Best Ripple Trading Platforms in 2024

Ripple (XRP) is one of the most prominent cryptocurrencies in the crypto ecosystem. It is currently the 5th largest cryptocurrency with a market capitalization of $32 billion. Ripple has become quite popular with traders and investors as one of the most prominent digital assets. As such, there is considerable interest in buying, selling, and trading XRP. Ripple can be traded through several trading platforms. This guide will look at the best Ripple trading platforms and help you choose the best platform to begin trading.

Key Points

• Ripple is designed to facilitate quick and cheap cross-border transactions. 
• Ripple (XRP) can be purchased on several trading platforms like eToro, Binance, Coinbase, and others. 
• Ripple transactions consume less energy than Bitcoin, cost a fraction, and are confirmed in seconds. 
• Ripple is one of the most valuable cryptocurrencies when it comes to market capitalization, making it a popular trading asset.

Best Ripple Trading Platforms in 2024

Let’s review our list before we begin our in-depth analysis of the best Ripple trading platforms. 

• eToro – We found eToro to be the best Ripple trading platform. eToro gives traders a simple yet comprehensive trading experience. It also comes with an extremely user-friendly interface
• Gemini – One of the most popular trading platforms in the world, Gemini makes our list thanks to its robust security. The platform is quite popular with long-term investors 
• Kraken – A popular platform that supports hundreds of cryptocurrencies including Ripple (XRP). The platform has a minimum trade size of $10
• Binance – World’s largest crypto trading platform, and supports hundreds of cryptocurrencies, including Ripple
• Coinbase – The largest trading platform in the US and is extremely popular with new and advanced traders

What Is Ripple?

Ripple is a blockchain-based digital payment network and protocol that utilizes its native cryptocurrency, XRP, to facilitate payments. Ripple’s primary goal and function is to act as a payment settlement asset exchange and remittance system. It works similarly to the current SWIFT system utilized for international money and security transfers by large financial institutions and banks.

The XRP token is premined. A few things about Ripple may be confusing, so let’s try and simplify things. Ripple is the name of the company and the network, while XRP is the name of the native token. XRP serves as an intermediate exchange mechanism between two currencies or networks, acting as a temporary settlement layer denomination. Meanwhile, the XRP ledger is independent of Ripple.

To confirm XRP transactions, Ripple uses a unique consensus algorithm that utilizes interconnected segments of a network of geographically distributed validator nodes. Each sub-network trusts a specific set of nodes called the Unique Node List. This consists of a limited number of servers owned and operated by diverse financial institutions, including banks.

History Of Ripple

Ripple was founded by crypto enthusiasts and entrepreneurs who wanted to revolutionize international payments. In 2012, Jed McCaleb, founder of Mt. Gox, along with eLoans founder Chris Larsen and software developers Arthur Britto, Stefan Thomas, and David Schwartz, created the XRP Ledger. The XRP Ledger was created to facilitate quick and efficient cross-border transactions.

The developers also restricted the circulating supply and total supply of XRP. This was done to ensure the stability of XRP’s price. The developers set a maximum limit of 100 billion XRP and distributed 80 billion XRP to Ripple. They placed the remaining tokens in escrow, with 1 billion XRP being released every month to prevent inflating the token’s price.

The XRP ledger initially used “ripples,” which later evolved into XRP. The XRP network at the time comprised the Ripple Consensus Ledger, the Ripple Network, The Ripple Transaction Protocol, and the XRP token. Today, Ripple has streamlined itself into RippleNet, an integrated suite of products that leverages the XRP cryptocurrency as its payment token.

Read More: Ripple Price Prediction and Forecasts

Best Ripple Trading Platforms Reviewed

In this section of our guide on the best Ripple trading platforms, we will look at each platform we have listed in the previous section. Let’s get started.

