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.
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.
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
Now 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
In the following lines, we will outline the significant steps for trading in XRP.
- 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.
- 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.
- 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.
- 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
- 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.
- 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).
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:
- Trading fees, commissions, and spreads
- Maximum allowable leverage for trading in XRP
- Regulatory bodies
- A range of trading tools offered by the platform
- Customer support
- Payment methods
- Minimum deposits to open a trading account
Top Ten XRP Trading Brokers
Based 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.
- 1. AvaTradeMin Deposit$100FeesNo deposit and withdrawal feesCommissionsNoneSpread1% Over-marketLeverage EU2:1Leverage non-EU2:1*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Launched in 2006, AvaTrade is a widely popular trading platform, with a dedication to integrity and constant innovations. Whether it is fees and spreads, trading platforms and functionalities, or licenses from regulatory bodies, AvaTrade has been occupying a leading position in the global financial market since its inception.
Ripple’s XRP is among AvaTrade’s cryptocurrency trading instruments. With typical 1% Over-market spreads, and leverage of up to 2:1 for retail customers, traders can actively participate in this thrilling crypto market. Much like the rest of the cryptocurrencies, Ripple’s XRP price is governed by supply and demand on the market, as well as by the general speculation activity. Traders can take advantage of trading news and analysis available for registered users.
As for the available trading platforms, customers of the brand can choose between several options: Web trading, AvaTradeGO, MetaTrader 4, and MetaTrader 5.
Exclusively offered by AvaTrade, AvaProtect is a great risk management tool, enabling traders to get their money back on losing trades. This feature allows customers of the brand to protect particular trades against losses.
As for the safety and regulation of the trading platform, as a truly internationally recognized brand, AvaTrade holds licenses from several financial authorities including the Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, and the Israel Securities Authority in Israel, among others.
- 2. IQ OptionMin Deposit$10Fees
Commissions2.9% for opening a ‘long’ cryptocurrency positionSpreadAverage at around 2 pipsLeverage EU2:1Leverage non-EU10:1*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- A withdrawal fee of $31 (for bank transfers);
- An inactivity fee of $10 if for a period of 3 or more months the client does not place orders or make trades;
- Overnight fee set at 0.01% - 0.5% of the face value of the position
IQ Option is yet another leading trading brand, offering perfect conditions for trading in Forex, Stock CFDs, commodities, and cryptocurrencies. With a number of trading instruments for inexperienced and seasoned traders, the brand opens up favorable opportunities for profits. The company features a proprietary trading platform.
Customers from more than 30 countries receive fair and transparent conditions. IQ Option operates in compliance with the regulatory requirements of several financial institutions, including the CySEC in Cyprus, the ASIC in Australia, and the FMA in Austria, among others.
IQ Option has added Bitcoin, Ethereum, Ripple, and other crypto assets to its product offering. Based on their location and the relevant financial instrument, customers of the brand can take advantage of leverage ratios ranging from 1:1 to 30:1. The maximum allowable leverage for crypto assets for customers within the EU is set to 2:1, while the one for Non-EU customers of the brand and professional traders is 10:1.
Opening a demo account is at the disposal of IQ Option’s customers, allowing them to start with a $10,000.00 virtual balance and practice their trading moves without risking real funds.
The brand delivers a range of educational instruments, including personal account managers, free access to trading market data, webinars, and tutorials.
- 3. eToroMin Deposit$10 for UK and US account holdersFees
CommissionsNoneSpreadStart at 0.75% for cryptocurrenciesLeverage EU2:1Leverage non-EU25:1*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- No account management fees;
- Conversion fee applicable to non-USD deposits and withdrawals;
- Withdrawals are charged with a 5% fee;
- 1% fee for buying or selling cryptocurrency;
- Inactivity fee charged after a year of no login
EToro is a well-established trading platform, operating since 2007. The company focuses on providing quality financial and copy trading services. As a multi-asset platform, it offers an excellent trading environment and is among the Trading Brokers that deliver a truly diverse range of crypto trading options.
