Invest In Ripple UK – How to Invest in Ripple in the UK In Under 5 Minutes!

Fact Checked by Gary McFarlane

Are you searching for alternative investment opportunities beyond Bitcoin and Ethereum? In that case, you may have come across Ripple. But despite dwelling with the top ten largest cryptocurrencies, it has a long way to go to reach its all-time high of $3.84. Should you add Ripple to your crypto portfolio? 

To learn more about how to invest in Ripple from the comfort of your own home keep reading this step by step guide. So, let’s take a look at how you can buy XRP in a matter of minutes today!

#1 Broker to Invest in Ripple UK – eToro

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How to Invest in Ripple UK – Choose a Broker

To invest in Ripple in the UK you first need to find an online broker or crypto exchange that matches your needs. So, let’s cover the best brokers and exchanges to buy and sell XRP in 2021. 

  • eToro – Overall Best Online Broker to Invest in Ripple UK 
  • Coinbase – Top-rated cryptocurrency exchange to invest in XRP UK for Beginners
  • OKEx – Best Low-Cost exchange to buy Ripple UK via a Crypto Deposit
  • Binance – Popular Exchange to Invest in Ripple UK with high Liquidity
  • CoinJar – Best Cryptocurrency Exchange to Invest in XRP UK with low crypto deposit fees

For in-depth reviews of all these brokers and cryptocurrency exchanges continue reading. 

How to Invest in Ripple in the UK – A Quick Guide For 2021

Here’s a quick guide on how to buy Ripple UK in less than 5 minutes.

  • Step 1: Open a Trading Account with eToro – After tons of research, we recommend eToro as the best broker to invest in Ripple UK. This copy trading platform offers competitive fees and the minimum investment amount is just $25 (about £18). To open a trading account simply tap the ‘Join Now’ button and enter your personal details.
  • Step 2: Verify your account – to invest more than $2,250 (about £1,600) into Ripple – you will need to upload a copy of your passport and utility bill. This is for the KYC verification process.
  • Step 3: Deposit Funds – You can deposit funds via debit/credit cards, Paypal, or Skrill to have your payment processed instantly.
  • Step 4: Invest in Ripple – The last step is to search for ‘Ripple’, tap the ‘Trade’ button, and specify your stake amount.

By clicking ‘Open Trade’ your Ripple order will be executed immediately, and the XRP tokens will appear in your eToro crypto portfolio. 

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider. 

Where to Invest in Ripple in the UK

With a market capitalization of $41.5 billion and a 24-hour trading volume of $4.9bn, XRP has gained 9.16% in the last 24 hour period. You’re probably asking yourself: ‘should I invest in Ripple?’ If you’re leaning more towards yes, then you will need a trusted broker or exchange to make that happen. 

But with so many options out there, how do you choose the right platform for cryptocurrency trading? 

In this section, we’ll explore the best brokers and exchanges to invest in Ripple today. 

1. eToro – Overall Best Online Broker to Invest in Ripple UK

What is eToro? eToro is an Israeli fintech company launched in 2006 that has become a household name amongst beginner traders. Home to over 20 million traders worldwide, retail investors flock to its platform for its low fees and copy trading features. 

Being a global CFD and forex broker, eToro offers a range of products and markets. As well as 17 popular cryptocurrencies, you can trade CFDs, stocks and ETFs, and more. Perhaps the best selling is that you can buy and sell assets on eToro with 0% commission. This means that the only trading fees you have to pay are the market spreads and the overnight financing fees. 

eToro Invest in Ripple

Copy trading is another useful trading feature that you can integrate into your trading strategies. At eToro you can use CopyTrader and CopyPortfolio to copy the trades of other expert traders. Passive trading is ideal for beginners who are still getting to grips with the ins and outs of online trading. 

To deposit funds you can use a debit/credit card, bank transfer, or e-wallets such as PayPal and Neteller. There is a small withdrawal fee of $5 and a $10 monthly inactivity fee after 12 months of no login activity. The minimum deposit is just $50 and you can invest as little as $25 in the crypto of your choice. 

eToro CopyTrader

Is eToro safe? eToro is regulated by the UK’s Financial Conduct Authority, CySEC and ASIC. This means that UK-based traders are covered up to £85,000 should the broker go into liquidation. 

