Buying and selling Ripple is a simple piece of work if you know where and how to do it. Thus, we compiled a report on popular platforms that offer exchange trade between Ripple (XRP) and other currencies.
The covered online marketplaces in this guide are Bitfinex, CEX.io, EXMO, Kraken, and Bitstamp. Each of the companies shall be reviewed in terms of XRP trade volume, exchange pairs and price of the coin. We then design pros & cons for each of them as to provide you with necessary information before you start investing in Ripple.
The Ripple coin was released to the general public with an aim to improve money transfers in the banking sectors. The coin itself was developed in 2012 by Ripple Company with an aim of creating a centralized blockchain. Thus, the supply of the coins and its mining is handled solely by the owner of the blockchain technology.
You, as a trader, are still able to exchange and trade the coin but you cannot mine it. Overall, the company created and maintains 100 million coins, with 55 million supplied to the market.
What to Look for in Platforms
Exchanges differ from the trade platforms in several ways. Firstly, they depend on the volumes supplied for the customer base. Deep liquidity is important, as it provides you with sufficient amount of coins to purchase or sell.
Next are the available exchange pairs. In most cases, traders look for fiat currency pairing with XRP such as USD or EUR currencies. There are also crypto pairs as well, providing you with the opportunity to swap coins around.
Lastly is the price of the coin, expressed in either crypto or fiat currency. Ripple’s value is not controlled by the developer. Thus, its price is left to individual exchanges to set is according to their own strategies.
Bitfinex is one of the largest cryptocurrency platforms in the world, offering several digital coins for trade, XRP included. The Ripple’s trading volume on daily average stands at staggering 424 million coins. The price of the coin is one of the lowest in the market. Possible trading pairs that you can use the platform are USD/XRP and BTC/XRP, as seen in the picture below.
Verification is needed for exchange to take place and bank deposit is the only acceptable fiat funding method. It is important to mention that security features have been upgraded greatly since the 2016’s hacking incident. You have several features available to protect your balances, them being 2FA, email encryption & notifications and IP whitelists.
CEX.io, much like Bitfinex, offer sit services globally. Its daily XRP trading volume stands at 21.7 million coins while the price is higher than the industry average. Verification is a must have while the available exchange pairs for Ripple are USD, EUR, and BTC currencies. CEX.io orients towards starters and those traders that look for simple buy and sell functions, as seen below.
You can fund the account through bank transfers, credit cards, and CryptoCapital. Security is of the low level compared to Bitfinex, as you have only 2FA as an only available tool for protection.
Based in the UK, EXMO platform offers Ripple exchange services with the help of USD, RUB, and BTC. The company has a similar daily volume of XRP of 22.7 million coins while the price is one of the highest in the market. The interface is geared toward beginners, aimed to provide speed and ease of use, as seen below.
Verification is needed for bank transfers and credit cards, while others (including Perfect Money, Epay, MoneyPolo, OKPay and five more) do not. Service is available globally while security is average (2FA and IP whitelist).
Available deposit method is bank account transfer and exchange services are available globally. Verification might be needed only if you surpass the $10.000 limit of monthly deposits. Security functions at your disposal are 2FA, PGP/GPG email encryption & signature and global settings lock.
Bitstamp, much like Kraken, offers three trading pairs that are concerned with Ripple, them being USD, EUR, and BTC. Verification is a must-do with scanned ID and proof of address required from your side to use the exchange services. You can use bank account and credit card transfers to fund your trade activities.
Bitstamp offers average security level, with 2FA and email notification system available for use.
If you are looking for deep liquidity and good exchange price, Bitfinex is a place to be, especially for experts. The exchange also offers superior security features than competitors though you should take into account the exhaustive verification process.
Beginners can start with CEX.io, Kraken, and EXMO though the volumes are lower than at Bitfinex. At these three platforms, the interface is easy to use and transactions are instant. Moreover, they also have more advanced functions once you get the hang of the system. It is a perfect learning ground while bank deposits are cheap to use.