Where and how is it best to store Ripple, varieties of hardware, desktop and mobile wallets, their advantages and disadvantages. Features of exchange storage, phased creation of paper storages.
Today, the Ripple cryptocurrency, despite the relatively low cost of coins, takes the third place in terms of capitalization, second only to Bitcoin and Ethereum. Before investing in it, many users wonder where to store Ripple safely. If you plan to earn money on trading or storing small amounts, then exchange accounts are also suitable. But how to safely save XRP coins in the future, so as not to become a victim of scammers and not to lose investment? Consider the most popular storage methods.
Where to store Ripple cryptocurrency – types of wallets
Before proceeding to the consideration of specific services where to store Ripple (XRP), we note that the wallets for this crypto are slightly different from Bitcoin wallets or other virtual currencies. Registering a wallet for BTC is absolutely free, while creating a Ripple wallet will require you to buy 20 coins. Acquired XRPs are used as a reserve. They cannot be withdrawn or spent.
Among the most popular XRP storage methods are:
- storage on the exchange;
- Using an online wallet;
- hardware wallet;
- use of a mobile wallet;
- use of desktop storage;
- paper storage.
Each of the above storage methods has certain advantages and disadvantages. Let’s consider them in more detail.
Stock Exchange Ripple
When choosing an exchange or exchange as a place to store XRP, it is worth considering that these services are convenient, but do not have a sufficiently high level of security. This is due to the fact that the keys are stored on the server, and not personally by the owner. In the event of a server hack, the user may lose all his coins. The most popular exchanges include:
The process of creating a wallet on exchanges is quite simple and consists in the following:
- visit the site;
- to register;
- replenish your account with any fiat currency or crypt;
- buy XRP coins or transfer them to a personal on-board address.
As for the advantages and disadvantages of Ripple exchange storage:
- quick and easy registration process;
- the ability to exchange coins at any time;
- no need to invest 20 XRP in reserve.
- insufficient protection.
Ripple Mobile Storage Wallets
The most popular place where you can store Ripple cryptocurrency is a mobile wallet. Its advantage is the ability to use its own funds anywhere and anytime. However, such a store is not protected from thieves who stole the gadget. Also, mobile devices can become infected with viruses, which is why storing funds on them is not very safe.
The most popular mobile wallet where to store Ripple is Toast Wallet. The installation process is quite simple. To do this, you need:
- Visit the App Store or Google Play;
- Download the Toast Wallet app from StarStone Limited developers;
- go through the registration process and specify a PIN code;
- fill up a purse.
Regarding the pros and cons of this XRP storage method:
- Permanent access to the wallet anywhere where there is access to the Web;
- Ability to transfer money from a smartphone;
- Secure wallet with PIN code and constant updates.
- When a smartphone is stolen, fraudsters can steal your money;
- The risk of theft of money and data when the device is infected with a virus;
- Need to buy 20 reserve coins XRP.
Ripple Online Wallets
Another option where to store Ripple are considered online wallets. The most popular among them are:
The process of creating wallets on these services is almost identical and is carried out according to the following algorithm:
- Registration on the official website.
- The introduction of passport data (in some of the services).
- Connection of additional security features (for example, two-factor authentication, binding of mail and phone number, creation of code phrases, resolved IP).
The strengths and weaknesses of online wallets for Ripple include:
- Simple and fast registration;
- Ease of use;
- Various ways are available to improve protection;
- Access from any device.
- Insufficient fraud protection;
- The need to purchase 20 standby XRP;
- Rates may differ from exchange rates;
- In some cases, exchange transactions may be prohibited.
We examined the general advantages and disadvantages, as we are considering the way to store Ripple, and not every single service. In general, each of the presented online repositories additionally has its own nuances of use. For example, on GateHub, in addition to the reserve of 20 XRPs, 5 more XRPs are frozen per account. That is, if you have Ripples and Bitcoins stored, then 20 coins will be frozen for Ripple’s reserve, 5 coins for an open BTC account and 5 coins for an open order. To withdraw all money, you must first close all accounts. But it should be understood that 20 Ripples will forever remain on this account as a reserve.
As for the Kryptonator, everything is not going smoothly there either. Often, when the cryptocurrency value falls, the opportunity to profitably buy a coin closes, motivating it with technical work, and then, when the price rises, access to the exchange is opened. In addition, we contacted the Kryptonator support service to test its operation, but did not receive a response, although more than 1.5 months have passed. There are doubts about its existence in general, but in general, it is a multi-currency wallet, there is a mobile application, a normal Russian-language interface for it and money does not disappear anywhere.
When using online wallets, passwords and keys must be stored in a safe place. If they are lost, the user will not be able to access their funds.
Ripple Desktop Storage Wallets
Some of the safest wallets where Ripple can be stored are desktop wallets. They are presented in the form of special applications that are installed directly on the user’s PC. Toast is considered the most popular and reliable among them.
The process of creating this wallet for Ripple is simple and straightforward:
- downloading the application from the official site toastwallet.com;
- software installation on a computer;
- passing registration.
The most significant advantages and disadvantages of the Toast desktop wallet for XRP include:
- Relatively wide functionality;
- One of the highest degrees of security;
- Easy to install and register;
- The ability to install on Windows, Linux, Mac OSX, as well as the availability of a mobile application and browser version.
- Takes up computer memory;
- If you do not make backup copies and do not store them on a third-party drive, then you can lose money if you break, steal, or become infected with a virus;
- Buying 20 Reserve Coins.
Previously, Rippex was considered one of the most popular desktop Ripple wallets, however, the company announced the termination of existence on February 2, 2018, and all last settlements with users will be carried out until April 1.
Hardware Storage Wallets Ripple
The safest place where it is better to store Ripple, like any other crypt, is a hardware wallet. It is presented in the form of a portable device of small dimensions, which easily fits in your pocket. Among the most popular models include: Ledger Nano S.
We mentioned it several times, considering where it is safest to store Litecoin, Bitcoin and other coins. To install this, you must:
- connect the device to a PC;
- specify a PIN code;
- save or record a key phrase;
- download a special application from the official site;
- transfer funds to the wallet.
These vaults are highly secure and compact in size, making them ideal for users storing large amounts of XRP.
It is noteworthy that even if the device is stolen, the owner will not lose his money and can easily recover it. Although, of course, the fact that you have to buy a new wallet is unpleasant, but it costs not so little. The price of Ledger Nano S on the official website is 95 euros.
Ripple Paper Wallet
This storage method involves the creation of codes and keys on paper. Thus, the user can protect their funds from any network attacks and scammers.
To create an XRP paper wallet, proceed according to the following algorithm:
- Going to ripplepaperwallet.com/
- Click “Create new” and get 2 windows with an open address and a private key.
- We print out the wallet and send it to the open address of the XRP coin through the exchanger, from the exchange or other storage.
On paper will be stored all the data necessary for the subsequent exchange and sale of crypts. This wallet also has drawbacks related to the fact that the paper can be lost, it can be stolen by attackers who gain access to your funds. However, with proper handling, this is the most reliable way to store money.
Where to Store Ripple Safest – Results
Each user has the right to choose for himself how best to store Ripple. For those who prefer convenience, the best choice for storing funds is online wallets, cryptocurrency exchanges and exchangers. There you can quickly change money to another currency, trade if necessary, get access from any places and devices. Those who care about the maximum security of funds or want to invest a large sum, it is better to store Ripple on hardware, desktop and paper wallets.