Explore The Best Ripple (XRP) Exchanges in 2024

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Mileva Stankovic, Ramsha Naushad

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Kraken
Exchange Rating
9.5
Available in
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Intro

Are you looking for the best XRP exchanges in 2024?

Choosing the best place to buy and sell Ripple has never been easier. Our team has reviewed a number of exchanges and found their terms and conditions for buying XRP.

By reading our guide, you’ll learn more about the following aspects:
 

  • How to select the best XRP exchange
  • What types of XRP exchanges are available 
  • How Ripple exchanges work
  • How to buy Ripple

This and even more awaits you if you check our guide to the best XRP exchanges in 2024.

Best Sites

1.

Kraken

Exchange Rating 9.5
Available in
Available in United States
9.5
Description: 

Kraken is one of the oldest exchanges out there, having been around since 2011. They offer many trading interfaces and are extremely trustworthy.

General Information

Year founded: 
2011
Coins Available: 
XRP
Ethereum
Tether
Polkadot
Chainlink
Cardano
Bitcoin Cash
Litecoin
Uniswap
USD Coin
Bitcoin
Aave
Stellar
Tezos
Curve DAO Token
Algorand
Monero
Synthetix
Dai
Filecoin
Compound
EOS
The Graph
Cosmos
Keep Network
ICON
yearn.finance
TRON
Qtum
Dash
Basic Attention Token
Zcash
Kusama
OMG Network
Waves
Nano
Dogecoin
Enzyme
Decentraland
Kava.io
Ethereum Classic
Orchid
Kyber Network
Storj
Siacoin
Lisk
Aragon
PAX Gold
Gnosis
Balancer
tBTC
Augur

Anonymity

Kraken is a registered US exchange, so they must follow strict KYC & AML laws. These laws prohibit anonymous accounts from being generated.

Reputation

Kraken has one of the best reputations in the crypto industry. They are the only crypto company in the world to secure an SPDI banking license. 

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7.

Binance

Exchange Rating 9.9
Not Available in
Not Available in United States
9.9
Description: 

Binance, established in 2017, stands as a leading global cryptocurrency exchange, providing a diverse range of trading pairs and innovative features.

General Information

Anonymity

As a major international exchange, Binance adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Reputation

Binance has a strong reputation in the cryptocurrency domain, recognized for its reliability, liquidity, and constant innovation. It is one of the largest and most trusted crypto exchange.

Pros and Cons

Not Available in United States
DisclaimerThe information provided on this website is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency investments are volatile and high-risk in nature. Consult with a qualified financial advisor and/or tax professional before making any investment decisions. We are not responsible for any loss incurred due to the use of information on this website. Do your own research and exercise caution. Don’t invest unless you’re prepared to lose all the money you invest.
 

Why Choose Us? 

At Cryptomaniaks, we are at the forefront of cryptocurrency information. Our dedicated team has invested extensive time and effort in analyzing Bitcoin trading platforms. This comprehensive process involved sifting through thousands of data points and top sources. 

To provide you with reliable insights, our review team utilized multiple exchanges, assuming the role of traders to experience the platforms firsthand. We delved into crucial aspects like security, features, and fees. We firmly believe that the crypto exchanges listed here represent the finest options available in the market.
 

Key Takeaways

 

  • XRP offers fast transactions, low fees, scalability, ongoing development, interoperability, and liquidity solutions
  • Choose an exchange, make a safe purchase, and store it in dedicated wallets
  • Evaluate coins, liquidity, trading volume, fees, security, licenses, and location restrictions
  • Understand Anti-Money Laundering, Know Your Customer, compliance officers, financial requirements, technical security, and legal registration
  • User-friendly interfaces, advanced platforms, diverse storage, services for individuals/businesses, and accepted payment methods are crucial

 

