Ripple Day Trading 2024 – Tutorial and Brokers

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Written By
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Written By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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Edited By
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Edited By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
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Fact Checked By
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Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
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Trading ripple

There has been a surge in the number of people day trading Ripple in recent years. But what precisely is it and how does it work, and even more importantly, how do you go about trading Ripple in 2024? This page will answer all those questions, whilst also covering its benefits and drawbacks, including top Ripple brokers, trading platforms, price, volume, analysis, and regional differences to be aware of.

Ripple Brokers

Click a broker for details
  1. 1
    FOREX.com
    Active Trader Program With A 15% Reduction In Costs

    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5

    $100
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Stocks, Futures, Futures Options
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
  2. 2
    Interactive Brokers

    Ratings
    4.5 / 5
    3.5 / 5
    4.5 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5

    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF
  3. 3
    Pocket Option
    50% Deposit Bonus

    Ratings
    2 / 5
    3.5 / 5
    2.5 / 5
    3.5 / 5
    3.3 / 5
    3.3 / 5
    3 / 5
    3.5 / 5
    4 / 5
    4.2 / 5

    $50
    $1
    MISA
    Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos
    Web, MT4, MT5
    Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, Airtel
    USD
  4. 4
    IQCent
    20% to 200% Deposit Bonus

    Ratings
    2.5 / 5
    3.3 / 5
    2.4 / 5
    4.3 / 5
    3.8 / 5
    2.5 / 5
    3 / 5
    2 / 5
    4.3 / 5
    4.1 / 5

    $250
    $0.01
    1:500
    IFMRRC
    Binary Options, CFDs, Forex, Indices, Commodities, Crypto
    Online Platform, TradingView
    Credit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, Mastercard
    USD, EUR
  5. 5
    RedMars

    Ratings
    3.3 / 5
    3.5 / 5
    3.8 / 5
    3.5 / 5
    3.8 / 5
    4 / 5
    2.8 / 5
    3 / 5
    4.7 / 5
    4.6 / 5

    €250
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    CySEC, AFM
    CFDs, Forex, Stocks, Indices, Commodities, Cryptos
    MT5
    Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, Visa
    USD, EUR
  6. 6
    Capitalcore
    40% Deposit Bonus up to $2,500

    Ratings
    3.3 / 5
    3.8 / 5
    3.5 / 5
    3 / 5
    3.8 / 5
    3.5 / 5
    2.5 / 5
    3.5 / 5
    0 / 5
    0 / 5

    $10
    0.01 Lots
    1:2000
    IFSA
    Forex, Metals, Stocks, Cryptos, Futures Indices
    WebTrader, Pro
    Ethereum Payments, Mastercard, Visa, Perfect Money, Bitcoin Payments, Debit Card, Credit Card, PayPal
    USD
  7. 7
    Uphold
    Terms Apply. Cryptoassets are highly volatile. Your capital is at risk.

    Ratings
    3 / 5
    0 / 5
    4.3 / 5
    3.8 / 5
    4.5 / 5
    2.3 / 5
    0 / 5
    0 / 5
    4.6 / 5
    4.4 / 5

    $0
    $1
    Cryptos
    Desktop Platform, Mobile App
    Wire Transfer, ACH Transfer, Bitcoin Payments, Debit Card, Credit Card, Mastercard, Visa, Ethereum Payments
    USD, EUR, GBP
  8. 8
    Videforex
    20% to 200% Deposit Bonus

    $250
    $0.01
    1:500
    Binary Options, CFDs, Forex, Indices, Commodities, Crypto
    TradingView
    Skrill, Perfect Money, Bitcoin Payments, Neteller, Credit Card, Visa, Mastercard, Ethereum Payments
    USD, EUR, GBP, AUD, RUB
  9. 9
    xChief
    $100 No Deposit Bonus

    $10
    0.01 Lots
    1:1000
    VFSC
    CFDs, Forex, Metals, Commodities, Stocks, Indices
    MT4, MT5
    Wire Transfer, Bitcoin Payments, Credit Card, UnionPay, Skrill, Neteller, WebMoney, Perfect Money, Debit Card, Ethereum Payments, FasaPay, Volet
    USD, EUR, GBP, JPY, CHF
  10. 10
    Sage FX
    $1,500 trading competition

