- Crypto wallets are not reserved for big investors – they can be used by any investor, provided they have the utility.
- There are different crypto wallets aimed at other user bases – online, hardware, paper, mobile, and web wallets.
- CoinSwitch is one of the best Ripple wallets out there because of its ease-of-use, high functionality, versatility, top-notch security, and no investment!
- CoinSwitch wallets get integrated directly into our exchange for easy selling, buying, and trading of crypto right there on the platform.
Understanding Ripple Wallets
Ripple (XRP) coins are among the top coins by market cap in the crypto world. As of December 2021, Ripple’s market share is valued at $45 billion and ranks #7 out of the top cryptocurrencies by the same standard.
For investors in XRP coins, an XRP wallet serves the purpose of allowing them to access their funds and sign transactions using a combination of their private and public keys. Ripple wallets function like any other crypto wallet in essence – this is to say that they specialize in storing different coins on their ledgers. Still, the principle of keeping and signing transactions with crypto remains essentially the same for any wallet.
In this blog, we will focus on the different types of wallets in general; what you, as an investor, look for when choosing a Ripple wallet, what the ideal features of a wallet should look like, and wy CoinSwitch Kuber’s Ripple wallets win every single one of those attributes.
Points to Consider While Choosing a Ripple Wallet
Here are some things you should keep in mind when you’re in the market, either for an XRP wallet or for any other crypto wallet in general.
- There are different choices pertaining to your personal investment style – As we’ll explore further in this blog, there are different types of wallets for every investor out there. If you’re a holder of Ripple coins, you have the option of investing in a Ripple wallet that suits your requirements perfectly.
- All cryptocurrencies are stored on wallets (yes, even on exchanges) – Exchanges like CoinSwitch Kuber use crypto wallets to store your crypto even if you haven’t explicitly invested in one.
- Crypto wallets don’t actually hold your coins – You might ask: Isn’t that what they’re supposed to do? Yes, but only partially. Crypto wallets don’t function like regular wallets. While the regular ones actually store your coins, crypto wallets store a number called the ‘private key’, which is used to access your coins on the blockchain.
Different types of Ripple wallets
Not all wallets are created equal. While most have the same functionalities, they’re meant to serve different kinds of user bases and investors. Here are some standard classifications of crypto wallets and how they’re unique in their way.
With online wallets, you can access your crypto through the internet. These wallets are incredibly versatile and can be used for small and significant transactions.
- Meant for investors who are not looking to store their crypto for the long term.
- Best used for frequent transactions, trades, margin trading, and swing trading.
- Zero investment
- Really easy to trade
- Can be set up with automatic transactions
- Easy to track investment gains and returns
- Versatile and efficient
- Vulnerable to hacks
You can make trades using your mobile app no matter where you are as long as you’re connected to a stable internet network. These wallets are also always hot, which means they are always connected to internet servers.
- Your money is always on the go with you
- The easiest way to shop using your crypto and make P2P payments in XRP coins
- Easily accessible
- Zero investment
- No barriers to entry
- Can store all types of crypto in one wallet
- Losing your phone might mean losing all your crypto (unless your coins are synced to CoinSwitch’s secure servers with 2FA *wink wink*)
- Trading with public networks increases the risk
Paper wallets are considered the most secure crypto wallets, but they come with their apparent limitations. While an online wallet comes with a small but tangible risk of hacks and theft, storing your coins in a paper wallet makes sure that your private keys are only accessible to you. This means that no one can access your crypto unless they get their hands on that piece of paper.
- Super secure
- Virtually unhackable
- Convenient for receiving crypto, hassle for sending
- Free as free can get
- The best option for long-term HODLers
- Recovering lost paper or faded ink is impossible
- Always need to log onto the blockchain to make every transaction
- Secure internet connections are required every time you use your key
- Redundant for traders and swing investors
Hardware and paper wallets have similar benefits, even though hardware wallets might have limited advantages. They are designed explicitly by top-notch encryption companies to keep crypto coins secure. However, they’re usually made for specific coins, and for investors who like to diversify their portfolio, having multiple crypto wallets might be a bigger hassle than the reduced security.
- Multiple points of entry to increase accessibility while keeping others out
- More resistant to the elements than ink and paper
- Very secure
- Ideal for investors with colossal crypto stakes that get used at different locations often
- Investment required to buy the hardware
- Needs to be compatible with your mobile phone and computer
- Has to be connected to the internet if you want to transact with your coins
- You might accidentally lose all your coins to a PIN failure or by forgetting your password
- Small and can be stolen physically
Features of the Best Ripple Wallet
If you’re in the market for a Ripple wallet, you must know what to look for. There’s a lot of misinformation in the crypto world, and beginner investors can get distracted looking for the wrong things. We’ve compiled a list of essential things you should look for in a Ripple wallet and why you shouldn’t compromise any of these.
- Ease of use – Your crypto wallet should be easy to use if you’re a beginner in the space. Even if you aren’t, an easy-to-use yet efficient interface never hurt anybody! Dealing with different types of crypto, their exchange rates, fees, and fiat currencies can be quite a hassle, and a user-friendly wallet will only leave you one less thing to worry about.
- Security level – This is the most essential part of the entire exercise. If your wallet isn’t secure and anonymous, there’s no point in investing in cryptocurrencies. There’s simply too much risk in a vulnerable crypto wallet you should take on as an investor. Before anything else, your wallet must be solid in terms of the security it presents to your coins.
- Portability – Cryptocurrencies are gradually becoming the currency of the future, and hence, they’re going to be used as an alternative for fiat currencies in everyday life pretty soon. Your wallet must be future-proof in that regard. An online wallet makes for the best wallet in terms of portability because with the internet, you can use your coins in a transaction no matter where you are.
