With the rise of bitcoin, the rest of the cryptocurrencies have also experienced a growth spurt in terms of their value and platforms they feature in. Ripple, being controlled by the company of the same name, is a coin for which we investigate its platform visibility.
Read on, as we go through XPR’s trading platforms and analyze their security, verification process, available deposit/withdrawal methods and more. The main aim of this guide is to provide you with the best exchange that you purchase and sell XPR.
Brief Information about Ripple
Ripple, being predominantly oriented towards banking sector, has the main aim to ease the money transfers around the world. As the Ripple coins (XPR) cannot be mined, this centralized currency is used for trade in the commercial crypto world. The platform, as shown below, belongs to the Ripple Company, which mines all of the volumes and controls its supply.
The total market cap currently stands at 100 billion cons, with 55 billion being withheld from the market as a measure against over-inflation. The worth of the Ripple market stands at $117 billion, a number not including the escrow pool.
What Should You Look for in Trading platforms
The cryptocurrency industry is evolving its standards on daily basis. More and more platforms are now opening their operations, offering enhanced services compared to what was popular a month ago. We compiled a list of important features that platforms should have when evaluating the best available option for you. These indicators are:
- Privacy level
- Number of deposit/withdrawal methods
- Fee structure level
- Number of countries served
- Availability of security tools and features
- Margin and exchange trading functions
In this article, we compare the exchanges using the above list. You should be aware that several exchanges might be very similar in many aspects. In the end, it is your personal preference on where you wish to invest in XPRs.
Bithumb is a South Korean crypto exchange that accepts KRW deposits/withdrawals alongside with crypto coins, XPR included. The platform offers basic exchange functions, with margin trading unavailable at the moment, as seen below.
Fees range from 0% to 0.15%, depending if you have earned gift vouchers through volume traded. Verification is needed for fiat trade while security tools available are 2FA, email encryption, and IP whitelists.
- service is globally available
- very low fees with gift vouchers allowing zero-fee programs
- adequate security
- geared towards domestic traders
- no margin trading functions
- only KRW fiat currency available
- verification needed for fiat trade
Bitfinex is the largest USD trade cryptocurrency platform in the world, offering a number of crypto coins, Ripple included. The funding is possible through bank transfers, expressed in ERU and USD, while the service is available globally. Verification is a must for fiat trade and fee structure is organized through maker/taker cost structure (between 0.1% and 0.2%).
The margin trading is complex, oriented towards trading experts, as shown in the snapshot below.
Security at Bitfinex has been brought up since the hacking incident in 2016. Traders now have tools such as 2FA, email encryption, IP whitelists, email notification system and session management.
- globally available XPR trade
- high-level security features
- USD and EUR fiat currencies accepted
- low taker/maker costs
- margin trading available
- verification must be completed for fiat trade
- only bank transfers accepted
- geared towards experts only
If you wanted to trade XPR against other coins in your possession, then Binance is the right place to go. This crypto-to-crypto platform offers margin trading by using cryptocurrencies only, with fees being network costs for withdrawals. The verification of the identity is not required and service is available globally. Trading is geared towards experts, as seen in the picture below.
Security is of low level since the only 2FA is available for traders to use and protect themselves from cybercrime.
- traders from around the world can use services
- one of the lowest fees in the market
- no identity checks
- margin trading available
- no fiat currencies or transfers
- low-level security available
- starters might find interface too complex
Bittrex, much like Binance, is a crypto-to-crypto trading platform only, with fiat currencies not acceptable means of trade. Services are globally available though some regions would need to pass through extensive verification. The said rule is imposed on traders originating mainly from Africa and Asia.
The margin trading is available for clients to use, as shown in the snapshot below.
As for the security, you can use IP whitelists, 2FA, and email notification system to protect your XPR balance. Fees stand at 0.25%, no matter the order position.
- anyone around the world can access the platform
- adequate safety measures
- verification not needed for most regions
- availability of margin trading
- low fees
- African and Asian would need to conduct identity check
- no fiat currency or transfers accepted
The Poloniex exchange was established in 2014, offering margin trading and exchange services for its clients, as seen below.
Due to the strictly crypto-to-crypto currency trade, this platform does not accept fiat deposits/withdrawals. The fee structure is organized through maker/taker fees, ranging from 0% to 0.15% depending on the monthly trade volume achieved.
Even though platform experienced a major hacking incident in2014, security tools have not been improved since. You now have only 2FA to protect you.
- service globally available
- margin trading and exchange services
- low maker/taker fees
- no verification requirements
- no fiat currency trade
- lack of adequate safety measures
Both beginners and experts have a choice when it comes to Ripple trade. If you hold your privacy as an important feature, then Poloniex and Binance would be exchanged to go to. Keep in mind that security level at these platforms is low while those exchanges that require full verification usually provide numerous safety measures.