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How to buy and trade Ripple (XRP)

Read our step-by-step guide to buying XRP in Hong Kong.

As one of the world’s largest cryptocurrencies by market cap, XRP (XRP) is one of the most traded currencies on global crypto exchanges. The native asset of the open-source XRP Ledger, XRP is designed to facilitate fast and affordable transactions between the world’s different fiat currencies.

XRP is most famously used by cross-border payments provider Ripple, but it can be bought and sold by everyday users on a wide range of exchanges. If you want to know how to buy XRP with fiat or cryptocurrency, read on for step-by-step instructions.

Must read: SEC Lawsuit

On 22/12/2020 the Securities and Exchanges Commission (SEC) filed a lawsuit against Ripple and two of its executives.

According to the SEC press release “The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide.”

Ripple filed a 93-page response to the lawsuit on 01/29/2021, stating that “XRP performs a number of functions that are distinct from the functions of “securities” as the law has understood that term for decades. For example, XRP functions as a medium of exchange — a virtual currency used today in international and domestic transactions — moving value between jurisdictions and facilitating transactions.”

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy XRP in Hong Kong

XRP is available on an extensive range of cryptocurrency exchanges, including the following. Skip ahead to our curated list of top XRP exchanges.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

314
cryptocurrencies

Finder Exclusive: Get 10% discount on your fees when signing up through Finder.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

255
cryptocurrencies

Finder Exclusive: Get up to 10 USDT in trading fee rebates for signing up and making a deposit, and up to 30 USDT in trading fee rebates after buying with fiat. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Liquid Cryptocurrency Exchange & Margin Trading
Bank transfer, SEPA
USD, JPY, EUR, SGD, AUD, HKD

125
cryptocurrencies

Promo: Get 10% off your trading fees. T&Cs apply.
Disclaimer: Highly volatile investment product. Your capital is at risk.
Liquid is a unified, globally-sourced trading platform that bridges the worlds of fiat and crypto.
Coinmama Cryptocurrency Marketplace
Bank transfer, Credit card, Cryptocurrency, Debit card
USD, EUR, AUD, CAD, GBP, JPY

10
cryptocurrencies

Founded in 2013, CoinMama lets you buy and sell popular cryptos with a range of payment options and quick delivery.
Wirex Cryptocurrency Exchange
Wirex Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Bank transfer (SEPA), SWIFT
EUR, GBP, CAD, CZK, HUF, PLN, RON, HRK, USD

29
cryptocurrencies

Get a Welcome Bonus of USD 15 in WXT when you sign up with Wirex through Finder. T&Cs apply.
Spend a range of cryptocurrencies anywhere Visa is accepted with the Wirex Crypto Card and earn rewards.
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD

279
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

165
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
OKEx Cryptocurrency Exchange
Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

269
cryptocurrencies

Promo: Earn US$10 in BTC when you refer a friend and they purchase $100 of cryptocurrency. T&Cs apply.
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
CEX.IO Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, SWIFT, SEPA, Faster Payments (FPS)
USD, EUR, GBP, RUB

22
cryptocurrencies

Disclaimer: Highly volatile investment product. Your capital is at risk.
Use your USD, EUR or RUB to buy and sell cryptocurrency at competitive exchange rates and with high maximums for verified accounts.
Paybis Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Neteller, Skrill, Apple Pay
EUR, GBP, USD, AUD, CAD, PHP, SGD, CHF, HKD, JPY & 30+ more

32
cryptocurrencies

Buy Bitcoin and other popular cryptocurrencies with credit card or debit card on this digital cryptocurrency exchange.

US residents: Restricted in the following states - NY, CT, NM, WA, HI, AL, VT, FL, AK, NV.
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XRP vs Ripple: What’s the difference?

Unsure about the difference between Ripple and XRP?

Ripple is the name of a US technology company that aims to make it easier and cheaper to send money overseas. Meanwhile, XRP is the native digital asset of the XRP Ledger and is used to facilitate transactions between different fiat currencies.

