Best Places to Buy Ripple (XRP) and How to Buy
XRP is also known as Ripple. It is one of the top 10 most popular cryptocurrencies. You can buy XRP from a number of different platforms. All the different platforms are listed on this page.
If you do not know much about XRP then you should consider scrolling further down this page. There is a section on what you should know before you buy XRP. It details the pros and cons of the crypto. Above all it contains information about the current lawsuit XRP Labs has with a US regulator.
The platform you choose to buy XRP would depend on several things. If you are a beginner or have little experience with cryptocurrency then an exchange is the best place to start.
Best Exchanges to Buy XRP
Kraken The most secure exchange
Coinmama Editor's Choice
CEX.io
Exchanges have the simplest interfaces to understand and use out of all the platforms. It is why they are the best platforms for crypto novices. In fact they are the most popular platform of choice for the majority of people.
Exchanges have stream lined the sign up process. Most of them have automated it to a degree so it takes much less time. That also includes the ones listed above. It usually takes around 10 minutes for sign up.
Exchanges always have the basic payment methods available. Except the ones that are unregulated. The ones listed on this page are all regulated exchanges. As a result they support credit card and bank transfers.
They may also have other payment methods available. However you should know that payment method fees can vary. We cover this further down this article. You should take a look at that section if you want to save money.
Buying XRP or any cryptocurrency on an exchange is really easy. It does not take more than a minute. The most time consuming part is signing up.
Buy Ripple From Trading Platforms
If you are looking to trade XRP then you should have a look at using recommended crypto trading platforms. These platforms come with all the tools you will need to analyse data and trade well.
Trading platforms are cheaper to buy XRP and other cryptocurrencies than exchanges. However if you are new to cryptocurrency it is better to not use a trading platform to buy XRP. This also applies if you have never used a trading platform before.
Trading platforms are much more complex and less user friendly than exchanges. They can be quite overwhelming at first if you have never used one before.
Some exchanges also have trading areas. You can also benefit from lower fees by using the trading areas on their platforms. All the exchanges listed above have trading areas except Coinmama.
Buy XRP From Crypto Cards
Another option where you can buy XRP is from crypto cards. Crypto cards are fantastic because they have all the functions of an exchange. Moreover they allow you to spend your crypto easily.
They are supported by Visa and Mastercard and are usually debit cards. They come with an application you can download from the internet. In this app you will can directly manage your funds. That is to say both fiat (USD, EUR etc.) as well as cryptocurrency funds.
The cards are accepted anywhere around the world that accepts credit cards. This is because they make the payment in fiat. So depending on the card, you will either need to make sure you have fiat in your account. Or else the card will automatically exchange crypto to fiat for you.
The sign up process for crypto cards is similar to crypto exchanges.
Buy XRP From Crypto ATMs
You can also buy XRP from cryptocurrency ATMs. However ATMs can be the most expensive method to buy XRP. Additionally you might need to go out of your way to find one. This is because a lot of crypto ATMs do not support XRP.
Most ATMs charge between 10-15% on average which is fairly steep. However they can also charge as much as 25% which is fairly ludicrous. Not many crypto ATMs charge that much. However unfortunately companies are not transparent with their rates. As a result they take advantage of unsuspecting customers.
On the other hand if you manage to find a CoinFlip crypto ATM it is a different story. CoinFlip ATMs charge 6.99% fees plus a mining fee of approximately $1. The mining fee can fluctuate so you might need to pay slightly more or less.
If you would like to find ATMs that is nearby you can use CoinATMRadar. You can search by your current location or scroll further down to view the general world map. You can select XRP to view all the available locations where you can find an ATM.
If you would like to have instructions on how to use a crypto ATM here is a video. The guy is using a dedicated Bitcoin ATM and it covers how to buy and sell Bitcoin. However the same applies to XRP.
How to Buy XRP From An Exchange
If this is your first rodeo or you need a refresher, we have a guide to help you buy XRP. You can access the guide here: how to buy cryptocurrency. It is a general guide that goes into detail on how to buy any crypto from an exchange. Additionally it has screenshot images so you are able to visualise the process and follow along.
The process is easy. Moreover the exchanges will help you with prompts as you go along. The whole thing can be broken down into 6 simple steps. As a result you will need to:
- Choose an exchange
- Sign up
- Verify your account
- Wait for verification
- Deposit
- Buy XRP
The guide itself has a list of exchanges. However you should only look at the exchanges listed on this page. This is because not all the exchanges on the guide support XRP.
All the recommended exchanges listed are popular exchanges that are well rated. You might want to read the reviews of each to see what the differences are between one and another. Like that it might help you decide which is best for you to buy XRP.
After that you will need to sign up. It will take you around 10 minutes to set up an account with an exchange. The exchange should verify your account instantly without any delay.
However if you are going to buy XRP in large amounts you will need higher account limits. For you to get higher account limits it will take longer for your account to get verified.
The next step is depositing. That is a process you should already be familiar with since it is standard banking. Lastly you can buy XRP. Buying a crypto from an exchange literally takes a minute.
Save Money When You Buy Ripple
If you are looking to save money when you buy XRP then the best thing would be to use a trading platform. Trading platforms have much lower fees. However as mentioned previously they are much less user friendly. For this reason beginners should stay away from using trading platforms.
