This article will guide you on how to open a Ripple (XRP) account on eToro and eToro Digital wallet. It will also guide you on how to buy ripple on eToro with a credit card, Debit card, Cash, wire transfer., and PayPal. Also, it will explain leveraged trading on the platform.
Ripple is a digital asset and cryptocurrency that is used to transfer money globally. In this piece, we talk about how to buy XRP and most importantly from where? Buying cryptos is one of the popular investment options these days. Investors seem to rush to buy their favourite digital currencies, especially in a post-covid 19 world when businesses are struggling. Many people have no idea where to buy them. In this blog post, we’re going to show you how to buy Ripple (XRP) on eToro with a credit/debit card, PayPal and various eWallets. Let’s get started.
The eToro trading platform prohibited purchases of XRP and conversions from users’ wallets effective January 3rd at 12 pm EST 2021. This was done after the U.S. Securities Commission filed suit against Ripple Labs Inc., Though they have banned XRP transactions for US clients to avoid any legal issues, those willing to hold Ripple are allowed to do so. However, those looking to buy should look elsewhere. We recommend Uphold, a user-friendly platform where you can transact, hold and move Ripple. Uphold charges a verifiable spread of up to 3%, or more. The exchange features multiple payment methods including credit/debit cards, wire transfers, and US bank accounts. Uphold has its headquarters in New York, USA, and another office in London, UK.
To buy cryptos, you need an exchange where digital currencies can be purchased. Selecting the best one is crucial because it is not just about buying XRP or other cryptocurrencies, you also need to consider various elements of exchange before you make your final move.
There are various aspects that you may like to know before deciding on an exchange to buy XRP, a few of them are discussed below;
Security is by far the most important aspect when it comes to selecting an exchange. No matter what benefits you are promised to receive – if the exchange is not secure – all go in vain. You need to look at both legal and technological parameters the exchange is committed to offering. If an exchange is regulated? Also if it has HTTPS, SSL protocol servers installed altogether with an advanced feature of cold storage where you can store your digital assets online.
Location comes next on the list of important factors that must be considered before you buy XRP. Legitimate exchanges tend to remain transparent. They share their location, POCs, information about key members, storage address, and audit reports publicly.
Since exchanges deal in more currencies than any other traditional brokers, therefore the list of available payment methods is likely to be numerous. Almost all exchanges across the globe accept popular cryptocurrencies. However, it is much better to know what currencies are they offering, and whether you can buy XRP from a specific exchange or not. In addition to an exchange of crypto for crypto, there may be other traditional methods available to buy XRP including but not limited to debit cards, credit cards, 3d secure cards, Bank Transfers, PayPal, etc.
Fee holds great importance when selecting an exchange to buy XRP or any other digital asset. The best way to find the optimal fee of a specific exchange is to compare it with other exchanges. Most of the time, exchanges do not charge more than 1% of the transaction amount, and the fee even gets lower as the volume of transactions increases.
Exchanges with higher liquidity usually process transactions faster in comparison with other top crypto exchanges. Higher trading volumes often lead to increased price volatility issues, so you might want to check whether the exchange offers a “lock-in” price feature. This will protect you from price volatility, even if the transaction is not carried out instantly. Also, It would be a great help to decide whether you should buy XRP from it or not.
Leverage is yet another aspect that must not be overlooked when deciding to buy XRP from any exchange. Although most of the exchanges offer leveraged cryptocurrency trading, you must know how much leverage is allowed, and what rules and regulations does the exchange follows concerning the margin calls or liquidation levels.
Keeping in view the need of all types of customers, famous exchanges offer mostly three types of trading platforms;
After taking into account all the parameters discussed above, we feel the eToro trading platform has all we have been looking for. However, the process to buy XRP from eToro may still need an explanation. For this reason, we will be looking at all available methods through which you can buy XRP from one of the world’s best XRP exchanges.
After deciding on eToro be your XRP exchange, now is the time to look out for different options available, the fee associated with each option and how many XRP you can buy using your preferred payment method.
To buy XRP from eToro, you don’t necessarily have to be a registered user of eToro. Although buying XRP without an account is allowed at eToro, still, you may face certain buying limits. You are therefore suggested to sign up for an account with eToro to unlock buying restrictions.
eToro also offers fast trade execution and hassle-free deposit/withdrawal methods allowing you to trade in XRP against several fiat currencies such as GBP, EUR, RMB, AUD, IDR, PHP, MYR, VND, and USD.