    $10
    0.01 Lots
    1:500
    Pending
    Forex, indices, cryptos
    TradeLocker
    Credit Card, Visa, Mastercard, Bitcoin Payments, Ethereum Payments
    USD, EUR, GBP, CAD, AUD

Here is a short summary of why we think each broker belongs in this top list:

  1. FOREX.com - You can trade a small range of 8+ cryptos against USD, EUR, GBP and AUD with tight spreads and no virtual wallet required. Algo traders can also utilize Expert Advisors (EAs) to automate their crypto trades.
  2. Interactive Brokers - IBKR lets you purchase and hold Bitcoin, Bitcoin Cash, Ethereum, and Litecoin at competitive commission rates and without needing a crypto wallet. Additionally, there is a range of other diverse assets to explore, such as crypto indices like the NYSE Bitcoin Index, as well as futures contracts like the BAKKT Bitcoin Futures.
  3. Pocket Option - Pocket Option offers a modest crypto offering with 10+ digital currencies including Bitcoin and 65+ tokens if you deposit $1000. The integrated analytics feature in the platform is helpful for finding opportunities, while the daily signals service makes it straightforward to act on short-term crypto opportunities.
  4. IQCent - IQCent offers 17 crypto pairs through its proprietary terminal, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is capped at 1:10, whilst binary options payouts vary by token but remain competitive. OTC assets, for example, pay out up to 95%.
  5. RedMars - RedMars offers 13 crypto CFDs, including the popular BTC/USD, ETH/USD, and LTC/USD. However, there's no option to buy the underlying cryptocurrency. As a comparison, eToro allows the underlying purchase of 44 cryptocurrencies with copy trading on digital currencies also supported.
  6. Capitalcore - Capitalcore allows traders to speculate on the price movements of just five cryptocurrencies through CFDs. Popular options like Bitcoin (BTC/USD), Ethereum (ETH/USD), and Litecoin (LTC/USD) are available. However, unlike competitors like eToro, you cannot purchase the underlying crypto directly.
  7. Uphold - You can buy and sell 250+ crypto assets with fiat currencies or in crypto pairs using the straightforward mobile app or through Uphold's browser-based account homepage. This is significantly more than many rivals. You can also earn up to 16% APY by staking one or more out of 32 valid tokens, or send tokens to an external wallet.
  8. Videforex - Traders can speculate on crypto prices in pairs with USD and CNY through binary options and CFDs. The range of digital currencies is fairly narrow vs alternatives but major tokens like Bitcoin are available.
  9. xChief - xChief’s range of 5 cryptocurrencies paired with USD is smaller than most competitors. In addition, the average BTCUSD spread of 30 pips is not the cheapest. That said, the broker does offer some useful crypto trading guides for beginners.
  10. Sage FX - Trade CFDs with leverage up to 1:100 on 23 crypto pairs with USD including popular tokens like Bitcoin and Ether and lesser-known options like OMG. On the downside, crypto-only pairs are not offered.

FOREX.com

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus OfferActive Trader Program With A 15% Reduction In Costs
CoinsBTC, BCH, ETH, LTC, XRP
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadBTC 1.4%, ETH 2%
Crypto LendingNo
Crypto StakingNo
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Minimum Deposit$100
RegulatorNFA, CFTC
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.

Cons

  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.

Interactive Brokers

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

Christian Harris, Reviewer

Interactive Brokers Quick Facts

CoinsBTC, LTC, ETH, XRP
Crypto MiningNo
Auto Market MakerNo
Crypto Spread0.12%-0.18%
Crypto LendingNo
Crypto StakingNo
PlatformsTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Minimum Deposit$0
RegulatorFCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
Account CurrenciesUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

Pros

  • The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
  • There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
  • IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.

Cons

  • Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
  • You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
  • IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.

Pocket Option

"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."

