Ripple Brokers & Exchanges
Ripple brokers facilitate the buying and selling of the unique cryptocurrency, XRP. Its aim to complement other currencies has made Ripple favourable among many traders, who rely on Ripple brokers to connect them to the crypto exchange and execute XRP deals.
In this article, we discuss the most important elements to consider when finding a Ripple broker.
Ripple Brokers & Exchanges
-
1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
Interactive Brokers
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFMStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentralCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
3
Pocket Option50% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, AirtelUSD -
4
IQCent20% to 200% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$250$0.011:500IFMRRCBinary Options, CFDs, Forex, Indices, Commodities, CryptoOnline Platform, TradingViewCredit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, MastercardUSD, EUR -
5
RedMars
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
€2500.01 Lots1:30 (Retail), 1:500 (Pro)CySEC, AFMCFDs, Forex, Stocks, Indices, Commodities, CryptosMT5Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, VisaUSD, EUR -
6
Capitalcore40% Deposit Bonus up to $2,500
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:2000IFSAForex, Metals, Stocks, Cryptos, Futures IndicesWebTrader, ProEthereum Payments, Mastercard, Visa, Perfect Money, Bitcoin Payments, Debit Card, Credit Card, PayPalUSD -
7
UpholdTerms Apply. Cryptoassets are highly volatile. Your capital is at risk.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1CryptosDesktop Platform, Mobile AppWire Transfer, ACH Transfer, Bitcoin Payments, Debit Card, Credit Card, Mastercard, Visa, Ethereum PaymentsUSD, EUR, GBP -
8
Videforex20% to 200% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$250$0.011:500Binary Options, CFDs, Forex, Indices, Commodities, CryptoTradingViewSkrill, Perfect Money, Bitcoin Payments, Neteller, Credit Card, Visa, Mastercard, Ethereum PaymentsUSD, EUR, GBP, AUD, RUB -
9
xChief$100 No Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:1000ASICCFDs, Forex, Metals, Commodities, Stocks, IndicesMT4, MT5Wire Transfer, Bitcoin Payments, Credit Card, UnionPay, Skrill, Neteller, WebMoney, Perfect Money, Debit Card, Ethereum Payments, FasaPay, VoletUSD, EUR, GBP, JPY, CHF -
10
Sage FX$1,500 trading competition
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:500PendingForex, indices, cryptosTradeLockerCredit Card, Visa, Mastercard, Bitcoin Payments, Ethereum PaymentsUSD, EUR, GBP, CAD, AUD
Here is a short overview of each broker's pros and cons
- FOREX.com - You can trade a small range of 8+ cryptos against USD, EUR, GBP and AUD with tight spreads and no virtual wallet required. Algo traders can also utilize Expert Advisors (EAs) to automate their crypto trades.
- Interactive Brokers - IBKR lets you purchase and hold Bitcoin, Bitcoin Cash, Ethereum, and Litecoin at competitive commission rates and without needing a crypto wallet. Additionally, there is a range of other diverse assets to explore, such as crypto indices like the NYSE Bitcoin Index, as well as futures contracts like the BAKKT Bitcoin Futures.
- Pocket Option - Pocket Option offers a modest crypto offering with 10+ digital currencies including Bitcoin and 65+ tokens if you deposit $1000. The integrated analytics feature in the platform is helpful for finding opportunities, while the daily signals service makes it straightforward to act on short-term crypto opportunities.
- IQCent - IQCent offers 17 crypto pairs through its proprietary terminal, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is capped at 1:10, whilst binary options payouts vary by token but remain competitive. OTC assets, for example, pay out up to 95%.
- RedMars - RedMars offers 13 crypto CFDs, including the popular BTC/USD, ETH/USD, and LTC/USD. However, there's no option to buy the underlying cryptocurrency. As a comparison, eToro allows the underlying purchase of 44 cryptocurrencies with copy trading on digital currencies also supported.
- Capitalcore - Capitalcore allows traders to speculate on the price movements of just five cryptocurrencies through CFDs. Popular options like Bitcoin (BTC/USD), Ethereum (ETH/USD), and Litecoin (LTC/USD) are available. However, unlike competitors like eToro, you cannot purchase the underlying crypto directly.
