Best Ripple Trading Platform – Pros & Cons
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Products developed by Ripple Labs use XRP as their native cryptocurrency. A network of banks and financial intermediaries uses its products for payment settlement, asset exchange, and remittance systems, similar to SWIFT, international money, and secure transfer systems. In comparison to Bitcoin, XRP is pre-mined through a Ripple trading platform and uses a less complex mining method.
With customers such as major banks and financial services, Ripple describes itself as a global payments network. The currency XRP is used in the company’s products for quick currency conversion.
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Best Ripple Trading Platforms List 2023
1. eToro – Overall Best Ripple XRP Trading Platform
Our review of 50+ crypto day trading platforms for 2023 showed that eToro is by far the best. The site is heavily regulated, which may be the most important fact. That includes licenses from FCA, ASIC, and CySEC – but eToro is also registered with and authorized by FINRA.
eToro is therefore safe and secure for traders in the United States and around the world. There are 18 popular cryptocurrencies you can buy and sell on eToro, in addition to Bitcoin, EOS, BCH, Ethereum, Uniswap, Ripple, Cardano, and Binance Coin. The ability to trade derivatives related to cryptos may also be available depending on where you live.
The yen, euro, British pound, and U.S. dollar are all fiat-to-crypto pairs included in this category. In addition to crypto-to-crypto trades, you can also trade BTC/XRP and ETH/BTC. Most eToro customers can trade these crypto CFD derivatives – unless you are from the U.S., U.K., or Hong Kong. Nonetheless, with regards to fees, eToro is a 100% commission-free cryptocurrency day trading site. In other words, you are not charged any fees if you enter and exit the market as often as you like.
Registration and payment methods in USD are free. You will be charged a small currency conversion fee of just 0.5%. You will also be offered passive investment tools in eToro’s user interface, making it one of the best crypto day trading platforms around. CryptoPortfolios include a diversified basket of digital currencies with various weightings. eToro manages your portfolio for you not to have to worry about rebalancing your portfolio yourself.
Another option is to use the Copy Trading tool to buy and sell cryptocurrencies. eToro uses crypto traders who are skilled and proven investors. You will copy their trades. The minimum amount you need is $500. You only need $25 to make a crypto trade if you do it yourself. It takes minutes to open an eToro trading account – and you can deposit with a debit/credit card, bank transfer, or e-wallet like Paypal.
The markets for XRP have been suspended by many exchanges rather than risk potential violations of U.S. securities laws. eToro is one of them making ripple trading suspended temporally. So, trading Ripple in the U.S. is not allowed.
Pros:
- Trading platform and online broker that is extremely user-friendly
- Spreads are tight on thousands of assets
- 100% commission-free
- In addition to stocks, indices, ETFs, and cryptocurrencies, you can trade a wide variety of instruments
- Debit/credit cards, e-wallets, and bank accounts can be used to deposit funds
- Social trading and copy trading
- Accepts PayPal
- Regulated by the FCA, ASIC, and CySEC, and registered with FINRA in the US
Cons:
- Traders who perform technical analysis may not be interested in this product
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
2. Binance – The Best XRP Trading Platform For Small-Cap Pairs
You will likely have a chance of finding the cryptocurrency you are looking for on Binance. That is because a huge volume of transactions is conducted on this cryptocurrency exchange every day, worth billions of dollars.
It includes several small-cap coins as well as hundreds of pairs. There are hundreds of ERC-20 tokens included as well. Your debit/credit card might be accepted where you live.
Fees range between 3 and 4%, however. Even so, Binance’s trading fees are exceptionally low. If you own Binance Coins (BNB), you’ll pay even less – just 0.1% – on the platform. Besides offering various charting options and order types, Binance is a great option if you enjoy performing technical analysis.
The markets for XRP have been suspended by many exchanges rather than risk potential violations of U.S. securities laws. Binance is one of them making ripple trading suspended temporally. So, trading Ripple in the U.S. is not allowed.
Pros:
- Advanced charting platform with customizable indicators
- There are hundreds of supported pairs
- 0.10% commission
- Supports fiat currency
- BNB users get a discount on fees
- Security measures have proven to work
Cons:
- Support is provided only through the ticket system
- Deposits by debit/credit card are charged up to 3.5%
Your money is at risk.
