Their Openbook social trading platform in fact changed the nature of the way beginner online traders can trade the financial markets. Ripple is a new cryptocurrency with the symbol XRP. In an era where there has been a lot of innovation and development of technology that has transformed the turnaround time of many tasks, the system of a wire transfer in banks has still remained largely unchanged from the pre-internet days. These days, you can send an email to someone from a smartphone wherever you are in the world and expect the data transfer to last only seconds, leading the other party to receive the email less than a minute later.
However, it still takes days to wire money from part of the world to another. The main issues with wire transfers are the following:. The aim is to provide a seamless, frictionless experience when sending money across the world. So what are supposed to be the key advantages that Ripple offers as an alternative payment solution? Ripple is built on a more advanced blockchain technology than Bitcoin, and in August , briefly became the 3 rd most valuable cryptocurrency after Bitcoin and Ethereum.
It presently lies in 3 th place after the price took a little bit of a hit. Ripple XRP benefited from the price appreciation most of its peers experienced in the 1 st and 2 nd quarters of It is believed that increased adoption of XRP by financial institutions will boost its demand going forward.
In order to expand its user base not just for individual users but also to include institutional clients, Ripple announced a partnership with cryptocurrency exchange BitGo for the development of enterprise-grade wallets which will incorporate high-end security features to match the highly advanced requirements for institutional users. These enterprise grade wallets will provide a better and more secure platform for financial institutions to be able to offer cryptotokens for cross-border payments. Many more exchanges are coming on stream to offer XRP on their networks.
How to Trade Ripple CFDs
The enhanced user base from these expansions will create a dynamic in terms of supply and demand for XRP tokens. These supply-demand dynamics will then create price shifts that will make XRP a tradable instrument across exchanges and trading platforms. What does this indicate? Interest in trading XRP has increased substantially from pre levels.
The price changes which followed can be said to be as a result of the following factors:.
These Contracts-for-Difference assets enable traders to predict price differentials without having to hold the XRP tokens. Ripple can be mined and traded. It can also be bought from exchanges and resold at a higher price. To be able to buy or sell Ripple on cryptocurrency exchanges, you must have a wallet with a unique wallet address.
The wallet is like your bank, and the wallet address like your bank account number; it is personal to you.
Convert Popular Currencies
Exchanges offer their clients free wallets to be able to conduct business. In order to buy XRP on an exchange, you have to purchase it using your fiat currencies or with digital payment solutions.
A list of vendors who have XRP for sale is usually listed on each exchange. Each vendor has a different price and will accept various payment methods. Exchanges usually have a list of verified sellers who will post how much they are selling XRP for the various fiat and digital currencies.
This allows the buyer to choose from a list of prices and to select the price that will be favorable for the transaction. These platforms basically list the various contracts that feature XRP as a paired asset. The list above shows the various pairings of the XRP asset, which provides various kinds of trading opportunities. These assets can all be traded with leverage.
If you are using a trading platform which supports the programming and use of EAs, then, by all means, you can use your EA to trade any of the XRP pairs.
Top 10 Online Brokers for Ripple Trading
It is important to note that majority of these platforms are owned by market makers. So traders should observe the rules of using market maker platforms, one of which is that not many of them allow EAs or scalping techniques. You need to have an acceptable payment method to enable you to trade with Ripple on an exchange or on a trading platform. A Ripple exchange is a marketplace where Ripple can be bought or sold in exchange for fiat currency, digital currencies or other cryptocurrencies.
The strategy is to purchase at lower prices, hold for appreciation of price and resell for a profit. Due to the much lower number of exchanges offering XRP, it can be a challenge selecting the best Ripple exchange for your business.
Account Type
There are several factors which must be considered. These are as follows:. The financial systems in Asia are better suited to work on Ripple exchanges. Those in North America are not because there are many regulatory red tapes. A major advantage of using exchanges is that many of them now offer mobile apps that can be downloaded from the iOS Store or from the Google Play Store. In conclusion, we present the best Ripple trading brokers for Even though there are traders who would want to trade solely on the exchanges, as well as others who would like to trade XRP CFDs exclusively, it is advocated to be active on both sides of the divide.
This is because the knowledge gained from technical analysis of the XRP CFD asset on trading platforms can equally be used to great advantage on the exchanges. In coming up with this list, we considered brokers and exchanges that could come up with the following:. Crypto Hub. Economic News. Expand Your Knowledge. Forex Brokers Filter. Trading tools. Macro Hub. Best Ripple Trading Brokers Advertising Disclosure Advertising Disclosure. This page may not include all available products, all companies or all services.
Top 10 Online Brokers for Ripple Trading |
FX Empire Editorial Board. At FX Empire, we stick to strict standards of a review process. Learn about our review process. FX Empire may receive compensation. The brokers below represent the best Ripple Trading features. Scroll for more details. Your capital is at risk. No dealing desk. ECN, No dealing desk.
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Sponsored Sponsored. Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash. Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients. Visit Broker Your capital is at risk. FP Markets Review. Visit Broker Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. IC Markets Review. MetaTrader and cTrader available on desktop, web and mobile.
Impressive library of educational material and videos. Beginner traders may be overwhelmed by the choice of markets and platforms. Payment Methods for Ripple Trading You need to have an acceptable payment method to enable you to trade with Ripple on an exchange or on a trading platform. Money, etc. This method is restricted as not all banks work with Ripple exchanges. These are as follows: What country or region are you located in?
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As a result, funds held on exchange platforms may be subject to loss if the platform fails.