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Ripple, the entity behind the digital asset XRP, came into being back in 2012. Its vision was simple: offering a frictionless experience of sending money globally while leveraging the power of blockchain.
Nearly a decade later, Ripple has gradually grown into becoming a full-fledged enterprise blockchain company with products in commercial use.
XRP, as a digital asset, has a maximum supply of 100 billion tokens, of which more than 46 billion are in circulation. It had a market capitalization of more than $61 billion at the time of writing the review. The market size it occupies in the crypto world makes it one of the forerunners in the list of most popular digital assets.
Almost all the well-known crypto exchanges support the trade of Ripple (XRP). Now, there are nearly 400 crypto exchanges in the world. As an investor interested in deploying your resources in Ripple, you must’ve pondered over what could be the best exchanges to buy Ripple or the best platforms to buy Ripple.
In this Wealth Rocket round-up, we’ll provide our picks for the best exchanges for XRP.
Read more to learn about the best global XRP exchanges, with selections from some of the most reputable crypto exchanges on the planet.
Positioned as the world’s largest cryptocurrency exchane, Binance supports a host of wide-ranging digital assets for trade. The exchange is compatible with multiple devices and is available for download on the iOS app store, Google Play Store, and Android APK.
You can also scan the QR code available on the website to download the Binance app. In operating systems, Binance works well with macOS, Windows, and Linux.
You can buy XRP with bank transfers. The process requires buying stablecoins listed on Binance by wiring money from your bank account to the coin providers.
In the next stage, you can leverage these stablecoins to buy XRP on the Binance exchange. The process of buying XRP through the exchange accepts more than 150 cryptocurrencies. You can trade several of these digital assets in exchange for XRP.
Binance also allows the purchase of XRP through credit cards and debit cards. The benefit of using a credit card to purchase XRP from Binance is that it offers a direct route to buy Ripple and supports both MasterCard and Visa.
As a leader among globally recognized trading platforms and crypto exchanger services, Binance is the perfect avenue to buying and selling XRP even when you are on the move, irrespective of your location.
Its services are immensely fast, with a world-class matching engine that supports u to 1.4 million orders per second. The user interface is simple and requires a few clicks to buy Ripple. The exchange offers a multi-tier and multi-cluster system architecture. Binance also leverages Secure Assets Funds for Users (SAFU) to protect user accounts. One of Binance’s most enticing aspects is that it offers unmatched liquidity across multiple trading pairs involving XRP.
Once you buy Ripple using Binance, you can perform a wide range of tasks with the asset. You can store or hold it, trade it, send, spend and donate it. Binance offers a list of charity projects for XRP donations.
For spot trading, Binance Maker fees vary between 0.02%* and 0.10%*, while its Taker Fees vary between 0.04%* and 0.10%*. Binance has its native token in the form of BNB. If you use BNB for spot trading, you will get a 25%* off on your fees, while on USD-M futures trading, you will get a 10%* off.
*Rates current as of August 2021
KuCiub is one of the top exchange platforms in globalization deployment.
Data suggests that one out of four crypto holders in the world is with KuCoin. It supports a wide range of cryptocurrencies and supports most of the crypto assets.
While it offers popular trading pairs involving BTC and ETH, it is also compatible with many popular coins and high visibility stablecoins, such as USDT, USDC, TUSD, PAX, and DAI. To buy ripple through KuCoin, you first need to create an account on the exchange.
Next, you deposit cryptocurrencies that have trading pairs with KuCoin. You can start by depositing BTC and ETH, which are two of the highest volume assets and offer unparalleled volume, mobility, and liquidity.
Check your balance to see whether the BTC or ETH you have deposited reflects on your account. The next is to place a buy order.
Here, KuCoin offers you three types of orders to choose from Limit, Market, and Stop Market. Opt for the one you prefer. The KuCoin exchange is available on both the website and the app. You can download the app from the iOS app store and Google Play Store.
