Ripple Wallet: Complete Starters Guide

/Ripple Wallet: Complete Starters Guide

Ripple wallets are important for Ripple transactions and for storing the coins safely.

Ripple Wallet: Complete Starters Guide 2018-06-14T15:52:58+00:00
Ripple Wallet: Complete Starters Guide

Quick inner navigation:

  1. What is Ripple Wallet?
  2. The best Ripple wallet
  3. How to use the Ripple wallets?
  4. Types of Wallets
  5. Popular Wallets that Support Ripple
  6. What Ripple Wallet should you use?

What is Ripple Wallet?

Wallets play an essential role when it comes to cryptocurrencies. However, these wallets are completely different from the “traditional” wallets. These are usually in form of a hardware, software or can be reached online, and are designed for storing, exchanging and making transactions with your cryptocurrencies. Today we will target specifically Ripple wallets. Ripple is a cryptocurrency famous for its ability to facilitate quick money transfers. The network boasts of a peer-to-peer decentralized money transfer system for both digital currencies and fiat currency. Ripple’s cryptocurrency is abbreviated as ‘XRP.’ Due to its popularity, nowadays, multiple wallets support the Ripple coin. Discover more about these wallets and which one to choose by reading this guide to the end.

A Ripple wallet is any wallet that accepts the Ripple coin. There are many wallets both online and offline that accept Ripple. The most preferred wallets are hacker proof, easy to use hardware wallets. Ripple was officially launched in 2012 but was first designed as a payment protocol in 2004.

Kinds of Ripple Wallets

Many wallets for ripple are freely easy to use. They offer the following services:

  • They store your private and public addresses safely.
  • They hold the QR codes that you need to verify your ownership of tokens.
  • Some wallets allow you to purchase new ripple tokens.
  • Offer security when transacting and storing the coins.

Types of Wallets:

Hardware Wallets >>

Hardware wallets are classified as cold storage wallets. The wallets work offline and for that reason are recognized as the safest among different wallets. You may purchase a hardware Ripple Wallet online. Some hardware wallets are designed like a USB drive and you have to have a USB plug on your computer to be able to use them, while others come as a separate device, with touchscreen etc.

Pros:

  • Very secure.
  • The devices are usually small, with a convenient design, and are portable.
  • Even though it is a Ripple Wallet, you may use it for storing other cryptocurrencies too.

Cons:

  • Hardware wallets may be rather expensive.
  • Some users claim that it is inconvenient to use, especially in comparison with other types of Ripple Wallets (please see below).

Paper wallets >>

A paper wallet is another type of cold storage wallet. These as well are considered rather secure Ripple Wallets. The main function of the paper wallets is keeping your private and public addresses on a piece of paper. However, you have to keep it safe and avoid sharing with anyone. If someone finds out your private address then your Ripples can be stolen. Public address, however, is the address is that you share with the person you are doing a deal with (e.g. if you purchase something, or make transactions etc.).

Pros:

  • Very easy to generate (can be done within a couple of minutes).
  • Secure ripple coin wallet (if you store it properly).
  • Not vulnerable to hackings.
  • Free.

Cons:

  • Vulnerable to damage
  • If you lose the paper, you lose the coins.

To get a paper XRP wallet, here is what you need to do:

  1. Go to the official Ripple website.
  2. Go to Paper Wallet Generator.
  3. Click on “Generate new”.
  4. Get your public and private addresses and keep them as safe as possible.

Software (Desktop) wallets >>

Software wallets are hot storage wallets and users often consider it to be one of the most convenient types of XRP Wallets. You can download the wallets on iOS, Android or your computer.

Pros:

  • Easy to use.
  • Convenient when you need to transact often.
  • Gives you a constant access to your coins.

Cons:

  • If something happens to your device (cell phone, computer), your Ripples are at a risk.
  • May be hacked.
  • Inconvenient for storing large amounts of Ripples.

There are a number of Ripple wallet apps that you can download on your device. However, while choosing a wallet please bear in mind the safety factors and try to choose an app/software with high reputation.