1. eToro

eToro is the first platform in our guide on the best Ripple trading platforms, with features suited for beginners and advanced traders. It is also one of the most secure crypto trading platforms in the market and offers a simple, intuitive user interface.

eToro supports an array of cryptocurrencies, including Ripple (XRP). Other prominent assets available on eToro are Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Shiba Inu (SHIB), Cardano (ADA), and several others. Apart from crypto assets, users on eToro can also invest in traditional markets such as indices, ETFs, stocks, commodities, and index funds.

eToro is also a highly secured and regulated platform, giving traders a secure trading environment. The platform is regulated by the CySEC, SEC, FCA, and ASIC.

eToro Features

eToro offers several features that put the platform head and shoulders above its competition. These include Copy Trading, Smart Portfolios, and Social Trading.

Copy Trading

Copy Trading allows users on eToro to mirror the trades of professional traders on the platform. Doing so allows them to earn a passive income by taking advantage of the trades made by professionals. Copy Trading also reduces the amount of research required because you depend on trades made by others. While convenient, Copy Trading comes with its fair share of risks.

Part of the risk comes from the fact that investing is inherently risky. There is no guarantee that the trades placed by traders, while professionals, will be profitable. While there is potential to make considerable gains, there is always the possibility of making significant losses as well. The minimum investment required for Copy Trading on eToro is $200. Depending on your trading goals, you can choose from thousands of traders on the eToro platform.

Smart Portfolios

Smart Portfolios are an excellent option for traders to invest in the market, allowing them to invest in a basket of assets chosen by eToro. These portfolios are professionally managed. Once you invest in a portfolio, the eToro team manages all aspects of the portfolio.

Social Trading

As the name suggests, Social Trading facilitates the interaction of users on eToro. It allows traders to view and discuss trades with each other. Traders can also share their opinions regarding specific assets, discuss important market developments, and comment on other traders’ trades and assets.

Fees On eToro

Now, let’s take a quick look at the fees on the eToro platform. eToro uses a flat fee structure, making things less complicated for users. The platform charges a 1% fee on crypto trades. It also does not charge any fee for holding user assets. The minimum trade on eToro is $10, and users can access automated trading tools and a demo account. Additionally, eToro offers fractional investing, enabling traders to own a portion of an asset. This significantly lowers the barrier for entry to invest in more expensive assets.

Supported Payments

eToro is known for offering an unprecedented level of convenience to its users. Part of this convenience involves offering traders a plethora of payment options. Supported payment methods on eToro include debit cards, credit cards, bank wire transfers, and eWallets such as PayPal, Skrill, and Neteller.

Credit and debit card deposits are processed instantly. While processed instantly, withdrawals take a few days to reflect in the trader’s bank account.

To learn more about how eToro compares to other top platforms, read this eToro vs. Robinhood comparative review.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

2. Gemini

Gemini is another best Ripple trading platforms in 2024. The Gemini exchange is considered one of the best for beginners and experienced traders, thanks to its emphasis on security. Traders can leverage a variety of security measures, allowing them to trade in a secure and regulated environment.

Security On Gemini

So, how does Gemini give its users enhanced security? All users on Gemini must undergo a thorough vetting process before they can access their accounts and begin trading. Coinbase also fully complies with KYC and Anti-Money Laundering (AML) regulations. The FDIC covers USD deposits on Gemini, giving users an additional layer of security. Regarding regulation, Gemini is regulated as a trust company, Gemini Trust Company LLC, by the New York State Department of Financial Services (NYSFDS).

Fees On Gemini

Now, let’s take a closer look at the fees on Gemini. Gemini charges a fee of $1.49 on all buy-and-sell orders above $10 and up to $25. For orders between $25 and $50, the platform charges $1.99, while orders between $50 and $200 are charged $2.99. Orders above $200 are charged 1.49% of the order value. The platform also charges a markup of 0.50% on the value of the cryptocurrency being traded.

Gemini does not support credit cards, debit cards, or e-wallets. Instead, the platform only accepts bank deposits. However, you can also fund your Gemini account using crypto. Gemini is available in several jurisdictions, including the US, Canada, the UK, Singapore, South Korea, and Hong Kong.