Jemma Grist, Reviewer

Pocket Option Quick Facts

Bonus Offer50% Deposit Bonus
CoinsBTC, ETH, BCH, LINK, AAVE, ALGO, TLM, ALPP, ANT, AVAX, AXS, BNB, ADA, CHZ, COMP, ATOM, DASH, MANA, DGB, DOGE, ENJ, EOS, FIL, GLMR, ILV, ICP, KAVA, LTC, MKR, MASK, MIOTA, XMR, ALICE, NEAR, NEO, NULS, OMG, DOT, MATIC, QTUM and many more
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadN/A
Crypto LendingNo
Crypto StakingNo
PlatformsWeb, MT4, MT5
Minimum Deposit$50
RegulatorMISA
Account CurrenciesUSD

Pros

  • The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
  • The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
  • Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks

Cons

  • Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders
  • The MISA is a weak regulator with limited investor protection for retail traders
  • You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available

IQCent

"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "

Jemma Grist, Reviewer

IQCent Quick Facts

Bonus Offer20% to 200% Deposit Bonus
CoinsBTC, ETH, LTC, ETC, DOGE, MATIC, QNT, SOL, XRP, USDT, XMR, BNB
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadVariable
Crypto LendingNo
Crypto StakingNo
PlatformsOnline Platform, TradingView
Minimum Deposit$250
RegulatorIFMRRC
Account CurrenciesUSD, EUR

Pros

  • The broker's 24/7 customer support is fast and reliable, responding within 1 minute during tests
  • There's an accessible $0.01 minimum stake for new day traders with a small budget
  • The proprietary terminal offers TradingView-powered charts which deliver dozens of technical indicators and studies

Cons

  • IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month
  • The market analysis is very basic with limited technical summaries and insights from analysts
  • IQCent trails binary brokers like Quotex with its narrow investment offering of around 100 assets with no stocks

RedMars

"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."

Christian Harris, Reviewer

RedMars Quick Facts

CoinsBTC, ETH, LTC, XRP, XLM, DOT, ZEC, XMR, QTM, NEO, EOS, BCH, DSH
Crypto MiningNo
Auto Market MakerNo
Crypto Spread65
Crypto LendingNo
Crypto StakingNo
PlatformsMT5
Minimum Deposit€250
RegulatorCySEC, AFM
Account CurrenciesUSD, EUR

Pros

  • Clients in the EU, in particular, can trade with peace of mind knowing RedMars is authorized by the CySEC with up to €20K compensation available through the ICF in the event of bankruptcy
  • RedMars offers one of the best platforms for day trading, MT5, hosting 21 timeframes, dozens of analytical tools, flexible templates and algo trading
  • Getting started on RedMars is incredibly easy - you can be up and running in just a few minutes based on tests

Cons

  • With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
  • While RedMars' spreads are within industry averages, they don't offer a significant edge over the cheapest day trading brokers we've personally used, notably IC Markets
  • The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.

Capitalcore

"The major selling points of Capitalcore are its high leverage options up to 1:2000 and zero commission or swap fees. However, its weak regulatory oversight from the IFSA and non-existent education place it far behind the top brokers."

Christian Harris, Reviewer

Capitalcore Quick Facts

Bonus Offer40% Deposit Bonus up to $2,500
CoinsBTC, ETH, BCH, XRP, LTC
Crypto MiningNo
Auto Market MakerNo
Crypto Spread$45
Crypto LendingNo
Crypto StakingNo
PlatformsWebTrader, Pro
Minimum Deposit$10
RegulatorIFSA
Account CurrenciesUSD

Pros

  • Unlike most brokers, Capitalcore offers an unlimited demo account that takes under 5 minutes to open.
  • The support team are available 24/7 and responded within minutes during testing with helpful responses.
  • Capitalcore is one of the only brokers to charge zero swap fees, which may appeal to Islamic traders looking to comply with Islamic Finance.

Cons

  • Platform support is limited to proprietary software, so there's no integration with the market-leading MetaTrader or cTrader, which offer built-in economic news and support automated trading.
  • Capitalcore is not regulated by major financial authorities and has an unproven reputation, raising concerns about the safety of client funds.
  • The web platform was inconsistent during testing, with occasional technical glitches that meant the trading platform wouldn’t load.