Pros

  • Buy and Sell cryptos on a spread-only basis
  • Invest as little as $25 in supported cryptos
  • Home to over 20 million traders
  • Heavily regulated by FCA, CySEC and ASIC
  • Wide range of payment methods

Cons

  • $10 inactivity fee after 12 months

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

2. Coinbase – Top-rated cryptocurrency exchange to invest in XRP UK for Beginners

According to coinmarketcap.com, Coinbase is one of the leading cryptocurrency exchanges, with a market cap of over $47 billion and an average 24-hour trading volume of over $1.4 billion. In April 2021, Coinbase (NASDAQ: COIN) raised $500 million in a blockbuster IPO on the NASDAQ platform, valuing the crypto exchange at $8 billion.

When you purchase and sell cryptos on Coinbase, you’ll have to pay a standard commission of 1.49 percent per side. Coinbase charges a fee when you convert one cryptocurrency to another. This 2% spread is slightly higher than the industry average. 

Coinbase

Although cryptocurrencies can be used to fund your Coinbase account, most novice crypto traders in the UK opt to utilise standard payment methods such as credit and debit cards. As a result, if you use a debit card to deposit funds on Coinbase, you will be charged a 3.99 percent deposit fee. Debit card withdrawals are also subject to a 2% fee, whereas bank transfers are free, although they take longer to process. 

Coinbase accepts debit cards, cryptocurrency, and bank transfers as payment methods. It is recommended that you use a UK bank transfer to avoid the 3.99% Coinbase fee on debit card deposits and transactions. While XRP is not supported by Coinbase at the moment, Ripple Labs is currently working on a potential deal with the crypto exchange.

Coinbase complies with all applicable standards and regulations in all the locations where it provides its services to retail and professional traders. Coinbase is also registered with FinCEN as a Money Services Business.

Pros

  • User-friendly crypto exchange platform ideal for new investors
  • Straightforward account opening process
  • Payment methods include debit cards and bank transfers
  • No inactivity fees & zero minimum deposits 
  • Registered with FinCEN as a Money Services Business 

Cons

  •  High debit card deposit fee of 3.99%

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

3. OKEx – Best Low-Cost exchange to buy Ripple UK via a Crypto Deposit

OKEx is another cryptocurrency exchange that caters to UK-based customers. However, it’s worth noting that the platform isn’t regulated by the FCA, so keep that in mind. Despite this, the platform has some of the lowest commissions in the business – particularly if you can pay for your Ripple investment with another cryptocurrency. If this is a possibility, you will only need to pay 0.10% per side. This means that you will pay 0.10% to open a position and again to close it. 

Transferring funds from your UK bank account is the alternative payment option. The main difficulty is that OKEx does not offer a Ripple market against the British pound, thus there will be additional FX expenses. It’s best to withdraw your digital tokens to a private wallet once your UK Ripple purchase is complete, regardless of how you paid for it. This ensures that you have complete control over your digital assets.

OKEx XRP

OKEx, on the other hand, is responsible for some amazing security measures. For example, the platform allows you to secure your account by requiring two-factor authentication. This means that each time you try to log in, you’ll be prompted to input a code supplied to you via SMS. OKEx has approximately 400 digital currencies in total, as well as several key tools including crypto interest accounts and loans.

Pros

  • Huge range of available payment methods
  • No deposit fees
  • Cost-effective Maker-Taker pricing structure
  • Access to more than 150 cryptos
  • Store your cryptos in OKEx’s SA secure crypto cold wallet 

Cons

  • No demo account

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

4. Binance – Popular Exchange to Invest in Ripple UK with High Liquidity Levels

Binance is one of the largest cryptocurrency exchanges in the world, with a daily trading volume of more than $13 billion. Binance, which is based in theBinance Cayman Islands, was founded in 2017 and today boasts a client base of over 15 million traders.

In comparison to most of its competitors, Binance’s trading costs are low. The fee for spot trading is only 0.1 percent, and the fee for rapid buy/sell is 0.5 percent. Depending on your location, Binance offers both fiat and crypto deposits. You can also pay with cryptos, credit cards, debit cards, and bank transfers, among other methods.

The Binance savings account may be of interest to you because it allows you to earn interest on your crypto assets. The interest is paid daily, and if you choose a flexible account, you can withdraw your digital assets at any moment.