Online wallets >>

An online ripple wallet stores your XRPs in the cloud. It works in the same manner as any other online account. Simply register an account and you can store your Ripple Coins in there, as well as easily make various transactions with them.

Pros:

  • Easy to setup.
  • The best option when you trade coins frequently.
  • Easy to access from anywhere with WiFi connection.

Cons:

  • Vulnerable to hacks.
  • Not recommended for storing large amounts of Ripples due to safety reasons.

There are a number of ripple wallets on the market today. The list of wallets that you may see below have a high reputation. These Ripple wallets managed to gain the trust of their customers. Here are the names of wallets and stuff that you need to know about them.

Ledger Nano S >>

Ledger Nano S is a hardware wallet that supports many different cryptocurrencies – including ripple. The Ledger Nano S is designed like a USB device and you can carry it around in your pocket. This Ripple wallet can work with Windows, Linux, and Mac.

Pros:

  • Highly respected.
  • Operations are never online.
  • The transactions are taking place very quickly.
  • Very simple to install.

Cons:

  • Not cheap.
  • The device is small and can be easily lost.

Uphold >>

Uphold is a digital hot wallet that supports various currencies including Ripple, Litecoin, Dash, and more. With Uphold, users can transfer between more than 32 currencies, both Fiat, and Cryptocurrencies. The wallet can be downloaded on Android and iOS devices in form of an app that will increase the convenience for its users. Other than being a great wallet that supports Ripple, Uphold is a digital financial platform. It allows people to convert, save and transact money within the platform between both fiat and cryptocurrencies, helping you keep your money safe from volatility.

The company ensures security, affordability, easiness of use, as well as the instant transactions to those people who are interested in using Uphold as a Ripple Wallet. Uphold has started to support XRP since the 28th of March, 2018 and since the very first five million purchases of XRP are without any fees. Please note, the offer does not apply to those who sell XRP and it is limited/temporary. This means that after the five million purchases the users will need to pay a small fee while transacting XRP through Uphold.

Pros:

  • Uphold is a secure and a reputable wallet.
  • Uphold allows its users to convert Ripple from any other currency that it supports, within the wallet itself.
  • The wallet is available in many countries.

Cons:

  • As a hot wallet (connected to the internet), no matter how secure a wallet is, there are risks of hacks and thefts.

Gatehub >>

Gatehub is one of the most recommended wallets for Ripple Coin traders. Gatehub is a desktop wallet that helps its users to check Ripple’s performance, transact or save the XRP coins within the software. To join Gatehub, visit the official website and follow their registration instructions.

Pros:

  • Easy to set up.
  • Recommended by Ripple.
  • You can fund your Ripple account on the platform.

Cons:

  • The fees for wire transfer can be high.
  • Works online, therefore, the security is a little questionable.

Coinpayments >>

Coinpayments is a mobile application that lets you save your Ripple Coins on your smartphone. Founded and based in Canada, Coinpayments is an extremely popular mobile app among Ripple users. The app also supports 75 other digital coins.

Pros:

  • Easy to download and setup.
  • Reliable app.
  • Can be linked directly to your bank account.

Cons:

  • Prone to bugs.
  • Not the safest.

Rippex >>

Another famous XRP wallet with high reputation is Rippex (based in Brazil). This desktop Ripple Wallet is a fully open source. It lets users sign up online, store the funds or alternatively use the main features of desktop wallet. The company gives a lot of significance to security.

Pros:

  • Very convenient to use.
  • The users have constant access to XRP.
  • It is always connected to the blockchain.

Cons:

  • The wallets may be vulnerable to hacks as they work online.
  • Not handy for storing a large amount of Ripple.

Toast Wallet >>

Toast wallet is a web-based and mobile device application for holding ripple tokens. Toast wallet is famous for its ease of use and advanced security features. The application also provides an extremely quick way of sending and receiving ripple tokens.

Pros:

  • Available on all operating systems for personal computers and mobile devices.
  • Easy to setup.
  • Has highly advanced security features.

