If you’re just getting started with digital currency, the prospect of buying XRP may seem overwhelming at first. With the correct assistance, though, purchasing XRP can be a satisfying and easy experience.
In this manual, we’ll show you how to get a XRP and take care of it properly from start to finish, from learning the basics to choosing the best platform and payment method and stowing it away safely afterward.
For even more options, we’ll discuss other ways to make a purchase. Whether you’re new to investing or have years of expertise under your belt, this book will give you all you need to know to succeed in the XRP market.
Best XRP exchanges in 2023
Here are the best XRP exchanges available to you right now. Check them out and try to find the one that matches your needs perfectly. Keep in mind that each one is different and special in its own way.
- Binance – best for high-trading volume and low fees.
- Kraken – best for low-fee XRP buying.
- eToro – best overall platform to buy XRP.
- Bitfinex – best for institutional traders.
- Huobi Global – best for trading opportunities.
Review of Our Top 5 XRP Exchanges
Dive straight into this selection of the best XRP exchanges.
1. Binance Exchange Review
- Overview: Binance was founded in 2017 and is headquartered in Malta. It is a centralized cryptocurrency exchange known for its high trading volume and wide range of supported cryptocurrencies. Binance offers various trading options and has its own native cryptocurrency called Binance Coin
- Tradable coins: Binance supports a vast number of cryptocurrencies, including XRP and over 350 other cryptocurrencies.
- Fees: Binance has a tiered fee structure based on trading volume and whether users hold BNB. The fees start at 0.1% for both makers and takers and can be reduced further with BNB holdings. Binance’s fees are competitive compared to other exchanges
- Pros:
- High trading volume and liquidity.
- Wide range of supported cryptocurrencies.
- Competitive fee structure.
- Cons:
- Not suitable for beginners due to its advanced trading features.
- Limited customer support options
- Jump into Binance for more info.
2. Kraken Review
- Overview: Kraken was founded in 2011 and is headquartered in the United States. It is a centralized cryptocurrency exchange known for its security and reliability. Kraken offers a user-friendly interface and supports various cryptocurrencies, including XRP.
- Tradable coins: Kraken supports a wide range of cryptocurrencies, including XRP and other major cryptocurrencies.
- Fees: Kraken has a tiered fee structure based on trading volume. The fees start at 0.16% for makers and 0.26% for takers and can be reduced with higher trading volumes. Kraken’s fees are competitive compared to other exchanges.
- Pros:
- Strong security measures.
- User-friendly interface.
- Supports multiple cryptocurrencies.
- Cons:
- Limited customer support options.
- Not suitable for high-frequency tradin
- Visit Kraken
3. eToro Exchange Review
- Overview: eToro was founded in 2007 and is headquartered in Cyprus. It is a regulated broker that offers a unique social trading platform. eToro allows users to trade various assets, including cryptocurrencies like XRP. It is known for its user-friendly interface and innovative features like copy trading.
- Tradable coins: eToro supports a range of cryptocurrencies, including XRP and other major cryptocurrencies
- Fees: eToro charges spreads on cryptocurrency trading, which vary depending on the asset. There are no additional fees for deposits or withdrawals. eToro’s fee structure is transparent and competitive compared to other brokers
- Pros:
- Social trading platform with copy trading features.
- Multiple deposit methods.
- User-friendly interface.
- Cons:
- Limited cryptocurrency selection compared to dedicated exchanges.
- Limited advanced trading features
- Find out more at eToro
4. Bitfinex Exchange Review
- Overview: Bitfinex was founded in 2012 and is headquartered in Hong Kong. It is a centralized cryptocurrency exchange known for its advanced trading features and deep liquidity. Bitfinex supports a wide range of cryptocurrencies, including XRP.
- Tradable coins: Bitfinex supports a vast number of cryptocurrencies, including XRP and other major cryptocurrencies
- Fees: Bitfinex has a tiered fee structure based on trading volume. The fees start at 0.1% for makers and 0.2% for takers and can be reduced with higher trading volumes. Bitfinex’s fees are competitive compared to other exchanges.
- Pros:
- Advanced trading features.
- Deep liquidity.
- Wide range of supported cryptocurrencies.
- Cons:
- Limited customer support options.
- Not suitable for beginners
- Take a look at Bitfinex for more information.
5. Huobi Global Exchange Review
- Overview: Huobi Global was founded in 2013 and is headquartered in Singapore. It is a centralized cryptocurrency exchange known for its global presence and wide range of supported cryptocurrencies. Huobi Global offers various trading options and supports XRP trading.
- Tradable coins: Huobi Global supports a vast number of cryptocurrencies, including XRP and other major cryptocurrencies.
- Fees: Huobi Global has a tiered fee structure based on trading volume. The fees start at 0.2% for both makers and takers and can be reduced with higher trading volumes. Huobi Global’s fees are competitive compared to other exchanges.
- Pros:
- Global presence.
- Wide range of supported cryptocurrencies.
- Competitive fee structure.
- Cons:
- Limited customer support options.
- Not suitable for beginner
- Visit Huobi Global
How to Choose a Site to Buy XRP
Choosing the correct platform is the first step in getting XRP. It might be intimidating to choose the best platform from among the many that exist. Here, we’ll explain a few of the most important aspects of your options.
Assessing Virtual Currency Trading Platforms
You can buy XRP on several different cryptocurrency marketplaces. Binance, Kraken, and Coinbase are just a few of the most prominent exchanges. Of course, there are benefits and drawbacks to using any certain platform. You must evaluate each one to choose which best fits your requirements.
