Ripple Brokers & Exchanges
Ripple brokers facilitate the buying and selling of the unique cryptocurrency, XRP. Its aim to complement other currencies has made Ripple favourable among many traders, who rely on Ripple brokers to connect them to the crypto exchange and execute XRP deals.
In this article, we discuss the most important elements to consider when finding a Ripple broker.
Ripple Brokers & Exchanges
#1 - AvaTrade
Why We Chose AvaTrade
Regulated in five continents, AvaTrade offers a secure way to access crypto markets. There's a great range of digital currencies including Bitcoin, Ethereum and Ripple, plus a crypto index. You can access competitive crypto spreads in the broker's wide choice of platforms as well as 1:2 leverage.
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team
- Coins: BCH, BTC, BTG, ETH, LTC, XRP, EOS, DASH
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: BTC <1%, ETH 2%
- Crypto Lending: No
- Crypto Staking: No
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM
About AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
Pros
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
- AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
Cons
- Traders from the US are not accepted
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
#2 - Pepperstone
Why We Chose Pepperstone
Pepperstone continues to prove itself as one of the most trusted crypto brokers. Although its selection of digital tokens is average, you can trade popular cryptos like Bitcoin and altcoins like Ripple with up to 1:10 leverage, while its crypto indices provide a holistic view of the digital currency markets not found on most day trading platforms.
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
- DayTrading Review Team
- Coins: BCH, BTC, ETH, LTC, DASH, ADA, LINK, DOGE, EOS, DOT, XRP, XLM, XTZ, UNI, BNB
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: BTC 30, ETH 0
- Crypto Lending: No
- Crypto Staking: No
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
- Minimum Deposit: $0
- Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
About Pepperstone
Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
Pros
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
Cons
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
#3 - XM
Why We Chose XM
XM offers a handful of cryptocurrencies against the USD via the South African entity only. These are tradable via CFDs with high leverage up to 1:500. You can explore major tokens like Bitcoin, Ethereum and Ripple with just a $30 deposit.
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
- DayTrading Review Team
- Coins: BTC, ETH, LTC, XRP, BCH
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: Variable
- Crypto Lending: No
- Crypto Staking: No
- Platforms: MT4, MT5
- Minimum Deposit: $5
- Regulator: ASIC, CySEC, DFSA, FSC, FSCA
About XM
XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.
Pros
- XM is a hugely respected broker authorized by tier-one regulators
- XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
- Accessible trading accounts with a $5 minimum deposit and fast account opening
Cons
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
- PayPal deposits are not supported
- There is weak regulatory oversight through the global entity
#4 - IC Markets
Why We Chose IC Markets
IC Markets offers 20+ cryptocurrencies which are tradable via CFDs, including lesser-known tokens such as Avalanche, Kusama and Uniswap. Commission-free trading is available, and experienced crypto traders can access high leverage up to 1:200 in the MetaTrader platforms.
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
- DayTrading Review Team
- Coins: BTC, BCH, DOT, DSH, EMC, EOS, ETH, LNK, LTC, NMC, PPC, XLM, XRP, ADA, BNB, DOG, UNI, XTZ
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: BTC 42.036
- Crypto Lending: No
- Crypto Staking: No
- Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
- Minimum Deposit: $200
- Regulator: ASIC, CySEC, FSA
About IC Markets
IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
Pros
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
#5 - Eightcap
Why We Chose Eightcap
Eightcap’s crypto offering is best-in-class with 250+ crypto derivatives, surpassing that of almost every alternative. Testing also reveals Bitcoin spreads of 12 pips, coming in lower than most competitors, while it offers real-time trading ideas through the Crypto Crusher market scanner. Add in convenient deposits and withdrawals in digital currencies, and Eightcap offers the complete package for serious crypto traders.
