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How to Buy Ripple in the UAE

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Featured Ripple Broker: XTB

XTB is a globally renowned, low-cost cryptocurrency broker that offers CFDs for Bitcoin, Dash, Litecoin, Ethereum, Ripple, Stellar and more in the UAE. XTB has 24/7 customer support, top-notch security, and high liquidity. Open an XTB account today.

Cryptocurrencies have exploded in popularity all over the world, including in the Middle East.

The blockchain payments system has revolutionized the concept of money, and many more people will inevitably begin to either invest in cryptocurrencies and/or actively trade them.

The United Arab Emirates (UAE) is one of the fastest-growing markets for cryptocurrencies in the Middle East. Plans to regulate cryptocurrencies and initial coin offerings (ICOs) by the Securities and Commodities Authority of UAE will begin in the first quarter of 2019. Many international and semi-international exchanges currently accept customers from the UAE.

Buying Ripple’s XRP cryptocurrency in the UAE is easy, but what matters most is the broker or exchange you select. The first step consists of opening an account at an exchange that offers XRP. You must also have a crypto wallet specifically for XRP or multiple currencies including XRP to receive and store your cryptocurrency.

Bitcoin continues to rule the market as the best cryptocurrency due to its popularity, liquidity and fungible nature. Nevertheless, interest in the Ripple remittance network and XRP has made it the second largest cryptocurrency with a market capitalization of $14.7 billion compared to Bitcoin’s current market cap of $68.3 billion. Also, Ripple recently opened a UAE office in Dubai, which will only increase interest in cryptocurrencies in the Emirates.

Overview: Buying Ripple in the UAE

Buying XRP in the UAE entails having access to a cryptocurrency exchange that allows citizens of the UAE to register and that offers the XRP currency. Several local cryptocurrency exchanges currently allow UAE traders to deal in a number of digital currencies.

A number of crypto exchanges and digital currencies currently base their operations in the Emirates due to the low taxation rate, supportive regulatory environment and political stability there. Emiratis dealing in XRP can use these exchanges or they can select among the many international exchanges that accept accounts from individuals based in the Emirates.

Buying Ripple’s XRP also involves getting a wallet to withdraw your XRP and to store it in after acquiring the cryptocurrency from an exchange. In the steps for buying XRP listed below, you will find a partial list of exchanges, both local and international, where Emiratis may purchase XRP, as well as a selection of different types of crypto wallets used to store your XRP after purchase.

Another option for trading XRP involves speculating on the movements of the cryptocurrency by using contracts for difference (CFDs). This requires opening an account with an online broker, such as XTB for example, and requires no wallet or exchange account. Keep in mind that you never actually possess the cryptocurrency traded via an online broker and so you cannot use it to pay for goods or services.

Step 1: Open an Account at a Cryptocurrency Exchange

To purchase XRP in the Emirates, the first order of business consists of finding a suitable cryptocurrency exchange. As mentioned above, several cryptocurrency exchanges base their operations in the Emirates. Below you will find a partial list of cryptocurrency exchanges based in the UAE and internationally that offer XRP and accept accounts from Emiratis.

XTB

Finally, if you want to avoid the expense of a wallet and simply trade CFDs on XRP without taking possession of the cryptocurrency, you can open an account with an online broker like XTB. You can trade cryptocurrency with XYB’s xStation 5 platform, and even trade on the ever-popular MetaTrader4 platform.

BitOasis

Founded in 2015 and based in Dubai, BitOasis is one of the largest cryptocurrency exchanges in the Middle East. Supported currencies include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Cash SV (BSV), Ripple (XRP), Litecoin (LTC), ZCash (ZEC), Monero (XMR), Ethereum Classic (ETC) and Stellar (XLM).

The company requires a minimum deposit of 300 AED that you can make via bank transfer:

Palmex

Established in 2018 and based in Dubai, Palmex is one of the Middle East’s newest exchanges. It offers trading in a variety of altcoins against several other cryptocurrencies, including DubaiCoin (DBIX), Bitcoin (BTC), Ethereum (ETC) and Ripple (XRP). The platform boasts the highest security standards and minimal trading fees. The company does not accept fiat currency for deposit, so you must open an account with bitcoins or other accepted cryptocurrency.

BC Bitcoin

A UK based cryptocurrency exchange that accepts clients from the Emirates, BC Bitcoin focuses on fast deposits and withdrawals and provides excellent customer service. Supported currencies include Bitcoin (BTC), Ethereum (ETC), Ripple (XRP), Litecoin (LTC) and Monero (XRM), among others.

A minimum deposit of £500 is required and can be made via SEPA credit or a bank transfer. Prospective clients are charged a deposit fee of $10, €10 or £10, depending on your deposit currency.

Bitfinex

Taipei-based Bitfinex allows trading in a number of cryptocurrencies and supports a number of professional trading features, such as margin trading. Supported currencies include Bitcoin (BTC), Ethereum (ETC), Ripple (XRP), Litecoin (LTC) and Monero (XRM) to name only a few.

