DeutschHowever, the term Ripple is mostly used when this cryptocurrency is meant. In the following article, we would like to inform you about the characteristics of Ripple, how the system works and what you have to do if you want to buy XRP or Ripple online or trade Ripple.
The CoinPro.Ch Provider Test – the Best Options for Buying, Trading and Trading Ripple
Provider
Result
Regulated provider from Austria - specializing in trading Bitcoin, Ethereum, stocks and many other assets.
With several hundred thousand customers worldwide, Binance is one of the top 10 largest and most well-known exchanges. The use of the exchange is free of charge, with fees only applying to the purchase and exchange of cryptocurrencies.
Bitvavo, one of the leading exchanges from Europe (Netherlands) with a large selection of cryptocurrencies. PayPal deposit possible. Extra: 10 Euro bonus when registering via CoinPro.ch
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Background: Buying Ripple Online Means Trading XRP
As already mentioned at the beginning, Ripple is a company or an open source protocol developed by Ripple Labs. The business consists of further developing the digital currency and successfully completing projects in this area. Accordingly, the term Ripple for the digital currency is not actually correct, but instead you trade XRP if you actually want to buy Ripple online. A major difference between Ripple and numerous other cryptocurrencies is the structure of the system. Ripple is based on the structure of modern monetary systems, so there is sometimes talk of the digital money of banks. Ripple carries these well-known mechanisms into its digital currency, so there are some similarities with the classic payment transactions of banks. Nevertheless, some technical basics are of course different from transactions with central bank money.
The Ripple System in Detail
Understanding how Ripple works is not that easy. Although you don’t necessarily need to know this background if you want to buy Ripple online or trade with Ripple. Nevertheless, it is interesting to know that payments within the Ripple system result in liabilities between the participants being adjusted. Although the system is not able to enforce these liabilities, storage is definitely available. Ripple Labs also has approximately 25 billion units of the digital currency XRP in its own portfolio. This is also a significant difference to numerous other digital currencies, namely that the number of possible currency units for Ripple or XRP is virtually unlimited. This is what distinguishes Ripple from Bitcoin, for example, where there will never be more than 21 million coins. The very fast transaction speed also speaks for the Ripple system.
Buy Ripple and Open a Wallet
If you want to buy Ripple online, i.e. trade with the cryptocurrency XRP or Ripple, you definitely need a wallet. This can be an online wallet or you can opt for an even more secure offline wallet, for example in the form of a paper wallet or a ledger as an external storage medium. Depending on which cryprocoin exchange you want to trade Ripple on, either an external wallet must exist or you use an exchange that also provides an online wallet. However, the wallet is absolutely necessary if you want to buy Ripple online or if the subsequent transfer of the XRP holdings is to take place.
Buying Ripple online also means in detail that – apart from the aforementioned wallet – you have to register on a so-called cryptocoin exchange or a crypto marketplace. This is necessary because it is only possible there to trade Ripple and not just speculate on the price development. In summary, the following steps are therefore necessary and prerequisites must be met if you want to trade XRP coins or Ripple:
- Set up wallet
- Registration on a cryptocoin exchange or crypto marketplace
- Deposit central bank money on the exchange or transfer coins to exchange for Ripple
- Place order
- After Ripple trading, transfer XRP holdings to the wallet
Since these steps are not necessarily easy to understand, especially for newcomers, an alternative to buying Ripple online has become increasingly popular, especially in the last year, namely speculating on the price development of the cryptocurrency using CFDs.
Trade Ripple Using crypto-CFDs
Buying Ripple online is one way, but especially in the past year, quite a few traders have gone another way, namely that of so-called crypto-CFDs. These are contracts for difference, in which, for example, a cryptocurrency, such as Ripple, represents the underlying asset. Numerous traders see the great advantage in the fact that in this case they do not have to buy Ripple online and set up an extra wallet, but instead it is sufficient to have a trading account with a CFD broker.
The fundamental difference to Ripple trading via the cryptocoin exchanges, however, is that in this case no coin holdings are generated, but instead you speculate on price changes with the corresponding CFDs. There are of course also advantages, because in contrast to the cryptocoin exchanges, the vast majority of CFD brokers are regulated and there is also the possibility to speculate on falling prices via the corresponding contracts. This is usually not possible via the cryptocoin exchanges, because if you buy Ripple online, you naturally assume exclusively rising prices.
Conclusion: Trade Ripple via an Exchange or Speculate with CFDs
If you want to benefit from the successful development of Ripple or the cryptocurrency XRP, while further price increases are expected, you can do this in two ways in particular. On the one hand, you have the option of buying Ripple online, namely via a cryptocoin exchange. The second way is not to trade Ripple directly, but instead to speculate on the price development using CFDs. The digital currency XRP, behind which Ripple stands, is definitely still interesting, regardless of whether you buy Ripple online or opt for the contracts for difference with the underlying asset XRP.
The Best Options for Buying and Trading Ripple via Crypto Exchanges or CFD Brokers
Provider
Result
Regulated provider from Austria - specializing in trading Bitcoin, Ethereum, stocks and many other assets.
With several hundred thousand customers worldwide, Binance is one of the top 10 largest and most well-known exchanges. The use of the exchange is free of charge, with fees only applying to the purchase and exchange of cryptocurrencies.
Bitvavo, one of the leading exchanges from Europe (Netherlands) with a large selection of cryptocurrencies. PayPal deposit possible. Extra: 10 Euro bonus when registering via CoinPro.ch
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
