Are you planning to invest in XRP? Well, you can buy the crypto asset using Trust Wallet. The buying process is straightforward, making it ideal for both experienced and novice crypto users.
This guide demonstrates how to purchase the XRP token using the supported payment methods on Trust Wallet. Stick around to learn more.
Steps for Buying XRP on Trust Wallet
1. Download and Install Trust Wallet
You can find the Trust Wallet mobile app on the Google Play Store or the Apple App Store. Upon downloading it, tap the ‘Create New Wallet’ button to get started. The wallet will ask you to set up a passcode for locking and unlocking it. You can add an extra layer of security by including your fingerprints or a face scan.
After securing your wallet, it is time to generate the seed phrase, which will help you gain access to your Trust Wallet if you forget the passcode. To get this crucial phrase, go to ‘Main Wallet’ and click the dotted line on the right side. Trust Wallet will display your seed phrase, which can be backed up manually or with your Google Drive account. You are advised against revealing the seed phrase to anyone to avoid losing your funds.
2. Go to ‘Buy’ Section
After backing up your seed phrase, look for the ‘Buy Crypto’ button and click on it. A list of supported cryptocurrencies will be displayed. Search for XRP and follow the next steps.
3. Purchase XRP
Once you find XRP, click on it and specify the fiat amount (usually USD) to be spent. Trust Wallet will then estimate and display the amount of XRP to be received. Note that you cannot buy less than 1 XRP, considering that new holders of the token must own at least 1 XRP to activate a new crypto address on the XRP Ledger.
4. Select Your Preferred Payment Provider
The most common payment method on Trust Wallet is debit or credit cards. The transactions are processed by third-party providers like Simplex, Moonpay, Ramp, Transak, and Mercuryo. So, after specifying that you want to use your bank card to buy XRP, pick your ideal payment processor in the displayed list.
5. Enter Payment Details and Complete KYC
All the payment processors will require you to complete the Know Your Customer procedure. To do this, you will be directed to the selected processor’s website, where you must provide your personal details, like your name and a government-issued ID. Furthermore, you will do a face scan to confirm that your face matches the photo in the ID.
Upon identity verification, provide your bank card details. If the card is added successfully, review the transaction information to check the estimated processing fee. If satisfied, approve the transaction and check your Trust Wallet balance after a few minutes.
How to Sell Your XRP From Trust Wallet
Have you realized some gains on your XRP investment, and you are looking to cash out? Here is how to go about it.
Send Your XRP to an Exchange
Since several centralized exchanges list XRP, it is easy to convert your crypto to fiat. Leading platforms like Binance, Coinbase, and Bybit support the Ripple-issued token. Here are the simple steps to follow to send XRP to Binance and cash out.
1. Create a Binance Account: Before transferring your XRP to an exchange, you must create an account with the trading platform. To sign up with Binance, download its mobile app from a trusted app store and provide your email or phone number. You must also complete KYC.
2. Deposit XRP: After your identity has been verified, click ‘Assets’ and then ‘Deposit.’ Select XRP as the crypto asset you want to deposit and copy the generated XRP Ledger address. Next, go to your Trust Wallet and look for the ”Withdraw’ feature. Choose XRP and select XRP Ledger as the network for making the withdrawal. Now paste the address from Binance and specify the XRP amount you wish to withdraw.
3. Convert XRP to USDT: After the XRP tokens hit your Binance account, go to the spot market, look for the XRP/USDT trading pair, and sell XRP for the USDT stablecoin. Next, go to ‘P2P’ and select a merchant to sell your USDT. Do not release your crypto if you haven’t received money in your bank account.
It is important to highlight that some payment processors on Trust Wallet offer an off-ramp service, allowing users to cash out their crypto balances.