- Uphold - You can buy and sell 250+ crypto assets with fiat currencies or in crypto pairs using the straightforward mobile app or through Uphold's browser-based account homepage. This is significantly more than many rivals. You can also earn up to 16% APY by staking one or more out of 32 valid tokens, or send tokens to an external wallet.
- Videforex - Traders can speculate on crypto prices in pairs with USD and CNY through binary options and CFDs. The range of digital currencies is fairly narrow vs alternatives but major tokens like Bitcoin are available.
- xChief - xChief’s range of 5 cryptocurrencies paired with USD is smaller than most competitors. In addition, the average BTCUSD spread of 30 pips is not the cheapest. That said, the broker does offer some useful crypto trading guides for beginners.
- Sage FX - Trade CFDs with leverage up to 1:100 on 23 crypto pairs with USD including popular tokens like Bitcoin and Ether and lesser-known options like OMG. On the downside, crypto-only pairs are not offered.
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Coins | BTC, BCH, ETH, LTC, XRP |
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | BTC 1.4%, ETH 2% |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Regulator | NFA, CFTC |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Interactive Brokers Quick Facts
| Coins | BTC, LTC, ETH, XRP |
|---|---|
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | 0.12%-0.18% |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
| Minimum Deposit | $0 |
| Regulator | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
- IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries, most recently the Saudi Stock Exchange.
Cons
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Pocket Option Quick Facts
| Bonus Offer | 50% Deposit Bonus |
|---|---|
| Coins | BTC, ETH, BCH, LINK, AAVE, ALGO, TLM, ALPP, ANT, AVAX, AXS, BNB, ADA, CHZ, COMP, ATOM, DASH, MANA, DGB, DOGE, ENJ, EOS, FIL, GLMR, ILV, ICP, KAVA, LTC, MKR, MASK, MIOTA, XMR, ALICE, NEAR, NEO, NULS, OMG, DOT, MATIC, QTUM and many more |
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | N/A |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | Web, MT4, MT5 |
| Minimum Deposit | $50 |
| Regulator | MISA |
| Account Currencies | USD |
Pros
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
- Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
Cons
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
- The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
IQCent
"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "
IQCent Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| Coins | BTC, ETH, LTC, ETC, DOGE, MATIC, QNT, SOL, XRP, USDT, XMR, BNB |
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | Variable |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | Online Platform, TradingView |
| Minimum Deposit | $250 |
| Regulator | IFMRRC |
| Account Currencies | USD, EUR |
Pros
- CFD trading fees are competitive based on tests, including 0.7 pips on major forex pairs such as EUR/USD
- The broker offers up to 98% payouts on binary options, which is more than alternatives like Pocket Option, only offering up to 92%
- Keen traders can take part in trading contests with cash prizes
Cons
- There's no automated trading support for algo traders
- The market analysis is very basic with limited technical summaries and insights from analysts
- The broker is not overseen by a respected regulator, though this is common among binary options firms
RedMars
"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."
RedMars Quick Facts
| Coins | BTC, ETH, LTC, XRP, XLM, DOT, ZEC, XMR, QTM, NEO, EOS, BCH, DSH |
|---|---|
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | 65 |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | MT5 |
| Minimum Deposit | €250 |
| Regulator | CySEC, AFM |
| Account Currencies | USD, EUR |
Pros
- Clients in the EU, in particular, can trade with peace of mind knowing RedMars is authorized by the CySEC with up to €20K compensation available through the ICF in the event of bankruptcy
- The broker is one of a limited number of firms to offer an account specially designed for VIPs with premium support and invites to exclusive events
- RedMars offers one of the best platforms for day trading, MT5, hosting 21 timeframes, dozens of analytical tools, flexible templates and algo trading
Cons
- RedMars falls short for newer traders, with little in the way of education, no beginner-friendly platform, a steep minimum deposit, and inadequate support during testing
- The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.
- While RedMars' spreads are within industry averages, they don't offer a significant edge over the cheapest day trading brokers we've personally used, notably IC Markets
Capitalcore
"The major selling points of Capitalcore are its high leverage options up to 1:2000 and zero commission or swap fees. However, its weak regulatory oversight from the IFSA and non-existent education place it far behind the top brokers."