3. Coinbase – Good Selection of Digital Currencies
Over 100 tradable cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin are offered through Coinbase, a cryptocurrency trading, and investing platform. Over 73 million users access Coinbase, which has more than $255 billion in assets under management.
Simple buy and sell orders are likely to be preferred by beginners on the original Coinbase platform. However, Coinbase Pro, available to all Coinbase users, offers more advanced features and order types.
In general, digital currencies are an emerging asset class that can be risky and volatile, making them unsuitable for all investors. Nevertheless, if you’re into cryptocurrencies, Coinbase is an excellent option for both beginners and veterans.
The markets for XRP have been suspended by many exchanges rather than risk potential violations of U.S. securities laws. Coinbase is one of them making ripple trading suspended temporally. So, trading Ripple in the U.S. is not allowed.
Pros:
- Easy to use for cryptocurrency beginners
- Support for a large number of cryptocurrencies
- Opportunities to earn cryptocurrency
- Lower pricing available with Coinbase Pro
Cons:
- Potentially high transaction fees
- Customer service issues
- No access to trade many altcoins
Your money is at risk.
What is Ripple?
Ripple is a system for settling payments and transferring currencies around the globe. It functions as a trusted intermediary between two parties involved in a transaction, as Ripple can quickly confirm a transaction’s integrity. Fiat currencies, cryptocurrencies, and commodities, including gold, can be exchanged with Ripple.
Many believed Ripple was intended to replace SWIFT [a leading money transfer network] and replace the settlement layer between major financial institutions, says Pat White, CEO of Bitwave.
Users pay a fee whenever they use the network to make a transaction in XRP, a cryptocurrency.
According to El Lee, board member of Onchain Custodian, the standard fee to transfer money on Ripple is set at 0.00001 XRP, a relatively small amount compared to the large fees charged by banks for handling cross-border payments. For example, in late April 2022, the price of an XRP token was $1.38, making the transaction fee just $0.0001378.
A point to consider is that making ripple trading is suspended temporally. So, trading Ripple in the U.S. is not allowed. However, people in other territories can still trade Ripple.
How Can I Trade Ripple?
Ripple is typically traded on exchanges where crypto-to-crypto transactions are only allowed. In other words, since Ripple trading only works with other cryptocurrencies and not fiat currencies such as the euro or dollar, you cannot trade it.
It’s necessary to trade with XRP on a platform that accepts fiat currency to acquire the currency you wish to trade with XRP. Then, once you’ve acquired both currencies, you can begin to trade them.
Several great Ripple trading platforms are available; here are a few:
- Binance
- Coinmama
- eToro (the best trading platform for Ripple)
The markets for XRP have been suspended by many exchanges rather than risk potential violations of U.S. securities laws. So, trading Ripple in the U.S. is not allowed.
Ripple Trading Exchanges
1. Buying XRP on Binance
Binance holds a reputation that has endured over 10 years of existence despite being established only in 2017. The team attributes this to features available within the platform, such as better security controls, lower trading fees (0.05%), and faster transaction speeds.
You must have an account with Binance before being able to buy or sell XRP there. However, it is quick and easy to register on the platform, and users can sign up from anywhere in the world.
Then, once you have logged in, select “Deposits” from the fund’s section. A list of all Binance-supported cryptocurrencies will appear.
Ripple can’t be purchased on Binance with fiat currencies, so you will need to acquire another cryptocurrency to acquire Ripple, such as Bitcoin or Ethereum.
A solution to this problem is to purchase cryptocurrency with fiat currencies using a wallet such as Coinbase. The Coinbase interface is quite straightforward, so it’s an easy way to get started. First, click on the “Get Started” button that you will find at the top right corner of their website.
Please create an account by filling out the required fields and reading their User Agreement and Privacy Policy documents. Your signup details and phone number will be verified via email. Once your account is created, you will have access to it.
The next step is to buy your coins; it’s best to opt for either Bitcoin or Ethereum since they have higher liquidity. Your coins will be credited to your online Coinbase account once you’ve completed the process.
Select “Account” from the list of menu items. Then select the number of coins you wish to send to your Binance wallet and click on “Send.” Transfer funds by copying and pasting the address of your Binance account into Coinbase, then clicking send.