3. Kraken

For users looking to trade XRP, Kraken is one of the best Ripple trading platforms in the market today. Kraken was one of the first crypto trading platforms in the United States, founded in 2011. It is an excellent option for traders looking to diversify their portfolios. The platform offers access to over 200 cryptocurrencies and has over 9 million registered users in over 190 countries.

Prominent cryptocurrencies supported on Kraken include Ripple (XRP), Solana (SOL), Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Uniswap (UNI), Litecoin (LTC), Cardano (ADA), and several others. Users can also access a plethora of prominent stablecoins such as DAI, USDT, and USDC. The platform also supports major fiat currencies such as the USD, EUR, and GBP.

Kraken also offers margin accounts, futures trading, and features for retail and institutional traders. Retail traders can trade on Kraken’s primary platform, while more experienced traders can do so on Kraken Pro.

Trading Experience

Now, let’s look at the trading experience on Kraken. There are two different platforms on Kraken: Kraken and Kraken Pro. The Kraken trading platform is ideal for beginners and retail traders, allowing them to verify their accounts and start trading quickly. Traders also don’t have to fund their trading accounts to purchase crypto. Instead, they can make purchases using their linked bank account.

Now, let’s take a look at Kraken Pro. Kraken Pro is Kraken’s advanced trading platform and is ideal for experienced traders. The platform can be accessed through a web browser or a smartphone and offers advanced features, detailed asset information, and active orders. All Kraken users can access Kraken Pro. Additionally, fees on Kraken Pro are considerably lesser than those on the main Kraken platform.

Fees On Kraken

Now that we are on the topic of fees on the platform let’s look at them in a little more detail. The fees on Kraken are dependent on the platform being used (Kraken/Kraken Pro) and the trades entered. They also depend on the spread fees prevailing on the primary Kraken platform. Let’s look at fees on Kraken and Kraken Pro individually.

Fees on Kraken are a percentage of the transaction value of the trade executed, along with a spread. The transaction fee is displayed when executing the trade, allowing traders to confirm the fee before executing the trade. Any additional fee depends on how the account has been funded.

Now, let’s look at Kraken Pro. Kraken Pro charges considerably lower fees than the primary Kraken platform. It also offers far more advanced features suitable for experienced traders. Fees on Kraken Pro depend on the trader’s total trading volume over the past 30 days. Generally, most Kraken Pro trades are subject to a 0.26% taker fee and a 0.16% maker fee.

Regulation

Kraken is one of the most regulated platforms on our list, making it highly secure. The trading platform is regulated as a Money Services Business (MSB) by FinCen in the US and FINTRAC in Canada. The FCA regulates Kraken’s associated businesses in the UK, while the ones in Australia and Japan are regulated by AUSTRAC and FSA.

4. Binance

The next platform in our guide on the best Ripple trading platforms is Binance. Binance is the behemoth of the crypto trading ecosystem and is the world’s largest crypto trading platform by trading volume. It offers traders an array of prominent cryptocurrencies, along with a host of features and trading options. Additionally, traders on the platform can access crypto loans, options, and futures.

Binance also gives traders a dedicated mobile app to trade on the go. However, one thing traders will be wary of is Binance’s notoriously complicated user interface. The platform has a complex interface, meaning users must deal with a steep learning curve.

Cryptocurrencies On Binance

Binance is the leading trading platform when it comes to cryptocurrencies offered. The platform offers over 350 cryptocurrencies, including Ripple. However, the Binance.US platform, available exclusively for US-based clients, offers only about 150 cryptocurrencies. However, international platform users can access the full selection of available assets.

Additionally, Binance offers users many fiat currencies, including USD, EUR, AUD, USD, HKD, INR, and several others. Some of the major cryptocurrencies supported by Binance are,

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC) 
• Ripple (XRP)
• Litecoin (LTC)
• Dogecoin (DOGE)
• Cosmos (DASH)
• Harmony (ONE)
• VeThor Token (VET)
• Compound (COMP)
• SushiSwap (SUSHI)
• Uniswap (UNI)
• Cardano (ADA)
• Cosmos (ATOM)
• Stellar Lumens (XLM)
• Solana (SOL) 

Security

Security on Binance is a mixed bag. While the platform is secure, it faces several regulatory hurdles in multiple jurisdictions. To secure accounts, Binance uses two-factor authentication. Users must enter a unique code sent to their registered device when accessing their accounts. It also uses additional security measures, such as address listing, to boost security.

