Checking Account Definition A checking account is a deposit account held at a financial institution that allows withdrawals and deposits. To buy XRP on this exchange, you’ll first need to create and verify an account with Bitstamp. Go back up there and come back after you sent the transaction to learn how to enter a buy order on Bittrex. If so, this process should be very similar. Buy or Sell? This sending process is the exact same as the tutorial in the Binance section.