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XRP is the native crypto of the Ripple Blockchain – a system that allows users to transfer funds from central databases to open infrastructures cost-efficiently. It is among the top 10 cryptocurrencies by market cap and has historically been a popular cryptocurrency to purchase. This guide covers how to buy XRP with fiat currency and the best places to add XRP to a portfolio.
Quick Guide: How to Buy XRP
Here are the easiest steps investors can follow in order to buy XRP.
- Compare and select a cryptocurrency exchange: The first step is to choose the right cryptocurrency exchange that supports XRP. Examples of popular exchanges to buy XRP include Binance, Coinbase, and eToro.
- Register an account with the exchange: Create an account and provide KYC information.
- Deposit funds to a wallet: Select the payment method to deposit the amount in the wallet of the cryptocurrency exchange of choice.
- Buy XRP: Decide the amount of XRP to invest, complete the transaction, and receive XRP tokens in the wallet.
Where to Buy XRP?
Below is a list of the best crypto exchange platforms to buy XRP based on our reviews. We have selected these exchanges on their usability, security features, additional requirements, staking tools, trading view, fees, and insurance. Furthermore, these cryptocurrency exchanges were among the earliest to list XRP when it arrived.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|385||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|222||0.16% (maker) and 0.26% (taker)|
|None available at this time||Visit Kraken||Kraken Review|
|Up to 500 USDT in bonuses||Visit KuCoin||KuCoin Review|
|None available at this time||Visit eToro|
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, with no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Binance is the world’s largest cryptocurrency exchange and a popular altcoin exchange with access to over 600 digital crypto assets, including XRP. We picked Binance as the best way to buy XRP due to its low trading fees compared to other cryptocurrency exchanges. The trading fee limit is set at a maximum figure of 0.1%, and users who pay using the Binance Coin (BNB) token can receive a 25% discount on trading costs.
- Low XRP trading fees
- Multiple Payment Options
- Multiple deposit payment options
- Safe trading platform
- Not suitable for novices
The minimum deposit amount for investors to buy XRP is $10. Peer-to-peer (P2P) payments, e-wallet services, wire transfers to credit/debit cards, and other payment methods are available on this platform. However, deposit fees on the platform differ depending on the payment options used to purchase XRP. For instance, Binance levies fees of up to 3.5% for deposits made with debit or credit cards.
For advanced traders, there are unique trading tools like TradingView charts. However, new investors may face a challenging learning curve with Binance with a complicated UX.
Read our full Binance review.
Kraken is suited for investors looking to buy XRP. The American exchange has continued to expand throughout the years, along with its selection of products for clients. Kraken boasts one of the broadest selections of cryptocurrencies, supporting more than 100 different digital currencies. Traders can start XRP trading easily with the broker's $10 minimum deposit requirement. The deposit options supported include Visa debit/credit cards, ACH transfers, and digital wallet providers.
- High-end security protocols
- $10 minimum deposit
- Transparent fee structure
- Advanced trading features
- Not suitable for beginners
The pricing structure for Kraken is simple: 1.5% for cryptocurrency trades and 0.9% for stablecoins. Despite being a little higher than the industry standard, fixed pricing makes it simple to predict trade profits. Crypto investors looking to buy XRP can use Kraken's user-friendly interface. However, due to some complex features, newbie traders may find it challenging to use at first.
Read our full Kraken review.
eToro is our next best alternative for investors who want to buy XRP with fiat currency. One standout feature of eToro is the free deposits. But it's also designed as a social and copy-trading platform, which makes it ideal for beginners who want to invest in XRP. There's a $50 minimum deposit for UK investors making it a good place to start for smaller investors.
