Wanting to learn about where to keep your Ripple (XRP) coins? The following article will help you the learn the basics. Although bitcoin wallets are usually free and easy to setup, Ripple wallets, on the other hand require users to have a minimum of 20 XRP for reserving their wallet address. The 20 XRP you use for this is a balance that cannot be spent and is solely there to reserve the wallet address. This is why it’s important to pick an XRP wallet correctly the first time around as you don’t want to spend 20 XRP on multiple addresses.
There are few types of wallets currently available in the market for you XRP. Many exchanges offer wallets where they control the private keys, which essentially means they control your funds. For this reason it is not a good decision to keep your XRP on an exchange.
Let’s review some of the wallet types options to help you select the best one for your needs.
These wallets, as you’d imagine, are apps that can be used on your smartphone. Mobile wallets allow you to store XRP on your mobile device. In-person XRP exchange and XRP payments in physical stores are fast and easy with mobile wallets - simply scan your QR code, or use the ‘tap to pay’ function. We recommend only using wallets that only store your private keys on the device the app is rather than on the company’s servers. This generally will mean that you need to be cautious about using mobile wallet apps associated with exchanges.
Here are a couple of options you can look into for XRP
These are apps which you can use via a browser. Web wallets, usually referred to as online wallets, are basically just a website and they’re not the most secure method of storing cryptocurrencies. If you do make a decision to use one of these wallets remember that in most cases your private key, the thing that controls your cryptocurrencies, will be stored somewhere on the company’s servers. Ultimately this means that you are not really in control of your wallet or the cryptocurrencies you use it for.
Below are a few web based wallets that are compatible with XRP, but remember that you should do your own research to make a decision on a wallet that suits your needs.
Hardware wallets are physical devices used to store cryptocurrency. These type of wallets are known to be very secure; private keys are usually stored in a protected area and cannot be transferred as plain text. What’s more, most are immune to computer viruses that target wallet information.
The Ledger Nano S is one of our favourite hardware wallets on the market.
Tezor recently added support for XRP with the Model T
If you need any help choosing a XRP wallet or have issues with the setup process, please reach out to our friendly support team on [email protected] or via your Bit Trade dashboard.