Binance has been under review by the UK’s Financial Conduct Authority (FCA) due to money laundering concerns. As a result, the Financial Conduct Authority of the United Kingdom has barred Binance from engaging in any “regulated activity” in the country. This does not, however, prevent UK-based traders from using Binance’s main website to access its services and product offers.

Pros

  • Facilitates an average daily trading volume of $13bn 
  • Buy and sell 50+ cryptos on an exchange with high levels of liquidity 
  • Market-leading trading commission as low as 0.1% per slide
  • User-friendly platform with high liquidity levels
  • Debit/Credit card, local bank transfer deposits accepted

Cons

  • High credit/debit card deposit fee of 2%

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

5. CoinJar – Best Cryptocurrency Exchange to Invest in XRP UK with low crypto deposit fees

Established in 2013, CoinJar is Australia’s most popular cryptocurrency exchange. CoinJar gives consumers access to an exchange as well as a safe cryptoCoinjar wallet and a variety of crypto management tools. You may trade several cryptocurrencies with low fees at CoinJar. The onboarding process takes only a few minutes to complete.

On CoinJar, both makers and takers pay different fees. Depending on the transaction volume, taker costs for trading fiat-to-crypto pairs range from 0.10 percent to 0.50 percent. While this may be a negative, the 0% makers fee may be enough to make up for it. For crypto-to-crypto trading, the taker cost is 0.10 percent, which is lower than the industry average.

CoinJar XRP

CoinJar’s crypto wallets are secured with two-factor authentication and password protection, with 90 percent of all client funds held offline in geographically redundant, secure locations.

CoinJar also uses multi-signature technology to store crypto assets in secure hot wallets.

Pros

  • Beginners will appreciate the user-friendly platform and intuitive interface
  • Buy, sell and store 30+ crypto assets
  • Low-cost maker-taker fees
  • £5 minimum deposit
  • 90% of client crypto-funds are held in cold wallets. 

Cons

  • Not suitable for advanced crypto traders 

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

How to Invest in Ripple in the UK – Detailed & Explained in Full

Step 1: Open a Trading Account

To get the ball rolling simply head over to the eToro official website and click on ‘Join Now’. You will need your name, email address and phone number to create an account. 

Open an Online Trading Account

After this, you will be asked to provide more information related to your home address, national insurance number, and date of birth. Why does eToro need my personal details? As part of the KYC regulations set by the FCA you need to provide details so that the broker can verify your identity and address. This is to combat money laundering and identity theft. 

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

Step 2: Upload Your ID

As we have already mentioned, part of the KYC process involves uploading copies of your passport, driving licence, and a recent utility bill or bank statement. 

Step 3: Deposit funds

Deposit Funds

To successfully invest in Ripple you will need to fund your account. Depositing funds on eToro is quick and easy as the broker supports a variety of payment methods for your convenience. These include: 

  • Credit Card
  • Debit Card
  • Bank Transfer
  • Skrill
  • Neteller
  • Paypal

The only available account base currency is USD, which means that any deposits or transactions made in non-USD currency will incur a conversion fee starting from 50 pips. 

Step 4: Search for ‘Ripple’

eToro Ripple

Now that you have successfully funded your eToro brokerage account you can go ahead and invest in Ripple with the click of a button. To do this, simply type ‘Ripple’ into the search bar at the top of the screen and tap on ‘Trade’.

Step 5: How to Invest in Ripple (XRP)

By clicking on the button marked ‘Trade’ a ‘Buy XRP’ window will appear on the screen. From here you can specify your investment amount. 

eToro buy XRP

Finally, to execute your Ripple order simply click on ‘Open Trade’. And that’s it! You have successfully invested in Ripple in the UK with eToro. 

How to Sell Ripple UK

To sell your XRP tokens simply open your eToro portfolio and click on ‘Sell’. This way eToro will exchange your XRP tokens into US Dollars, which you can then withdraw to your bank account or debit/credit card. 

Ways to Invest in Ripple UK

How are cryptocurrency exchanges and crypto brokers different? Let’s cover the key metrics that differentiate both types of platforms so you can choose the right provider for your trading needs.