XRP account with eToro opens new doors to the world of digital currencies. Using eToro’s advanced risk-averse trading tools, traders can access protected position mechanisms along with hassle-free deposits, instantaneous trade execution, quick withdrawals, and free practice account topped up with virtual funding of $100,000.
eToro allows you to get started with as little as investing $25 per trade. With immediate purchase deals, you can benefit from the rising or deteriorating prices of the XRP and can watch the impact of price fluctuations directly on your portfolio.
Other than offering free virtually funded practice accounts for newbies, eToro offers a social trading platform with a concept of assisted trading. With the social trading platform at eToro, clients can copy the trades of the most successful traders.
Given below are steps to follow while going through the registration process to open an XRP account with eToro:
It is to be noted that getting registered with eToro doesn’t mean that your account has been verified. You still need to provide valid proof of identification to enjoy the benefits offered to verified account holders. However, users with no account id can enjoy purchasing limits of up to $2250
After setting up an account with eToro, the next step involves purchasing XRP which is
enlisted below;
The account using which you can access the assets market, buy, or trade cryptocurrencies. The eToro trading account can be used for both manual and social trading. You can also check live market updates, and access the economic calendar to stay ahead of the economic news.
An easy-to-use multi-crypto digital wallet where you can store your digital assets with a complete sense of security. Powered by a unique on-chain address, the eToro wallet enables you to receive or transfer your cryptocurrencies to any other digital wallet. Offering high-level protection it also enables traders to convert their crypto to other supported digital assets using the same wallet.
In leverage crypto trading, you are not required to invest the whole amount of the underlying digital asset to enjoy full-price exposure. Instead, you just need a minimal amount to invest.
For example, if your broker or exchange offers you a leverage of 1:25, this essentially means that you can open a position of $1000 worth of BTC by investing $40 only. This is also called margin trading. Whereas for non-leverage crypto trading, you need to buy the asset in full to open a position for it.
Yes, eToro offers leverage trading of (x2) BTC. However, you cannot convert your leveraged cryptos from eToro’s trading account to eToro’s digital wallet. Only non-leveraged crypto-assets can be transferred to eToro’s digital wallet.
The procedure to transfer your cryptocurrencies from eToro’s trading account to eToro’s digital wallet is as below;
Buying XRP with a credit card is surely an expensive method. However, the process to buy XRP using a credit card is pretty simple.
Note: Those clients who do not have an account with eToro, or whose account is not verified, can only deposit up to $2250. Should you wish to increase buying limits, your account needs to be verified first.
Amongst other methods available at eToro, buying XRP with a debit card is yet another option traders can avail.
The process is more or less similar to other methods available. However, debit card transactions are relatively less complicated as compared to payments made through credit card or PayPal.
*Traders with no account id can avail of the purchasing limits of up to $2250
Buying XRP with PayPal inside and outside the United States can never be so easy without eToro. The main reason is that eToro complies with all rules and regulations in place in the jurisdiction where it exists. You may or may not be aware that exchanges or brokers, offering digital asset trading, earn money by charging spreads.
Spreads on digital assets are usually higher than any other types of tradable assets because of their high volatility levels. However, eToro only charges a spread of 2.90%. Clients may also be charged $25 on XRP withdrawals. An inactivity fee of $5 is also payable if your account remains inactive for three consecutive months.
To buy XRP using PayPal, please follow the guidelines listed below;
Although cash can be one of the quickest methods to buy XRP, it is not recommended. Also, eToro doesn’t support cash to buy XRP. Besides being an expensive method of payment, is also considered to be the least safe method for a cryptocurrency purchase. Secondly, the digital world needs to be dealt with digital payment methods to support the digital revolution.
Buying XRP with wire transfers is relatively a simple process. It is one of the few methods to have lower transactional charges. Please follow the given below steps to buy XRP with bank wire;
It is to be noticed that the wire transfers may take up to 7 working days. Therefore your wallet will be credited as soon as the transfers are confirmed.
It depends upon the country you are residing in. However, it varies between $50 and $10,000
Because it is against the framework of anti-money laundering and anti-terrorism watchdogs. Therefore, the source of money must be owned by the person who intends to buy a cryptocurrency.
You can deposit as much as you can if funds are transferred using wire transfers. However, a maximum of $40,000 can be deposited using credit/debit cards.
Unfortunately, you can’t. However, you can request eToro to set up a business trading account for you after the verification of certain documents.