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
- DayTrading Review Team
- Coins: BTC, ETH, LTC, BCH, XRP, XMR, DSH, EOS, XLM, ADA, TRX, DOGE, BNB, DOT, MATIC, VET, AXS, NEO, SOL, UNI, AAVE, KSM, THETA, CAKE, SUSHI, ATOM, XTZ, SNX, COMP, FLOW, EGLD, PUNDIX, RAY, ZIL, QTUM, BAND, OMG, FIDA, BADGER, NEAR and many more
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: $12 (BTC)
- Crypto Lending: No
- Crypto Staking: No
- Platforms: MT4, MT5, TradingView
- Minimum Deposit: $100
- Regulator: ASIC, FCA, xCySEC, SCB
Pros
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
Cons
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
What Is Ripple?
Ripple is the name of both a digital currency (XRP) and payment network solution that work together to provide instant, low cost and secure cross-border payments. The Ripple On-Demand Liquidity (ODL) solution uses the digital asset XRP to bridge any two currencies, removing the need for pre-funding of destination accounts and eliminating the transaction time.
How Does Ripple Work?
Ripple enables transactions using a process called ‘an issuance’, which allows assets to be transferred between two parties. Transactions are stored on a shared ledger that also contains information about all Ripple accounts. The solution is low cost, with Ripple taking a tiny XRP fee, but later destroying the small payment. This is to prevent people from spamming the network.
Ripple Versus Other Cryptos
Ripple serves a different purpose to other tokens, such as Bitcoin, by accompanying other currencies (including cryptos), rather than competing with them. Additionally, all of Ripple’s coins were created during its launch, meaning there are none that can be mined.
However, like other cryptos, XRP is highly volatile, which has made it an attractive opportunity for many day traders hoping to capitalise off its strong fluctuations.
How Ripple Brokers & Exchanges Work
Ripple can be purchased through an exchange or a broker. However, since a lawsuit was filed against Ripple by the US Securities and Exchange Commission (SEC) at the end of 2020, XRP has been removed from many exchanges, meaning traders have less flexibility about where they can purchase the crypto.
Using an exchange, customers can purchase XRP in exchange using another currency, such as USD. The exchange makes its money by setting the buy price to be higher than the sell price, with this difference called the spread. Exchanges are a good option for those who are simply looking to buy and hold XRP.
With a broker, clients can deposit funds in a fiat currency, such as USD, then later trade on the price of XRP. This includes buying spot XRP as well as accessing derivatives, such as futures and options. Derivatives enable traders to speculate on the price of XRP without owning the underlying asset and provide the option to use leverage. An XRP forex broker may make its money through the spread, commission fees or both.
Brokers and exchanges allow traders to store XRP in an online account, some of which come with an integrated crypto wallet. However, it is recommended to store XRP in an offline wallet, which is more secure and less susceptible to hacking.
How To Compare Ripple Brokers
Finding a suitable Ripple broker with reasonable fees is essential to successfully trade XRP. In this section, we list the most important elements to consider.
Fees
There are several fee types to consider when selecting a Ripple broker:
- Trading fees – These are the main fees paid for each transaction, usually a spread or a flat commission fee. Spreads can be fixed or variable, which determines if they will change in times of higher or lower volatility. A wider spread will reduce potential profits on each trade
- Overnight fees – Holding a leveraged position overnight may incur further fees in the form of interest payments
- Inactivity fees – Accounts without any activity for a set period of time will be classed as dormant and may incur inactivity fees
- Conversion fees – Conversion fees may apply when depositing funds using certain currencies – usually those that are less liquid
- Loan fees – Opening a short position involves borrowing the asset, meaning interest will be charged
Leveraged Products
Using leverage is possible with derivative XRP products, such as Contracts for Difference (CFDs). Leverage enables the trader to increase their position for a given outlay. Many brokers offer x2 leverage on cryptocurrencies, meaning it is possible to trade twice as much as is deposited. However, beware that this will multiply losses as well as profits.