[INFOGRAPHIC] An in-depth comparison of XRP and Ripple.

A step-by-step guide to buying XRP

There are two options to choose from when buying XRP:
  • Buying XRP with fiat currency, such as HKD
  • Buying XRP with another cryptocurrency, for example, BTC

If you’re a cryptocurrency novice, you’ll most likely find that buying XRP with fiat currency is the easiest and most convenient option. However, you can find simple, step-by-step instructions below on how to buy XRP with either fiat or digital currency.

Buying XRP with fiat currency

If you want to buy XRP with fiat currency (e.g. USD), here’s one example of how you can do it:

Step 1. Register for an account with Kraken

While you can buy XRP on a wide range of exchanges, your choices in buying XRP with Hong Kong dollars (HKD) are limited. US-based Kraken, however, allows you to purchase XRP with popular fiat currencies such as USD and EUR, and you can register for an account by providing your name, email address, mobile number, proof of residency and proof of ID.

Remember to enable 2-factor authentication for increased security.

Step 2. Deposit funds into your account

Once your account has been verified, log in and go to your account, click “Funding” and then “Deposit”. You’ll then be asked to choose your deposit method.

To deposit HK dollars, you’ll be instructed to make a deposit wire transfer that must be completed at your bank. Kraken doesn’t support credit or debit card purchases of XRP.

HKD deposits through a wire transfer are only available for Kraken’s Tier 3 or 4 account holders. You can see how Kraken structures its tiers by visiting the Kraken site.

Step 3. Buy XRP

The funds should be available in your account within one to five business days. Once the funds arrive, click on the “Buy/Sell” tab on the screen, search for Ripple and click on “Buy XRP”. You’ll then be able to enter the amount of XRP you want to buy or the amount of USD you want to spend.

Make sure you take a moment to review the full details of your transaction before clicking “Buy XRP”.


Tutorial: Buying XRP on Coinbase

Go to Coinbase's website

Buying XRP with another cryptocurrency

It’s possible to buy XRP with another digital currency, for example, bitcoin (BTC) or Ethereum (ETH). Read on for an example of how to do this.

Step 1. Register for an account with Coinbase

You can trade XRP on an extensive range of cryptocurrency exchanges, so compare the features of a number of platforms before choosing one that’s right for your needs.

Coinbase is one of the world’s largest crypto exchanges, and it lists XRP in multiple trading pairs. You can sign up for a Coinbase account by providing your email address and creating a password. Make sure you also enable 2-factor authentication on your account before depositing any funds.

Step 2. Deposit funds into your account

You’ll now need to ensure that the cryptocurrency you’ll use to buy XRP is in your exchange wallet. If it’s already there, skip ahead to step 3.

To transfer funds into your account, you’ll need to make sure you’re depositing them to the right address. On Binance, this means clicking “Funds” and selecting “Deposits” and then searching for the coin or token you want to deposit – CoinBase lists XRP in trading pairs alongside bitcoin, Ethereum, and Binance Coin.

Choose your desired currency, and then copy the relevant wallet address or scan the QR code. You can then use this address to deposit funds from your external wallet.

Step 3. Buy XRP

Once the funds have arrived in your account you can navigate to the exchange page and buy XRP.

Make sure you take a moment to review the transaction details before you click “Buy XRP”.

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How to sell XRP

If you want to sell XRP, the process for doing so is quite similar to the buying process outlined in Step 3. Depending on the exchange you choose, it’s possible to exchange XRP for a decent range of fiat and cryptocurrencies, so do your research to find the right platform for you.

However, keep in mind that XRP isn’t listed in trading pairs with every possible currency, so it may not be possible to make a direct exchange for the coin you want.


Which wallets can I use to hold XRP?

While you can store your XRP on an exchange if you wish, this is generally not recommended due to the security risks associated with centralised trading platforms. Instead, it’s a good idea to transfer your tokens to a secure, private wallet.