Customers make deposits and withdrawals using bank transfers.

Changelly

A so-called “instant” international cryptocurrency exchange, Changelly allows its customers to buy Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP) and Ethereum (ETH) with USD or EUR. According to the website, it provides the best crypto-to-crypto exchange rates in the business. The company’s trading algorithm integrates with the largest cryptocurrency exchange platforms, including Bittrex, Binance and Poloniex, among others.

Deposits get charged a 5% Simplex card processing fee with a $10 minimum and can be made with a Visa or Mastercard credit card. A screenshot of Changelly’s home page appears below:

CEX.IO

CEX.io accepts customers from all over the world, including the Emirates. In addition to supporting cryptocurrency trading, this exchange allows customers to trade nine forex currency pairs as well. The company accepts Crypto Capital, Visa/Mastercard, SEPA credit transfers and bank transfers for funding cryptocurrency purchases.

The company charges an instant trade fee of 7% and a fee of 3.5% + $0.25 for credit card transactions.

Step 2: Get a Cryptocurrency Wallet

To trade XRP and have full control over your transactions, you must first withdraw your XRP from the exchange or another source to a personal crypto wallet. Wallets come in several forms that let you notify the crypto network that you want to send and receive transactions.

You can install a wallet on your home desktop, laptop or tablet, as well as on an Android or iOS smartphone. You can also use a web-based wallet that does not require a download and lets you access your cryptocurrencies anywhere with an internet connection.

If you will be trading XRP, you must either get a multi-currency wallet or one specifically for Ripple.

In addition to the above-mentioned wallets, you can opt for a hardware wallet, which consists of a peripheral device that plugs into a computer like a USB memory stick. This type of wallet offers increased security. Popular wallets commonly used to trade XRP in the UAE are:

Ledger Nano S

One of the most popular hardware wallets available, Ledger Nano S supports more than 40 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). Built around a chip similar to those used in passports and credit cards, the Ledger Nano S wallet protects your assets through a PIN code.

Toast

This cross-platform open-source XRP-specific wallet works on Windows, Mac and Linux desktop computers and tablets. A mobile version is available for iOS and Android. Due to its open-source nature, New Zealand-based StarStone Limited distributes Toast free of charge.

Atomic

The universal multi-asset Atomic desktop wallet allows you to purchase XRP with USD or EUR using your credit card. In addition to XRP, the wallet supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and more than 300 other coins and tokens using a single interface. Transactions carry a $20,000 limit per transaction.

Bitfi

A completely wireless hardware wallet, the Bitfi wallet comes in a smartphone-like device and supports an unlimited number of cryptocurrencies and crypto assets. The wallet provides total security from online and offline security threats and allows you to manage all of your cryptocurrencies on one dashboard.

Step 3: Withdraw your XRP to Your Wallet

Once you have purchased your XRP on an exchange, you may withdraw the currency to your XRP or multi-currency wallet.

You may not want to leave your XRP currency on the exchange where it was purchased since you do not have control of your private keys when storing coins on an exchange.

Most experts recommend storing your XRP in a wallet with your own private key. After you have withdrawn your currency from the exchange to your wallet, you have successfully purchased XRP. Also, Ripple requires a 20-unit reserve fee to hold XRP in a personal wallet.

Final Thoughts

Your selection of an exchange or broker can make a big difference when you deal in cryptocurrencies. Decide whether you’d like to trade XRP in an online brokerage account or if you want to take possession of the currency. That will determine whether you should get a wallet and acquire the currency or open an online trading account with a broker.

Either way, make sure you have some knowledge of how to trade cryptocurrency  before you begin. If you choose to go through an exchange, you can use one based in the Emirates that supports XRP or open an account at an international exchange.

Emirate based cryptocurrency traders can take advantage of XTB’s sophisticated xStation 5 platform and can also use the MetaTrader4 platform by Metaquotes for transactions and market analysis.

Source: benzinga

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Santander Clarifies It Isn’t Using XRP for International Payments

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Spanish bank Santander has recently clarified via microblogging platform Twitter that it isn’t using the XRP cryptocurrency for international payments, but is instead using a product developed by Ripple, the firm behind the token.

Santander’s clarification came shortly after it mistakenly told a Twitter user who asked whether it was using XRP that it was using the cryptocurrency for “international payments to 18 EU countries and the USA” through its One Pay FX app.

Given the attention the tweet received, Santander clarified the very next day it was a misunderstanding, and that its One Pay FX app uses Ripple’s xCurrent technology, and not the XRP token.

In its tweet Santander linked to a press release from last year, in which it revealed it was going to use blockchain-based technology to conduct international transfers for clients “on the same day in many cases or by the next day.” Per the document, Santander was the first bank to “roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously.”

As CryptoGlobe covered in March of last year, the Spanish bank partnered with Ripple to launch the One Pay FX app, which is said to rely solely on Ripple’s xCurrent and RippleNet products, not XRP. The app’s users aren’t just able to see their transactions get settled in a short amount of time, they’re also able to see how much each transfer will cost.

