Note: The XRP coins purchased via either method will be deposited into the inbuilt Binance exchange wallet from whence you can transfer them to other third-party wallets and exchanges.
4. CoinMama – Best Ripple Exchange for Fast Transactions
Coinmama is not your regular cryptocurrency exchange. It is an instant-buy platform where you can buy Ripple and eight other cryptocurrencies or sell Bitcoins. It started in Israel in 2013 but has currently expanded its presence in 188+ countries and territories across the world.
The account creation process on Coinmama is quite straightforward and identity verification is mandatory for all its platform users. Transaction processing is instant and you can buy Ripple on Coinmama with credit card or debit card, bank transfer, and eWallets like Apple Pay.
The minimum and maximum buying limits depend on your identity verification level while transaction fees are a 5.5% extra charge atop the processing fees charged by your payment processor.
Pros and Cons of Buying Ripple (XRP) on CoinMama
Pros
- Coinmama is a beginner-friendly and highly intuitive crypto trading platform.
- It has an instant buy feature whereby you will receive Ripple coins into your account immediately after the payment confirmation.
- Coinmama maintains high buying limits for verified accounts.
Cons
- You cannot sell Ripple on Coinmama.
- Unlike all other exchanges listed here, Coinmama doesn’t provide wallet services to its clients.
- One may consider the 5.5% fees charged by Coinmama to be quite exorbitant.
How to Buy Ripple (XRP) on Coinmama Step By Step
- Visit the official Coinmama website, choose to create a trader account, and pass email verification.
- Verify your identity by furnishing the broker with a copy of your identification document and a clear selfie.
- Log in to your approved Coinama account and on the drop-down menu, select Ripple, and enter the amount of cash you wish to spend on the trade.
- Enter the Ripple wallet where you would like your XRP coins delivered.
- Choose a payment method.
- Confirm that the transaction details, particularly the Ripple wallet address are captured correctly before hitting send.
5. Kraken – Best Exchange for Safe Ripple (XRP) Storage
Kraken is a U.S based cryptocurrency exchange started in 2011. It is best known for its commitment to the security of its client’s digital assets, fast transaction processing speeds, and crypto trading education. You can buy Ripple on Kraken or choose to trade XRP future contracts on its futures market with leverages of up to 50X.
Kraken’s account creation process is also straightforward and available to residents of 180+ countries and 48 US States. To buy Ripple on Kraken, you need to deposit cash into your verified trader account via bank transfer, PayPal, eWallets (Skrill, Neteller), and credit or debit cards. These deposits are free and the minimum trade amount is $10.
You also have the option of buying Ripple on the Kraken instant buy platform or the Kraken PRO trading platform dedicated to professional and institutional traders. Trading fees on the Kraken instant buy platform are fixed at 1.5% above the variable fee charged by the payment service provider. On Kraken PRO, both buying ripple and ripple futures contracts attract maker-taker fees based on your 30-day trading volumes, and ranges from 0.0% to 0.26%.
Pros and cons of buying Ripple (XRP) on Kraken
Pros
- Safe to use as it integrates multiple security measures to keep digital assets secure.
- Maintains highly competitive trading fees.
- Kraken appeals to both beginners and institutional crypto traders with its instant buy and PRO trading platforms.
- Kraken was among the first crypto exchanges to publish the proof of reserve audit.
Cons
- It has been accused of providing sluggish customer support.
- There have also been several complaints about Kraken’s slow verification process.
How to Buy Ripple (XRP) on Kraken Step by Step
- Visit the official Kraken website and create your ripple trading account.
- Choose an account verification level and submit relevant documents. The Stater level has a $150,000 withdrawal limit and requires phone number verification. The intermediate level has a $15 million monthly withdrawal limit and requires ID and Selfie verification. To unlock the PRO level that allows up to a $100 million monthly withdrawal limit, you will need to submit your financial statements and pass AML tests.
- Deposit funds into your verified Kraken account.
- Access your Kraken user dashboard and decide if you want to place a market or limit order for Ripple Coins.
- The XRP coins you purchased here will be delivered to the Kraken inbuilt exchange wallet. You can then transfer them to a third-party crypto wallet or exchange.
Bottom Line
Ripple (XRP) is an ever-growing cryptocurrency and a great option for investors of all levels. With its wide range of trading platforms, it is not easy to find the perfect one for your needs. Of the Ripple trading platforms we reviewed, the above 6 stood out as leaders in overall security, speed and user experience. Each has its own unique features which may suit different users; however, all these platforms offer good services at low costs with various payment methods to make the trading process more accessible. As the cryptocurrency market continues to change rapidly, so will these platforms and more features will be on offer. For anyone looking to trade XRP securely and quickly with top-notch customer service, these six best Ripple (XRP) trading platforms provide great options.