Pros and Cons of Buying XRP

Pros and Cons of Ripple (XRP)
Pros Cons
Ripple is known for its fast transaction confirmation times Critics argue that Ripple's consensus mechanism raises centralization concerns
XRP transactions are known for having low fees compared to traditional cross-border payment systems Ripple has faced legal challenges
Ripple's technology is designed to be highly scalable The development and success of Ripple (XRP) are closely tied to the actions and decisions of Ripple Labs
The Ripple project continues to see ongoing development and improvement The ongoing legal proceedings with the SEC introduce uncertainty into XRP's regulatory status
Ripple's platform is designed to be interoperable with existing financial systems Ripple competes with other blockchain projects and traditional financial systems in the cross-border payments space
Ripple aims to address the liquidity challenges associated with cross-border transactions  

 

How to Purchase XRP

If you consider buying XRP at the best exchanges, you should follow several steps in the process. We’ve prepared a list of steps for you, so you can just follow and make the first transaction.
 

Select a cryptocurrency exchange

Each cryptocurrency platform operates differently. You should verify the type of currency required to buy XRP.

When buying XRP, there are some considerations, especially if you're using another cryptocurrency. Generally, it's easier to buy XRP with fiat currency like the U.S. dollar compared to using other cryptocurrencies.

However, if you opt to purchase XRP with another cryptocurrency, you'll need to set up a digital wallet that supports XRP. Then, you can use the currency supported by the exchange that pairs with XRP to make the purchase.
 

Buy XRP

Before making a purchase, research and find a secure and user-friendly trading platform that suits your needs. Once you've opened an account and funded it, you can start buying XRP.

Within the chosen exchange, locate the XRP currency and enter the amount you wish to invest.
 

Store your XRP

After purchasing XRP, you need a safe storage method.

Keep in mind that dedicated XRP wallets usually require a minimum of 10 XRP to activate your wallet on the XRP Ledger, similar to a minimum balance requirement for a bank account. You can get this amount back by deleting your account.

You can store XRP in different ways:
 

  • Hardware Wallets: These devices store private keys and let you interact with the wallet without exposing your data. Examples include Ledger.
  • Paper Wallets: A method where you print your private keys and recovery passphrases on paper for safekeeping.
  • Software Wallets: Programs downloaded to your device for storage, like desktop or mobile wallets. Caution is advised with internet-based wallets. Trust Wallet is an example supporting XRP.
  • Crypto Exchanges: Some exchanges allow you to store your XRP. Examples are Coinsmart, Crypto.com, and Binance, among others.

 

Why Buy XRP in 2023 - Is It a Good Choice?

Before visiting one of the XRP exchanges, you may want to know why you should choose Ripple. Indeed, there are some reasons to stick with the currency, including:
 

XRP's value s rising rapidly 

Though not as valuable as BTC, XRP's price is soaring, making it an attractive cryptocurrency to consider. Investing in XRP comes with several benefits worth noting.
 

Ripple's potential for faster transactions

Investing in XRP is mainly driven by the Ripple network. Ripple's standout feature is its ability to process payments and transactions quickly. Now you can see funds in your XRP wallet in seconds. In contrast, traditional financial institutions and other blockchains may take hours and charge higher fees. This makes XRP and Ripple appealing for international transactions.
 

Strong team and versatility 

Ripple boasts a dedicated team consistently enhancing its technology.

Moreover, the platform's versatility, cryptos, commodities, and fiat money, adds value to XRP.
 

Growing adoption by financial institutions 

Ripple has gained significant attention from financial institutions that now utilize its network. This mainstream adaptation bodes well for the future growth of XRP's value. 
 

The XRP coin offers a low price of entry 

While major cryptocurrencies reach tens of thousands of dollars, the value of an XRP coin sits just below $0.80. During early 2022, the digital currency experienced a 25% surge, reaching the $1 mark.

There are several reasons why the low price of XRP makes it an attractive coin. Firstly, it allows individuals to acquire a significant amount of XRP at an affordable price. This makes it an excellent choice for newcomers to the cryptocurrency market.

Given XRP's growth in recent years, it serves as an appealing option for both small and substantial investments.
 

XRP: An environmentally-friendly option 

The rise of non-fungible tokens (NFTs) has created excitement in the digital asset realm. However, the underlying technology has drawn criticism for its negative impact on the environment.