Safety is important
When making a platform selection, safety should be your primary consideration. Search for marketplaces that use advanced safety features, like two-factor authentication and ciphering. The exchange’s track record is also important to think about; sites that have had security issues in the past might not be the best option.
User interface
The platform’s UI should be intuitive enough for newcomers. You need an easy-to-use system that makes purchasing and keeping track of your XRP clothing a snap.
Good customer service
With helpful customer service, problems are less likely to arise. It’s important to get a platform that has reliable customer service in case any problems develop. You may also learn about the platform’s reliability in this respect by reading the feedback left by its users.
Trading pairs
The platform’s trading pairs should also be taken into account. You can get hold of XRP on some exchanges using fiat cash, but on others, you may need to acquire another cryptocurrency like Bitcoin or Ethereum before you can make a purchase.
Various Payment Methods
After settling on a system, you’ll need to decide how you want to purchase XRP. There are a wide variety of payment methods available on various platforms, each with its own set of benefits and downsides. Let’s break down the most common payment options so that you can make an educated choice.
Charge and credit cards
Due to its ease of use, paying with a debit or credit card has become more common. On most systems, purchasing XRP is fast and easy. However, compared to alternative payment options, using a credit card might result in greater costs.
Your transactions are tied to your bank account, which might raise privacy concerns, and not all sites enable card purchases.
Wire Transfers
Due to their safety and cheap fees, bank transfers, especially wire transfers, are widely used. They’re quick for big deals, but sluggish for smaller ones. Your cash may not show up in your account for several days due to the varying processing periods across banks and countries.
Other cryptos
XRP may be purchased with Bitcoin or Ethereum that you may already possess. Compared to more conventional banking techniques, this one offers faster transaction times and better anonymity.
But you’ll need to possess or get these other cryptocurrencies first, which might involve more work.
Setting Up The Payment Method
After settling on a platform and a means of payment, the next step is to get everything set up. What comes next is a general approach to getting your payment method set up on a cryptocurrency exchange. Still, keep in mind that the specifics may vary depending on the platform you choose.
Verification of account
To conduct business on most sites, account verification is a prerequisite. To complete this step, you’ll often need to provide your entire name, address, and a photo of a government-issued ID.
The Know Your Customer (KYC) procedure is a precaution used to avoid fraudulent transactions.
Card Preparation
If you’d like to pay with a debit or credit card, please have this information ready. The card number, expiration date, and CVV are all required details.
Some services may temporarily charge your credit card a modest fee to ensure it is legitimate. It’s essential to confirm that your bank supports these kinds of transactions before attempting them.
Payment in cryptocurrency
You’ll need to add funds to your platform account if you want to use a different cryptocurrency. To do this, you must first create a deposit address suitable for the cryptocurrency in question, and then transfer the funds there.
Though it’s not fun, setting up your payment method is necessary before you can buy XRP. Verify all details and maintain account safety at all times. You will be one step closer to full ownership of XRP once you have finished this.
XRP orders may be placed once a form of payment has been established. At first glance, this procedure may appear complicated, but with some education, you’ll find that it’s relatively simple. Here’s a plan of action you can follow.
Grasping the Concept of Market Orders
Putting in a market order to purchase XRP is the simplest method. With a market order, you’re essentially purchasing at the going rate. Simply specify the quantity of XRP you want to acquire, and the marketplace will pair you with a willing vendor. Although this approach is quick and simple, it may result in a higher total cost if the market price suddenly rises.
Limit orders
A limit order allows you to buy XRP at a price you set. The platform will automatically execute the order if the market price falls to your desired price. This strategy allows you to have a greater impact on the final cost, but it takes patience, as the market price may not instantly reach your target.
Stop orders
If the price of XRP looks like it could be going up, you can protect yourself from further losses by placing a stop order, also called a stop-loss order. In times of market uncertainty, this more sophisticated approach is very common to limit losses and protect gains.
It may seem discouraging g at first to place an order to purchase XRP, but with some experience, you’ll quickly become proficient. Always check your order details, including price and quantity, before clicking the “confirm” button. In no time at all, XRP will be yours to own.
Protecting Your XRPs
The first order of business after purchasing XRP is finding a safe place to keep it. XRP, like all cryptocurrencies, has to be protected against hacking attempts. Let’s talk about how to make your storage space safer and more convenient.
Hot wallets
Hot wallets allow users to save and retrieve their funds quickly and easily due to their online connectivity. Exchanges for virtual currencies or other third-party services often provide them. They are convenient to use, but hackers target them since they are always online.
Cold wallet
Offline wallets, also known as cold wallets, provide an extra layer of protection by never being connected to the internet. If you have a lot of XRP that you don’t intend to sell much, this is the best way to keep it safe. Even though cold wallets offer superior protection, if you forget your password or lose your backup phrase, the process of recovering your account might be difficult.
Physical Wallets
Offline storage for your XRP is possible with hardware wallets. The convenience of a hot wallet’s UI is combined with the security features of a cold wallet. They’re often regarded as the safest place to keep cryptocurrency, but they may be pricey.
Saving your money
There are certain standard precautions you should take with every wallet. Use a complex, one-of-a-kind password, and two-factor authentication wherever possible. Never give anybody access to your private keys or backup phrases, and be wary of phishing efforts.
Watch out for fraud
Regrettably, bitcoin scams are widespread. Don’t fall for deals that sound too good to be true, and avoid sending your XRP to random people.
Protecting your XRP is as vital as purchasing it. Your investment will be safe with the correct storage and security options in place.
