Ripple is the third largest digital currency in terms of market capitalization. It is an incredible instrument for trading. However, you should trade Ripple (XRP) only with a reputable forex broker. Well-established platforms that offer Ripple trading come with the following advantages:
- Deep liquidity
- Fair dealing
- Ease of opening account, deposits, and withdrawals
- Many order types
- Best customer support services
- Better software, hardware, and connectivity
- Superior execution speeds
- Smart and reliable order execution
- Proven and Robust trading platforms
Why Should You Trade Ripple
The price of the digital currency has exceeded the highest expectations. It has grown exponentially in a very short period of time. In addition to yielding extremely high returns, Ripple trading offers a few other benefits as follows:
- It is one of the most liquid cryptocurrencies
- It is traded 24 hours a day and 365 days in a year
- It helps to diversify your investment portfolio
- As a potential safe haven asset, it allows you to hedge against fiat currency, government, and central bank failures
- In terms of market capitalization, it is the third largest cryptocurrency
How to Trade Ripple
Ripple can be traded on forex brokers’ platforms as contracts for difference or CFDs which is same as trading most other financial instruments such as commodities, forex currency pairs, and stocks. When trading Ripple, you can make use of features like stop loss, take profit, and many offered by reliable platforms.
The best way of trading Ripple is with minimum leverage on forex brokers’ platforms. It is best if no leverage is used at all. The buy-and-hold trading strategy has yielded fantastic results to those that are involved in trading Ripple. It is possible to successfully employ short-term trading strategies when trading Ripple.
Top Brokers That Offer Ripple (XRP/BTC or XRP/USD) Trade
Min Deposit: $100
Spread: From 1,5 Pips
Regulation: FCA UK (#186171), CySEC (#259/14)
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Min Deposit: 0
Spread: Non-Spread, Fee 0.1% Per Trade
Min Deposit: $5
Spread: From 1 Pips
Regulation: ASIC, CySEC, FCA (UK), BaFin, CNMV
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Min Deposit: $10
Min Deposit: $250
Spread: as low as 0.1 pips
Leverage: up to 400:1
Regulation: ASIC Australia and FCA UK
Min Deposit: €100
Spread: The Spread can be as low as 0.01%” (0.01% = spread for EUR/USD)
Regulation: ASIC, CySEC, FCA (UK)
Min Deposit: $200
Spread: From 3 Pips
Regulation: NFA, FCA, CySec
Min Deposit: $100
Spread: Starting From 0.9 pips
Regulation: MIFID, FSB & ASIC
Min Deposit: $1
Spread: Fixed Spread From 3 Pips
Leverage: Up to 1:1000
Regulation: CBR, CySEC and FFMS
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Another way of trading Ripple is through cryptocurrency exchanges. In order to buy and sell Ripple on exchanges, you need to have a wallet account with a unique address. A wallet is same as your bank and the address of your wallet will be your account number. Cryptocurrency exchanges offer clients with free wallets for the purpose of conducting business.
For buying Ripple on an exchange, it is important to use a fiat currency or other digital currencies. All exchanges provide a list of vendors that offer Ripple for sale. Each vendor might offer a different price. They also accept different payment methods.
Whether you choose a forex broker platform or a cryptocurrency exchange, you should spend some time and put in the required effort to do some research and ascertain that you are going to work with one that suits your needs the best. This is because working with the best forex brokers and exchange platforms for Ripple trading is essential for achieving success. Having said this, here are some of the Ripple trading platforms recommended by us:
eToro, a multi-asset and social trading brokerage, has registered offices in Israel, the UK and Cyprus. The brokerage has a worldwide reach and is regulated in all the markets. RetailFX came into existence in 2006 in Tel Aviv. eToro OpenBook was set up in 2010 with the copy trading feature as a social investment platform, enabling traders to follow, view, and replicate the trades of top investors in the network. eToro boasts of more than four million active users and allows individuals to trade in Forex, stock CFDs, and cryptocurrencies.
Founded in 2009, XM has more than 1,000,000 clients and is a well-established investment firm. XM provides support services in more than 30 languages and the platform can be used by newbies and professional traders. The online fore trading platform provider makes available 7 Asset Classes, 16 Platforms, and more than 300 Instruments for trading. Clients can trade forex, commodities, precious metals, equity indices, individual stocks, energies, and Cryptocurrencies. XM has its registered office in London, Belize and is regulated by IFSC Belize; FCA UK; CySEC, Cyprus; and ASIC, Australia.
The forex trading platform of Plus500, founded in 2008, is provided by Plus500CY Ltd., which is a company based in Cyprus and has its headquarters in Limassol. Plus500 offers CFDs on shares, commodities, indices, forex, etc. As far as cryptocurrency trading is concerned, the broker offers CFDs in BTC/USD, ETH/USD, XRP/USD, LTC/USD, DSH/USD, and XEM/USD.
The brand InstaForex was launched in 2007. Currently, the forex broker has more than 3,000,000 customers. Further, over 1,000 customers open accounts every day. They enable ECN forex trading, contracts on derivatives, and other instruments. When it comes to cryptocurrency trading, they offer CFDs in BTC/USD.
In forex trading, AvaTrade is by far the most recognized online currency trading platform provider. The regulated Forex broker is dedicated to providing customized trading solutions to its clients irrespective of their prior knowledge or experience.
It is easy to open an account on the AvaTrade’s platform and you can be up and be trading in a matter of minutes. The greatest advantage of working with AvaTrade is that the broker provides a large amount of educational material, especially to those who are not very conversant with trading. The online forex broker offers more than 250 trading instruments, including fiat currency, cryptocurrency, bonds, and CFDs.
The Chinese cryptocurrency exchange Binance is fairly new to the digital currency market, but it has gained a great of popularity in a short period of time because of its Initial Coin Offerings and low trading fees. The exchange has the ability to process about 1.4 million orders in a second. It is the fastest exchange on the market.
You can use the platform for buying several digital currencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, EOS, Dash, Bitcoin Gold, LiteCoin, NEO, GAS, Dash, Ripple, and Zcash, among others. Currently, they offer trading in cryptocurrency pairs in ETH, BTC, BNB, and USDT.
The Bitcoin exchange Cex.io allows users to buy the cryptocurrency for low fees using credit cards. Purchases can also be made for free through bank transfers. The services offered by this exchange are available in many countries around the world, except a few specified by the platform provider. On the basis of verification, Cex.io offers four account levels with different buying limits. This Bitcoin exchange operates as a registered company in all of the districts in which it is present.
Cex.io combines crypto to crypto exchanges, fiat to Bitcoin exchange, and a mining pool. The company also offers trades in mining contracts or Bitcoin mining equipment rights for a specified period of time. In addition, the exchange offers USD/BTC and EUR/BTC pairs along with several crypto/crypto pairs.