Which Are The Best Cryptocurrency Wallets For Ripple (XRP)?

Handy Tips / 06.10.2020

XRP, also known as Ripple, is a real-time gross settlement system created by ripple labs, released in 2012. Ripple’s development began in 2004, even before Bitcoin, where RipplePay, a precursor to XRP ledger, was developed by Ryan Fugger. XRP is mainly a digital asset meant for payments and is the aboriginal asset on the XRP ledger, a de centralized blockchain that settles transactions in 5 seconds. There is no need for any central intermediary in sending XRP, so it bridges two currencies together efficiently and smoothly.

XRP Wallets

Before choosing an XRP wallet, taking time to understand different wallet options is critical, as registration of cryptocurrency under any country’s laws is yet to happen. Selecting a wrong wallet could also lead to the loss of your cryptocurrency. To help you protect yourself from scams and frauds, here is a review of the best wallets for XRP.

Toast Wallet

Toast is a reliable wallet for storing your XRP and can be installed on both mobile devices and computers and also has an extension to the Chrome web browser available for installation. Toast wallet for Ripple was first launched in 2017 and had no hidden fees; it is entirely free to use. Your data, including your recovery phrase, is not sent to their servers but remains on your device. So, upon losing this critical information, nobody will assist you.

The toast wallets have a few beneficial features to the users which include;

  • It is straightforward to use
  • It is a multi-platform wallet having the separate applications available for every platform.
  • Toast wallet charges zero fees.

Coinpayments Wallet

Coinpayments accept well over 600 altcoins and have a transaction fee that is only 0.5% for all investors. It is a legit and authentic crypto payment platform located and registered in Canada. Using this wallet, you can also do online shopping with your money; there are no restrictions on investing in their company only as it is in some wallets. Withdrawals on Coinpayments are free as long as you do not use your coins as payment while doing some online shopping. 

Coinpayments is a multi-coin since there are websites that will allow you to use coins in your wallet for investment. Many online stores are now working with Coinpayments to make purchases possible. For the security of the user’s funds, a multi-sig technology called BitGo is put into use; hence no transactions in an account can be made without the owner’s approval. If you are looking for a legit and secure crypto wallet, then Coinpayments is one of them.

Edge Wallet

An edge is a software rich in features most admired by users like an easy user interface and unique and easy access to your funds’ security. The wallet has facilities that store, receive, send, and exchange coins, while initially, wallets would depend on the third-party side of safety. Edge wallet also makes it possible to swap between cryptocurrencies without a crypto exchange through a technology known as Spaceshift.

As we would expect of this wallet, it has some existing benefits which include;

  • The wallet is available for android, iOS, and windows.
  • It plans to support all cryptocurrencies soon and is already helping many popular cryptocurrencies.
  • Its user interface is straightforward and, therefore, ideal for beginners.
  • It is also in support of crypto trade within the wallet.

Gatehub Wallet

Gatehub was launched in 2014 and is a blockchain company which has its headquarters in the United Kingdom. Among the services this option offers includes a payment portal using ripple technology for cross border transactions and a platform for exchange for trading crypto pairs. Gatehub is also an open-source wallet meaning anyone can get rid of vulnerabilities and offer improvements.

Also, there is a payment gateway that allows users to deposit fiat currency; however, verification of identity is required before depositing fiat money. Verification of identity data before depositing fiat currency takes a few days because the data undergoes accession by the company. Personal data such as proof of identity and a copy of your ID is the information you will be required to fill and submit. Generally, getting started on Gatehub is simple; all you need to do is plug your email address, setting a password, and save your recovery code.

Gatehub now offers wallet services to online stores to make payments when you spend your XRP coins for online shopping. During trading with your XRP coins, analytics shows USD, XRP, and other currencies acting as a guide to investors to invest money at the right moment. 

Conclusion

These wallets are all appealing to people looking for options to store their cryptocurrencies; however, it is essential to take your time to learn about different types of wallets and find one that suits your needs perfectly. Some other wallets may not support XRP coins, so be sure to get a wallet that supports the currency and is secure enough to store your cryptocurrency

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.