If you own bitcoin and want to diversify into other leading digital assets you can simply convert your “digital gold” into altcoins. This guide will explain how to convert bitcoin to ripple (XRP) step by step.
Where Can You Convert Bitcoin to Ripple?
The easiest way to convert cryptocurrencies on a crypto exchange like Binance. To use this platform, you will have to create an account using the following steps.
- Open the Binance website.
- Hit “Register.”
- Enter your email address or phone number.
- Next, input a strong password and click “Create Account.”
- Binance will send an activation code to your mobile phone number or email address, depending on what you used to register.
- Enter the code to finish the registration process.
- Now that you have an account, you need to go through the KYC process. Click the profile picture icon and select ‘Identification.”
- Click “Verify.”
- Select your country and click “Start.”
- Type in your name, residential address, and date of birth.
- Hit “Submit & Continue.”
- Go to advanced verification. In this step, you will upload your identity document. Binance allows users to upload an identity card, a driver’s license, or passport.
- Next, upload a portrait photo by taking the picture with your computer. Alternatively, get the Binance app and scan the QR code provided. You can then use your phone to take the photo.
- Submit the documents and wait for approval. Note that the verification process could sometimes fail, and you will have to try again. Binance allows ten attempts per day. After ten failed attempts within one day, you will have to wait 24 hours before you can try again.
Once the exchange validates your identity, you can proceed to convert bitcoin to ripple.
How to Convert Bitcoin to Ripple
If you are holding bitcoin in another wallet, start by transferring it to your Binance account. Here is how you will do it:
- Click “Wallet” and select “Fiat and Spot.”
- Hit “Deposit”
- Choose crypto and select BTC as the coin you want to deposit.
- Open your external wallet to send bitcoin.
- Scan the QR code or copy the bitcoin address displayed on the exchange.
- Paste the address in your external wallet.
- Enter the amount you want to send and click “Send.”
BTC will reflect in your Binance wallet after one network confirmation. Once you have BTC in your Binance wallet, you can convert it to XRP using the two methods below.
The Convert Feature
Here are the steps you will follow:
- Go to the ‘Trade” option and select “Convert.”
- Choose BTC and XRP in the respective fields.
- Enter the amount and click “Preview Conversion.”
- Confirm the conversion details and complete the conversion process.
Ripple will reflect in your Binance wallet after several minutes.
Using Trading Pairs
Alternatively, you can trade the XRP/BTC pair on Binance. This feature allows you to buy XRP using BTC. Below is how you trade pairs on Binance.
- Click “Markets” from the navigation menu.
- Search for the XRP/BTC trading pair.
- Since you already have BTC in your Binance wallet, click “Trade.” Use the classic trading feature if you are not an advanced trader.
- Choose “Market” to buy XRP via a market order. The exchange will fulfil your order instantly at the best available market price.
- Click “Buy XRP” to receive ripple in your wallet. If you choose a limit order, enter the price you wish to buy ripple at and wait for a seller to accept this order.
Using the steps above, converting bitcoin to XRP is straightforward. Whether you really want to be converting your BTC to XRP is an entirely different conversation though.
To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.