2017 saw bitcoin (BTC) and ethereum (ETH) prices go from $963 and $8.26 at the beginning of the year to reaching all time highs of $19,500.00 and $1,400.00 in December and January respectively. This kind of growth was not limited to the top two market cap cryptocurrencies. The rise of popularity of cryptocurrencies and cryptocurrency investment has led to increased demand for platforms that allow people to buy, sell and convert between the different cryptocurrencies.
This is where Coindirect.com comes in; it offers people based in the UK a single solution to buy, sell and convert over 30 of the world’s most popular digital currencies. Users also have the convenience of paying for bitcoin and altcoins using online banking in British Pounds or with a PayPal account.
Coindirect is registered with the Isle of Man FSA and transactions on our peer-to-peer platform are escrow-protected so that buyers and sellers have peace of mind when buying cryptocurrencies. Coindirect is also active in South Africa, Nigeria, Kenya and Australia with plans to launch in other nations in the near future.
How to buy digital currencies on Coindirect
For this guide we will use ripple (XRP) as an example. Please note that the same process can be followed when purchasing the other 34 altcoins available on our platform. If you’re looking to buy bitcoin specifically, you can read about it in our step by step guide here.
- Create your account
Go to the Coindirect homepage and you will be prompted to sign up with your email address, followed by a password of your choice. Once you have signed up and confirmed via email, you will be asked to fill in your basic personal information such as your name, address, mobile number and date of birth.
- Choose your cryptocurrency walletsOn the Coindirect platform, your account automatically creates a Bitcoin, USDT and Ethereum wallet for you. Coindirect hosts your wallets for free and allows you to create separate wallets for each of the currencies you may want to buy, trade and sell. You have access to your wallets 24/7.
To add a ripple wallet, all you need to do is to navigate to the ‘Wallets’ tab, click ‘Add Wallet’, and choose ‘Ripple’. After which the wallet will appear instantly with a balance of £0. The same process applies for any other cryptocurrency available on Coindirect. Note that if you buy an altcoin without creating a wallet first, Coindirect will automatically create one for you.
- Verify your identity If you want to buy any cryptocurrency over the value of £800, Coindirect will require proof of identity. This verification process helps to protect buyers and sellers by following local and international compliance standards.
To complete this process, you’ll see a ‘Verify Identity’ option on your new ‘Dashboard’ tab. You’ll be asked to upload 3 documents, including your valid identity document or passport, a clear photo of yourself holding up that same ID and also a proof of address that is less than 6 months old. Once uploaded, verification may take up to 24 hours to be authenticated by our customer service team.
- Click to buy coinsYou’re now ready to start buying ripple. Navigate to the ‘Buy Coins’ tab and select to buy Ripple (XRP). This will open a page that displays the offers currently available. Each offer provides details such as who you’ll be buying ripple from, their user rating, their preferred bank, as well as their minimum and maximum spend limitations.
Once you’ve selected your preferred seller, you can fill in the £ value you want to purchase, your payment preference (i.e. online transfer or PayPal) and then click ‘Place an order for ripple’.
After clicking the “Place an order for ripple” button, you will be brought to a page that will allow you to complete the transaction via a secure bank transfer with your chosen UK bank or PayPal account. In many cases the trade will conclude fairly quickly, but there is a 90-minute window that allows for the purchaser to upload their proof of payment before the transaction can be approved by the seller. All transactions on Coindirect are escrow-protected so your funds, and the seller’s coins are only transferred once both parties honour the transaction.
Why Use Coindirect
There are now many exchanges to buy Bitcoin, but Coindirect.com is the peer-to-peer platform that allows you to buy, sell, store and convert 30+ of the most popular cryptocurrencies all under one account. This means you can avoid the complications of setting up multiple accounts, excessive conversion fees and long waiting periods for cryptocurrency transactions.
Read more about what makes Coindirect.com different here.