There are ways you can save money on fees on crypto exchanges. Instant payment methods to buy XRP will be more expensive. This is because exchanges charge you for the convenience of an instant purchase.
When you use an exchange it is much better to use bank transfer as a payment method. There are other payment methods that could be just as cost effective as bank transfer. Not all exchanges support the same payment methods, so you will need to check beforehand.
If you use bank transfer you will be able to save around 2% or more on fees. Especially if you buy larger sums of XRP, the 2% extra you have will add up.
Securely Store XRP
One of the most important things you can do is to securely store your cryptocurrency. Once you buy XRP you want to consider safely securing it. Most importantly if you are looking to keep it long term.
This is because crypto exchanges are hacked on a regular basis. Sometimes it happens to one and then another. Unfortunately it is the reality of the digital world. Moreover hacks are getting more frequent.
So you want to make sure you have the best defence to avoid getting your crypto stolen. There are many different wallets available to store your XRP and other crypto. You have the choice of either having a hot wallet or cold wallet.
Hot wallets are constantly connected to the internet. Additionally they have some other features that make them less secure overall.
On the other hand, cold wallets are a form of cold storage. This means they do not connect to the internet on their own. However they need a bridge like a desktop computer or mobile to connect.
Cold wallets come in the form of hardware wallets. They are small pocket sized devices. Moreover they have a screen on the device to display information. This is far more secure than displaying information on a computer for various reasons.
They are the best form of crypto security you can get. For anyone that understands the importance of security hardware wallets are the default choice.
There are different models at different prices. You do not have to go all out and get the most expensive hardware wallet. They all securely store cryptocurrency. One is not more secure than the other. To clarify the more expensive ones might have more features. Like for example Bluetooth connectivity to connect to your mobile.
What You Should Know Before You Buy XRP
Here are the pros and cons for XRP. XRP in the middle of resolving some trouble at the moment. It will be good for you to know what is going on before you buy XRP.
SEC Lawsuit Against Ripple
In 2020 the SEC (US Securities and Exchange Commission) who regulate financial markets filed a lawsuit against Ripple. They said that XRP should have been registered as a security. As a result of the lawsuit it has slowed down the adoption of XRP.
So far the lawsuit is taking time to resolve itself. There is some talk saying that the lawsuit could potentially get resolved by august – September 2022.
At one point exchanges had a knee jerk reaction. A lot of exchanges and trading platforms ditched XRP. This is as a direct result of the SEC lawsuit. In fact Coinbase do not sell XRP for this reason.
How XRP Was Built
Ripple is used by large financial institutions and was designed to replace the SWIFT system. It was designed to provide a superior payment solution that could be used worldwide. XRP uses RippleNet’s network that allows institutions to expand into new markets.
Transactions on the network are lightning fast and cost effective. Transactions take around 4-5 seconds to send. It is also extremely cheap to buy XRP, use and sell it when compared to traditional banking fees. XRP transactions cost one cent/penny each.
The RippleNet also has a modernised messaging system that is 100% transparent. The network can also be used to settle payments using fiat currencies or commodities.
Since XRP was made for financial institutions it stands to reason that they would be using it. As a result it already has institutional adoption unlike other cryptocurrencies. For example Axis Bank, Santandar and Yes Bank are using the network.
Negative Feedback
Since Ripple was built for institutions hence it is called a ‘banker coin’ by some in the crypto community. The cryptocurrency ideologues shun XRP from this reason.
Ideologues are not speculators that dabble in crypto to make huge gains. Even though they appreciate the gains just as much as everyone else does. Ideologues will only buy crypto that is circumventing the current financial system.
The reasoning is that the financial system is working for a small minority and not for the majority. So it is like a protest vote, they will not buy XRP on principle.
In fact XRP is modelled very much like fiat currency; the US dollar, Euro, Pound Sterling, Yen etc. Ripple launched with 100 billion coins that had already been pre-minted and are being released gradually to the market.
On the other hand Bitcoin, Monero and some other cryptocurrencies were not pre-minted. Miners have to mine the coins from the network. There is also a chance that the institutions governing XRP will decide to increase the supply. This would make it inflationary and exactly like fiat. It’s one of the key differences betweek Ripple and Bitcoin.
Bitcoin and Monero have a scarcity factor which makes owning them far more appealing than XRP.
Last Word on Whether or Not to Buy XRP
There are several reasons to not buy XRP. Whether it is because of the SEC lawsuit or you sympathise with the ideologues.
The SEC lawsuit could end badly for Ripple or it could go in its favour. If it ends positively for Ripple then the price of the crypto is likely to soar.
Moreover if XRP goes public like the CEO intends it is likely to have a positive impact. Ripple waiting for SEC suit resolution before going public.
However if XRP loses the case then it could end badly and you could potentially lose money.
One thing to point out is that investors have largely ignored the lawsuit. This can be seen in the YTD% (year till date percentage) gain which rivals Ethereum’s. As of 14th September 2021 it has had 353% gain over the previous year. That is far more than Bitcoin which had 56% YTD gains.
The ball is in your court, you know the facts take your time to decide. Contact a financial advisor if you need financial advice. You can have a look at some expert crypto advisers here on the expert advisors page to see what cryptos they like.
Frequently Asked Questions
Where can I buy XRP?
How can I buy XRP from an exchange?
1. Choose an exchange
2. Sign up
3. Verify your account
4. Wait for verification
5. Deposit
6. Buy XRP