Most NFT-supporting blockchains rely on energy-intensive mining or proof-of-work models. This affects nature and leads to global warming. In contrast, XRP stands out as an environmentally friendly cryptocurrency, utilizing the consensus model.

Ripple employs validators to approve transactions. Its currency is pre-mined currency with a limited release of 100b tokens. This eliminates environmental concerns associated with proof-of-work systems.

Investors appreciate XRP's commitment to the environment, as the world becomes conscious of its carbon footprint.
 

Realistic expectations for XRP's future

As with all cryptocurrencies, predicting the future market price of XRP is uncertain. XRP's value can be significantly influenced by its ongoing legal battle with the SEC. Its price also changes depending on trends and online hype surrounding altcoins. 
 
 

Choosing Your Crypto Exchange: Important Considerations

When selecting a crypto exchange, we analyze numerous data points and aspects. We want to save your time and find the best places to buy digital currency. Understand that individual preferences vary before choosing a specific exchange. 

To make an informed decision, it's essential to explore what exchange companies offer. Here are some key criteria to consider before investing your money:
 

Variety of coins

With nearly 23,000 cryptocurrencies listed on CoinMarketCap, many may not be actively traded. Look for top crypto trading platforms that offer a wide selection of several hundred coins. Some of them are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, as well as other valid options like Ripple, Cardano, Tron, and Monero.
 

Liquidity matters

Liquidity is critical in trading, determining how easily and quickly you can buy or sell assets. Opt for exchanges with sufficient liquidity. This will make your investment journey even more convenient.

By keeping these factors in mind, you can find the right crypto exchange that suits your needs.
 

Check trading volume

A higher trading volume is better as it ensures liquidity for your trades. Use resources like CoinMarketCap to check 24-hour trading volumes of various platforms. Exchanges like Kraken, Coinbase, and Binance consistently show high trading volumes.
 

Compare fees

Unlike traditional brokerage accounts with fiat currencies, crypto exchanges charge fees for trading, deposits, and withdrawals. These fees can vary significantly depending on the platform and transaction. For example, Binance.US charges a commission ranging from 0.1% to 5% based on payment method. Coinbase Pro offers lower fees compared to the standard Coinbase account, with a maximum transaction fee of 0.6%.
 

Optimize fee structure

To lower fees, consider making a smaller number of larger trades. Many Bitcoin exchanges have "fee tiers'' based on your 30-day trading volume. As a result, larger trades result in lower fees.
 

Evaluating security and educational resources

Cryptocurrency trading can be risky due to potential hacker threats. You can become a victim of illicit activities and lose funds from your crypto wallet. To keep your assets safe, it's crucial to choose a top crypto exchange with strong security. Two-factor authentication (2FA) is a minimum requirement. The best exchanges use advanced features like biometric login, fingerprint, and facial recognition.

A reliable XRP exchange should also provide educational resources for their users. This would help them in navigating the world of digital currencies. Educating customers fosters digital currency literacy, reduces skepticism, and encourages smarter decision-making. 

First off, platforms educate people with basics about digital assets. This includes terms like blockchain and main currencies - Bitcoin, Ethereum, and Litecoin. Secondly, the exchange should gradually introduce trading features and strategies in easy-to-understand language.

An ideal exchange should maintain a comprehensive list of resources. The list includes blogs, guides, FAQs, videos, and a help center. By combining these features, players will enjoy their trading activity. 
 

Are the resources helpful

The quality of available resources is important. Having lots of data won't help if customers can't easily access it! Users should have 24/7 access to all the resources, and the Bitcoin exchange must explain everything in simple terms. They should also update the content regularly, because the crypto industry changes quickly.
 

Licenses and location restrictions

The crypto market is evolving rapidly, and top Bitcoin exchanges understand the importance of keeping up with regulations. Depending on the location, they know they need specific licenses to operate legally. Understanding these licenses is essential.
 

Crypto exchange licenses

Getting licenses for trading platforms is getting harder, but it's necessary to compete and serve customers properly. Licensed exchanges meet certain criteria and follow rules set by regulators. Regulations differ in various locations, so exchanges must do research to comply properly.
 