Interest
While it is not possible to mine XRP as an extra source of income, some platforms offer traders the option to earn interest on their XRP, with returns as high as 5% APR.
Regulatory Status
Selecting regulated Ripple brokers means they have to comply with certain standards, which helps to protect against fraudulent brokers. Look for XRP brokers regulated by reputable authorities such as the FCA in the UK, CySEC in Cyprus and ASIC in Australia.
Accounts
Many brokers offer different account types to suit customer needs. This usually includes retail and professional account types, though there may be additional account choices based on minimum deposit requirements, the leverage offered and spreads available.
Platforms
Platforms enable traders to place XRP trades through a Ripple broker. As well as executing the trade, the platform software can also be used to carry out technical analysis using charts and indicators. While some brokers offer proprietary platforms, others provide services through popular platforms, such as MetaTrader.
The platform should be easy-to-use with quick execution speeds, to avoid slippage.
Mobile App
Many Ripple brokers offer mobile apps that provide a whole host of features that compete with desktop or web platforms. As well as executing trades, many mobile apps provide a range of chart and indicator types for carrying out technical analysis on the go too. Check that the app offers the technical features required and has good reviews on the Google Play or App Store.
Tools
Some Ripple brokers offer additional educational resources to help beginners start investing. Look out for YouTube videos, blogs and articles to learn the basics and pick up new strategies.
Customer Support
Good customer support can be a lifeline with new Ripple brokers. Live chat is a great way to get instant support that has become increasingly popular. Alternatives include telephone support and email contacts, but make sure to check these services are available when you’ll be investing, which is possible 24/7 for many crypto exchanges.
Payment Methods
Ripple brokers may limit the methods that can be used to purchase XRP. This could be certain credit/debit card types such as Visa or MasterCard or e-Wallets. In some cases, it may not be possible to directly purchase XRP. An initial deposit to a more liquid crypto, such as Bitcoin, may be required first, followed by an exchange to Ripple. Bitcoin payments may also be an option for those holding Bitcoin in a wallet already.
Low Minimum Deposits
As well as restricting payment methods, some Ripple brokers also place restrictions on the deposit amount. While Interactive Brokers has very high minimum deposit requirements of 10,000 USD, eToro has a more affordable minimum deposit requirement of 200 USD.
How To Check Ripple Brokers Aren’t A Scam
The most important thing for Ripple traders is trust in their broker. Follow our top tips to find a genuine XRP exchange service:
- Read online reviews – In particular research complaints from previous customers to develop an indication of their reputation
- Check regulatory status – Is the broker regulated by a reputable authority and to what standards does it have to comply? The broker’s license can also be checked via the regulator’s website
- Look out for unlikely offers – Some Ripple brokers may offer prices, spreads or sign up bonuses that seem too good to be true.
Final Word On Ripple Brokers
Ripple brokers enable traders to speculate on the price of XRP, a unique altcoin that acts as a bridge, complementing other currencies. Reviewing the features and account types offered by each broker will ensure you get the best deal on XRP.
FAQs
What Is Ripple?
Ripple is the name of both a cryptocurrency (XRP) and payment network solution. Unlike other cryptocurrencies, such as Bitcoin, it works with all other payment types such as fiat currency, air miles or cryptos, to provide quick, low cost and secure payments.
How Can I Trade Ripple?
Ripple can be traded by opening an account with a Ripple broker and purchasing XRP, or speculating on the price of the asset using derivatives, such as CFDs.
How Does A Ripple Broker Work?
Customers can place an order through a Ripple broker, which then files the order with the cryptocurrency exchange on their behalf.
What Are The Best Ripple Brokers?
Top Ripple brokers include IG and eToro, both of whom are regulated by the FCA and have minimum deposit requirements of $250 and $200 respectively.
What To Look For In A Ripple Broker?
When selecting a broker that offers XRP, look for one that is regulated, provides good platform features and has a fee structure to suit your strategy.