CoinSpot Cryptocurrency Exchange
- Buy 250+ cryptos
- Range of payment methods
- 0.1% market order fee
- 1% instant buy fee
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As one of the world's largest cryptocurrencies by market cap, XRP (XRP) is one of the most traded currencies on global crypto exchanges. The native asset of the open-source XRP Ledger, XRP is designed to facilitate fast and affordable transactions between the world's different fiat currencies.
XRP is most famously used by cross-border payments provider Ripple, but can be bought and sold by everyday users on a wide range of exchanges. If you want to know how to buy XRP with fiat or cryptocurrency, read on for step-by-step instructions.
On 22/12/2020 the Securities and Exchanges Commission (SEC) filed a lawsuit against Ripple and two of its executives.
According to the SEC press release "The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide."
Ripple filed a 93-page response to the lawsuit on 01/29/2021, stating that "XRP performs a number of functions that are distinct from the functions of "securities" as the law has understood that term for decades. For example, XRP functions as a medium of exchange — a virtual currency used today in international and domestic transactions — moving value between jurisdictions and facilitating transactions."
XRP is available on an extensive range of cryptocurrency exchanges, including the following. Or skip ahead to our curated list of best XRP exchanges.
The typical Australian cryptocurrency exchange has trading fees in roughly the 0.5% to 1% range, plus "hidden costs" in the form of widely varying exchange rates. In Australia, it's not unusual for cryptocurrency to be sold about 1% to 5%, or even more, above mid-market rates.
Fortunately, exchange rates is where Swyftx really shines. Comparing prices on Swyftx to several other brokers shows that Swyftx has considerably better rates.
And while its trading fees aren't outright the lowest, they're still quite competitive.
You can buy directly with AUD so there are no currency exchange fees, but there may be some costs depending on your deposit method and the amount of the deposit.
Using a non-free deposit method for a small deposit may add up a considerable percentage of the total, so it's worth bearing this in mind.
The slowest part of registering with a cryptocurrency exchange is typically verification times, where the exchange checks your identification. This will often take a full day if you're trying to sign up after hours, or several days if it's a weekend or the exchange has a verification backlog.
As such, the fastest possible purchases will typically be from exchanges that can offer instant verification 24/7. Coinjar is one of them. It's possible to breeze through your first purchase at Coinjar with quick sign-up (just verify your email), instant verification, instant deposits and instant purchases.
The catch is that you need to have Digital iD for instant verification. If you don't, it may take up to 24 hours to get verified.
If you aren't interested in using Digital iD, you may want to simply look for an easier or cheaper exchange instead.
Also, note that while you can buy cryptocurrency fast with Coinjar, after your first deposit there's a seven-day waiting period before you can withdraw the XRP to an external wallet.
Cryptocurrency exchanges can sometimes be overwhelming, especially when it's a peer-to-peer exchange where buying means navigating the order books. Meanwhile, some cryptocurrency brokers will require users to have their own wallets, or burden users with too much detail or crowded interfaces.
CoinSpot does none of these things. It's a straightforward brokerage, with an optional peer-to-peer market on the side, and it provides its users with wallets for all supported cryptocurrencies. That it offers an exceptionally wide range of cryptocurrencies, all in one place, is an added bonus.
The registration steps are clear and the verification steps are clearly explained as part of the sign-up process.
Transaction histories are clearly displayed, fees are fixed and clearly shown, and you can denominate buy and sell prices in AUD or cryptocurrency as preferred.
CoinSpot has local customer service and it keeps extraneous features and information to a minimum, focusing on only the essentials. Plus, its palette is easy on the eyes.
Unsure about the difference between Ripple and XRP?
Ripple is the name of a US technology company that aims to make it easier and cheaper to send money overseas. Meanwhile, XRP is the native digital asset of the XRP Ledger and is used to facilitate transactions between different fiat currencies.
If you're a cryptocurrency novice, you'll most likely find that buying XRP with fiat currency is the easiest and most convenient option. However, you can find simple, step-by-step instructions below on how to buy XRP with either fiat or digital currency.
If you want to buy XRP with Australian dollars, here's one example of how you can do it:
Step 1. Register for an account with CoinSpot
While you can buy XRP on a wide range of exchanges, only a limited number of them allow you to purchase XRP using Australian dollars (AUD). Melbourne-based CoinSpot is one of those platforms, and you can register for an account by providing your name, email address, mobile number, proof of residency and proof of ID.
