Ripple is a global settlement network. Think of Ripple as an alternative to SWIFT or Western Union. Ripple makes international payments faster and cheaper. Ripple Labs created the Ripple token or XRP. XRP is currently in the top 10 crypto coins by market capitalization. The surge in prices has fueled discussions about XRP. How to buy XRP and store them securely is a hot topic of discussion in the crypto community. In this article, we will explore the different types of Ripple wallets and pick the best Ripple wallet for you to store your coins securely.
Where Can You Buy Ripple Tokens?
You can buy XRP from a reputed crypto exchange. You can buy XRP from Binance by paying in USD or Bitcoin. Exchanges like Bitstamp, Bitfinex, and Switchain can help you exchange coins like Bitcoin and Ethereum for XRP.
Why Do You Need a Ripple Wallet?
Most beginners make the mistake of leaving their coins on a custodial crypto exchange. If that crypto exchange gets hacked, all coins are lost. Hence a wallet is necessary to store the coins. A wallet gives you complete control over your coins and also stores them safely.
What Makes a Ripple Wallet Different from Other Crypto Wallets?
Most of the software wallets for Bitcoin are free. However, if you are looking for the best Ripple wallet, you must pick wisely. Ripple wallets require 20 XRP to book the wallet address. You must analyze the features and benefits of each Ripple wallet before picking the one that is best for your requirements. Otherwise, you will end up paying 20XRP for booking wallet address for each wallet you choose!
Types of Ripple Wallets
There are many types of Ripple wallets available in the market. They can be divided into the following types for the ease of understanding:
- Paper Wallets
- Hardware XRP wallets
- Software XRP wallets
- Mobile Wallets
- Web and Desktop wallets
Paper Ripple Wallets
A paper ripple wallet is a paper on which the public and private keys are printed. These keys are generated offline. Online hackers won’t even get a whiff of them! Some argue that a paper wallet is not a good option as it may get damaged easily. But if you order a wallet with a tamper-proof seal and take measures like laminating the paper and storing it in a safe place, it is a secure option to store your coins. Some popular paper Ripple wallets are:
Hardware Ripple Wallets
Hardware wallets are small tamper-proof devices. These USB sized devices can store crypto funds offline. The private keys and digital signatures can be generated offline and within the device itself. This makes hardware wallets a safer option to store coins. Some hardware wallets come with a security grid card. The latest versions of hardware wallets come with a screen to double check and sign off the transactions. A recovery phrase is also provided as an additional security layer. The recovery phase can be used to restore crypto funds if the wallet gets stolen or damaged. Ledger Nano S is a popular hardware Ripple wallet that you can use to store your XRP.
Software Ripple Wallet
A software Ripple wallet is an online wallet. You can access your software wallet from anywhere. These wallets are believed to be more vulnerable to cyber attacks. You must pick a software Ripple wallet that stores your private keys offline, on the particular device that you use to access the wallet. Cryptonator is an online wallet with 2 step encryption. It provides bank-grade security. Cryptonator maintains anonymity and protects the privacy of the owner. All user data is hashed by the SHA-256 cryptographic algorithm.
A mobile Ripple wallet is an app. The Ripple apps can only be used on a smartphone. You should pick a Ripple app that does not store your private keys on an online server. The private keys should be stored exclusively on the device on which the Ripple app is installed. Some popular mobile wallets or Ripple apps are Edge Wallet and Toast Wallet.
Web and Desktop Wallet
A desktop Ripple wallet is an app that you can download on your computer, an example is Atomic Wallet. Web wallets are websites where users can store and in some cases trade their XRP tokens. Some popular Web Ripple wallets are:
Which is the Best Ripple Wallet?
It is difficult to pick the best wallet from all the available Ripple wallets. Users are not comfortable with spending money for cold storing their XRP tokens. In this situation, a paper wallet is preferable. However, most buyers are hesitant to use a paper wallet. Other options such as hardware Ripple wallets, web and mobile wallets are mostly used. Multi-currency wallets like Exodus are also quite popular. The choice of a Ripple wallet is often preferential.
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