Since their introduction, cryptocurrencies have come quite a long way, and while many have collapsed along the way, several have stood the test of time. Among those that have survived over the years is Ripple. This network has managed to not only survive but also thrive with rising market prices and adoption popularity.
Designed to be a fast money transfer platform, the Ripple network has improved digital money transfer quite significantly. Currently, it is recognized by many banks, and its currency offers several beneficial features. Therefore, converting your XRP to cash shouldn’t be hard. If you have all the requirements and follow the right procedure, you should be done within a few minutes. Sometimes the coins take a little longer to show up on the exchange account. This article will guide you through the process of transferring your XRP to cash, preferably US dollars.
Exchanging XRP for cash involves various options where you can directly sell XRP to an exchange that accepts XRP deposits and get cash in return. Alternatively, you can convert it by trading XRP for another crypto first then exchange that cryptocurrency for money in an exchange that accepts that specific crypto.
Other options involve various exchanges to choose from, and these exchanges may require more steps. These exchanges can be better understood by the following process of selling the Ripple for cash.
The Exchange Procedure
Create an account through registering. You will have to confirm this account through your email.
You have to verify your account. Sometimes this may be done through you producing your name, country, and pictures of identification documents like a national ID card or passport, and sometimes proof of residence. This is important if you want to withdraw fiat currencies.
The next step will be to deposit XRP in the account wallet. Some firms will charge an amount for this type of transactions.
Sell the coins in the wallet for cash.
Withdraw the money; remember this transaction may be subjected to fees.
The following are some of the most trusted and reliable exchanges to work with and their properties.
Bitfinex has a verification process that requires you to submit the following: a complete online form, your email address, and residential address, valid issued govern identification document with pictures, an accurate bank statement highlighting name as an account holder and proof of residence.
It charges a rate of 0.02 fee on XRP deposits, does not accept USD cash or debit card withdrawals as well as Advcash withdrawals. Wire transfer withdrawals are charged 0.1% fee with a set minimum.
With Exmo, you require either a national or international passport or an ID card, a proof of residence, a printed and signed user agreement, and a selfie with the user holding the ID with their EXMO account open in the background.
Deposits with Exmo are free of charge, but they do not accept cash withdrawals as well as debit card withdrawals. Wire transfer withdrawals are charged a $20 fee whereas Advcash withdrawals are free of charge.
Bitstamp is a bit more stringent with requirements. It requires the user to confirm his or her name, address, ZIP code, date of birth, country and city. Also, an ID document and a proof of residence are a must for the verification processes. XRP deposits are free of charge with Bitstamp, but cash withdrawals (USD) are charged a $3.45 fee. Debit card withdrawals are charged a flat fee of $10 for amounts up to %1000 and 2% fee above this amount. Bitstamp does not accept Advcash withdrawal whereas wire transfer withdrawals are charged a 0.09% fee.
Gatehub Requirements for verification on this platform include a profile photo, ID, and proof of residence. They charge a 0.2% fee on XRP deposits and a 0.1% fee with set minimum and maximum for wire transfer withdrawals. They do not accept both cash and debit card withdrawals and Advcash withdrawals.