Uphold

"Uphold remains a top choice for crypto investors looking for a one-stop-shop solution to accessing the markets. There are over 250 tokens to buy, sell and trade through flexible platform options."

William Berg, Reviewer

Uphold Quick Facts

CoinsBTC, BTCO, AAVE, ALCX, DYDX, INH, XYO, API3, GHST, LSK, AUDIO, GLMR, NMR, CAKE, GODS, REQ, CHR, TRB, DAO, ROOK, XRP, ETH, BAT, ADA, ALGO, ATOM, AVAX, AXS, BCH, BAL, BTG, CSPR, COMP, CRV, DASH, DCR, DGB, DOGE, DOT, EGLD and many more
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadUp to 1.5%
Crypto LendingNo
Crypto StakingYes
PlatformsDesktop Platform, Mobile App
Minimum Deposit$0
Account CurrenciesUSD, EUR, GBP

Pros

  • Two-step authentication bolsters user security
  • Crypto staking is available on 30+ tokens with above-average rates up to 16%
  • Fees are competitive based on tests, with 26 underlying platforms helping to source the best prices

Cons

  • Customer service is slow based on tests, with limited contact options
  • Uphold operates with limited regulatory oversight
  • There is a 2.49% fee if you want to use debit or credit cards

Videforex

"Videforex will serve traders looking for a no-frills, easy-to-use platform to speculate on the direction of popular financial markets through binaries. With a sign-up process that takes a matter of minutes and a web-accessible platform, getting started is a breeze. "

William Berg, Reviewer

Videforex Quick Facts

Bonus Offer20% to 200% Deposit Bonus
CoinsBTC, ETH, QUANT, UNI, SOL, BNB, DOGE, XRP, XMR, MATIC, USDT
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadFloating
Crypto LendingNo
Crypto StakingNo
PlatformsTradingView
Minimum Deposit$250
Account CurrenciesUSD, EUR, GBP, AUD, RUB

Pros

  • Videforex regularly runs trading contests, offering practice opportunities and cash prizes to beginners and experienced traders, with position sizes from just ¢0.01.
  • Videforex is one of the few brokers with 24/7 multilingual video support, providing comprehensive assistance for active traders.
  • Traders can earn up to 98% payouts on 100+ assets with the broker’s binary options, bringing it in line with competitors like IQCent.

Cons

  • Videforex lacks authorization from a trusted regulator, meaning traders may receive little to zero safeguards like segregated client accounts.
  • The absence of any educational tools is a serious drawback for newer traders who can find blogs, videos and live trading sessions at category leaders.
  • The client terminal needs improvements based on our latest tests, sporting sometimes slow and unresponsive widgets which could dampen the experience for day traders.

xChief

"xChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."

William Berg, Reviewer

xChief Quick Facts

Bonus Offer$100 No Deposit Bonus
CoinsBTC, BCH, ETH, LTC, XRP
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadVariable
Crypto LendingNo
Crypto StakingNo
PlatformsMT4, MT5
Minimum Deposit$10
RegulatorVFSC
Account CurrenciesUSD, EUR, GBP, JPY, CHF

Pros

  • The low minimum deposit of $10 will appeal to beginners, as well as the beginners’ guides in the Library
  • Traders can access a copy trading solution via the MetaQuotes Signals service
  • xChief delivers a high-quality day trading environment via the MT4 and MT5 platforms, with market-leading charts, indicators and tools

Cons

  • Fees and minimums are imposed on most withdrawal methods, including a €60 minimum for SWIFT bank transfers
  • The total range of 150+ assets is much lower than most competitors who typically offer hundreds
  • The Classic+ and Cent accounts provide access to fewer instruments than the other account types, at 50+ and 35+, respectively

Sage FX

"Sage FX will suit forex traders looking for high leverage and ECN spreads. The broker's prop trading service will also appeal to users looking for funded accounts with up to $200K available."