However, regular run-ins with regulatory authorities remain a concern for users on Binance. Binance recently had to pay a record fine to the United States Securities and Exchange Commission, with CEO Changpeng Zhao also forced to step down as part of a settlement. Binance has fallen foul of regulatory authorities in several jurisdictions and has been outright banned in some.

User Experience

Regarding user and trading experience, Binance offers users several tools. Tools available on the platform include Auto Invest, Futures Trading, Grid Trading, TWAP, Advanced TP/SL, Multi-symbol Trading page, and real-time charting tools. Users can place their trades through the Binance website, desktop app, or dedicated mobile app. They can also view their order books and price charts and access their portfolios.

Binance also offers several order types: stop orders, limit orders, stop-market orders, stop-limit orders, and trailing stop orders.

Fees On Binance

Binance charges the lowest fees among major trading platforms, using a maker/taker fee structure. This fee structure is based on trading volumes and BNB coin balance. Users can also get fee discounts through referral bonuses and using the native BNB token for trades. However, traders on the Binance.US platform pay slightly higher fees than those using the main Binance trading platform.

5. Coinbase

Users looking for the top Ripple trading platforms in 2024 can take a look at Coinbase. This platform is one of the most popular trading platforms in the crypto space and is the largest trading platform operating in the United States. It is also extremely popular with beginners and advanced traders. Opening an account on Coinbase is straightforward. All you have to do is visit the Coinbase website and click “Create Account.”

You must also submit a government-issued identification document and proof of residence, which Coinbase will independently verify. Once the verification is complete, you can deposit funds into your account and begin trading. You can deposit funds into your account using a debit card or a direct bank transfer.

Security

Coinbase is one of the world’s most secure trading platforms with excellent security controls. It complies with all relevant Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. User funds are stored offline, ensuring enhanced security. The platform has also introduced mandatory two-factor authentication for users when signing up. Additionally, the platform allows users to set up a 48-hour timelock on withdrawals, adding an extra layer of security.

Fees

Now, let’s take a look at the fees on Coinbase. Fees on Coinbase are on the higher side when compared to the other platforms in our guide. Traders are charged a 3.99% fee when they purchase crypto using their debit card. However, bank deposits are free. Coinbase also charges a 1.49% commission on buy or sell orders. However, users on Coinbase Pro can trade digital currency pairs at lower commissions.

Cryptocurrencies Offered

Apart from Ripple, Coinbase offers a plethora of other digital assets that users can trade. Major cryptocurrencies available on Coinbase include:

• Bitcoin (BTC)
• Dogecoin (DOGE) 
• Ethereum (ETH)
• Tether (USDT)
• Decentraland (MANA)
• Polygon (MATIC)
• Stellar Lumens (XLM)
• Litecoin (LTC)
• Solana (SOL)
• USD COIN (USDC)
• Band
• Maker
• Graph

The complete list of supported cryptocurrencies is available on the Coinbase website. Coinbase also supports major fiat currencies, including GBP, USD, and EUR. Apart from cryptocurrencies, Coinbase also offers NFTs. It also allows users to earn a passive income by staking their assets. Several payment methods are supported, including credit cards, debit cards, PayPal, and bank wire transfers.

To learn more about Coinbase features and how it compares to other trading platforms, read this Coinbase vs Crypto.com comparative review.

XRP Trading Platforms: Factors Taken Into Consideration

When making our list of best Ripple trading platforms, we took several factors into consideration. 

We considered several factors when making our list of the best Ripple trading platforms. 