As an exchange, KuCoin supports safe and rapid purchases, supporting multiple order types for all kinds of risk appetite. The customer service of KuCoin is available 24/7. It also has a vibrant community. The global KuCoin community covers 205 countries and 13 languages, helping the exchange reach millions of users globally. The accumulated number of trades performed through the KuCoin exchange has already exceeded 813 million and the accumulated transaction volume has nearly touched $414 billion USD.
For Spot Trading in KuCoin, the maker fees vary between 0.005%* and 0.10%*.
The taker fee ranges between 0.025%* and 0.10%*. The users get rebates if they use KCS coins to pay fees.
*Rates current as of August 2021
Buying digital assets through Kraken is easy. The exchange is available as apps for download on the iOS app store and Google Play Store. It supports a collection of more than 50 high-visibility and well-known assets. However, the most enticing aspect of Kraken is that it is one of the most inclusive crypto-financial institutions for retail investors.
With Kraken, you can start investing with as little as $10. Buying Ripple through Kraken requires you to sign up for an account in the exchange. You can purchase XRP from the exchange with currencies like BTC or ETH. If you buy through these crypto assets, the information you need to provide would include your name, date of birth, country, and phone number.
While leveraging fiat currencies, such as USD or EUR, you might need additional documents. Depositing crypto funds to Kraken to make a purchase requires you to generate a new deposit address in your Kraken account. You would use this account to receive funds from your crypto wallet.
When you add fiat currencies, you can leverage fund transfer mechanisms such as SWIFT, SEPA, and domestic wire transfers.
Once you have deposited the amount required to purchase your crypto, all you need to do is fill out an order form.
A Kraken exchange account includes access to charting tools, 24/7 global client support, advanced order types, and leveraged trading.
Overall, as an exchange, the benefits of Kraken are many and diverse. It offers you account management services and, in trading, you get to trade in futures, indices, etc. You can also take up margin trading, staking, and OTC trades.
To avail of the instant buy option through Kraken, you will have to pay a 0.90%* fee for any stable coin and a 1.50%* fee for any other crypto or FX pair.
*Rates current as of August 2021
XRP is a digital currency that runs on a digital payment platform called RippleNet. The platform RippleNet, which is an RTGS system, is owned by a company called Ripple.
You can buy XRP from most crypto exchanges. Apart from the top three exchanges mentioned above, XRP is available in several other crypto exchanges. Stablecoins like USDT and popular crypto-assets like BTC. You can use both these types to form a trading pair with XRP.
Before you finalize choosing an exchange, be sure to finalize its security features first.
If you’re satisfied with both its account security and user fun security features, check whether it supports your preferred medium of exchange (fiat or crypto) and payment method. It is also to agree on the fees, withdrawal limits, and payout methods.
Not exactly. XRP is a currency running on a digital payment platform known as RippleNet.
RippleNet is on top of a distributed ledger database called the XRP Ledger. While the company Ripple runs RippleNet, the XRP Ledger is open-source.
Also, it is not based on blockchain but the previously mentioned distributed ledger database.
Ripple created XRP as a speedy, cheaper, and more scalable alternative to other digital assets and existing monetary payment platforms like SWIFT. The global XRP community maintains RippleNet’s ledger.
There exists an ongoing debate. The Security and Exchanges Commission (SEC) believes that XRP is a security and not a commodity or other type of asset, as it was generated, distributed, and sold by Ripple Labs.
On the other hand, Ripple believes that treating XRP as security would subject exchanges, market-makers, and other actors in the currency market to lengthy, complicated, and costly regulatory requirements. Ripple also believes that XRP’s real utility lies in its near-instantaneous and seamless settlement in low-cost transactions.
Ripple does not use the blockchain mining concept. It leverages a unique distributed consensus mechanism that helps validate transactions where participating nodes verify the authenticity by conducting a poll. It also enables nearly instant confirmations without a central authority. As a result, XRP remains decentralized.
At the same time, it is faster and more reliable than many of its competitors. Another benefit of the XRP consensus system is that it consumes very little energy as compared to BTC.