Tobias Robinson, Reviewer

Sage FX Quick Facts

Bonus Offer$1,500 trading competition
CoinsBTC, XRP, LTC, DASH, ETH, EOS, NEO, TRX
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadFloating
Crypto LendingNo
Crypto StakingNo
PlatformsTradeLocker
Minimum Deposit$10
RegulatorPending
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • Prop trading accounts with multiple funding tiers
  • Ability to deposit and withdraw via Bitcoin
  • Bonus offers and trading competitions

Cons

  • Relatively narrow range of asset classes
  • Not regulated by any reputable body
  • Lacks educational resources and other extra features

Ripple Chart

What Is Ripple?

Ripple is both the name of the digital currency (XRP), plus an open payment network where the currency can be transferred. It looks to facilitate quick and easy transactions across the world in a matter of seconds.

The end goal is to enable everyone to smash through the ‘walled gardens’ of financial networks, such as Western Union, who charge access and exchange fees, plus inhibit customers with significant processing delays. With Ripple, you can transfer almost every currency, and if it succeeds, it will relegate systems like SWIFT and PayPal to the pages of history.

Its use is perhaps best understood with the following example: Transferring currency directly and inexpensively from Croatia to Malawi (HRK/MWK), isn’t usually a walk in the park. You’d probably transfer HRK to USD and then USD to MWK.

At each stage you’ll wrack up transaction and exchange fees, not to mention it will be time-consuming. However, using Ripple allows you to transfer HRK to XRP (Ripple’s currency), relatively cheaply, send XRP to the recipient (who has a Ripple wallet or Malawian bank), and then XRP to MWK. Ripple effectively acts as a catalyst, speeding up the transaction process, whilst also cutting costs.

Low Cost

One of the selling points of Ripple is the low cost. Some even describe it as ‘free(ish)’. That’s because whereas banks and PayPal charge hefty transaction and conversion fees, Ripple takes but a tiny percentage. That percentage is the equivalent to 1/1000th of a cent. The amount taken is then actually destroyed. This is because the deduction is simply supposed to act as a safeguard from individuals who may want to pour millions of transactions through at once.

Trading Price

Before we get on to the benefits of trading XRP, how many Ripple trading coins are there, and at what price?

The company intends to create 100 billion Ripples. Half will be available to consumers, and the other half will be retained by Ripple, for now. With each priced at around 25 cents (November 2017), that puts its total value at around $25 billion, giving it the third highest market capitalisation in the cryptocurrency world, after Bitcoin and Ethereum.

Why Trade Ripple?

For those looking for serious potential profits, the world of cryptocurrencies and Ripple is an appealing choice. Below are several reasons trading Ripple is a smart move.

Volatility

Ripple, much like the other big players in the cryptocurrency world are hugely volatile. With that unpredictability comes the potential for significant profit, especially for short-term traders. One news announcement can send prices soaring, or plummeting.

XRP, Ripple’s native currency soared from under $0.01 to over $0.30 a coin in 2017. This spike can be attributed to its adoption by numerous banks and the global growing interest. These price fluctuations provide precisely the environment needed to bolster profits.

Throw in a growing trade volume that exceeds hundreds of millions of dollars a day and you can see why Ripple is a rich hunting ground for the aspiring intraday trader.

Promising Direction

Whilst other cryptocurrencies shun banks, Ripple is embracing them. This is good for traders. It means Ripple’s value will continue to increase, along with trading opportunities. Compare it to Bitcoin, for example, and Ripple offers the following:

Ripple, then, is taking a markedly different approach than other cryptocurrencies. This bold move to work with major financial institutions so far seems to be paying off. This will all increase Ripple prices and trading volume, providing ample opportunity for the switched on day trader.

On top of that, every time any currency is traded into XRP, liquidity and value of XRP increases as a result of the increased demand. This may lead to XRP ending up as a global reserve currency, but in the meantime, you can jump on the money train.

Leverage

Plenty of brokers offer generous leverage options when it comes to day trading with Ripple, AVA, for example. They will effectively give you a loan, enabling you to increase your position if you see a price move on the horizon. However, it is worth noting, whilst leverage can magnify profits, it can also increase losses.

Automated Opportunities

If you’ve already formulated a successful strategy then employing a Ripple trading bot could boost your profits. Many brokerages facilitate straightforward bot setups. Once you’ve programmed your trading requirements, the automated system has the ability to execute a vast number of trades automatically.

