How to Buy $XRP on BingX

If you’re looking for a secure and hassle-free way to buy XRP, BingX is an exchange worth considering. Launched in 2018, this non-KYC platform has gained the trust of over 5 million users. Its appeal lies in low trading fees, staking opportunities, and easy access to XRP in both spot and futures markets.

One of the key factors that make BingX a solid choice is its straightforward fee structure, with 0.10% maker and 0.10% taker fees, keeping costs competitive with other leading platforms. Beyond just spot trading, XRP is also available on BingX’s futures market, giving traders more options to capitalize on price movements.

However, what sets BingX apart is its XRP staking feature, which offers up to 10% in savings rewards with no lock-up period. This means you can unstake and access your XRP at any time, providing liquidity and flexibility that many traders appreciate. Plus, new users can claim a bonus of up to $5,000, making it even more rewarding to get started. If you’re ready to buy Ripple (XRP) on BingX, follow these steps:

Step 1: Launch your web browser and go to the BingX official site. Sign up for an account by providing your email or phone number.​

Step 2: Once registered, sign in to your BingX account. On the main page, place your cursor over the “Spot” section in the navigation bar and click on “Spot” from the dropdown list.​

Step 3: You’ll be taken to the Spot trading platform. Here, click on the “Asset” dropdown to see the array of cryptocurrencies available for trading.​

Step 4: Utilize the search function by typing “XRP” and choose the “XRP/USDT” trading pair from the displayed options.​

Step 5: The XRP/USDT trading page will open, presenting you with charts, order books, and various trading tools.

Step 6: On the right side, locate the Buy/Sell interface where you can opt for either a Market or Limit order.​

Step 7: Specify the amount of XRP you intend to buy in the “Total” field. You have the option to enter the exact USDT amount or adjust the slider to determine the portion of your USDT balance to use for the purchase.​

Step 8: Carefully verify all the details of your order. When ready, click the “Buy XRP” button to finalize the transaction.

Fees When Buying XRP on BingX

BingX offers competitive trading fees, not the lowest, but in line with other top exchanges. The platform charges a 0.1% fee for both makers and takers. For example, if you buy $100 worth of XRP, you’ll pay a $0.10 trading fee, meaning you’ll receive $99.90 worth of XRP.

How to Transfer $XRP to a Web3 Wallet (Xaman)

Ripple has been in the crypto industry for over a decade and remains one of the top three cryptocurrencies, with millions of holders. Many users look for ways to keep their XRP holdings private in a separate Web3 wallet but often struggle with the technical aspects.

To put it simply, XRP can be transferred to a Web3 wallet using the Ripple network. However, this requires a wallet compatible with the Ripple network to support the transaction. Among the available options, Xaman stands out as a top choice for many XRP holders, offering a seamless and native-like experience. Here’s how you can transfer your XRP tokens to the Xaman wallet from BingX.

Step 1: Hover over the “Asset” icon and select “Withdraw” from the dropdown menu.

Step 2: You will be directed to the withdrawal page. Here, select “XRP” in the “Select Currency” field.

Step 3: In the “Withdrawal Address” field, open your Web3 wallet, copy your Ripple Receive Address, and paste it here.

Step 4: Choose “Ripple” as the network in the “Network” field.

Step 5: When using the Ripple network, an additional step is required. Enter the “Tag” provided within the Xaman Wallet in the designated field.

Step 6: Enter the amount of XRP you want to withdraw in the “Withdrawal Amount” field.

Step 7: Carefully review all transaction details, including the amount you will receive and any applicable network fees. If everything is correct, click “Withdraw” to proceed.

What is Ripple (XRP)

Ripple (XRP) is a blockchain-based payment network designed to enable fast, low-cost cross-border transactions. Unlike most cryptocurrencies, Ripple operates with a unique consensus mechanism rather than traditional mining, making transactions more energy-efficient. XRP, its native token, acts as a bridge currency to facilitate instant global transfers.

Ripple collaborates with banks and financial institutions, positioning itself as a SWIFT alternative rather than a Bitcoin competitor. Despite legal battles with the SEC, Ripple remains a leading U.S.-based blockchain company. With its growing adoption and enterprise focus, XRP continues to be a significant player in the crypto space.

Bottom Line

Ripple’s XRP stands out as a cryptocurrency designed for fast and cost-effective cross-border transactions, positioning itself as a viable alternative to traditional payment systems. Its unique focus on facilitating international payments has garnered attention from financial institutions worldwide. The recent settlement of Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC), resulting in a reduced $50 million fine, has removed a significant regulatory hurdle. This resolution has positively influenced market sentiment, reflecting potential long-term growth for XRP. Purchasing XRP is straightforward, with availability on numerous exchanges, allowing users to acquire and manage their holdings with ease.​

FAQs

1. How does XRP compare to traditional cross-border payment systems?

XRP is designed to settle transactions quickly and at low cost, offering a modern alternative to systems like SWIFT, which can be slower and more expensive.

2. What makes XRP a valuable asset for banks and financial institutions?

XRP serves as a bridge currency that can facilitate liquidity in cross-border transactions. Its speed and efficiency make it attractive for institutions looking to reduce settlement times and operational costs.

3. How did the SEC ruling and fine impact XRP’s market outlook?

The SEC ruling—resulting in a significantly reduced fine and the case being dropped—helped ease regulatory concerns. This resolution has restored investor confidence and set a positive tone for XRP’s long-term potential.

4. What are the key differences between XRP and other major cryptocurrencies?

Unlike Bitcoin and Ethereum, which rely on energy-intensive mining or proof-of-stake mechanisms, XRP uses a unique consensus protocol that emphasizes speed and energy efficiency for financial transactions.

5. Can XRP be used for everyday transactions?

Yes, XRP’s low fees and fast processing times make it suitable not only for large cross-border transfers but also for smaller everyday payments and remittances.