Capitalcore Quick Facts
| Bonus Offer | 40% Deposit Bonus up to $2,500 |
|---|---|
| Coins | BTC, ETH, BCH, XRP, LTC |
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | $45 |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | WebTrader, Pro |
| Minimum Deposit | $10 |
| Regulator | IFSA |
| Account Currencies | USD |
Pros
- Capitalcore is one of the only brokers to charge zero swap fees, which may appeal to Islamic traders looking to comply with Islamic Finance.
- The Capitalcore platform provides comprehensive charting tools and a wide range of 150+ technical indicators, ideal for detailed market analysis.
- The support team are available 24/7 and responded within minutes during testing with helpful responses.
Cons
- Capitalcore’s threadbare education and research seriously trail category leaders like IG, making it less suitable for aspiring traders.
- Capitalcore is not regulated by major financial authorities and has an unproven reputation, raising concerns about the safety of client funds.
- The web platform was inconsistent during testing, with occasional technical glitches that meant the trading platform wouldn’t load.
Uphold
"Uphold remains a top choice for crypto investors looking for a one-stop-shop solution to accessing the markets. There are over 250 tokens to buy, sell and trade through flexible platform options."
Uphold Quick Facts
| Coins | BTC, BTCO, AAVE, ALCX, DYDX, INH, XYO, API3, GHST, LSK, AUDIO, GLMR, NMR, CAKE, GODS, REQ, CHR, TRB, DAO, ROOK, XRP, ETH, BAT, ADA, ALGO, ATOM, AVAX, AXS, BCH, BAL, BTG, CSPR, COMP, CRV, DASH, DCR, DGB, DOGE, DOT, EGLD and many more |
|---|---|
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | Up to 1.5% |
| Crypto Lending | No |
| Crypto Staking | Yes |
| Platforms | Desktop Platform, Mobile App |
| Minimum Deposit | $0 |
| Account Currencies | USD, EUR, GBP |
Pros
- Uphold continues to remain ahead of the industry, often being one of the first platforms to list new crypto tokens
- Uphold is 100% reserved which helps to protect client funds
- UK users can get the Uphold card with up to 2% cashback in XRP
Cons
- Uphold operates with limited regulatory oversight
- The charting analysis features on the platform trail specialist exchanges
- There is a 2.49% fee if you want to use debit or credit cards
Videforex
"Videforex will serve traders looking for a no-frills, easy-to-use platform to speculate on the direction of popular financial markets through binaries. With a sign-up process that takes a matter of minutes and a web-accessible platform, getting started is a breeze. "
Videforex Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| Coins | BTC, ETH, QUANT, UNI, SOL, BNB, DOGE, XRP, XMR, MATIC, USDT |
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | Floating |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | TradingView |
| Minimum Deposit | $250 |
| Account Currencies | USD, EUR, GBP, AUD, RUB |
Pros
- Videforex regularly runs trading contests, offering practice opportunities and cash prizes to beginners and experienced traders, with position sizes from just ¢0.01.
- Videforex is one of the few brokers with 24/7 multilingual video support, providing comprehensive assistance for active traders.
- Traders can earn up to 98% payouts on 100+ assets with the broker’s binary options, bringing it in line with competitors like IQCent.
Cons
- Videforex lacks authorization from a trusted regulator, meaning traders may receive little to zero safeguards like segregated client accounts.
- The client terminal needs improvements based on our latest tests, sporting sometimes slow and unresponsive widgets which could dampen the experience for day traders.