As a global provider of financial services, eToro has acquired certificates from renowned regulatory organs within the industry, namely the FCA and CySEC authorities.
Besides the options to trade individually or through copy trading, customers of the platform can become a Popular Trader and thus generate some additional income. The conditions related to becoming a Popular Trader include depositing a minimum of $1,000 to one’s trading account.
Over the years, eToro has expanded its product offering and includes a diverse range of currency pairs, ETFs, indices, commodities, and stocks. As for cryptocurrencies, traders have many options, as XRP is one of them. Customers based in the EU can take advantage of greater market exposure by using leverage for crypto assets, which is limited to 2:1.
Funding of the trading account can be accomplished via several different payment methods available on the platform. Customers can choose between credit and debit cards, e-wallets, and bank transfers. The minimum allowable withdrawable amount is set to $50, and a withdrawal fee of $5 is applicable. EToro’s app is available for download on Google Play and Apple’s App Store.
- 4. easyMarketsMin Deposit$100FeesNo deposit and withdrawal feesCommissionsNoneSpreadSpreads from $0.004Leverage EU2:1Leverage non-EU2:1*CFDs and Options are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs and Options work and whether you can afford to take the high risk of losing your money.
EasyMarkets is a well-established financial services brand, operating for more than 20 years. Since its inception, easyMarkets’ team is dedicated to delivering the best customer experience in terms of services, trading tools, and prices. Innovation has always been at the forefront of the company’s values.
The company is regulated by the CySEC in Cyprus, the ASIC in Australia, and the British Virgin Islands Financial Services Commission, meaning it provides all the necessary security conditions. Overall, the brand enjoys great trust from novice and experienced traders alike.
While an unlimited demo account facility is at the disposal of easyMarket’s customers, the initial deposit that they are supposed to transfer to start trading is set to $100. They can also take advantage of the free guaranteed stop-loss and take-profit.
EasyMarkets offers Ripple’s XRP as part of its cryptocurrency trading portfolio. XRP Trading customers of the platform can also take advantage of the Freeze Rate tool. It allows them a few seconds to make a trade and freezes the asset’s value, which can be hugely volatile, especially for crypto markets.
Besides the low minimum deposit requirements of the brand, it does not charge additional fees for account deposits and withdrawals. As a zero-commission broker, easyMarkets generates profits by charging fixed spreads. The ones on XRP trading start from $0.004.
The trading platforms offered by the company include a proprietary one, a web-based one, and MetaTrader 4.
- 5. PepperstoneMin Deposit$200Fees
CommissionsNone (for standard accounts)Spread
- No deposit and withdrawal fees;
- No account maintenance and inactivity fees
Leverage EU2:1Leverage non-EU2:1*Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
- A minimum spread of 0.0024
- An average spread of 0.0081
Launched in 2010 in Australia, Pepperstone is an ASIC-regulated broker, delivering first-class trading services to novice and experienced traders alike. Over the years it has grown to become one of the largest Forex and CFDs brokers across the globe. As a competitive brand, it offers trading action on a wide array of financial tools including Forex, metals, and commodities, among others.
The brand also excels in the cryptocurrency department, offering trading in more than 20 different crypto assets. Spreads vary per instrument, and, as far as trading XRP is concerned, the minimum ones start from 0.0024 and the average ones reach 0.0081.
Pepperstone has obtained trading licenses from several renowned financial institutions around the globe, including the UK Financial Conduct Authority and the Australian Securities and Investments Commission.
As for the allowable leverage, it also varies according to the financial instrument and the type of trading account. Retail customers based in the EU can apply a leverage ratio of 2:1 to their XRP trades. Pepperstone offers a multitude of platforms to choose from, including the popular MT4, MT5, and cTrader.
With regard to the available payment methods, customers of the platform can pick between a number of convenient solutions including card payments and different e-wallet solutions.
