It's really not that complicated, although you do need to be careful to know what your doing because in the world of crypto if you make a mistake nobody is going to help you fix it for the most part. If you screw up with your bank they'll fix your issue, if you lock yourself out of your Bitcoin wallet for example you just lost your money. With freedom comes responsibility.
Step 1: Setup a
Coinbase Account
You'll first need a Coinbase account. Sign-up, input your info, verify the account. If your bank will allow you to use your debit card you can do that, otherwise you may wind up needing to do an ACH transfer, very easy.
Step 2: Buy some Bitcoin, Litecoin or Ethereum. This is basically your entrance into crypto. Most Crypto exchanges have Bitcoin and Ethereum pairs so you'll be trading against one of those currencies. For that reason I would suggest buying either Bitcoin or ethereum, Ethereum may be the better buy because its cheaper and faster to send and you'll need to send it to an exchange.
Step 3: Setup a
Binance account. Bittrex is good as well, not sure if they accept Canadians or not but Binance accepts anyone, its a reputable exchange and probably the most popular right now. They also have reasonable trading fees.
Step 4: Send your Bitcoin or Ethereum from Coinbase to Binance. Basically in Binance if you want to fund it with Ethereum Click Holdings and Deposits and type in either Ethereum or ETH. It will pop up your ETH account on Binance and show 0 balance. To the right you should see Deposit, WIthdrawl and Trade.Click deposit, it will populate an address which will be a string of numbers and letters. Copy that and go to your Coinbase account. Select your Ethereum wallet and click send. Paste in the Ethereum address from Binance and the amount you want to send. Send your Ethereum to Binance.
Step 5: It will take maybe 10 minuets and the Ethereum will show up in your wallet. Then go to trade or exchange, select Ethereum as the trading pair and make the purchase.
*** Alternatively if you would like to dumb it down even more you can use a service called
Changelly to buy Ripple directly with a Credit Card. Potential problems it may be treated as a cash advance or your credit/debit card may not even allow it since its technically sorta like buying currency. The Coinbase/Binance method is fairly easy and honestly if you plan on getting involved in crypto that's all stuff you should learn to do anyhow.
**** One more caveat, buy what you want but honestly Ripple IMHO is a bad coin to buy. There are 1 Billion Ripple compared to other currencies like Bitcoin which have a cap of 21 million. The vast majority of Ripple is also held by the Ripple company and it's founders so its very centralized and very controlled in that fashion. Many in the cryptocurrency community don't care for Ripple because it kind of goes against everything crypto is about, they can freeze your money or block transactions, it's high supply, its very centralized. Lastly about Ripple, people love it because "banks use it". In reality banks don't use it. Many banks are testing it, very few have any intention of seriously using it. Basically whoever the Chief Technology Officer is gets to pad his resume by saying I brought crypto to this bank, in reality it doesn't get used its just a press releaes and a small test program. Lastly Ripple is not actually used by banks except to pay miniscule fees, basically the Ripple tokens you are going to buy have 0 to do with banks.
There's another coin called XLM or Stellar Lumens. Not saying its a good buy but its basically like Ripple but for the masses as opposed to the banks.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