Video – Ripple Explained

Getting Started

The first thing you need to do is get your hands on some XRP. To do that you need to follow three simple steps.

  1. Ripple (XRP) wallet – XRP wallets are very much like Bitcoin wallets. However, when you’re setting up your wallet make sure you note down the secret key and store in a secret location. This key can give any user access to your wallet, so keep it secure. Rules stipulate your Ripple wallet must be funded with a 20 XRP reserve. There are plenty of online wallet options, both Ledger Nano S and Rippex do a good job.
  2. Ripple trading exchange – You can buy XRP with fiat currency, such as GBP, EUR, USD, etc. This can be done with ease via wire transfer through major cryptocurrency exchanges, such as Bitstamp, Kraken, Bitfinex, and others. Alternatively, you can trade Bitcoins for Ripple on specific exchanges. Trading with Ripple on Coinbase, for example, is a popular choice. As the popularity of Ripple increases so does the number of exchanges on the market.
  3. Withdrawal – Ensure you withdraw your XRP to your wallet. Leaving any on the exchange you bought them on could open you up to security vulnerabilities. This is because you don’t control the private key for your coins so they aren’t actually yours. So, keep them in the Ripple wallet only you hold the keys too.

Trading Tools

So you’ve got a platform and currency at your fingertips, but you also need a number of other components to enhance your chances of success.

Strategy

You need an intelligent strategy to give you an edge over the market. That means taking into account charts and signals, whilst conducting thorough analysis. You also need to backtest your strategy against historical data so you can utilise every minute of open trading hours.

Example

One example of a Ripple strategy is as follows. Recently Ripple has been trading within a tight range of $0.017 on the lower-end and up to $0.21 on the upper. Those attempting to breakout and breakdown of this range are yet to prove successful.

On top of that, previous attempts to rally were met with substantial resistance at the downtrend line. So, you need cryptocurrency to break out of $0.21 to find significant buying support. On the downside, a breakdown and close below $0.17 would sink Ripple to $0.165 levels.

Therefore, it could be a sensible move to buy Ripple on a breakout and close above $0.21. Then keep your stop loss at $0.16. On the upside, you’d then expect a rally to $0.3 levels.

Your strategy will depend on your individual trading style, but for detailed guidance, see our strategies page. You can also find strategy advice in the ‘Contrarian Ripple Trading’ book and pdf, by Aidan J. McNamara and Martha A. Brozyna.

Ripple Trading News

Part of your strategy will need to take into account trading news. In such a volatile market, government moves and news announcements around cryptocurrencies can seriously impact the price of Ripple. If a major bank announces they’re going to adopt Ripple, prices may well spike for a period.

That means you need to be constantly tuned into a variety of reliable sources. Below are several sources that offer fast and accurate information on all things Ripple and cryptocurrency.

Before you trade today, head over to some of these sites and ensure you’re not missing anything. On occasion, some of these sources can also offer trading ideas and account advice. So, a savvy trader will keep his ear to the grindstone.

Regional Differences

Before you dive in it’s worth being aware of any regional differences. Trading Ripple in India may not be the same as it would in Canada. This is because firstly, processing times will vary depending on where you’re based, and secondly, different financial systems have different trading rules and tax regulations.

You need to look at how long your bank and exchange will take to facilitate payments. Different countries and exchanges will also offer different pairs. In India, for example, you can buy XRP on BTCXIndia using INR. So, do your homework first.

You then need to check the rules around your financial system’s tax. Do some digging to find out where you will pay tax, domestically and/or abroad? What tax will you pay, and how much will you pay?

For more detailed guidance, see our taxes page.

Risks

Before you pour your life savings into Ripple, you should be aware of its potential pitfalls. As it currently stands, there are two main drawbacks:

Final Verdict

In the next couple of years Ripple’s popularity looks to increase, as they offer a global settlement network that reduces transaction fees and processing times. Those who start Ripple fx trading have the opportunity to make vast profits. However, whilst it may only be at the beginning of its ascent, there remain risks. Therefore, utilise smart strategies, news sources and other trading tools to stay firmly in the black.