When looking at cryptocurrencies to buy, XRP – created by Ripple – is a choice that you’ve likely seen a few times. But with so many options, knowing if and where to buy the currency can be tricky.
If you’re looking for more information on XRP and where to buy it, you’re in the right place. This page will show you the best brokers to buy XRP from in 2021, along with how to trade safely and store your coins. We’ll also answer the most common questions you might have.
Best brokers to buy XRP from in 2021
There are many different ways to buy XRP. To save you the stress of looking through countless brokers, we’ve put together a list of the best brokers to buy the currency below:
What is the difference between buying and trading XRP?
Buying and trading might seem like the same thing when looking from the outside. However, they differ slightly:
- Buying XRP means you are purchasing tokens, typically to hold as part of a long-term investment strategy.
- Trading means that you are buying with the intention of selling relatively soon when the price goes up to lock in profits. This is generally a shorter-term strategy.
How to buy XRP online
Signing up for a cryptocurrency exchange is the easiest way to buy XRP online. To do this follow the below steps:
- Step 1: Find a cryptocurrency exchange and verify your identity.
- Step 2: Sign up for your exchange of choice.
- Step 3: Make a purchase.
How to trade XRP
Some people prefer to trade XRP rather than buy the coins to keep for the long term. If you fall into this category, the initial setup phase is a little different.
- Step 1: Find a broker.
- Step 2: Deposit money into your account.
- Step 3: Decide on how you want to trade.
- Step 4: Start trading XRP.
What are the different ways to pay for XRP?
Due to some regulatory issues that are not yet settled, buying XRP is a little trickier than buying Bitcoin or Ethereum as it’s not available on all exchanges. However, when you find a broker that does offer XRP, here are the ways in which you can pay:
Debit Cards
Debit cards are a reliable way to pay for XRP across several exchange websites. Making a purchase isn’t much different from depositing money into a betting account. Just enter your card details, verify the payment, and the money will appear in your account.
Pros
- Widely available
- Payments are secure
- Easy to use
Cons
- No anonymity
- High fees
Cash
In limited instances, you can buy XRP using cash. Essentially, doing so works the same as purchasing online goods and paying in person.
Pros
- Cash payments offer anonymity
- Don’t to share your bank details online
- Don’t need to pay foreign and additional exchange fees
Cons
- The seller needs to be nearby
- Potential safety issues associated with meeting a stranger in person
Bank Transfer
You can also use bank transfers to pay for XRP on several exchanges. Doing so is straightforward as it works like online shopping. You simply enter your details and the funds will appear in your account.
Pros
- Avoid card fees in some cases
- Don’t need to share your card details
- Easy to make transactions
Cons
- Not entirely secure
- The bank can decide whether it wants to process the transaction or not
What to consider when buying XRP
When buying XRP, you need to make a few considerations. Below are the most important factors to keep in mind:
- Availability: Buying XRP is not as easy as buying Bitcoin or Ethereum. A couple of exchanges offer the service, but you might have to do some searching, especially if you’re not flexible in the payment providers you use.
- Fees: When using a platform to buy and sell cryptocurrencies, you’ll need to consider the associated fees. These will vary depending on which you choose, along with your preferred payment service.
- Volatility: Cryptocurrencies are volatile in general, and XRP is no exception. When investing, beware that rates can change quickly.
- Regulations: Cryptocurrency regulations vary depending on where you live. Make sure you do your research to ensure that you can trade XRP from your location in the world.
- Design: Most cryptocurrencies were designed for consumers, but XRP is different. It’s primary market is financial institutions. You must understand this audience before investing and pay attention to market trends to increase your profitability.
Is it safe to buy XRP online?
Whether XRP is safe to buy online or not depends mainly on where you pay for it. If you use a secure platform, such as eToro, you’ll avoid running into risks and scams.
At the same time, though, no exchange or broker is 100% safe. These platforms are prime targets for hackers, and despite the added protection tools they offer, you must take extra steps to maximize your safety.