Overall, Pepperstone is a strongly performing brokerage platform, delivering excellent trading conditions, a user-friendly interface, and cutting-edge technological solutions.
- 6. Markets.comMin Deposit$100Fees
- No account maintenance fees;
- No deposit and withdrawal fees;
- A $10 inactivity fee per month after 3 months of inactivity;
- A conversion fee of 0.6%.
Leverage EU5:1Leverage non-EU5:1*Trading Foreign Exchange (Forex) and Contracts For Difference (CFD) is highly speculative, carries a high level of risk, and is not appropriate for every investor. Any advice provided on this website is general advice only and has been prepared without taking your individual objectives, financial situation, or needs into account.
- Spread (%) 2.8153 %
- Spread Per Unit: 0.0100
Markets.com is yet another excellently performing trading brand that has a rich and diversified portfolio including more than 60 currency pairs, 40 major stock indices, and 2,000 shares on major global companies, among others.
Trading in crypto CFDs is also included in the product offering of Markets.com. The trading operator delivers well-detailed information on each of the instruments, including the spread expressed in percentages and units, the overnight interest buy, the overnight interest sell, leverage ratio, initial margin, and maintenance margin.
In addition to the detailed information on the trading costs, Markets.com has provided a graph depicting the crypto assets’ price fluctuations over different periods. Those interested in trading XRP can have a look at its price movement over different periods.
As a zero-commission trading operator, Markets.com relies on spreads to make a profit. The operator may charge a daily rollover fee for positions held overnight. As for the non-trading fees they are reduced to a minimum, with only a conversion fee of 0.6%, and an account inactivity fee charged after three months of no login activity. The industry-standard MT 4 and MT 5 trading platforms are available to Markets.com’s customers.
As far as risk management is concerned, customers will find features such as Stop Loss, Take Profit, Entry Limit, and Entry Stop, among others.
- 7. AdmiralsMin Deposit$100Fees
- No deposit and withdrawals fees;
- Inactivity fee charged after one year of no trading activity
Leverage EU2:1Leverage non-EU2:1*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Minimum spread: 1%
- Typical spread: 1%
Admirals deservingly occupies a position in our best-in-class listing of XRP Trading Brokers. Launched back in 2001, the brand is among the most dependable ones within the online trading industry. Admirals is authorized to deliver financial services by a number of renowned regulatory bodies, including the UK Financial Conduct Authority and the Australian Securities and Investments Commission.
A full range of Meta Trader platforms (MT 4, MT 5, MetaTrader WebTrader, and MetaTrader Supreme Edition) is at the disposal of traders who have chosen to open an account with this operator.
By choosing to open an account at Admirals, traders get access to a wide array of trading instruments, including more than 50 Forex pairs, 40+ indices, 25+ commodities, 3,000+ stocks and shares, and over 30 cryptocurrencies, among others.
Trading fees are kept at a minimum at Admirals. The online trading platform profits from spreads, which are carefully outlined in detail. The ones for XRP Trading start from 1%. As for the maximum allowable leverage for trading in crypto assets, the operator has limited it to 2:1, in accordance with the rules set by the European Securities and Markets Authority.
With a minimum deposit set to $100, traders can start exploring the opportunities delivered by the various markets. The range of accepted payment options is a decent one, including card payments, bank transfers, and several digital wallets.
- 8. AxiMin Deposit$0Fees
CommissionsNone for standard accountsSpread0.35Leverage EU5:1Leverage non-EU30:1*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- No deposit and withdrawal fees;
- $10 Inactivity fee after one year of no login activity;
Founded in 2007 in Sydney, Australia, Axi is yet another global leader within the trading industry. Operating under the regulatory requirements of financial institutions such as the Financial Conduct Authority and the Australian Securities and Investments Commission, Axi is a widely recognized, trustworthy platform.
Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, and more crypto assets are available for trading 24/7. The platform enables traders both to trade spot crypto and crypto CFDs. The choice between the two depends on the traders’ financial targets and risk tolerance. While Crypto spot assets are better suited for long-term investments, crypto CFDs apply to short-term investments. Axi traders stay well-informed on the developments within the crypto market through the blog and news feed available on the platform.
Inexperienced traders have a demo account at their disposal, with $50,000 of virtual funds for a free, 30-day trial. The main trading platform provided by the operator is MT 4. It is easily navigated by inexperienced traders and full of advanced functionalities for professionals. The additional MT 4 NextGen software delivers some further functionalities.
With spreads for cryptocurrencies starting at 0.35, and zero commissions, Axi provides a competitive environment for trading cryptocurrencies and other financial instruments. PsyQuation is a great trading tool, available for free for all Axi customers, enabling them to minimize the trading risks they take.
Credit and debit cards, Neteller, Skrill, and Bank wires are among the possible methods for account deposits.
- 9. IC MarketsMin Deposit$200Fees
CommissionsNone for Standard AccountsSpread
- No deposit and withdrawal fees;
- No account inactivity fees
Leverage EU2:1Leverage non-EU5:1*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.93% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Minimum spreads of 0.008
- Average spreads of 0.020
Based in Sydney, Australia, IC Markets is a respectable and long-standing web-based provider of trading services, operating under the regulation of the ASIC. Certificates from other regulators, including the CySEC and the FSA are also available.
The company delivers its customers with a choice between three trading platforms – MetaTrader 4, MetaTrader 5, and cTrader.
Since its inception, the company’s mission has been to provide traders with competitive spreads and a sufficiently diverse range of trading tools, helping to improve results and reduce risks associated with trading. The company has invested in superior technology and traders can take advantage of tools such as Depth of Market, Inbuilt spread monitoring, and Automated close of trades, among others.
Furthermore, the trading platform features a lot of video tutorials, articles, and guides, all designed to facilitate the trading process. The option to open a demo account is available, and once ready, traders are supposed to top up $200 to start trading for real.
The range of markets that could be traded on the platform includes Forex trading (60+ Forex pairs), indices (25 indices from across the globe), commodities, stocks, bonds, and last but not least, crypto.
The operator offers 21 of the most popular cryptos to trade, 24/7, including the widely popular XRP. The variety of crypto assets is a significant tick in the operator’s favor.
- 10. XTBMin Deposit$0Fees
CommissionsNone for Standard AccountsSpread
- No deposit and withdrawal fees;
- $10 inactivity fee per month after 1 year of inactivity;
- 0.5% currency conversion fee
Leverage EU2:1Leverage non-EU5:1*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Minimum spread of 2.50%
- Target spread 2.5% - 3%
XTB is a highly-performing trading brand, headquartered in Poland and created in 2002. The company offers a diverse portfolio of more than 2,100 trading tools from two platforms – a native one, xStation 5, and a standard one, MT 4. The xStation 5 is fully customizable, offering many advanced features, and ideally suited for investors of higher levels. Operating in 13 countries, the operator serves the trading needs of both individuals and professionals.
XTB is authorized and regulated by the British Financial Conduct Authority. As a holder of multiple awards, the broker has earned the trust and loyalty of more than 490,000 active users worldwide.
XTB offers a wide range of educational and analytical material available for traders of varying levels. A demo account is available for a trial period of 30 days. The product offering of the operator is also sufficiently diverse, with more than 50 currency pairs, 1,500+ shares of companies, indices, commodities, ETFs, and 25 cryptocurrencies.
The fees offered by the broker are competitive and there is no minimum deposit amount to open a trading account. There are no account deposit and withdrawal fees, while an account inactivity fee of $10 is charged after 12 months of no trading activity. Currency conversion fees amount to 0.5%. Spreads are competitive, as the ones for XRP trading are somewhere between 2.5% and 3%.
XTB also has a user-friendly mobile application, available for Android and iOS users. The customer support is friendly and knowledgeable and can be reached through various channels.