• Cryptocurrencies offered – The best Ripple trading platforms must offer a large selection of assets to trade. This allows traders to diversify their portfolios without signing up on multiple platforms. 
• Interface – User interface is another important factor that must be considered. Always select a platform with an easy-to-use interface and advanced trading tools. 
• Reputation and Regulation – Always check its regulatory status before signing up on a trading platform. Platforms regulated by regulatory authorities in various jurisdictions ensure a secure trading environment. 
• Security – Security is the most important aspect one must consider when selecting a trading platform. Some platforms offer two-factor authentication to secure accounts, while others store most user assets offline.

Purchasing XRP

You cannot purchase XRP from Ripple’s website or associated systems, including the XRP Ledger. Remember, the XRP ledger is a decentralized network that only maintains a record of transactions. It does not let you purchase XRP. However, you can buy XRP from Ripple trading platforms like eToro, Binance, Coinbase, and Gemini. Other methods include peer-to-peer services, DeFi (decentralized finance) platforms, crypto ATMs, and payment processors. However, this guide will only look at the best Ripple trading platforms.

Ripple can also be earned passively through lending, providing liquidity, or rewards programs. However, it cannot be accessed through staking.

Is Ripple (XRP) A Legitimate Cryptocurrency

Yes, Ripple (XRP) is a legitimate cryptocurrency. It is currently the 6th largest cryptocurrency with a market capitalization of $33 billion. Jed McCaleb and Arthur Britto created Ripple. It was primarily designed as an alternative to the SWIFT money transfer network used by banks and financial institutions to settle payments. XRP can be bought as an investment or used to finance transactions on the Ripple Network.

XRP is not the most important thing about Ripple. However, its technology is. Major financial institutions use Ripple to settle transactions. Ripple has integrated itself into the traditional financial system, a feat no other cryptocurrency has managed to do. With its intricate ties to the traditional financial system, Ripple (XRP) is considered a safe investment.

How To Trade Ripple (XRP)

You can begin trading Ripple (XRP) by opening an account on a trading platform like eToro, Binance, or any others we have discussed. Always choose a trading platform that aligns with your trading goals. If you are a beginner, you can create an account on eToro and use its Copy Trading feature to mirror professional trades.

Now, let’s look at how you can trade Ripple (XRP). For this section, we shall use eToro as our example.

Step 1: Create An Account

The first step in trading Ripple (XRP) is to create an account. To create your trading account, visit the eToro website and click “Create Account.” You will then be prompted to enter your email ID. Create a strong password to secure your eToro trading account.

Step 2: Upload Documentation And Identification

Once you have created your account, you must provide valid documentation and personal details. eToro will verify these details separately. The documentation is required to complete KYC and AML requirements. You will also be required to provide personal information such as name, phone number, email address, date of birth, and country of residence.

Step 3: Deposit Funds

Once eToro verifies your account, you can deposit funds. eToro has a minimum deposit requirement of $20 and supports several payment methods, such as credit cards, debit cards, wire transfers, and e-wallets like Skrill, Neteller, and PayPal. All USD deposits on eToro are free. However, non-USD deposits attract a 0.5% deposit fee.

Step 4: Search For Ripple XRP

Once your account has been verified and funded, you can start trading. To begin trading, search for the asset you wish to trade. Since we are trading Ripple (XRP), we will search for XRP.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

Step 5: Trade Ripple

The last step is to initiate your trade. After finding XRP in the list of assets, click on the “Trade” button, Enter the requisite information, and click “Open Trade” to place your trade.

Conclusion – Ripple Trading Platforms

That wraps up our guide on the best Ripple trading platforms. In this guide, we discussed the best platforms to purchase Ripple (XRP). We examined each platform in detail, examining their fee structure, the assets offered, ease of use, and regulatory status. Our comparison found eToro to be the best platform for purchasing Ripple. eToro offers a simple and intuitive trading platform with low fees and a plethora of assets on offer. It also provides features like Copy Trading, Social Trading, and Smart Portfolios.

Reviewed and Fact Checked by Kamal Masri, Fintech and Crypto Editor and Financial Analysts.