Cons:

  • Vulnerable to malware attacks.
  • Vulnerable to bugs.

Ripple Paper Wallet

To avoid the vulnerabilities of an online wallet, you can generate a Ripple paper wallet on its official website. Some websites even let you get a wallet that stores XRP coins as a well as facilitates easy generation of Ripple paper wallets.

Pros of ripple Paper wallet:

  • Easy to generate
  • Free to generate
  • You can secure you ripples for long

Cons:

  • Vulnerable to damage.
  • Vulnerable to human errors like loss.
  • Your information could be stolen.

What Ripple Wallet should you use?

A good Ripple wallet should be easy to setup, easy to use, as well as secure and convenient for your transactions. Below, we look at how to decide what ripple wallet is your best fit based on your needs, the wallet’s features and other factors. Digital coin wallets are mainly distinguished into two: hot and cold wallets.

  • A hot wallet is any wallet that requires an Internet connection to access.
  • A cold wallet is any wallet that can be accessed offline.

How do you decide which wallet to use? Big investors generally own the two types of wallets. They will hold some amount of ripple tokens on a hot wallet and the rest on a cold wallet. Here are some of the reasons why:

  • Hot wallets are easier to access. If you like to transact Ripples regularly; you need to access your tokens easily.
  • Holding few coins in a wallet is a better idea. Few hackers will waste time and resources trying to access few tokens. And if they do, you lost a small amount.
  • Some hot wallets do their best to advance their security features.
  • You can access tokens on all your mobile devices and personal computers.

Cold wallets are common among people who want the safest ripple wallet to store their tokens for long. They are also the best choice for beginners and people who generally dislike online means of holding coins.

How to use the Ripple Wallets?

  • Purchase a hardware wallet/download a software wallet/generate a paper wallet.
  • Get public and private addresses (do not write them down on a computer, especially online, as it may be hacked).
  • Set pins. Usually, the wallets require you to set a 24-word password (also known as the seed) and a 4-digit pin to get access to your coins.
  • Record and keep the pins safe and avoid sharing them with others.
  • Follow the step-by-step instructions for the given app or device.
  • Go to reliable Ripple exchange websites and purchase Ripples.
  • Store the Ripples on your XRP wallet.

The best ripple wallet

In many platforms that review wallets, the Ledger Nano S has frequently been voted as the best ripple wallet along with other popular offline wallets. Here are the feature and parameters you should take into consideration when buying a safe ripple wallet for your tokens.

Advanced security

  • A safe ripple wallet should have security features that make it impossible for anyone else to access your tokens.
  • Mobile wallets should be safe from malware and bugs.
  • Should have added security features for easy access should you forget your access details.

Multicurrency support

  • A good wallet should also support other digital coins to ease your transactions with other altcoin holders.
  • Should allow easy transactions with all the currencies it supports.

Automated Backup

  • Automated backup is an important feature if you plan to buy a hardware wallet.
  • Automated backup allows you to access your Ripple coins even after the XRP wallet is lost.
  • The backup system should be coupled with security features.

Fees (gas)

  • Try to avoid Ripple wallets with high fees.
  • The initial cost should be low as well.
  • It is important to get a low fee Ripple Wallet so that you don’t incur too high cost every time you want to trade your coins.

Customer support

  • Purchase a wallet whose developers can help you access your account in case of any misunderstandings or issues.
  • The support should be available throughout the day and on all social media platforms.
  • Great customer support adds reassurance that you won’t lose your coins.

Ratings           

  • Look for a wallet with the best ratings and user satisfaction.
  • Highly rated wallets are more secure, easier to use and overall great.
  • You do not have to buy the best rated, but consider ratings as an important parameter when buying a wallet.

The Conclusion

There is no better way to hold your Ripple coins than to use a safe and trusted wallet. Your choice of a wallet should be well informed so that you can use it for a long time without experiencing problematic issues. Thank you for checking out this article. Make sure you visit our website, where you can learn a lot more about the world of cryptocurrencies.

Cheers, until next time!

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