- Supported coins – You don’t want to have different wallets for different cryptocurrencies, right? After all, one of the biggest USPs for crypto coins is that they are easily interchangeable on any exchange. A wallet that supports all of the coins that you regularly use/trade in is usually the best in this regard.
Why Choose CoinSwitch Ripple Wallet?
Why should you choose the CoinSwitch Ripple wallet to store your XRP coins? Here’s why.
- No investment required – Unlike hardware or another online wallet, CoinSwitch does not require you to pay anything in terms of fees for maintaining your crypto wallet. You can refer to the next section for instructions to help you set up your Ripple wallet.
- Supports long-term HODLing as well as trading – CoinSwitch wallets are so secure that you can use them for long-term investments, as well as swing or margin trades! We have our CoinSwitch exchange built right into the app for easy tracking and trading your assets!
- Easy to use – We have made it our mission to educate more and more people about the crypto market and make them see the value in being invested in such an asset class. Hence, we’re dedicated to making our exchange and wallets as easy to use for beginners as possible. With more than 10 million people using our platform already, we’re making crypto trading and investing more user-friendly every single day.
- Security – CoinSwitch wallets are very safe and secure. With 2FA, KYC, and other verification processes, we make sure that your crypto coins never get lost. We also integrate PIN codes and passwords into our mobile app, making logging in complex for hackers. For every wallet transaction, we send email confirmations to your registered address, so you’re up to date on all changes that are taking place in your holdings.
- Portability and supported coins – CoinSwitch is an online wallet, which means you can use it to change your holdings from one coin to another very quickly. Just like any other payment app on your smartphone, CoinSwitch’s crypto coins can also be used to withdraw and receive crypto coins from your peers over the internet. Our wallets are already compatible with more than 100 different coins and tokens in the crypto world, and the list gets updated every week!
How to Setup CoinSwitch Ripple Wallet?
Setting up your very own Ripple wallet on CoinSwitch is very easy. You can complete the entire procedure in under 10 minutes on a good day!
- Step 1: Open CoinSwitch – The first step is to, of course, download the CoinSwitch Kuber app on your Android or iOS mobile phone. You could also visit our website and enter your phone number, and we’ll SMS you a link to the app!
- Step 2: Register and open an account – Once the app has been successfully installed, you will be asked to enter your mobile number for OTP verification. Once the OTP has been received and entered by you, you will be asked to set a PIN on the app for added security.
- Step 3: Complete your KYC – To complete this step, head on to the ‘Profile’ section of the app in the bottom right corner and click on ‘User Verification’. Enter your name, PAN number, date of birth, and your email address for primary verification of your identity. Once this is done, you will be asked to upload your PAN card’s picture along with a picture of a government-issued ID card to complete the verification. On CoinSwitch, the KYC process is completed within 2 minutes!
- Step 4: Add your bank account details – To transfer funds from your bank account to the CoinSwitch app, you need to provide the app with the relevant information. These include your account number and IFSC code only. The app sends Rs. 1 to your account to verify if the details are correct and if they are, the account is linked to your profile
After this is done, you’re free to use the CoinSwitch wallet to buy, sell or store Ripple (XRP) coins! Whenever you use the CoinSwitch exchange to purchase crypto, your coins are automatically stored on CoinSwitch’s wallets for safekeeping. If you wish to transfer Ripple coins to or from your CoinSwitch Ripple wallet, follow these steps:
- Open the CoinSwitch app and click on your Ripple holdings.
- Navigate to the three dots on top of the screen and select one of the two options – Send XRP or Receive XRP.
- Corresponding to your choice, you either have to enter your target wallet address to send LXRPTC, or you will be presented with the instructions for receiving XRP to your wallet.
CoinSwitch is the best wallet to store your XRP coins in. The most significant advantage of using a CoinSwitch wallet (apart from everything covered above!) is that it has an exchange built right into the same app. With the flexibility of changing your coins from crypto to fiat (and vice versa) along with the freedom to trade in more than 100 coins and tokens, CoinSwitch is emerging as the most significant player in India’s crypto industry. By using a CoinSwitch wallet, you’re not only keeping your coins safe but also taking advantage of the revolution that we are heralding. So, what are you waiting for?
Frequently Asked Questions
How do you use a Ripple Wallet?
This depends on what kind of wallet you’re using.
- Online/Mobile/Web wallets – They can be accessed by the application or the website of the wallet provider provided you’re connected to the internet
- Hardware wallets – The wallet needs to be connected to a computer when you want to use your coins
- Paper wallets – You need to connect to the blockchain manually to access your coins through your private key
What is the safest Ripple Wallet?
CoinSwitch Kuber is one of the safest and most secure Ripple wallets out there. You can get to know more about us here.
How do I withdraw money from my Ripple wallet?
To withdraw money from your Ripple wallet, you can do either of the following:
- Use the CoinSwitch exchange to sell your Ripple holdings on the market for the best price and withdraw your fiat directly into your bank account within 2 minutes
- Use the CoinSwitch wallet to withdraw your holdings to another wallet using the Withdraw option available on the app (target wallet address required to withdraw to another wallet.
Does Ripple have a future?
TradingBeasts and other crypto analysts predict that the average price of XRP coins will close in the year 2021 at around $1.31 and stay close to that number. XRP price in 2022 is expected to be valued between $1.32 and $1.36. In the long term, the prospects of Ripple are highly dependent on the growth of Bitcoin, the crypto narrative as a whole, and research and development conducted by Ripple’s development team in the future.
Want to track Ripple prices live? Here’s our price ticker.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
Table of content
Subscribe to Our Newsletter with exclusive content.