Where & How to Buy Ripple (XRP) in 2023

Now that you know the basics of investing in XRP, here is a five-step guide that will lead you through the entire process to prepare you for what's to come. 

Step 1: Find an Appropriate Platform to Purchase Ripple

The first thing to do is to find a cryptocurrency exchange if you are a long-term investor or a broker if you are looking to invest in the short term. There are multiple factors that you should take into consideration including service quality, ease of use of the platform, charges and fees, and customer service. Make sure that the exchange or broker you are choosing suits your requirements in the best way possible when it comes to convenience, affordability and reliability.

One thing that can help you is checking online reviews to help find the best place to buy/trade Ripple coins for you. Some of the top brokers include eToro, Pepperstone and Plus500 while leading exchanges are Binance, Kraken and Coinbase. They can help you get your hands on XRP or its financial instruments. 

Step 2: Registration/Create a New Account 

After you have selected your platform, you will need to register there and make an account. You'll probably need to provide your name, password, email and other basic particulars before you can start investing. If the platform is regulated, it will ask you to prove your identity by submitting some type of documentation such as an ID Card or driver's license.

You can find unregulated brokers and exchanges online but we highly recommend not to rely on them. Regulatory compliance does add a bit of inconvenience but it also ensures the safety of your personal information as well as your funds. 

Step 3: Deposit Funds 

The last thing you need to do before you can start investing in XRP is deposit money into your account. You can choose different payment network methods to do so including wire transfer, bank cards and online payment processors. Make sure that the one you are choosing bears minimal transactional cost but if you prefer convenience over cost, you can go with the expensive one as well. Remember that to maximise your profits, you will need to keep all of your costs in check.

Apart from that, you also have to keep in mind that many platforms have a minimum deposit limit. For instance, Skilling has a $100 minimum deposit limit while Pepperstone doesn't ask for anything. 

Step 4: Start Trading or Buying Ripple 

Once you have taken all the above measures, you are now in a position to start investing. If you are a long-term investor, you will be on a crypto exchange where you can buy and sell XRP coins directly. On the other hand, if you are a short-term trader, you will find yourself on a brokerage website where you will be buying and selling off financial instruments of XRP such as CFDs since they are easier to buy and sell as compared to the tokens.

It is interesting to keep in mind that there are a few platforms such as eToro that act as both an exchange and a brokerage service. It means you can buy XRP tokens or trade Ripple on eToro without having to jump from one platform to another. 

Step 5: Optional Steps 

Now that you have invested in Ripple, you must be wondering what else you can do with it. Here are a few options: 

• Move assets to a wallet: 

If you are simply a day trader, you don't need to worry about it but long-haul traders should store their coins in a dedicated wallet for secure storage of their XRP tokens. 

• Participate in Ripple Community Support: 

You cannot mine XRP, however, there are wallets where you can store your tokens to provide financial support to the foundation and Ripple community. 

• Sell high, rebuy low: 

If you want to earn consistent profits through XRP investment, try to buy the coins as low as possible. Never invest when the coin is going through hype or a price surge. Wait for the price to fall and when you believe it's at the lowest, purchase XRP tokens. Ensure that you are minimising your risk by investing in different promising cryptocurrencies. 

Available Payment Methods for Buying Ripple 

There are a variety of payment methods available to both short and long-term investors presented by a variety of crypto platforms. Some of the most renowned and used payment modes include the following: 

• Buy Ripple with Cash 

If you desire to buy Ripple with cash, you will need to find the nearest Ripple or XRP teller or ATM. You can rely on CoinATMRadar.com to locate the closest ATM for buying XRP coins. 

• Buy Ripple with Credit/Debit Card 

You also have the alternative to use your debit or credit card to buy Ripple tokens as almost each crypto platform has made this option accessible including Coinmama, eToro, Binance and Coinbase. 

• Buy Ripple with Bank Transfer 

For buying Ripple with a bank transfer, you first need to find out whether your preferred exchange or broker supports the payment mode. That being stated, Coinmama has the widest availability globally and supports almost all countries. 

• Buy Ripple with Cryptocurrency 

If you own Bitcoin, you can buy Ripple with Bitcoin or any other crypto tokens, for example, Monero, Ethereum, or Dash. Make sure you analyse the transactional and exchange costs before you purchase. 

• Buy Ripple with PayPal 

Although millions of investors would love to pay with PayPal for buying XRP, currently, it isn't an option in many countries except the US because of regulatory issues. Crypto platforms along with blockchain networks are working hard to bring PayPal on board.

What Are the Fees for Buying Ripple?

The associated fees for buying Ripple depend on numerous factors including your country of residence, your crypto platform, payment mode and the amount you are going to buy. Generally, a bank account transfer is the cheapest way to buy Ripple (XRP) but it can also be quite slow. You can expect to incur deposit charges anywhere between 0.5% and 2%. On the other hand, if you prefer quick transactions, bank cards can be used but they can cost you up to 7% of the total amount. Ensure that you are aware of all of your costs so you are in a position to maximise your profit.

There is no single best time to invest in Ripple (XRP) or any other digital asset. You need to find the best moment by developing an understanding of the price floor and ceiling. Don't buy during the surge and keep waiting until you believe that the price won't move any lower. Then you can invest in the token. Try to buy as low as possible as that will position you to make a big profit. 

What Drives the Coin's Cost?

Since there are no central authorities to control the price of Ripple through monetary regulations, the only factors that contribute towards price movement are supply and demand dynamics. They are affected by market sentiment, rumours, political developments, new regulations and innovation. 

How to Sell Ripple 

If you believe that the time has come to sell Ripple (XRP) to make your profits, you have multiple choices to sell your XRP tokens: 

• Cryptocurrency Exchange – If you are a long-term investor who is holding onto XRP coins, you will need to go back to an exchange to sell your tokens. 

• Trading/Broker Websites – On the other hand, if you are a short-term trader who owns a financial instrument such as XRP CFD, you can sell it off on the broker website. 

• Peer-to-Peer (P2P) Network – If you own tokens, you can also sell them on P2P networks which are marketplaces that connect cryptocurrency sellers and buyers. They allow you to set your preferences.