Regulated brokers

When it comes to buying XRP in the UK, a regulated online broker is the best option. 

eToro Trade Markets

  • This is because you will be using a fully authorized provider that complies with strict regulations.
  • For example, eToro is heavily regulated by the UK’s FCA, CySEC, and ASIC. 
  • As a result, regulated brokers are required to keep client funds in segregated accounts, and send its order books for auditing. 
  • As such, you can invest in Ripple safely with a trusted and regulated broker. 

By using an FCA-regulated broker such as eToro, you will be able to use your UK bank account and debit/credit cards as payment methods. 

Cryptocurrency Exchange

Cryptocurrency exchanges are digital marketplaces that allow you to buy and sell cryptos. You can’t simply purchase cryptocurrencies from your bank or e-commerce site. If you want to buy Bitcoin (BTC), Ethereum (ETH), or another altcoin you’ll have to register with a crypto exchange to trade your fiat currency for cryptocurrency. 

Binance crypto exchange

There is no one-size-fits-all approach to choosing a crypto exchange. You’ll need to find a platform that suits your objectives. For example, you might be searching for a specific digital asset like Dogecoin, or you may want complete anonymity when you trade. 

ATMs in Japan set to offer XRP via Money Tap

SBI Holdings, a partner and shareholder of Ripple, announced plans in mid-June that Japanese ATMs will soon start offering XRP tokens. The aim is to make XRP more accessible to crypto enthusiasts. Ripple’s money feature ‘Money Tap’ allows users to scan QR codes to send and receive XRP tokens from their Android and Apple smartphones. 

Should I Invest in Ripple UK?

If you bought XRP tokens at the time of its launch you would be looking at an approximate return on investment of 17,630.27%. That’s impressive, but it’s mediocre compared to the broader crypto market. For instance, since its inception in 2015 Ethereum has returned over 85,000%. Yet that’s still relatively small considering some of the other altcoins such as Dogecoin. 

While XRP has many positives, some market analysts advise against putting all your eggs in one Ripple-clad basket. Let’s examine why Ripple is a speculative investment at the best of times. 

What is XRP?

RippleNet is a payment solutions platform allowing users to buy and sell XRP tokens over a public ledger. It’s become so popular that heaps of financial institutions including the Bank of America and American Express now use XRP to facilitate transactions. 

eToro XRP chart

Just last month, Ripple reached a deal with SBI Remit, Japan’s leading money transfer service provider, to facilitate international transactions using XRP. But why is XRP so good at facilitating credit card, e-wallet, and money orders? XRP transactions take around five seconds and on average cost 0.0001 XRP, with very low energy consumption. This makes it difficult for other payment processors to compete. 

If you compare its fee structure to that of Bitcoin, the difference becomes obvious. BTC transactions cost around $40, take 60 minutes to go through, and use 250 kWh of energy. Just to put that into perspective for you, a refrigerator uses that much electricity in one year. 

What about the downsides?

Because the supply of cryptocurrencies is fixed they need regular cash inflows to maintain and increase their value. XRP’s ability to facilitate big institutional capital flows, which can amount to tens of billions of dollars in a single transaction, is one area where it falls short.

The reason for this is straightforward: Ripple is up against fierce competition from the Society for Worldwide Interbank Financial Telecommunications (SWIFT). SWIFT is used for international payments by over 11,000 financial institutions in more than 200 countries, such as major global banks, treasuries like the US Federal Reserve, and sovereign wealth funds. This equates to around four billion bank accounts.

SWIFT’s main aim is to make money transactions accessible to everyone worldwide. Looking back to 2019, it typically took between 30 minutes and 24 hours for Swift to execute half of its transactions. Just last month, the company introduced SWIFT Go reducing transaction times to a few seconds and boosting security. Additionally, improved transparency means that it can better comply with global regulations. Major banks including Societe Generale have approved of the update. 

Is there a potential merger between SWIFT and XRP? In 2019, Ripple’s CEO Brad Garlinghouse described SWIFT as a sluggish and costly payment network. SWIFT responded by launching a proprietary blockchain network. So, it’s highly unlikely that we will see some kind of partnership between the two companies any time soon. 

As of November 2021, Ripple is looking to launch the “Liquidity Hub”, a product that allows financial services firms to offer their customers access to cryptocurrencies. Amidst the lawsuit, Ripple still continue to progress onwards and develop their place in the crypto space.

Why invest in Ripple?

