There’s never been a better time to buy Ripple (XRP), the only cryptocurrency that can boast significant backing from traditional ‘legacy’ financial institutions.
Ripple consistently ranks in the the top five of CoinMarketCap‘s list of cryptocurrencies with the highest market cap. At time of writing, it has a market cap of $9,244,167,17, which is good by anybody’s standards. The great thing about Ripple (XRP) is that the price is still very low.
One XRP is currently trading at approximately 24 cents (USD) a pop. So, unlike with Bitcoin and Ethereum, it’s still possible to own large amounts and benefit from potentially lucrative gains to come.
Brokerage firms offer great options on cryptocurrencies these days. Firms such as eToro, Avatrade, and Plus500 are a great place to start. You can take out CFDs on cryptocurrencies such as Ripple which means you can trade and profit from price fluctuations without having to actually own the currency (more on these later!).
Additionally, you don’t have to worry about having your coins hacked because the firms retain responsibility for the coins and there are legal arrangements in place to protect your money so you can trade stress-free!
Ripple has enjoyed positive growth in 2017 and, given the coin’s strong financial backing, the future looks bright for XRP.
What is Ripple?
Ripple is a real-time gross settlement system, currency exchange and remittance network by Ripple. XRP is the number four most popular cryptocurrency on the market, in terms of market capitalization.
Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments.
It’s a distributed, open-source payments system that’s still in beta. Ripple aims to break down the so-called ‘walled gardens’ of financial networks. These are the credit cards, banks, PayPal and others which restrict fluidity with fees, charges for currency exchanges and processing delays.
The goal of Ripple, it says, is to build on the decentralized digital currency approach set by Bitcoin and ‘do for money what the internet did for all other forms of information’.
Ripple is the name for both the digital currency (XRP tokens) and an open payment network within which that currency is transferred. It’s mantra is: ‘One frictionless experience to send money globally’.
Best Ripple trading platforms
There are many brokerage firm websites which are now offering Ripple options trading to allow users to indulge in trading Ripple. They do this by offering Ripple lending services (such as CFDs) to cater for Ripple day trading and the like.
Cryptocurrency trading is the latest trend in online derivative trading and new would-be Ripple traders must choose from a huge selection of sites should they want to indulge in trading Ripple.
The following rundown will provide you with a bit of information on five of what we consider the best and most reliable brokerage firms which offer Ripple trading options.
Some are better suited to new traders who may never have even considered trading Ripple until now. Others offer slightly better options, so take the time to read each review carefully to allow you to make an informed decision on which Ripple trading platform best suits your needs.
Buy Ripple with eToro
So, let’s dive in! First, visit the homepage (below) to begin setting up your own personal account:
Now, click the green ‘DISCOVER CRYPTO COPYFUND’ button and you’ll arrive at the below screen:
Here, you’ll find a brief explanation of why traders and investors are becoming increasingly aware of cryptocurrencies, along with a donut chart showing eToro’s asset allocation.
“As cryptocurrencies become increasingly popular, a growing number of traders and investors consider them to be a viable investment option. And if you are one of the early adopters, then we have an investment product you should look into – The Crypto CopyFund.”
The Crypto CopyFund
“This particular CopyFund will be open for investing with a limit placed on the daily invested amount. When it reaches its limit, it will be closed for new investors and reopened the following day. However, closing your investment can be done at any time.
“Crypto CopyFund offers a diversified portfolio, focussing on cryptocurrencies with a market cap of over $1 billion (with a roundup of up to 2%) and an average daily trading volume of over $20 million throughout the month. The weight of each component within the CopyFund is decided proportionally, according to the size of its market cap, with a minimum of 5%.
“The Crypto CopyFund will be rebalanced by eToro’s investment committee on the first day of trading of each calendar month. Delisting a currency from the CopyFund will occur should it violate one of the terms mentioned above.”
“Ripple (XRP): Perhaps the most widely-adopted cryptocurrency, Ripple was created by American programmer Jed McCaleb to enable financial institutions to exchange different currencies, cryptocurrencies and other forms of payment (such as frequent-flyer miles). It is in use by many well-known brands, such as Bank of America and UBS, and is therefore highly liquid and is in constant demand.”
To begin setting up your account, click on the blue ‘Sign Up’ button in the bottom left corner of the screen. This will take you to this popup screen:
You are given the option of either signing up using your name and email address or creating an account using your Facebook or Google Plus accounts.
For this guide, we’re going to sign up the old-fashioned way, so to speak. So, fill in all the dialogue boxes, click the box to accept the terms and conditions, and click on the ‘Create Account’ button to get started.
eToro main dashboard
Once you’ve done that, you’ll arrive at the below screen:
Or, alternatively, check your inbox and you’ll see this email:
Click on ‘Start Trading’ and you’ll arrive here:
As you can see, Ripple is listed on the landing page. From here, you can ‘Complete your Profile’ by clicking on the blue button in the upper left-hand corner of the screen. This involves providing additional personal information to strengthen your account and increase functionality.
If you’d rather skip this step for now, you also have the option of clicking on the ‘Deposit Funds’ button in the bottom left corner of the screen, which will take you to this screen:
Supported payment enablers
You have the option to fund your account immediately via debit/credit card; here’s a list of the supported payment enablers:
Buy Ripple (XRP)
Now, let’s return to the below screen so we can have a look at how to buy Ripple (XRP) on the eToro interface:
Double-click the XRP square and you’ll arrive at the below screen:
You’ll see that there are three tabs, the ‘Feed’ tab, the ‘Stats’ tab, and the ‘Chart’ tab. It’s always a good idea to examine the history of a coin so we’d recommend taking a look at these to get a sense of the coin’s performance and history.
Trade Ripple (XRP)
When you feel comfortable with Ripple then you can click on the blue ‘Trade’ button in the top right corner of the screen, which will take you to the below popup screen:
eToro’s trading interface
As you can see, eToro has a very straightforward interface. It is the quickest of the three brokers shown in this guide so, if time is of the essence, eToro may well be the one to go with.
The above popup window allows you to select the amount you wish to stake on Ripple (in whatever currency you feel comfortable with), adjust the ‘STOP LOSS’, the ‘LEVERAGE’, and the ‘TAKE PROFIT’.
Obviously, before you can buy Ripple, you must first deposit the appropriate amount of FIAT money into your account via debit or credit card (as previously described).
Once you’ve funded your account, you will be able to open trade positions for XRP, along with any other cryptocurrency of your choosing.
- Bitcoin (BTC)
- Ethereum Classic (ETC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)