- Well regulated exchange
- Free deposits
- User-friendly interface
- The platform charges an inactivity fee
- Cannot buy XRP on eToro within the United States
All deposits, including debit card purchases, are free. However, since deposits and withdrawals on the platform are denominated in US Dollars, the platform charges a forex conversion fee of 0.5% when an investor deposits in any currency other than the US Dollar. eToro also charges a $5 withdrawal fee. For XRP trading, eToro charges a flat fee of 1% every time an investor purchases or even when they sell XRP back to cash. The platform also levies an inactivity fee of $10 for accounts deserted for more than 12 months.
eToro offers several useful features. The CopyTrader function which enables investors to locate top traders on the platform and mimic their actions, is the most prominent. CopyTrader is particularly favored by beginners still learning how to buy crypto.
Read our full eToro review.
Crypto.com is an all-in-one ecosystem that includes crypto trading, staking, lending, non-fungible tokens (NFT) trading, and the best crypto debit cards. The exchange makes it easy for investors to start trading XRP with its straightforward signup process and affordable fees.
- Easy sign-up process
- Transparent, competitive fees with discounts available
- Crypto.com charges an inactivity fee
- Higher trading fees
Payment options accepted by the exchange for XRP trading include bank transfers and credit/debit cards. An investor's method of financing their account determines the cost of utilizing Crypto.com. For instance, there is a 2.99% fee for using a credit or debit card. However, there are no costs when an investor deposits funds through ACH transfers.
Trades on Crypto.com are priced based on a tier system. For Level 1 and Level 2 traders, the platform charges maker and taker fees of 0.4% and 0.35%, respectively. However, consumers will pay 10% less if they use the exchange's native Cronos (CRO) currency. Investors must deposit cash of at least $100 USDC ($100) to start XRP trading on Crypto.com.
Read our full crypto.com review.
Bitstamp is a user-friendly crypto exchange for fee-conscious traders to buy XRP with fiat currency. The exchange is one of the oldest platforms in the industry that has been around since 2011. The fiat-to-crypto exchange is ideal for both beginners and experienced traders with several advanced features and tools to aid trading, including a TradingView integration for more in-depth analysis. You can also benefit from a highly-rated mobile app with full trading functionality as the desktop platform.
- Low trading fees
- Ideal for both newbie and pro traders
- Offers ACH/SEPA and debit card payments
- 5% card fees
We found Bitstamp offers a low deposit minimum similar to the industry standards. With as little as $10, investors can open an account and trade XRP. Investors can deposit and withdraw their funds via multiple funding options. Bitstamp allows SEPA/ACH transfers, debit/credit card payments, and international wires. While ACH and SEPA transfers are free, investors who use the debit card purchase option would be billed 5% of the purchase amount — which is quite steep.
In terms of trading fees, Bitstamp fees are quite low. The exchange charges range between 0%-0.5%. Traders with less than $10K monthly trades are charged 0.5%. The rate is halved for monthly trades under $20K and goes lower.
What are the Other Ways to Buy XRP
It is easy to buy XRP with fiat currency from a centralized exchange. The process is simple, and users don't always need to possess a high technical knowledge to interact with the crypto market. However, experienced investors looking for more versatility can choose the following ways to buy XRP.
- Decentralized Exchange: The XRP ledger is one of the oldest decentralized exchanges in the market. It is suitable for investors who want to hold complete control of their tokens and who don't want to get involved with an intermediary. However, the catch is that the user first has to connect to the XRP ledger to start the transaction. Furthermore, the process is extremely complex – requiring the investor to make changes in the ledger using transactions, getting the state of accounts, and then disconnecting from the ledger.
- Brokers: For XRP traders wanting to automate the buying process, cryptocurrency brokers are another option. Here, an algorithm is used to match the order to pair the right buyers and sellers together. This method is helpful for investors trading a high volume of XRP. Examples of brokers we have reviewed include eToro and Uphold.
- P2P: For those wanting to not engage with traditional trading platforms or DEX and want to trade independently from the crypto market's volatility, a P2P crypto exchange is another option. Here, the transactions happen directly between buyers and sellers without the involvement of a third party. For instance, people now buy XRP with fiat currency from a trader without paying any commission to the platform. Binance is one of the leading P2P exchanges in the market – even though it is yet to allow P2P transactions for XRP.