Unlicensed exchanges and scams

Some XRP exchanges choose to operate illegally, which puts users at risk of scams. Unlicensed platforms may be shut down, and their founders could face legal consequences. It's best to avoid unlicensed Bitcoin trading platforms to stay safe.
 

Important Factors Considered by Regulators

Regulators closely watch crypto exchanges and consider several key factors, such as:
 

  • Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF). This serves to prevent illegal money activities and funding of terrorists
  • Know Your Customer (KYC) protocols to verify clients' identities
  • Hiring AML compliance officers and other experts within the company
  • Financial requirements. This includes insurance to cover losses or maintaining a minimum level of capital
  • Technical requirements, including 2FA (two-factor authentication) and secure storage
  • Ensuring the crypto exchange is legally registered in the jurisdiction

 

Available products on the crypto exchange

The best Ripple exchanges offer various useful features, including:
 

  • User-friendly interfaces for easy navigation
  • Advanced software platforms for real-time crypto analysis and trading
  • Different trading charts like Depth Charts, Order Book Volume by Exchange, Volume-Weighted Average Price
  • Fast trade processing to keep up with the rapidly changing crypto market

 

Spot, margin, and futures trading

Spot trading means buying or selling assets at the current market price. Delivery is immediate and you need to pay all funds upfront.

Margin trading involves using borrowed money for a trade, but you must repay any losses or risk the platform selling your other assets.

Futures trading involves agreeing to buy/sell an asset at a specific future time. This allows traders to profit short, medium, or long term, and hedge against losses or leverage for higher profits.
 

Crypto wallets and storage options

Self-hosted wallets give you control, and can be software, hardware, or paper wallets.

Software wallets store coins on devices like desktops or smartphones.

Hardware wallets provide offline storage, and require internet connection when accessing funds.

Paper wallets have printed private and public keys for offline storage.

Third-party custodians (crypto exchanges) store your wallet with easy access but less control over your funds.
 

Services for individuals 

If you're an individual trader, crypto exchanges allow you to buy, sell, and trade cryptocurrencies. You can also earn rewards and borrow cash using your digital coins as collateral. Some exchanges even let you purchase NFTs (non-fungible tokens).
 

Services for businesses 

Businesses entering the crypto market can benefit from using software solutions to navigate the market easily. Crypto exchanges that accept crypto payments are useful for businesses, and there's a possibility to list assets on the exchange. Businesses have access to the same options as individuals, including trading in the futures market.
 

Accepted payment methods 

A good crypto exchange offers various payment options for financial flexibility. Commonly accepted methods include PayPal, credit/debit cards, bank transfers, and digital tokens. Each method has its pros and cons, so choose the one that suits your needs and budget.
 

Impact on Fees

Transaction fees vary depending on the payment method and the exchange. Cryptos usually have lower fees, while eWallets and bank transfers may have higher costs. Digital currency often offers the best option for low fees.

Remember to consider fees when trading to make the most of your funds.
 
 

Types of Crypto Exchanges: Centralized and Decentralized

Crypto exchanges appear in two main types: Centralized (CEXs) and Decentralized (DEXs). There's also a hybrid type. It's a mix of the two, with the idea to combine the best of both worlds.

Let's take a closer look at each and their pros and cons before you decide which one to use.
 

Centralized exchanges (CEXs)

Using centralized exchanges to buy Ripple is associated with certain benefits and drawbacks.
 

Pros

 
  • Not controlled by one entity, these exchanges are popular and easy to use
  • Quick fiat-to-crypto conversion
  • User-friendly interfaces
  • High liquidity and support for various digital assets
  • Trading of asset derivatives like options and futures

 

Cons

 
  • The need to provide personal information due to KYC regulations
  • Risk of hacking is higher
  • They deny decentralized nature of crypto

 

Decentralized exchanges (DEXs)

If you decide to buy XRP at decentralizes exchange, make sure you know the following pros and cons:
 

Pros

 
  • Not controlled by any single authority. DEXs allow peer-to-peer trading between users using smart contracts on the blockchain.
  • No need for KYC
  • Accessibility for individuals without traditional banking options
  • Increased transparency through certified transactions,
  • Earning passive income via DeFi staking,
  • Lower transaction fees compared to CEXs.

