What is Ripple?

Ripple is a cryptocurrency with the ticker XRP and a digital payment network. Founded and released by RippleLabs in 2012, it serves as a real-time gross settlement system (RTGS) and remittance network. The purpose of Ripple is to enable almost instant financial transactions which are recorded by a distributed ledger called blockchain. Ripple is one of the more centralised digital currencies, with RippleLabs controlling supply of XRP and many network nodes.

How to buy Ripple?

You can buy Ripple on marketplaces. Before you are able to buy XRP, however, you are required to open an account and verify your identity with a marketplace. You may also need to setup a Ripple wallet to store your XRP in case the chosen marketplace does not offer one natively on their platform. The account creation, identity verification and payment processes can take from few minutes to several weeks.

Where to buy Ripple?

There are different kinds of cryptocurrency marketplaces to buy XRP.

Exchanges resemble traditional stock exchanges (e.g. NYSE, NASDAQ). On cryptocurrency exchanges, you can buy XRP from other traders - and without any personal contact with one another. Exchanges thereby are responsible for the matchmaking, i.e. to determine the price of XRP and to find one or several sellers for your order. Cryptocurrency exchanges are oftentimes tailored towards the needs of professional trader. Hence, they offer advanced trading features which can be hard-to-use and confusing for beginners.

Brokers, by contrast, sell XRP out of their own asset stock. This means that when you buy Ripple from a broker, there is no transaction with other traders, but the broker service. Cryptocurrency brokers often charge a higher fee than cryptocurrency exchanges, whilst offing a better user experience and more payment methods than cryptocurrency exchanges in return.

Lastly, peer-to-peer (P2P) directories are platforms where you can buy XRP directly from other traders. However, it is more risky to buy Ripple on a P2P directory due to the lack of a third party.

What to consider when buying Ripple

After learning more about cryptocurrency marketplaces, you might be wondering: “What’s the best marketplace for me?” Well, you’ve come to the right place: Cryptoradar lists popular places to buy Ripple globally. Simply use our filters to find a marketplace that meets your requirements.

Verification: Before you can buy Ripple, most marketplaces require you to verify your verification (e.g. by uploading a copy of your passport) and proof your permanent residence (e.g. by uploading a recent utility bill). This process can take anywhere from few minutes to several weeks.

Wallet Service: A Ripple wallet is a piece of software where you can store your XRP. We recommend newbies to choose a marketplace that provides a built-in wallet service. However, note that a wallet that you are managing yourself is usually a safer option, but its usage requires some learning. Find more information about different types of wallets here.

Prices & Fees: The price of XRP is determined by supply and demand. Prices are determined by cryptocurrency exchanges based on the number of people willing to sell and buy XRP. Broker services align their prices on the current prices of major exchanges, but usually charge a markup and fees for their services. In addition to trading fees, there may be fees to deposit and withdraw XRP.

Payment method: Before you can buy XRP you need to deposit money at a marketplace. Most exchanges only offer wire transfer, while broker services often offer a larger number of more convenient payment methods such as credit cards or Skrill for an additional payment fee.

Security: When investing into cryptocurrencies, security plays a major. Cryptoradar helps you filter marketplaces for security features such as two-factor authentication (2FA) or cold storage. We also advise you not to store significant amounts of fiat or cryptocurrencies on marketplaces as they may be subject to cyber attacks.

When to buy Ripple?

Is now a good time to buy Ripple? We don’t know. However, if you are looking at a specific price at which you would like to buy Ripple, we can help you to not miss a favourable opportunity: Sign up for a Cryptoradar account and set up a price alert to get notified when XRP trades below or above your target price.