Ripple doesn’t offer an official wallet for XRP, but there are several third-party providers that offer wallet support for this popular crypto. Examples you may want to consider include the Ledger Nano S hardware wallet or a mobile/web wallet like Uphold or Cryptonator.


How Ripple and XRP work


Ripple is a San Francisco-based tech company that also has offices in New York, London, Sydney, India, Singapore and Luxembourg. Founded in 2012 and currently led by CEO Brad Garlinghouse, Ripple is focused on making it quicker, easier and cheaper to send cross-border payments.

Ripple aims to create a global settlement network that allows for more efficient transactions between financial institutions around the world. Its network, RippleNet, is designed to connect banks, payment providers, digital asset exchanges and corporate entities around the world, linking independent payment infrastructures to allow for fast and affordable international transfers.

And, this is where XRP comes in. XRP is the native digital asset of the XRP Ledger and acts as a bridge currency, facilitating fast transfers between different fiat currencies. Transactions using XRP can be processed within four seconds as opposed to the lengthy waiting times that currently plague international bank transfers.

XRP is also designed to be scalable, making it capable of processing 1,500 transactions per second. This, combined with low transaction fees (currently set at a minimum of 0.00001 XRP per transaction), has seen Ripple strike up partnerships with more than 100 financial institutions.

Ripple offers three main solutions for banks and other corporate entities:

  • xRapid uses XRP to provide on-demand liquidity to payment providers, thereby minimizing liquidity costs.
  • xCurrent is a messaging system that allows banks to instantly settle cross-border payments with end-to-end tracking.
  • xVia is a standard payments interface for corporate entities, payment providers and banks that want to send transactions across various networks.

To find out more about Ripple, check out our introductory guide

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Key things to consider if you’re thinking about buying XRP

Cryptocurrencies are complicated and volatile assets, so it’s essential that you do your own research before purchasing any digital coin or token. There are a myriad of factors that can potentially impact the price movements of any given crypto, so if you’re thinking of buying any XRP, make sure you consider the following:

  • Supply. According to CoinMarketCap, at the time of this writing (July 2018), the circulating supply of XRP was 39,262,444,717 XRP, with maximum supply capped at 100 billion.
  • XRP distribution. While the maximum supply of 100 billion XRP has already been created, less than 40 billion of those are in circulation, with a large portion held by Ripple Labs. However, in May 2017, Ripple pledged to lock up 55 billion XRP in 55 smart contracts, essentially putting those funds in escrow. Each month, a contract releases 1 billion XRP into the market. This move was designed to combat fears that Ripple could drive down the price of XRP by instantly releasing all its holdings onto the market.
  • Competition. Stellar is another project focused on transforming cross-border payments, and it’s often listed as Ripple’s major competitor. Check out how the two networks compare in our Ripple vs Stellar guide.
  • Availability. You can buy and sell XRP on a wide range of cryptocurrency exchanges. Not only does this provide increased credibility to the cryptocurrency, but the fact that it’s relatively easy to access may also drive up demand.
  • 20 XRP reservation fee. To fund an XRP wallet address, you’ll need to send a reserve requirement of 20 XRP.
  • Adoption of Ripple technology. A number of big players in the global financial industry have either introduced or are in the process of testing Ripple’s systems with their own operations. For example, Western Union has tested Ripple’s xRapid, which is designed to minimize liquidity costs for payment providers, while China’s LianLian International has signed up to Ripple’s xCurrent system and Saudi Arabia’s central bank has launched a Ripple pilot. Other big names that have partnered with Ripple include MoneyGram, Mercury FX, IDT, Cuallix, Santander, UniCredit, UBS and Standard Chartered.
  • Other factors that affect the price. Speculative trading, regulatory changes and the potential widespread adoption of Ripple technology can all impact the price of XRP.

Consider all these factors and any other potential risks before deciding whether you should buy XRP.

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FAQs

Does Ripple recommend any XRP wallets?

No, Ripple does not endorse or recommend any XRP wallets.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Images: Shutterstock

Disclosure: At the time of this writing, the author holds ADA, ICX, IOTA and XLM.

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