There are many cryptocurrency exchanges exist that let you purchase ripple in India. Ripple offers a real time gross settlement system. Many cryptocurrency enthusiasts showing interest in this cryptocurrency. Its current market price is about $0.393718 or ₹24.92 and in the future it may perform well.
Bitcoin has already on the way of bull run, its price has jumped after a long catastrophic year. Many experts still see a large potential in it. But due to high value of Bitcoin, small investors have started showing interest in other cryptocurrencies like Litecoin, Ethereum, Bitcoin Cash, Ripple and the like.
After RBI ban, India cryptocurrency investors are struggling to grab this emerging market opportunity. As of now, you can directly add funds to exchanges because Reserve Bank of India ordered all banks to not deal with the crypto exchanges.
But fret not, you can still invest in cryptocurrencies but the process would be little difficult than before.
Before we jump in, let me clear, India’s top court, supreme court, did not lift ban on cryptocurrency. Therefore, before investing in this market do proper research. Just for your reminder many had lost their life savings in 2018 (when Bitcoin price plunged drastically) due FUD.
In my recent posts, I’d shown you how to buy Litecoin and Ethereum and in this post I’ll be showing you how to buy ripple in India through Koinex.
Despite cryptocurrency ban, Koinex is providing alternatives to those who want to invest in cryptographic assets.
Now you can buy XRP from Koinex exchange using peer-to-peer method. In this method, you directly buy or sell to other person and Koinex just plays a mediator role here.
As a mediator, it makes sure that seller receives the money and in return buyer receives his coins.
You don’t need to add money to your Koinex account now. You can directly send the funds to the seller and give transaction ID to Koinex then it will facilitate transaction.
Seems complicated? Don’t worry let’s see the process step-by-step.
Once buy ripple from Koinex, you can transfer your ripple to another exchange or hardware wallet or you can keep your ripple on Koinex; if you like its services.
Let me show you how to buy ripple from Koinex.
How to Buy Ripple in India
You’ll need to perform following steps
- Create and verify account on Koinex
- Add your UPI ID and bank account details
- Add money to your Koinex account
- Buy ripple from Koinex using Loop tab
Step 1: Create and verify account on Koinex
In this step, you’ll have to create an account on Koinex. For that purpose, go to Koinex website or use this sign up link and get free Ripple worth Rs. 50 on your first purchase.
After reaching on the site, click on Register and then just fill up the sign up form and then upload your documents for verification purpose.
After successful registration, you’ll need to wait for 3-4 days to get verified.
Once you’re verified, you are ready to start trading on the platform.
Step 2: Add your UPI ID and bank account details
Once your account gets verified, get access to your Koinex account by using your login credentials.
Click on Balances tab and then INR WALLET.
Scroll down and enter a username (you can add any username of your choice) and then in UPI ID field, enter your UPI ID. Note: You can enter your BHIM UPI, Paytm UPI, Google Pay UPI and the ID.
After enter the details, click on Proceed.
Next, you will be asked to add your bank account details. For that purpose, click on New Bank Account button and then enter your bank account details in the form.
Subsequently, click Add button.
3. Add money to Koinex
Note: You can skip this step and directly jump to step 4 because most sellers give you their bank account details and you can directly send money to them. However, I am mentioning here, how can you add money to your Koinex account.
Next, on the same page, you will see New Deposit Request button. Click on it.
Now in Deposit Amount field enter amount you want to deposit. You enter minimum Rs. 1000 and maximum Rs. 200,000.
Add Fuel to Boost Your Request is an optional section. You can let it to zero percent or up to 5 percent. It simply helps to speed up your deposit request. If you’re not in rush and can wait then let this option untouched and click Submit Deposit Request button.
Koinex will take some minutes to find a match for your deposit request. Once it finds that click Complete This Transaction.
Next a pop-up window will appear on your computer screen. Note down UPI ID of the person whom you have to send the amount or you can also click on IMPS to get bank account details of the payee; if you want to transfer money using IMPS.
After writing bank account details of the payee, login to your bank’s internet banking or mobile banking service and send your deposit amount to the payee.
Once you make payment, note down Transaction Reference ID and go back to your Koinex account.
From your Koinex account, hover your mouse over Balances tab and then select INR Wallet. Again click on Complete This Transaction button and at the bottom of the pop-up page, you will find Enter Transaction Reference ID field. Just enter your transaction ID in that filed and then click on Mark as Paid button.
That’s it. You have successfully deposit the amount to your Koinex account. Now payee will confirm the payment and then amount will start reflecting in your account.
To speed up payee confirmation process, you can chat with him and can request him to confirm the payment so you can get your deposited amount soon. For that purpose, click on Chat icon and chat with the withdrawer.
Once your deposit reflects in your account, follow the next steps.
4. Buy Ripple in India from Koinex using Loop tab
Note: You can skip step 3 because here seller will give you his bank account details. You could also send money to his account directly.
So finally we have reached on final step. Now we have funds to buy Ripple. Follow the next steps to get Ripple.
From your Koinex account, click on Loop from the navigation menu.
In Koinex Loop section, select Ripple tab. Then, you will be able to see list of sellers who are selling Ripple.
Choose a seller who is offering reasonable price for XRP. Click on Buy button next to a seller name (from whom you want to buy XRP).
Enter amount of Ripple you want to buy and then scroll down and click on Send Request.
From the pop-up box, click on Confirm.
Wait for seller’s approval. Once your request is accepted by the seller. You can transfer him the amount and then you XRP will be deposited to your Koinex account.
Once it happens, you will be able to see his bank account details on the same page.
Now note down his bank account details and login to your internet banking or mobile banking account and then transfer the money to the seller’s account.
After sending the amount, note down payment transaction ID.
Come back to Koinex account and scroll down. At the bottom of the page you will find ‘Transaction Ref ID’ field, just enter your payment transaction ID in the given field and then hit I have paid button.
That’s it. You have successfully done everything from your side. Now seller will release the XRP once he gets the payment.