Quick Overview of XRP
Ripple Labs is the company behind the XRP blockchain platform. The blockchain protocol was launched in 2012 by the trio of Jed McCaleb, Arthur Britto, and David Schwartz. The protocol was meant to serve as a more environmentally sustainable alternative to the Bitcoin network that focuses on cross-border payments.
Transactions on Ripple are powered by XRP and all run on the XRP Ledger. The Ripple blockchain uses a unique network of validators, or nodes, to confirm transactions by consensus. However, it's not entirely decentralized, unlike several other cryptocurrencies. In contrast to digital cryptocurrencies like Bitcoin, where transaction confirmations might take several hours, these validators update their ledgers every few seconds making it one of the fastest cryptos.
Currently, with a market cap of $18 billion, the asset ranks as the sixth largest cryptocurrency by market size. It has a current circulation of 48 billion XRP coins. XRP can be used to conduct international banking transactions, traded for other digital currencies, or purchased as an investment. For instance, banks from two continents can exchange their fiat currencies using XRP as the common currency.
Is XRP A Good Investment?
Although trading cryptocurrencies is risky due to their volatility, we consider XRP a great investment due to its use case and features. Here are the reasons to consider before adding XRP to a crypto portfolio.
Huge Market Cap
When looking for cryptocurrencies to invest in, the market cap is typically the first thing to consider because it shows the coin's impact on the market. With a market valuation of about $20 billion, Ripple has maintained its sixth-place ranking in the cryptocurrency world despite a recent decline. High market capitalizations signify investor confidence, and Ripple's strong performance and high valuation only reinforce that confidence.
Through partnerships, Ripple Labs has been extending its range of products and creating a platform that can handle cryptocurrency and conventional payments. Wondering if XRP is a good investment? Take a look at some of the alliances that support XRP:
- Modulr, a worldwide payments platform, has teamed with Ripple Labs to facilitate frictionless payments in the United Kingdom and Europe. The first client to utilize the collaboration and go live is Trust Payments' worldwide unified payments organization.
- QNB, the largest financial institution in the Middle East and Africa revealed its global strategy for cross-border payments by launching a remittance service created in collaboration with Ripple.
Furthermore, Ripple Labs has partnerships with several organizations, including Santander (USA), The Canadian Imperial Bank of Commerce (Canada), and Kotak Mahindra Bank (India).
Distinct Transaction Protocol
Thanks to Ripple's advanced transaction technology, investors won't have any problems with international transactions. Users can swiftly transfer cash and digital currency. This protocol can handle significant global trading and has relatively cheap fees.
XRP Price History
XRP has been traded on cryptocurrency platforms since its launch in 2012. It had a launch price of $0.1. The price stayed low until 2014, varying for several months at $0.005 before increasing to $0.30. However, in 2017, XRP pumped to $0.40 and stabilized at $0.20. The positive growth of digital assets in 2020 saw the price of XRP increase further. The token's value rose to $0.8 towards the tail end of 2020. However, the SEC's lawsuit against the crypto company has stopped its progress.
Following the announcement, certain exchanges delisted XRP. Many crypto investors also sold their coins out of fear. This led to a decline in the price of XRP at the beginning of 2021, but it increased as the cryptocurrency market hit record highs. Since its decline in the market due to the lawsuit, XRP has shown that it still has a large following. It has continued to react favorably to price changes and bull runs that affect the entire market. Its average price increased in March 2022 to $0.87.
At present time, XRP trades at $0.37, up 16.0% in the last 30 days. The verdict in the legal dispute will have a big impact on forecasts for the future of the XRP cryptocurrency. The coin has proven that it can survive despite the unfavorable press.