As soon as you have received your cryptocurrency, you can start Ripple trading on Binance.
Your money is at risk.
2. Buying XRP on Coinmama
For quite some time now, Coinmama has been a cryptocurrency exchange. With the addition of more coins to Coinmama’s platform over the years, they have offered a wider selection of trading pairs to their users.
Recent developments have included the inclusion of Ripple on the platform. However, because of Ripple’s stringent laws and regulations, Coinmama does not offer the coin to US-based customers.
However, for non-US users, you can continue to create your account on the platform and find Ripple trading listed as an asset.
As soon as you’ve created your account, you’ll find a list of assets in the account area. From the selection below, select the package you’d like to purchase.
Before purchasing the platform, you’ll need to have a crypto wallet, so be sure to enter your valid wallet address. Once you’ve completed the steps above, you can now buy Ripple coins, and they will be delivered to your wallet, allowing you to start your Ripple trading and trust in Coinmama as your Ripple trading platform.
Your money is at risk.
Best Ripple Trading Apps
1) Binance
XRM wallets such as Binance let you create bitcoin wallets, and they also provide platforms for trading more than 150 cryptocurrencies. In addition, XRM wallets such as Binance also provide APIs that you can use to integrate your current trading program.
Features:
- There are many tools available to trade online with the safest ripple wallets.
- The wallet offers 24/7 support and is one of the safest bitcoin wallets.
- Mobile, iOS, Android, and P.C. clients are all compatible with this platform.
- There is an advanced exchange interface available on Binance as well as a basic interface.
- The company does over 1,400,000 transactions per second with an average daily volume of 1.2 billion.
- Get 5% commission kickback when you use referral ID C2NIWDDM.
- Available for making it your Ripple trading platform.
2) Coinbase
A cryptocurrency wallet such as Coinbase can purchase, sell, transfer, and store cryptocurrencies. In addition, users can safely store their digital assets in their wallets. This platform supports more than 100 countries.
Features:
- Keeping track of all digital currencies in one place allows you to buy and sell them.
- Both iOS and Android devices can be used with the app.
- Depending on your needs, you can schedule your currency trading daily, weekly, or monthly.
- To ensure your funds’ safety, your funds are kept in a vault.
- Cryptocurrency exchanges are among the largest.
- For signing up, you will receive $5 in Bitcoin for free.
- Available for making it your Ripple trading platform.
3) Robinhood Crypto
Robinhood Crypto allows you to buy and sell cryptocurrencies, such as Ethereum, Dogecoin, and Bitcoin. With this platform, you choose the companies and funds that you want to own.
Features:
- Market data can be accessed in real-time.
- Analyze analyst ratings using this tool.
- Securing your personal information will allow you to trade your cryptocurrency.
- You can use the smartphone application to complete buying, selling, or trading of your assets.
- In addition to equity and derivatives, the app enables you to invest in other assets as well
- The app supports iOS, Android, Mac, and Windows.
- Available for making it your Ripple trading platform.
4) Coinmama
Cryptocurrency exchange Coinmama offers a wide range of cryptocurrencies. Credit cards or debit cards can be used to purchase cryptocurrencies. You can receive your coins instantly using this tool. Multiple payment methods are available.
Features:
- This application allows you to buy coins within a certain limit.
- Verifying your account is fast with this service.
- You can buy digital currencies such as Ripple, Ethereum, and Bitcoin.
- Support is available 24 hours a day at Coinmama.
- Available for making it your Ripple trading platform.
5) Ledger Nano
The Ledger Nano offers hardware supporting a variety of cryptocurrencies. A PIN must be entered to validate the payment on these hardware wallets. The handheld device offers convenience and security.
Features:
- USB compatible devices make it easy to access.
- A Ledger can be equipped with up to 100 applications.
- With 2-factor authentication, this is the safest ripple wallet.
- All your crypto assets are secured and controlled in one place.
- Currently supports Windows (7+), Mac (10.8+), and Linux.
- Available for making it your Ripple trading platform.