You'll also need to provide a photo of yourself holding a signed statement, and remember to enable two-factor authentication for increased security.
Step 2. Deposit funds into your account
Once your account has been verified, log in and click on the "Deposit AUD" link from your account dashboard. You can then make an online deposit using POLi Payments or BPAY, or you can deposit cash at a participating newsagent by using Blueshyft.
Step 3. Buy XRP
When the funds arrive in your account, click on "Buy/Sell" at the top of the screen, search for Ripple and click on "Buy XRP". You'll then be able to enter the amount of XRP you want to buy or the amount of AUD you want to spend.
Make sure you take a moment to review the full details of your transaction before clicking "Buy XRP".
Step 1. Register for an account with Binance
You can trade XRP on an extensive range of cryptocurrency exchanges, so compare the features of a number of platforms before choosing one that's right for your needs.
Binance is one of the world's largest crypto exchanges and it lists XRP in multiple trading pairs. You can sign up for a Binance account by providing your email address and creating a password. Make sure you also enable two-factor authentication on your account before depositing any funds.
Step 2. Deposit funds into your account
You'll now need to ensure that the cryptocurrency you'll use to buy XRP is in your exchange wallet. If it's already there, skip ahead to step 3.
To transfer funds into your account, you'll need to make sure you're depositing them to the right address. On Binance, this means clicking "Funds" and selecting "Deposits", and then searching for the coin or token you want to deposit – Binance lists XRP in trading pairs alongside bitcoin, Ethereum, Tether and Binance Coin.
Choose your desired currency and then copy the relevant wallet address or scan the QR code. You can then use this address to deposit funds from your external wallet.
Step 3. Buy XRP
Once the funds have arrived in your account you can navigate to the exchange page and buy XRP.
On Binance, you'll need to click the "Exchange" tab and select either the "Basic" or "Advanced" trading view, then search for the pair you want to trade, such as "XRP/BTC". Select a Limit, Market or Stop-Limit Order before entering the amount of XRP you want to buy.
Make sure you take a moment to review the transaction details before you click "Buy XRP".
If you want to sell XRP, the process for doing so is quite similar to the buying process outlined in Step 3. Depending on the exchange you choose, it's possible to exchange XRP for a decent range of fiat and cryptocurrencies, so do your research to find the right platform for you.
However, keep in mind that XRP isn't listed in trading pairs with every possible currency, so it may not be possible to make a direct exchange for the coin you want.
While you can store your XRP on an exchange if you wish, this is generally not recommended due to the security risks associated with centralised trading platforms. Instead, it's a good idea to transfer your tokens to a secure, private wallet.
Ripple doesn't offer an official wallet for XRP, but there are several third-party providers that offer wallet support for this popular crypto. Examples you may want to consider include the Ledger Nano S hardware wallet, or a mobile/web wallet like Uphold or Cryptonator.
Ripple aims to create a global settlement network that allows for more efficient transactions between financial institutions around the world. Its network, RippleNet, is designed to connect banks, payment providers, digital asset exchanges and corporate entities around the world, linking independent payment infrastructures to allow for fast and affordable international transfers.
And this is where XRP comes in. XRP is the native digital asset of the XRP Ledger and acts as a bridge currency, facilitating fast transfers between different fiat currencies. Transactions using XRP can be processed within four seconds, as opposed to the lengthy waiting times that currently plague international bank transfers.
XRP is also designed to be scalable, making it capable of processing 1,500 transactions per second. This, combined with low transaction fees (currently set at a minimum of 0.00001 XRP per transaction), has seen Ripple strike up partnerships with more than 100 financial institutions.
Ripple offers three main solutions for banks and other corporate entities:
Cryptocurrencies are complicated and volatile assets, so it's essential that you do your own research before purchasing any digital coin or token. There are myriad factors that can potentially impact the price movements of any given crypto, so if you're thinking of buying any XRP, make sure you consider the following:
Consider all these factors and any other potential risks before deciding whether you should buy XRP.Back to top
No, Ripple does not endorse or recommend any XRP wallets.
We've compiled a list of 5 of the most popular choices in our guide to the best XRP wallets.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
SPONSORED: Save yourself the heartache of lost funds by learning how to safely send cryptocurrency from one wallet to another with this simple guide.
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