 

Cons

 
  • Lower liquidity leading to potential price deviations
  • Learning curve for users regarding blockchain technology
  • Complexities in paying gas fees with native platform tokens

Each type has its strengths and weaknesses, so choose the one that matches best with your preferences and needs.
 

 

What is Ripple?

 
XRP is the native token for Ripple, a payment network designed for financial services. It's a popular cryptocurrency, consistently ranking in the top 10 by market value.

Ripple has been dealing with legal issues from the U.S. SEC since December 2020. The SEC claims XRP is an unregistered security. However, in July 2023, a federal judge ruled that trading the token on exchanges and algorithms doesn't qualify as a security.

Ripple's platform aims to make payment transactions faster and cheaper than traditional methods. It's an ambitious cryptocurrency seeking to revolutionize global payments and the digital economy.

Unlike Bitcoin, XRP confirms transactions every three to five seconds.

Newcomers to XRP should know that Ripple and XRP are often used interchangeably. Ripple is the company behind XRP, which underwent rebranding from OpenCoin in 2012 to Ripple Labs in 2013, and finally Ripple in late 2015.
 

Conclusion

I hope this guide on the best Ripple exchanges has been helpful in teaching you how to trade digital assets. However, there's more to consider to keep your assets safe from theft. Most people use hot wallets, like apps on tablets, smartphones, or desktops, to store their funds. But if you don't have strong security, you risk losing your money. Instead, think about using a cold wallet, like a hardware wallet (similar to a USB) or a paper wallet. These offline storage options keep your key away from the internet, making it safer.

Having a contingency plan for your crypto is essential. What will you do if the coin's value goes up or down? Will you hold, sell, or buy more at a certain point? Also, consider diversifying your investments by purchasing several different coins. Stay updated on regulatory changes and market trends. This will help you stay within the law and take advantage of significant opportunities. Remember, the journey in the crypto world continues, and staying informed is crucial.

Frequently Asked Questions

What are the top XRP exchanges?

Several reputable platforms have emerged as top XRP exchanges, offering secure and user-friendly experiences. CoinBase Pro is recognized for its extensive range of cryptocurrencies, while Binance is preferred for its high liquidity and competitive fees. These exchanges consistently demonstrate commitment to providing a secure and efficient trading environment for XRP investors.

 

Which XRP exchanges have the lowest fees?

Some of the exchanges that have the lowest fees for trading XRP include Binance, Bittrex, Bitfinex, and Bithumb. Explore and compare different fees and deposit methods to find the best low-cost XRP exchange for your needs.

How to ensure the security of my XRP funds on an exchange?

Ensuring the security of XRP funds on an exchange is critical. Opt for platforms prioritizing security with advanced encryption and multi-factor authentication. Choose those offering cold storage solutions to minimize hacking risks. Regularly update passwords, enable withdrawal limits, and research the exchange's reputation before entrusting funds. Hardware wallets further enhance the security of XRP holdings.

 

What's the best place to buy XRP?

There are many options to buy XRP cryptocurrency, making it hard to pick just one exchange. Consider factors like available features, fees, and the exchange's reputation. If you're unsure where to start, check out our recommended list.
 

How can I buy XRP directly?

To buy and trade XRP, create an account on an exchange that supports XRP. Deposit fiat money through a credit card (Visa or Mastercard) and start purchasing XRP directly.
 

What factors should I consider when choosing an XRP exchange?

Choosing an XRP exchange involves evaluating reputation, track record, user interface, and trading features. Consider liquidity and trading volume for faster execution and reduced slippage risk. Assess regulatory compliance and customer support services to ensure a reliable and supportive trading experience.

Written by

Mileva Stankovic

When Mileva invested in Bitcoin at the end of 2017, she never believed she’d end up becoming so focused on crypto. Today, she's investing in various coins and playing Texas Hold 'em with passion. 

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