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Best Ripple Trading Brokers

The international financial system is undeniably impacted by cryptocurrencies’ rise over the last decade. For those, who are not used to the ins and outs of the crypto investing world, it may seem that all profitable investment options are constrained to Bitcoin. Indeed, as the original and best-known cryptocurrency, and the largest one by market cap, Bitcoin is the market leader.

However, there are many other alternatives out there, which have an excellent investment potential and provide favorable conditions for the diversification of one’s trading portfolio. Ripple’s XRP is one such option. Before we move on to the aspect of XRP that traders are interested in, we will briefly mention some intriguing facts about the cryptocurrency that is increasingly gaining traction.

XRP’s Launch

Ripple is the name of the fintech company that launched the XRP cryptocurrency, its native token, in 2012. To refer to the cryptocurrency, many use XRP and Ripple interchangeably. The network for the cryptocurrency is RippleNet (RTXP). It is designed to facilitate global transactions.

What is XRP’s Function?

The main idea of the developers was not to compete with the other cryptocurrencies and fiat currencies, but rather to deliver greater economic opportunities for businesses and financial institutions over the globe. With a capacity to transform the way we perceive currency transfers, this crypto asset is increasingly noticed by international bank institutions, thus becoming among the most popular Altcoins.

The Ripple Network serves as the medium through which assets are transferred between two entities. To complete the transfer, a small amount of XRP is necessary. It is not used as a reward for one of the parties. Unlike Bitcoin and Ethereum, which could be traded in exchange for goods and services, Ripple serves as a channel or a link for processing transactions. The crypto asset performs the function of a bridge, securing instant, safe, and low-cost transfers.

This publication focuses on Ripple’s essence, the trading specifics associated with it, as well as a list of the best XRP Trading Brokers.

How XRP Trading Works for Traders and Brokers

How XRP Trading WorksNow that we have established Ripple’s XRP major specifics and characteristics, we may handle the topic from traders’ and brokers’ points of view. The fact that XRP ranks among the largest crypto assets by market capitalization has urged many brokers to include it in their product offerings and many traders to start exploring their potential. Much like the other cryptos, XRP is highly-volatile, thus becoming a particularly appealing option to day traders.

How XRP Trading Works for Traders

How XRP Trading Works for TradersIn the following lines, we will outline the significant steps for trading in XRP.

A Step-by-Step Guide for Trading in XRP CFDs
  1. The first thing that traders are supposed to do is open an account at an XRP Trading Broker. The process takes minimum time to accomplish.
  2. Then, traders are supposed to verify their accounts, in line with the requirements of the respective financial authority that regulates the XRP Trading Broker. The Know Your Customer (KYC) procedures usually take no more than 24 hours.
  3. What follows next is the funding of the trading accounts. Traders should pick a convenient payment method to transfer funds to their account to be able to start trading.
  4. Finally, they are all set to start trading. Choosing a strategy that fits one’s trading style and goals is yet another important step along the way.

How XRP Trading Works for Brokers

How XRP Trading Works for Brokers

What are the options to trade in XRP?
  1. XRP could be obtained directly from an exchange. As a result of this, individuals own the actual cryptocurrency. This can be regarded as a long-term strategy for investing in Ripple’s native token, aiming to derive profits from its price increase.
  2. Instead of buying XRP, a lot of traders prefer to invest in the digital currency through Contract for Differences (CFDs), using trustworthy XRP Trading Brokers. CFDs are contracts, typically, between financial institutions (brokers) and investors (traders), enabling the latter to trade in a particular asset without actually owning it.

    What traders do is speculate on price fluctuations, both increases, and decreases. They can either hold a long position (assume that XRP’s price will rise) or a short position (speculate that XRP’s price will fall).
How to compare XRP Brokers?

XRP Trading Brokers can be compared by various criteria. On compiling the list of 10 top-ranking operators that have Ripple’s XRP in their trading portfolio, we have taken into consideration the below parameters:

  1. Trading fees, commissions, and spreads
  2. Maximum allowable leverage for trading in XRP
  3. Regulatory bodies
  4. A range of trading tools offered by the platform
  5. Customer support
  6. Payment methods
  7. Minimum deposits to open a trading account

Top Ten XRP Trading Brokers

choosing a brokerBased on the above-mentioned factors, we have prepared a listing of 10 highly-performing XRP trading Brokers that put traders in the best position to trade XRP profitably.

Related Topics

FAQ

1. What is the difference between XRP and Ripple?

Many traders use Ripple and XRP interchangeably. However, Ripple is the name of the tech company that launched the cryptocurrency, named XRP.

2. How Is XRP Made?

Contrary to BTC and ETH, XRP is not generated through mining. The total supply of XRP tokens amounts to 100 billion and they were released into the market along with the network’s launch.

3. How to trade XRP?

There are two ways to trade in XRP. The first one is by purchasing the crypto asset on an exchange, and the second one is by speculation on its price movements through CFDs at a trading broker.

4. What to look for when choosing a Ripple Trading Broker?

When picking a trading broker that has included XRP in its product offering, traders should check if the operator is regulated, if the platform offers good trading tools, sufficiently diverse payment methods, as well as helpful and responsive customer support.

5. What is XRP trading with leverage?

Leverage involves borrowing funds from a broker, intending to increase one’s exposure to a particular market (the XRP trading market in our case). While leverage increases the potential to gain more substantial profits, it also magnifies the potential for greater losses.