Bitcoin and Ethereum always come into mind while we talk about cryptocurrencies. Bitcoin is on top in Market cap and Ethereum is only second to it. But which coin is second to Ethereum? Here comes the Ripple.
Ripple (XRP) ranks 3rd as per the coin market cap.
Ripple serves a different purpose than Ethereum and Bitcoin and requires a different wallet to store. It is generally to be used for banking/financial purposes.
Best Ripple Wallets to use
Ledger Nano S (Hardware Wallet)
The best hardware wallet to store multiple cryptocurrencies is Ledger Nano S. It is one of the pocket-friendly hardware wallets out there costing around 65$. Ripple is stored offline on this device. It can store unlimited Ripple in it with no limit. If you want to send Ripple, Ledger signs it using the private key which stored on it, which is locked behind a PIN code. No one can tamper the transactions and they are physically verified on its built-in display.
Ledger Nano S includes Bitcoin, Litecoin, and many other blockchain-based cryptocurrencies. It is possibly one of the best purchases for someone who wants to store their cryptocurrency for the long term.
Rippex (Desktop Wallet)
Rippex is a free desktop wallet and is known for a very low transaction fee. It offers buying ripple through Bitcoin and Fiat currencies like USD, EUR and CNY. You have to register using your personal email id and identification.
Indians can directly buy Ripple from Koinex against INR. Buy it and store them in any of the wallets we have mentioned here.
Gatehub (Web Wallet)
Gatehub is one of the wallets with recognition on the official website of ripple. You need to register through your personal email id and upload documents for verification. It offers you to buy ripple coin against Fiat currencies as well as Bitcoin and other cryptocurrencies. Gatehub offers multiple cryptocurrencies as well. It allows the user to do an analysis of various currencies. For security, it generates a recovery key and a user can instantly download and save it for future reference.
Coinpayments (Web Wallet)
Coinpayments is not just a wallet but also an online payment website which supports over 75 altcoins with a very low transaction fee. It not only allows you to store your coins but you can do online shopping too. You only require your personal email id to register. It is also supported by BitGo “an altcoin security website”, So your coins are secured with coin payments. It also offers a mobile app to access your account.
Every exchange provides a wallet corresponding to each coin. Poloniex and Bittrex are two major exchanges which support most of the altcoins hence Ripple. One can store ripple coin in your exchange ripple wallet.
An important point here is that you cannot buy altcoins with any fiat currency like USD or EUR. You can convert your Bitcoin and Ethereum to Ripple and store. You need to register with personal email id and once verification is done, you can transfer ripple to corresponding exchange wallet.
Keeping your ripple in any exchange wallet is not recommended. The whole purpose of having and storing in a private wallet is keeping a control over your currency. When you keep it in an exchange, it is same as trusting the bank with your money.
Anyone can hack it or if the exchange disables your account, you will not be able to access your Ripple.
Which Ripple wallet is the best?
It depends on what you want to do with your Ripple. Every wallet serves a different purpose. If you want to store for the long term then surely you should opt for Hardware wallet. If you want to spend ripple for online shopping, a mobile wallet will be a wise choice. You can use exchange wallet if you want to transact your coin more often on ripple network.