XRP Price Prediction
Effective long-term cryptocurrency investments typically take the shape of digital assets with significant utility. The Ripple network provides a workable (and more desirable) alternative to the present payment systems. Therefore, XRP has significant utility. There is a market niche that XRP might cover, given that most banks in the industrialized world continue to use the SWIFT network, which XRP aims to replace. Ripple's ability to provide a considerably faster and lower-cost option for cross-border transfers is one that businesses will find important to acknowledge.
As a "bridge currency", XRP decreases the cost of FX trading. A bank can avoid exchange fees by using Dollars to acquire XRP first. XRP can then be used to buy EUR if the user intends to convert USD to EUR while paying a negligible fee sum. This, along with the quick processing times of RippleNet, makes it obvious why this cryptocurrency is regarded so highly.
What are the Risks of Buying XRP?
Not everything is up and up in the crypto market, and cryptocurrencies are a volatile investment. Therefore, investors must know all the risks associated with this cryptocurrency before investing in XRP.
- XRP has performed poorly as compared to the broader market. It was in 2021 that the broader crypto market had its shine. The year witnessed the emergence of many altcoins and gains that went as high as 10,000%. However, XRP couldn't make the same waves after the 2017 crypto boom. It is an important fact to consider because it was in 2021 that the crypto ecosystem became more mainstream. The developments of NFT projects and the rise of web3 allow blockchain to capture a wider audience. XRP wasn't able to capitalize on that. That factor puts a serious question mark on the ability of XRP to experience growth. While it is the #6 cryptocurrency in the world, that rank isn't in terms of development.
- Only needed for interbank transactions. The second biggest issue with this digital asset is its limited use case. It only applies to interbank transaction, which lasts only a few seconds. After that, it has no use for banks or financial institutions. It means that in order to get higher valuations in 2022 and beyond, XRP must have more use cases.
- High circulating supply. Having a high circulating supply means a lack of scarcity, which means a low price. Currently, Ripple holds 52% of the outstanding XRP tokens. If Ripple decides to release the remaining supply in the future, the XRP price can take another dive.
- No Consumer Protection. XRP is a cryptocurrency for which regulations are still forming. That is, there are no protective measures to provide the consumer assets other than what’s provided by the cryptocurrency exchanges.
- Extreme Volatility in Price. The cryptocurrency market is volatile, which has a more profound impact on leading cryptocurrencies. At the time of writing, XRP is one of them. Being a crypto that's interwoven with the traditional financial sector, XRP can be negatively affected by the current fiat markets.
- The uses are not easy to understand. Good cryptocurrencies can improve the adoption rate of blockchain, are accessible, and are easy to understand. Those are not the case with XRP. The official whitepaper is extremely complex. That is, only veteran investors can fully grasp the value of this crypto.
- Delisted from several platforms. In 2020, the US Security and Exchanges Commission sued Ripple for allegedly selling $1.3 billion in unregistered securities. That is, XRP itself was counted as an unregistered security. The case is ongoing. However, historically XRP has always been on the receiving end of the wrong side of the regulatory norms – which can make it a losing bet for many investors wanting Ripple to win the case.
Step-by-Step Guide for Buying XRP
Step 1. Compare and select a cryptocurrency exchange
After thoroughly researching XRP, investors can proceed with the buying process. And the first step is to select the cryptocurrency exchange. As mentioned at the start of the guide, not all crypto trading platforms are created equal. Investors must assess their expertise and choose among centralized cryptocurrency exchanges, DEXs, brokers, or P2P platforms.
Users looking for ease of access but a robust centralized exchange can opt for Binance. It is the leading cryptocurrency exchange in the world with its own wallet and is suitable for new investors. Furthermore, it doesn’t require the users to remember about wallet addresses and networks. Along with spot trading, Binance also offers margin trading for XRP for day veteran investors. Additionally, users can also open flexible savings accounts on Binance for their XRP holding and earn interest on XRP to get an Annual Percentage Return (APR) of 0.45%.
