How to exchange Chinese yuan for Ripple XRP online


This is a primer on how to obtain Ripple tokens (XRP) in China, using RippleFox.com. While the website offers English pages, the how-tos are all in Chinese. This is not a complete translation, but it should be enough to get you started.

Ripple XRP can be exchanged for other cryptocurrencies or fiat currencies at several exchanges, including Kraken, BitStamp, and GateHub. Ripple.com already has a step-by-step guide for buying XRP on those site. Selling XRP would work in a similar fashion.

China’s Bitcoin exchanges have halted Bitcoin withdrawals, and for the moment, it seems foreigners are not allowed to do business on BTCChina and Huobi. The same may be true of OKCoin and the smaller exchanges, but I have not checked them all.

Thus, buying XRP is a stopgap measure for those foreigners wanting to exchange Chinese yuan for Bitcoin — or wanting to skip Bitcoin altogether and remitting funds using Ripple.

PREREQUISITES

1. A Ripple wallet. RippleFox links to Windows and OS X desktop clients. Alternatively, you can use an online wallet, such as the one GateHub offers.
2. An account on TaoBao.com and a linked method of payment, such as Alipay.
3. Alternatively, RippleFox also allows payments via Alipay or Unionpay bank card transfers. I haven’t tried those yet, however.
4. A QQ account is helpful, in case you need to ask RippleFox operators for help.

Ripple’s ecosystem works on the trust principle. If you are used to sending funds using Bitcoin or even PayPal, the Ripple system takes some getting used to, but it will quickly make sense.

THE WALLET

1. If you are using the desktop client, extract it (7zip is handy for this) to a convenient place on your computer. Then run it.

2. Click on “Create empty account” and then provide a password. Write it down somewhere, or you may lose access to your funds if you forget it! If you’re planning on holding a lot of money in this wallet, consider creating a strong password with random characters.
3. The next window will display your unique Ripple address (they always begin with “r”) and give you the chance to record your secret key, which can be used to recover your wallet in case the password is lost or forgotten. Write it down!

4. Now the wallet is operational, but it is not initialized. You need to send at least 20 XRP (about 80 US cents at this writing) to initialize it; this is required to minimize risks of someone spamming the network. You can do that once you get some XRP at RippleFox’s Taobao shop.

RippleFox will drop 5 XRP in your wallet once you add it as a gateway.

5. Go to the Fund tab. Click on Gateway | Connect Gateway. Add Ripplefox’s Ripple address and choose Chinese New Yuan CNY as the currency. The wallet will ask if you want to assign trust to this gateway. Confirm that you do. This step allows you to trade currencies within the wallet, using real time exchange rates.
6. If you are using Gatehub’s web wallet, follow the instructions there.

If for some reason you run into troubles getting that first 20 XRP, leave a comment below with your Ripple address. I can probably send you some.

Now you’re ready to accept ripples and other currencies.

GETTING XRP

1. RippleFox has two storefronts on TaoBao: https://ripplefox.taobao.com and https://shop109149722.taobao.com/. Each offers vouchers worth CNY 1, 99.99, 999.80, and 9997.00, corresponding to deposits of CNY 1, 100, 1,000, and 10,000 into your wallet. If you have not yet initialized your wallet, I’d recommend choosing the 1 yuan voucher denomination and on the order page indicating you want 10 of the vouchers, i.e., 10 yuan’s worth (about 30 XRP at this writing).
2. As far as TaoBao is concerned, you are buying vouchers to trade Chinese yuan for in-universe computer game currency. So the order form may seem a little odd.

ripplefox.com TaoBao order form

The first box is for quantity of vouchers.
In the second, enter your Ripple address (copy&paste from your wallet).
The next asks your home district in hanzi, I used mine 湘西, but I assume it makes no difference.
Below that, it asks for your character’s name. I just used RippleFox’s entry, 张三.
Finally, in the second big box leave your phone number, QQ or WeChat in case RippleFox needs to reach you.

3. Click the payment button at the bottom. If you’ve already a TaoBao user, you don’t need my help with the actual payment part.
4. Within 10 minutes of paying for your voucher(s), your Ripple wallet should show a Chinese yuan deposit.
5. Now you can exchange yuan for XRP in the Trade window. Enter the amount of XRP you want to buy. The price is constantly updated.

6. And you’re done! Now you can send the XRP wherever you like.

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Or drop me some XRP here rL7kTR9iLJebdixmXN3apxe1fUUsbAauEW

Or just use plain old PayPal

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