One Pay FX was initially available to users  in Spain, the UK, Brazil, and Poland. Over time, Banco Santander revealed it was set to roll it out to more countries throughout the world. Notably, Santander has invested in Ripple back in 2015 and 2016.

Last year, Ripple formed various partnerships to see financial institutions use its products. Among them was MoneyGram, with the goal of speeding up fiat currency settlements. It also joined a consortium of 61 Japanese banks to create an instant payments app.

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“Ripple” of China? Ultrain Is Leading a New Era of Public Blockchain

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“Ripple” of China? Ultrain Is Leading a New Era of Public Blockchain

As Ripple emerges as the latest form of global transaction company, it continues to shine as one of the world’s top blockchain projects. Ripple’s accomplishment is a result of strategically building its implementation of blockchain technology to service existing financial tycoons and banking corporations.

Ultrain’s plan to deliver key services to existing companies shares a similar strategic advantage, which has been at the core of the project since initiation. Although not involved in banking or payment, Ultrain is devoted to provide trusted computing services to enterprise clients and empower traditional industries with blockchain technology, that resemblance reminds many of Ripple. Ultrain is leading a new era of public blockchain to support innovation and advanced business systems.

Ultrain, referring to themselves as the No.1 commercial public chain and the first to realize public blockchain 3.0 technology, is implementing real-world enterprise solutions to enhance enterprise’s traditional business models. While many projects in the market are still in the research and development stages, Ultrain’s enterprise chain is already servicing high profile clients such as Chinese streetwear empire YOHO!, and blockchain gaming development lab Unitopia. The team at Ultrain aims to be the decentralized service platform powering future businesses and is taking steps towards this goal each day with their business development.

Unlike permissioned blockchain networks, that’s only capable of providing internal solutions to known parties, Ultrain’s trusted computing service is based on a permission-less network environment. Ultrain is revolutionizing the industry by streamlining client’s business models, creating a hybrid between the traditional business and a blockchain-based trusted computing model.

Ultrain’s technical superiority allows it to be the only blockchain 3.0 project with open access to public, where new computing nodes or miners can join and provide essential computing power to the platform to further strengthen the Ultrain enterprise chain. Ultrain has recently made their latest batch of computing nodes available for public purchase. These 40 equals, transparent, high-reward trusted computing nodes form part of the essential computing power of Ultrain’s enterprise chain.

Whether Ultrain turns out to be the next “Ripple” or not, no one can deny the fact that advanced blockchain technology is the foundation of this promising project, followed closely by its business development activities., the list of partners continues to grow with aforementioned YOHO! and Unitopia, joined by Electronic Souls, and others to be announced. Applications of Ultrain’s technology have far-reaching use cases in industries such as commerce, gaming, energy, advertising, medical, and philanthropic sectors.

As an open network that anyone can join, Ultrain’s secure, efficient and cost-effective trusted computing services also incentivizes community members to participate in ecosystem growth. Every time a new node joins the network, Ultrain advances towards making their ultimate vision of “a programmable business society” a reality.

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Ripple: XRP: Bitfi adds XRP after Bitrue listing; cites ‘mass adoption’ as key reason

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The XRP community has been in the news multiple times recently due to its activity online and the sheer force of user interactions on social media platforms. The clamoring for mass adoption seems to have received a boost as Bitfi, a popular cryptocurrency wallet, announced that they would be adding XRP to its arsenal. The organization tweeted:

“You asked, we listened. XRP is launching in Bitfi soon. And no, it is not like Bitcoin, poses no threat to Bitcoin, & serves a completely different purpose. Let’s keep an open mind & make the entire community stronger. Spread the love ❤️  #xrp #ripple”

The news garnered a lot of positive reviews from the community and the crypto-verse, with many calling it a piece of “good news”. Post the listing of XRP, many users were also clamoring for the addition of Tezos. To this Bitfi replied:

“Tezis is very high on the priority list.”

Another Twitter user, Teodor Andrei, stated:

“This is a good news, I HODL #XRP”

Bitfi claimed that XRP addition was another step in the wave of mainstream adoption because the platform was mainly Bitcoin-friendly.

XRP also got another morale boost when Bitrue added XRP base pairs against three cryptocurrencies. The three pairs would be DASH/XRP, BAT/XRP, and STORM/XRP. The exchange upgraded their wallet for XRP and resumed deposits and withdrawals of XRP on March 23, 2019.

Bitrue also revealed its future plans for the coin as an XRP airdrop was announced, with a 7.3% interest program for XRP in the works.

@plitern1, a Twitter user, commented:

“Thank you for the continued roll-out of XRP base pairs!🥰 This is how the whole ecosystem of crypto starts to mature as a whole: The diminishing correlation to the Btc peg. It’s not only great for #XRP but for everyone that likes crypto & wants crypto as a whole to succeed.”

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