put money into your Robinhood account using the bank account or debit card that is linked to it.
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Keep in mind that Robinhood may only work with some banks and debit card companies, so it’s a good idea to check first. Linking your accounts may also take some time.

C. Verifying your identity

When you set up a new Robinhood account, it’s vital to verify who you are. By law, the platform has to ask its users for specific information to make sure they are who they say they are. Here’s what you need to do to prove who you are:

  • Sign in to your account on Robinhood.
  • Tap the “Menu” button, which is usually in the top left corner of the screen.
  • Tap “Account” and then “Identity Verification.”
  • On the page for proving your identity, click “Begin Verification.”
  • Give information about yourself, like your name, date of birth, and address.
  • You can either use the app to take a picture of your government-issued ID, like a driver’s license or passport, or upload a photo of your ID.
  • After you give the app the information, it will start to check your identity. Depending on how many requests there are, this process could take a few minutes or even longer.
  • Once your identity is confirmed, you will be able to start trading and investing on the platform.

If your identity can’t be automatically checked, you may be asked for more information or proof. Be ready for the process to take a while, and make sure you have a valid ID from the government.

How to Buy Ripple on Robinhood?

On Robinhood, buying Ripple is as simple as the following:

  • Sign in to your account on Robinhood.
  • Most of the time, the “Trade” button is at the bottom of the screen.
  • Type “XRP” into the search bar or scroll through the list of cryptocurrencies to find Ripple.
  • Tap Ripple to see the current price and information about the market.
  • You will need to decide whether you wish to place a limit or market order. You have the ability to determine the price at which you want to acquire Ripple when you use a limit order. A market order will be executed at the price that is currently available on the market.
  • In the “Order Quantity” field, type the amount of Ripple you want to buy.
  • Look over the details of your order, including the total cost and any fees, and make sure they are correct.
  • To place an order, tap “Buy.”
  • Once the order is processed, the Ripple will be added to your account balance, and you can check on how your investment is doing in the “Holdings” section of the app.
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Keep in mind that the prices of cryptocurrencies are subject to great volatility, and investing in them is fraught with danger. Do your own research and consult a financial expert before investing money in any cryptocurrency. Before putting your money into any cryptocurrency, you should always undertake some investigation beforehand.