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How to Buy XRP (Ripple) in 2020: Buy, Sell & Trade

Attached to Ripple’s speedy peer-to-peer transaction system, XRP is a top-three cryptocurrency with plenty of market traction.

Read on to find out more about Ripple and how it works or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to invest. 

Where to buy XRP (Ripple token)

If you’re ready to invest now and don’t need our technical guide. Here is a list of recommended places to buy XRP online instantly:

eToro
Key Features
Accepts customers from the USA
Award-winning Cryptocurrency trading platform
Wide variety of crypto assets
One of the fastest growing brokers in the world
Min Deposit
$50
United States
Key Features
Accepts customers from the USA
Award-winning Cryptocurrency trading platform
Wide variety of crypto assets
One of the fastest growing brokers in the world
Top Coins
  • Stellar
  • Ripple
  • Litecoin
  • EOS
  • Bitcoin Cash
Payment Methods
Wire Transfer, Bank Transfer
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, Crypto, ETF’s, indices and commodities. eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
CEX
Key Features
Margin Trading
Legal compliance
Advanced Reporting
Various Payment options
Min Deposit
$200
United States
Key Features
Margin Trading
Legal compliance
Advanced Reporting
Various Payment options
Top Coins
Payment Methods
Credit Card, Debit Card, Wire Transfer, Cryptocurrencies
Cex.io offers exchange of fiat currency for Bitcoin and Ethereum, as well as Bitcoin/Ethereum trading against the USD.
FOREX.com
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Min Deposit
$50
United States
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Top Coins
Payment Methods
Debit Card, Bank Wire, ACH, Credit Card, PayPal
Founded in 1999, part of GAIN Capital Holdings. Licensed in highly regulated juristictions, FCA, IIROC, NFA, CFTC, CIMA,FSA. Payment methods ACH, debit card, bank wire transfer. $50 minimum deposit.
Forex trading involves significant risk of loss and is not suitable for all investors.
Bittrex
Key Features
One of the largest cryptocurrency exchanges
High volume across all pairs
Perfect for large and small buyers/sellers
Min Deposit
$1
United States
Key Features
One of the largest cryptocurrency exchanges
High volume across all pairs
Perfect for large and small buyers/sellers
Top Coins
  • Bitcoin
Payment Methods
Credit Card
Bittrex Global has one of the most secure trading platforms and digital holding infrastructures in the world where customers can access exciting new products.
Binance
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Min Deposit
$1
United States
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Top Coins
  • Bitcoin
Payment Methods
Cryptocurrencies
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

What is Ripple?

Described as a real-time gross settlement system, currency exchange and remittance network, Ripple is, first and foremost, a peer-to-peer payment system that smoothly enables secure, instant, and practically free global transactions across any form of currency, be it fiat or digital.   

Ripple has its own native cryptocurrency, called XRP, which acts as a bridge currency, effectively enabling any two currencies to be exchanged. 

How does Ripple work?

Ripple’s USP in the competitive world of digital currencies is that it’s fast and free – two very important qualities when it comes to international currency transacting. 

Ripple was developed to provide a payment settlement asset exchange and remittance system that can compete with established international money transfer systems like SWIFT. It does this by utilising a consensus mechanism that validates account balances and transactions on the system.

The Ripple system is decentralised because the network collectively validates transactions utilising the Ripple Protocol Consensus Algorithm (RPCA).

How to buy XRP (Ripple) online – step-by-step guide

Step 1. Get a suitable wallet

In the interests of keeping your currency secure, it’s always a good idea to get your it off the exchange as soon as possible. So it’s wise to ensure you have a wallet ready and waiting before you acquire any XRP tokens (Ripple’s native cryptocurrency). To some extent your choice of wallet will depend on your preferred platform – desktop, mobile or hardware. Our top XRP wallet picks include:

  • Ledger Wallet: Ledger is a hardware wallet, which means you can store your XRP (along with 30 other currencies) offline on a super-secure wireless device. 
  • Toast Wallet: Toast is a relatively simple XRP specific wallet that’s available for iOS, Android, Windows, Mac and Linux. It boasts an appealingly user-friendly interface and solid security features. The only downside being that you can’t store any other currencies on it. 
  • Edge Wallet: The successor to trusty crypto wallet Aitbitz, Edge adds improved UI and security to a popular mobile product. Edge, which is available for Android and Apple iOS, keeps things simple and accessible and offers multi-currency compatibility, making it an appealing all-purpose choice. 

