Welcome, here we will compare some Ripple XRP trading platforms to evaluate which is the best in 2020.
Ripple, being controlled by the company of the same name, is a coin for which we investigate its platform visibility.
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 trading site for spot trading, margin trading and derivative trading for Ripple XRP.
If you are interested in crypto trading sites in general, go to our list with top bitcoin trading sites.
Basics 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.
How to find the Best Ripple Trading Platform?
There are certain parameters you want to look at to be able to determine which is the best Ripple (XRP) trading site.
We compiled a list of the most 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 trading and and exchange trading functions
In this article, we compare the trading platforms by using the above list.
You should be aware that several trading sites might be very similar in many aspects. In the end, it is your personal preference on where you wish to invest in XPRs.
Bitfinex - Great Ripple Trading Platform with Margin Lending
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%). You can read a full review about the Bitfinex trading site in our Bitfinex review 2020.
The margin trading is complex, oriented towards trading experts, as shown in the snapshot below. In addition to margin trading there is Bitfinex margin lending where you can lend your cryptocurrencies to other traders and earn interest.
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
Binance - The Best Ripple XRP Trading Platform 2019
If you wanted to trade XPR against other coins in your possession, then Binance is the right place to go.
This crypto trading site offers margin trading, futures trading and all features you can ask for. In addition, the Binance fees are the most competitive in the market.
The verification of the identity is not required and service is available globally. Trading is geared towards experts, as seen in the picture below.
If you are interested in trading with Binance you can sign up or you can continue reading our full Binance review 2020.
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 - Ripple XRP Trading Available for US customers
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
Poloniex - Was a Great Crypto Trading Platform
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
Summary - Best Trading Platform for Ripple XRP in 20202
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.