It is almost certain that commercial banks will carry on using SWIFT rather than RippleNet. Firstly, Ripple is dealing with a lawsuit from the US SEC (Securities and Exchange Commission) over charges that Ripple sold XRP tokens as unregistered assets in the fourth quarter of 2020. With tensions boiling over, most retail and institutional investors will steer clear. Furthermore, SWIFT’s prestige will continue to draw in financial institutions. All in all, XRP is a good crypto asset to invest in on the dip. 

Coinmarketcap.com Ripple chart

Currently, the market XRP price is $1.17. Ripple has a 24-hour trading volume of $4,752,146,161, and a market capitalization of $55,173,985,428. 

What are the Risks of Investing in Ripple UK?

The UK’s Financial Conduct Authority has issued warnings about the risks when you invest in cryptocurrencies. These include: 

  • Investor protections – Some cryptocurrency investments that advertise high potential returns may not be subject to anti-money laundering regulations. 
  • Market volatility – frequent price volatility combined with the inherent challenges of valuing digital assets accurately, puts retail investors at high risks of significant losses. 
  • Complexity – some cryptocurrencies are highly complex making it difficult for beginner traders to understand the inherent risks. There are no guarantees that cryptocurrencies can be converted back into fiat money. Exchanging crypto-to-fiat pairs depends on demand and supply levels. 
  • The crypto market is highly volatile – The crypto market is notoriously volatile at the best of times, especially as it is not monitored and managed by centralized institutions like banks and governments that can adjust interest rates and inflation to try and stabilize the financial markets. Crypto markets are decentralized and therefore are vulnerable to dramatic shifts in investor sentiment. To demonstrate this point, on the 18th of May 2021 the price of XRP was $1.64, then just two days later Ripple’s market value dropped to $0.94 on May 20th, following the crypto market crash on May 19th. This represents a drop of -42.6829% within the space of 48 hours. 
  • Commissions and fees – retail investors need to assess the effect of fees and commissions on their overall investment which can be greater than those for regulated tradable assets. 
  • Regulations – Bitcoin and other popular altcoins remain unregulated, but why? The issue with regulating cryptocurrencies is that they run on a peer-to-peer network. Albeit government authorities have been able to regulate venues including Pirate Bay, but there is such an array of digital currencies. The key difference is that crypto transactions can be executed via exchanges or direct payments using a cryptocurrency wallet. 

How Much Does it Cost to Invest in XRP UK?

While the overall cost of buying Ripple in the UK depends on the exchange or broker you choose, there are several main costs you need to keep in mind. 

  • Deposit and withdrawal fees – The most common fee incurred when investing in Ripple is a deposit fee. Deposits made using a debit card are typically the most expensive with most platforms charging 2-5% per transaction. On the other hand, eToro charges a 0.5% conversion fee to deposit in GBP as it does not charge a deposit fee. 
  • Commission – Crypto exchanges and online brokers often use commission as compensation for offering their services. The amount of commission depends on the service provider. For example, Coinbase charges a standard commission of 1.49% per side. In comparison, the only trading fees charged by eToro are market spreads – with the typical spread for XRP being 2.45%, and 0.75% for Bitcoin. 
  • Selling – You will also be charged a commission if you want to sell your Ripple investment. For instance, if you cash out your XRP funds at Coinbase you will pay a commission of 1.49%. 

How to Invest in Ripple UK – Conclusion

This beginner’s guide has covered everything you need to know about investing in Ripple in the UK.  We’ve explored the best cryptocurrency exchanges and online brokers to buy and sell XRP right now from the comfort of your own home. 

If you’re looking to gain exposure to the volatile and highly liquid crypto markets then eToro is our top recommendation. This FCA-regulated broker allows you to invest in XRP with as little as $25 with the click of a button. You can also use its copy trading features to participate in the crypto market passively. So, to invest in XRP right now simply follow the link below and open an eToro trading account today!

1
$50Exclusive promotion
Our score10
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
0% Commissionstart TradingOur score 10

FAQs

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About Dassos Troullides PRO INVESTOR

Dassos Troullides is an experienced finance writer who specializes in CFD, stock, forex, and crypto trading. He uses his experience and time spent in the forex industry to simplify complex financial topics for easy, informative reading. Dassos also writes for TradingPlatforms.com, BuyShares.co.uk, LearnBonds.com, InsideBitcoins.com and ForexCrunch.com