Choosing the best Ripple wallet to store XRP tokens can be tricky. There are many Ripple wallets and each comes with its own unique features and benefits. Here’s a guide to help you choose a secure Ripple wallet that works best for your needs.
What is XRP cryptocurrency?
XRP ranks among the largest cryptocurrencies based on market capitalization. It has been around for several years, but it is not as well known as Bitcoin or Ethereum.
XRP is mostly used to transfer funds between two parties almost instantly and at no cost. This feature makes it very attractive for cross-border payments because traditional payment methods such as SWIFT can take days or even weeks and charge high fees.
The XRP Ledger, formerly known as OpenCoin, was created by Ripple in 2012 and served as a blockchain ledger that kept track of all transactions made over the network on the “RippleNet” platform, a software suite that allowed companies to send money across borders quickly and cheaply.
What is an XRP wallet?
An XRP wallet is a digital space where you can store your Ripple coins. For the uninitiated, a cryptocurrency wallet is a software application or system that enables you to send, receive, and store cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH).
7 Best XRP wallets
We have listed below some of the popular XRP wallets to store your Ripple tokens.
Ledger Nano S
Ledger Nano S is one of the top XRP wallets that comes with a number of security and privacy options. It is a hardware wallet—meaning you can store your XRP offline.
The Ledger Nano S has 2-factor authentication, a dedicated PIN code, and a 6-digit pin, which makes it more secure than other wallets. The device has a touchscreen display and supports iOS and Android operating systems, but only works with the Ledger Wallet Chrome extension.
However, the most important feature of the Ledger Nano S is its ability to store multiple private keys in one place. Hence, it is convenient to manage multiple accounts for different purposes.
Rippex is a desktop wallet that lets you store, send, and receive XRP, as well as view your balance in real-time. The wallet also supports Zcash and Ethereum ERC20 tokens. It is available for both Android and iOS and supports XRP and Ripple. It is one of the best Ripple wallets available today and can be used to store your Ripple coins offline.
CoinPayments (Mobile and Desktop)
CoinPayments is a mobile and desktop wallet that allows users to store their XRP. The wallet has both free and paid versions, with the latter offering more features. CoinPayments supports multiple currencies. The wallet also offers an array of features facilitating in-app buying and selling of crypto coins, easy exchange of cryptocurrencies from within the app, and so on. What’s more, it is compatible with any device that runs on the iOS or Android operating systems.
Ripple Paper Wallet (Offline)
Ripple paper wallets are a safer way to store your XRP. It’s one of the best ways to keep your XRP safe provided you have internet access.
You can also use GateHub, which is an online wallet used to store XRP tokens. But it doesn’t support mobile devices and its website has been hacked in the past. So, it’s best advised not to use GateHub as a primary wallet, but as an additional option to keep a small amount of money—in case there are problems with your main account.
Toast Wallet (iOS)
Toast Wallet is an iOS-based XRP wallet that offers a good balance between ease of use and security. It supports XRP, BTC, and ETH, but also has an inbuilt exchange that allows you to buy or sell other cryptocurrencies. The wallet is available for free on the App Store.
This is another desktop wallet that works with iOS and Android devices. It offers a simple user interface that is easy to navigate and it supports multiple currencies, including Bitcoin, Ethereum, and XRP. The wallet allows users to monitor their balance, send and receive XRP tokens, and control their keys. It also provides multi-signature security for extra security for storing large amounts of XRP tokens.
How to buy Ripple XRP
There are different ways to buy XRP. It can be purchased at any exchange with a credit card and bank account, via wire transfer or PayPal.
To purchase XRP with a bank account, go to the exchange where you want to buy XRP such as CoinSwitch, and create an account if you don’t already have one.
Transfer money from one’s bank account to the trading wallet at the exchange. You will be prompted to do this once you register. The amount of money required varies depending on the platform. Some charge $10 per transaction, while some levy $2.
The process is known as verifying or activating your trading wallet to ensure that it belongs to you. Depending on which cryptocurrency wallet service provider was used during the registration phase, this process usually takes between 1-3 business days.
Once verified funds have been accounted for, traders can instantly begin buying/selling cryptocurrencies, including Ripple XRP coins without waiting for any further verification process from bank authorities such as SWIFT code confirmation.
Can I store XRP on an exchange instead of a wallet?
Yes, you can store XRP on a cryptocurrency exchange. However, it’s generally recommended to transfer your XRP to a personal wallet for increased security and control over your funds. Exchanges can be vulnerable to hacking or other risks, so it’s important to weigh the advantages and disadvantages before making a decision.
Can I use multiple wallets to store my XRP tokens?
Yes, you can use multiple wallets to store your XRP tokens. It can provide additional security and flexibility. Just ensure that you securely manage and keep track of your wallets and their respective private keys or recovery phrases.
What are the best Ripple wallets to store XRP tokens in 2023?
Some popular Ripple (XRP) wallets were Ledger Nano S, Toast Wallet, and Rippex. However, I recommend researching the latest information and user reviews to determine the best XRP wallets available in 2023, as wallet options and their security features may have changed.