- The absence of any educational tools is a serious drawback for newer traders who can find blogs, videos and live trading sessions at category leaders.
xChief
"xChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."
xChief Quick Facts
| Bonus Offer | $100 No Deposit Bonus |
|---|---|
| Coins | BTC, BCH, ETH, LTC, XRP |
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | Variable |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | MT4, MT5 |
| Minimum Deposit | $10 |
| Regulator | ASIC |
| Account Currencies | USD, EUR, GBP, JPY, CHF |
Pros
- Traders can access a copy trading solution via the MetaQuotes Signals service
- The broker offers a turnover rebate scheme geared towards active investors, as well as trading credits and several other occasional bonuses
- The broker offers several account types to suit different traders, including a Cent account for beginners and pro-level hedging/netting accounts
Cons
- xChief is an offshore broker with weak regulatory oversight from the VFSC, so traders will receive limited safeguards
- The broker trails competitors when it comes to research tools and educational resources
- The total range of 150+ assets is much lower than most competitors who typically offer hundreds
Sage FX
"Sage FX will suit forex traders looking for high leverage and ECN spreads. The broker's prop trading service will also appeal to users looking for funded accounts with up to $200K available."
Sage FX Quick Facts
| Bonus Offer | $1,500 trading competition |
|---|---|
| Coins | BTC, XRP, LTC, DASH, ETH, EOS, NEO, TRX |
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | Floating |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | TradeLocker |
| Minimum Deposit | $10 |
| Regulator | Pending |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Bonus offers and trading competitions
- Fast withdrawal processing
- Prop trading accounts with multiple funding tiers
Cons
- Relatively narrow range of asset classes
- Not regulated by any reputable body
- Lacks educational resources and other extra features
What Is Ripple?
Ripple is the name of both a digital currency (XRP) and payment network solution that work together to provide instant, low cost and secure cross-border payments. The Ripple On-Demand Liquidity (ODL) solution uses the digital asset XRP to bridge any two currencies, removing the need for pre-funding of destination accounts and eliminating the transaction time.
How Does Ripple Work?
Ripple enables transactions using a process called ‘an issuance’, which allows assets to be transferred between two parties. Transactions are stored on a shared ledger that also contains information about all Ripple accounts. The solution is low cost, with Ripple taking a tiny XRP fee, but later destroying the small payment. This is to prevent people from spamming the network.
Ripple Versus Other Cryptos
Ripple serves a different purpose to other tokens, such as Bitcoin, by accompanying other currencies (including cryptos), rather than competing with them. Additionally, all of Ripple’s coins were created during its launch, meaning there are none that can be mined.
However, like other cryptos, XRP is highly volatile, which has made it an attractive opportunity for many day traders hoping to capitalise off its strong fluctuations.
How Ripple Brokers & Exchanges Work
Ripple can be purchased through an exchange or a broker. However, since a lawsuit was filed against Ripple by the US Securities and Exchange Commission (SEC) at the end of 2020, XRP has been removed from many exchanges, meaning traders have less flexibility about where they can purchase the crypto.
Using an exchange, customers can purchase XRP in exchange using another currency, such as USD. The exchange makes its money by setting the buy price to be higher than the sell price, with this difference called the spread. Exchanges are a good option for those who are simply looking to buy and hold XRP.
With a broker, clients can deposit funds in a fiat currency, such as USD, then later trade on the price of XRP. This includes buying spot XRP as well as accessing derivatives, such as futures and options. Derivatives enable traders to speculate on the price of XRP without owning the underlying asset and provide the option to use leverage. An XRP forex broker may make its money through the spread, commission fees or both.
Brokers and exchanges allow traders to store XRP in an online account, some of which come with an integrated crypto wallet. However, it is recommended to store XRP in an offline wallet, which is more secure and less susceptible to hacking.
How To Compare Ripple Brokers
Finding a suitable Ripple broker with reasonable fees is essential to successfully trade XRP. In this section, we list the most important elements to consider.
Fees
There are several fee types to consider when selecting a Ripple broker:
- Trading fees – These are the main fees paid for each transaction, usually a spread or a flat commission fee. Spreads can be fixed or variable, which determines if they will change in times of higher or lower volatility. A wider spread will reduce potential profits on each trade
- Overnight fees – Holding a leveraged position overnight may incur further fees in the form of interest payments
- Inactivity fees – Accounts without any activity for a set period of time will be classed as dormant and may incur inactivity fees
- Conversion fees – Conversion fees may apply when depositing funds using certain currencies – usually those that are less liquid
- Loan fees – Opening a short position involves borrowing the asset, meaning interest will be charged
Leveraged Products
Using leverage is possible with derivative XRP products, such as Contracts for Difference (CFDs). Leverage enables the trader to increase their position for a given outlay. Many brokers offer x2 leverage on cryptocurrencies, meaning it is possible to trade twice as much as is deposited. However, beware that this will multiply losses as well as profits.