Other things you can do to look after your safety and your XRP coins include:
- Add Two-factor Authentication (2FA): When you sign in, you’ll need to confirm your identity using more than your password. Any would-be hacker would need to do likewise and might not have access to this information.
- Store Your Coins in a Wallet: If you don’t plan to sell your coins anytime soon, leaving them in your exchange’s account is a dangerous game. One hack could result in you losing your coins forever. Instead, use a personal wallet.
- Only Pass Necessary Know-your-customer (KYC) Information: When signing up for an exchange, you’ll need to verify your identity. No reputable platform will ask you for sensitive information, such as your card’s PIN, so tread carefully.
- Don’t Use Unsecured Websites: You must use a secured website when using online services for cryptocurrencies. You’ll notice these easily as they have a padlock next to the site’s address.
- Use a secure connection: Never buy cryptocurrencies using a public wi-fi connection. Any information you share on these puts you in significant danger of a security breach. Use your home’s internet connection instead.
How to store XRP
As we mentioned earlier on this page, it’s much safer to store your XRP coins in a wallet than to keep them on your exchange. There are a couple of options when it comes to choosing secure wallets:
- Cold Wallet: Offline wallets can either be on hardware or on a piece of paper with a code written on it. This is the safest version you can use.
- Online Wallet: Several online XRP wallets exist. You can use these to access your coins from anywhere and will need to verify your identity when you sign in.
How to sell XRP
When you’re ready to sell your XRP coins, knowing where you can do so is the first thing you will need to figure out. Below, you’ll find a selection of places to sell XRP, along with the associated considerations.
Exchanges
The easiest way to sell XRP is using the same exchange service you used to buy the coin. Selling on an exchange is straightforward. All you need to do is set up a selling order.
You can sell in one of two ways:
- Create settings for your coin to sell when the market value matches the price you’d like to sell for therefore ensuring that you get the exact rate you want.
- Sell straight away for the current market rate.
Brokers
If you choose to trade XRP instead, you can sell the coin from your brokerage platform. Doing this is straightforward. In the same way you bought the coins at the current market value, you just need to sell them at the current market rate. After that, you can withdraw in your fiat currency of choice.
Is it worth buying XRP right now?
Regardless of the cryptocurrency that you buy, the market is volatile and will carry certain risks. Moreover, you must shoulder the responsibility whenever you make a purchase. However, some currencies are tricker to make a profit in than others.
While XRP’s value has risen in 2021, it’s still nowhere near its 2018 pinnacle. At the same time, its focus on financial institutions – and Ripple’s plans to compete with SWIFT payments – meaning that it could still be a wise long-term investment.
Conclusion
XRP is a little unique compared to other cryptocurrencies because it wasn’t designed directly for consumers. But it’s still one of the best-known cryptocurrencies on the planet, along with being one of the largest in terms of market share.
On this page, you’ve discovered where you can buy and sell XRP and how to keep yourself safe while doing so. We’ve also highlighted the fact that it doesn’t have as many purchasing possibilities as some of the other prominent cryptocurrencies on the market.
With that in mind, the best way to buy XRP is via bank transfer. You’ll waive fees associated with cards in many cases while also utilizing a secure payment method.
FAQs
Can I buy XRP in any country?
Regulations vary, so it’s essential to research the rules for where you live.
Is there a limit to how many XRP I can buy?
Each exchange and broker will have different purchasing limits, so you’ll need to check with your provider.
Can I buy XRP without an ID?
No. When you sign up on an exchange or broker site you’ll need to verify your identity.
Can I buy XRP instantly?
Yes. Once you make a purchase, you should see the XRP in your account straight away.
What is XRP?
XRP is a cryptocurrency founded by Ripple in 2012.
How does XRP work?
XRP aims to make all currencies – fiat and cryptocurrencies – easier to exchange with each other. Through this function, borderless payments become easier.