In this guide, we discuss the method to buy XRP using Binance. The reason is that Binance is the world's leading cryptocurrency exchange and offers a wide array of tools and security measures to keep the user's funds secure. Investors must take Binance only as a recommendation and must consider their own requirements before selecting a crypto exchange.
Step 2. Register an account with the exchange
To start investing in XRP, register an account at Binance. Investors must click on the "Sign Up" button on the official website and enter their credentials to get started.
After entering the credentials and other details, the investors will receive a prompt to upload the KYC document. Users can submit any government-issued ID for this process. It is a mandatory requirement without which the investors can’t interact with the ecosystem and purchase XRP or any other cryptocurrency.
Once the details are submitted, investors must wait for 24 hours. Binance conducts a manual review of the documents in the meantime. If there are any discrepancies, the user will be informed and tasked to resubmit the documents. Otherwise, the account is created.
As an additional measure, Binance recommends that the new account holder turns on the two-factor authentication. It is a critical requirement in order to ensure that the user account isn’t compromised. To manually turn on the option later, go to the profile and change the security settings.
Step 3. Deposit funds
After the account has been set up, the investor must deposit the initial funds to buy XRP. The deposit time will vary depending on the chosen payment method. Binance, like most cryptocurrency exchanges, also offers "instant deposits". It allows third-party companies to help investors fund their crypto accounts within seconds. Below listed are the payment methods and the time it takes to fulfill them:
- Wire Transfer: It takes 2 to two days.
- Bank Transfer: It takes 2 to two days.
- Credit Card Instant Purchase: It takes up to 30 minutes.
- Cash Deposit: It takes 2 to two days.
- OTC trading: Here, the investor has to communicate with the exchange directly, and the waiting time varies depending on how busy the representative is.
- Crypto Transfer: It is the most cost-effective way to deposit funds, but the time taken depends on the network congestion.
It is also important for the investors to keep in mind the minimum deposit requirement. The limit varies from country to country. That said, Binance charges up to a 4.5% deposit fee for buying XRP using a debit card. There is no fee levied for a wire transfer or automated clearing. The trade-off is that the latter two methods are comparatively slower. Investors must select the payment method, enter the amount, and finalize the transaction.
Step 4. Buy XRP
Now that the investor’s account has been funded, the final step is to search for and buy XRP. It is an intuitive process and doesn’t take a lot of time. Enter “Ripple” or XRP in the search bar and press enter. Binance will then take the user to the “Markets” that will feature a dialogue box.
The investor must then enter the amount of XRP they want to buy. The transaction then must be reviewed before finalization. Advanced traders can also use the Stop-loss and Market Limit option. They can also engage with margin trading for XRP with up to 3x leverage.
Frequently Asked Questions
Investors can buy XRP on crypto exchanges that support the asset. These include Binance, Coinbase, eToro, and Kraken. Each of these platforms has different deposit requirements and trading fees. Our recommended platform to buy XRP is Binance. The minimum deposit on Binance is $10, and the exchange offers the lowest trading fees in the market.
There are several ways to buy XRP for trading, but using an exchange is the easiest option. A crypto exchange offers a streamlined option to buy XRP. A good example is Bitrue, which is an XRP specialized crypto exchange for XRP with over 50 XRP trading pairs. Investors can buy the crypto asset from the exchange using any available payment methods. Some exchanges even offer a P2P platform for traders who want extra funding options to buy XRP.
There are several cryptocurrency apps that can be used to easily and quickly buy XRP from a mobile device. These apps include the Binance app and the eToro app. The benefit of using these apps is the ability to purchase XRP while on the move to lock in the desired price.
XRP is one of the world's leading altcoins. That said, it hasn't been as successful as its peers, and its ongoing battle against the SEC has put it in a rough spot. The cryptocurrency has normally been trading sideways after the arrival of the bear market. That said, there are many developments that can pump its price near future. If you want to learn how to buy altcoins like XRP, read this tutorial.