Interest
While it is not possible to mine XRP as an extra source of income, some platforms offer traders the option to earn interest on their XRP, with returns as high as 5% APR.
Regulatory Status
Selecting regulated Ripple brokers means they have to comply with certain standards, which helps to protect against fraudulent brokers. Look for XRP brokers regulated by reputable authorities such as the FCA in the UK, CySEC in Cyprus and ASIC in Australia.
Accounts
Many brokers offer different account types to suit customer needs. This usually includes retail and professional account types, though there may be additional account choices based on minimum deposit requirements, the leverage offered and spreads available.
Platforms
Platforms enable traders to place XRP trades through a Ripple broker. As well as executing the trade, the platform software can also be used to carry out technical analysis using charts and indicators. While some brokers offer proprietary platforms, others provide services through popular platforms, such as MetaTrader.
The platform should be easy-to-use with quick execution speeds, to avoid slippage.
Mobile App
Many Ripple brokers offer mobile apps that provide a whole host of features that compete with desktop or web platforms. As well as executing trades, many mobile apps provide a range of chart and indicator types for carrying out technical analysis on the go too. Check that the app offers the technical features required and has good reviews on the Google Play or App Store.
Tools
Some Ripple brokers offer additional educational resources to help beginners start investing. Look out for YouTube videos, blogs and articles to learn the basics and pick up new strategies.
Customer Support
Good customer support can be a lifeline with new Ripple brokers. Live chat is a great way to get instant support that has become increasingly popular. Alternatives include telephone support and email contacts, but make sure to check these services are available when you’ll be investing, which is possible 24/7 for many crypto exchanges.
Payment Methods
Ripple brokers may limit the methods that can be used to purchase XRP. This could be certain credit/debit card types such as Visa or MasterCard or e-Wallets. In some cases, it may not be possible to directly purchase XRP. An initial deposit to a more liquid crypto, such as Bitcoin, may be required first, followed by an exchange to Ripple. Bitcoin payments may also be an option for those holding Bitcoin in a wallet already.
Low Minimum Deposits
As well as restricting payment methods, some Ripple brokers also place restrictions on the deposit amount. While Interactive Brokers has very high minimum deposit requirements of 10,000 USD, eToro has a more affordable minimum deposit requirement of 200 USD.
How To Check Ripple Brokers Aren’t A Scam
The most important thing for Ripple traders is trust in their broker. Follow our top tips to find a genuine XRP exchange service:
- Read online reviews – In particular research complaints from previous customers to develop an indication of their reputation
- Check regulatory status – Is the broker regulated by a reputable authority and to what standards does it have to comply? The broker’s license can also be checked via the regulator’s website
- Look out for unlikely offers – Some Ripple brokers may offer prices, spreads or sign up bonuses that seem too good to be true.
Final Word On Ripple Brokers
Ripple brokers enable traders to speculate on the price of XRP, a unique altcoin that acts as a bridge, complementing other currencies. Reviewing the features and account types offered by each broker will ensure you get the best deal on XRP.
FAQs
What Is Ripple?
Ripple is the name of both a cryptocurrency (XRP) and payment network solution. Unlike other cryptocurrencies, such as Bitcoin, it works with all other payment types such as fiat currency, air miles or cryptos, to provide quick, low cost and secure payments.
How Can I Trade Ripple?
Ripple can be traded by opening an account with a Ripple broker and purchasing XRP, or speculating on the price of the asset using derivatives, such as CFDs.
How Does A Ripple Broker Work?
Customers can place an order through a Ripple broker, which then files the order with the cryptocurrency exchange on their behalf.
What Are The Best Ripple Brokers?
Top Ripple brokers include IG and eToro, both of whom are regulated by the FCA and have minimum deposit requirements of $250 and $200 respectively.
What To Look For In A Ripple Broker?
When selecting a broker that offers XRP, look for one that is regulated, provides good platform features and has a fee structure to suit your strategy.