Step 2. Find a Ripple exchange

Despite being one of  the top three cryptocurrencies based on market share (alongside Bitcoin and Ethereum), Ripple wasn’t as always as readily available on the major exchanges as you’d expect. That’s changed in the last couple of years, with more and more popular exchanged adding XRP to their roster.

It’s important to do your research and choose a reputable exchange. Popular exchanges that offer the Ripple XRP currency include:

  • Binance: Binance is the world’s biggest crypto exchange. But, while it offers a huge crypto marketplace with competitive fees, you won’t be able to buy using fiat currency so you’ll have to deposit cryptocurrency before buying XRP.
  • Coinbase: One of the biggest and best fiat exchanges, Coinbase allows you to buy XRP with GBP, USD, EUR and other fiat currencies using a debit card or wire transfer. You can start by spending as little as £25.

Step 3. Withdraw your Ripple

In the interests of securing your XRP, it’s a good idea to move your currency out of the exchange and into your wallet as soon as possible. To withdraw your XRP to your wallet you need to generate an address then paste it the relevant field in your exchange account. 

How to trade XRP (Ripple) – step-by-step guide

If you’re only interested in trading Ripple you don’t have to worry about getting a suitable wallet because you’re taking a position on the currency rather than actually acquiring it. This means you can potentially make a profit from Ripple without the hassle and security risk of owning it. 

Step 1. Find a broker

There are plenty of cryptocurrency trading platforms to choose from so first task is to identify the platforms that do and choose one that suits your needs. Plus500 and eToro are two of the most popular cryptocurrency trading platforms. 

Step 2. Deposit money

Another advantage of trading Ripple is that you can deposit fiat money (USD, GBP, EUR etc.). This isn’t always an option when buying XRP – some exchanges require you to purchase using Bitcoin.

Step 3. Decide how you’d like to trade

There are two methods to trade cryptocurrencies: CFDs (Contract For Difference) or Spread Betting. Both methods essentially entail speculating on the price movements of your chosen currency. If you aren’t sure which option to go for we recommend researching the differences between spreads and CFDs.

Step 4. Start trading 

If you’re a complete novice we recommend starting with a demo account and familiarising yourself with process and the platform. Cryptocurrency trading is extremely volatile, which means you can make and lose money very quickly. Ripple has typically trended upwards but, as a relatively new and experimental currency, it fluctuates wildly, even by crypto standards.  

As an XRC trader you’re speculating on the currency’s price movements by taking a short (sell) or long (buy) position. If you think XRCx will fall in value you should take a short position, if you think it will rise in value you should take a long position. 

Still undecided?

Pros of Ripple
  • Ripple is an impressive system with seriously fast transaction times
  • Ripple is now partnered with over 200 banks
  • Ripple stands to save banks a lot of money thanks to minimal transaction costs
  • Use isn’t limited to banks – civilian p2p use can bolster XRP performance and potential
Cons of Ripple
  • Like most cryptocurrencies Ripple is a volatile short-term investment prospect
  • Ripple has secured an impressive number of banking partners but there remains a possibility that it may be usurped as the preferred blockchain partner for banks
  • Ripple has long been dogged by a lurking possibility that the SEC (US Securities and Exchange Commission) might choose to regard XRP as a security. Although the FCA (UK’s Financial Conduct Authority) recently listed XRP, Bitcoin and Etherieum as ‘unregulated cryptoassets’ rather than securities, which may bode well
By Harry Atkins
Harry joined us in 2019 to lead our Editorial Team. Drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience in the finance sector encompasses work for high street and investment banks, insurance companies and trading platforms.

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