Risks of Trading Ripple
The latest cryptocurrency hype seems to be Ripple in the world of cryptocurrencies. It ranks as the second-largest cryptocurrency by market capitalization, after Ethereum and Bitcoin. It has a market capitalization of over $100 billion. Its currency may not be the most important thing about Ripple trading, but its technology may be. More than sixty major financial institutions, including the National Bank of Abu Dhabi, have embraced the Ripple blockchain protocol and the National Bank of Abu Dhabi. Ripple has been able to break a barrier that no other cryptocurrency has been able to do by integrating itself into the financial system. There is a possibility that the digital currency industry will be heading in a new direction due to this. At the same time, some also consider Ripple trading to be vulnerable to attacks from hackers.
Is Ripple A Legit Cryptocurrency?
According to the standard definition, Ripple isn’t a coin or a cryptocurrency. As a result, Ripple does away with the notion of XRP as an investment asset and instead focuses on making the blockchain as secure as possible. At the same time, bitcoin and comparable cryptocurrencies give equal weight to the coin’s value, speed of the network, and applicability. Institutional entities like Santander Bank and American Express, Ripple’s primary customers, primarily benefit from this. The Ripple Foundation created XRP to achieve this goal and then tweaked each traditional cryptocurrency component almost unrecognizable.
Ripple vs. SEC
Among the SEC’s enforcement actions in the cryptocurrency space, the lawsuit against Ripple trading is considered relevant. The blockchain firm recently won a significant victory against the plaintiff in a recent lawsuit, but many things are still resolved.
Ripple has been asked to deliver recordings on the sales and marketing of XRP. Consequently, this likely supports the SEC’s finding that the investment contract was marketed as a digital asset.
The firm has continued to broaden its product range despite that. For example, a new Ripple Liquidity Hub will be launched to provide enterprises with access to all the top cryptocurrencies, including BTC, ETH, LTC, ETC, BCH, and XRP.
SEC v. Ripple continues to be a precedent-setting lawsuit, widely observed by market participants and law experts alike as it has the potential to significantly alter the future regulatory framework in the United States and have a domino effect in other countries’ jurisdictions.
How to Get Started with a Ripple Trading Platform – eToro
Step 1: Open an Account
Before you can open an eToro live account, you must first open an eToro demo account. However, if you possess a few basic documents and have some spare time, it is a relatively simple process that anyone can handle. eToro is also considered the best trading platform for Ripple, so you are in the right place.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Step 2: Upload ID
- Uploading documents is a simple process that can be done by clicking here. Documents can be uploaded in the following formats: .pdf, .jpg, or .doc
Step 3: Deposit Funds
- In the left-hand navigation box, select the “Deposit Funds” button. Enter the amount you would like to deposit. Enter your payment information and choose your preferred method of payment. Users in the U.S. have the following three payment options:
Step 4: Start Ripple Trading
Your trading or buying of Ripple will be the final step after verifying and depositing your eToro account. eToro provides the option to select “Crypto” on your “Markets” page.
Click the “Buy (non-leveraged)” button in the crypto menu once you have selected “Ripple.” When you are ready to open the trade, you need to enter the amount you would like to purchase and click buy.
Having traded XRP on eToro, you will own a certain amount of the cryptocurrency, which you can trade again at any time or store in your eToro wallet for future use.
The Verdict – eToro
eToro is the best trading platform for Ripple. It is a great choice because of the flexibility they offer. You can choose from many options. In addition, they offer dozens of trading pairs that you can choose from. As well as USD, XRP can also be traded with seven other fiat currencies and two other cryptocurrencies.
With eToro, you can trade XRP both as a CFD and as a real asset. You can also use leverage if you are comfortable taking a little more risk if you are happy with CFD trading.
eToro offers a strong combination of flexibility, ease-of-use, and a robust reputation as a broker for XRP trading. The above is especially true if you intend to purchase XRP to invest on the EToro platform and keep it on the EToro wallet. It may be expensive to move your eToro investment outside of the eToro system. Still, as we have seen in our detailed review of the eToro Wallet, it can be a safe and reliable place to keep your eToro investments. EToro is the best trading platform for Ripple currently.
eToro – Best Ripple Trading Platform With Competitive Spreads
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
FAQs
Who created Ripple XRP?
Can I trade Ripple in the U.S., or is Ripple trading suspended?
Do I need a crypto wallet to trade Ripple?
What is ripple trading at right now?
How much money do I need to trade XRP?
Is there any crypto trading bot Ripple?
Jhonattan Jimenez
