So, you have taken a look at our full eToro review and are interested in what they have to offer when it comes to buying crypto?
Here we will cover exactly what you need to do to set up, and how to buy XRP on eToro. This is one of several top cryptocurrencies you can buy on eToro and one of the most popular.
Don’t forget that you can also find loads of great information on XRP and all the other cryptocurrencies and more than eToro has to offer by checking out our complete eToro review.
For now, let’s get started with focusing on XRP at eToro and everything you can expect:
Table of contents
Is it possible to buy Ripple (XRP) on etoro?
Ripple is offered by eToro and it’s one of many top cryptos that you can buy through the broker. With eToro you can buy XRP in 2 ways: You can trade it as CFD without owning the underlying asset, or you can buy the real asset going long without leverage. This can be done directly on the eToro trading platform.
How to buy Ripple on etoro in 3 simple steps
Buying Ripple through eToro is not a complex process at all. Actually, there are just three simple steps that you will need to follow. Here they are:
1. Open an eToro Live account and get verified
The very first step is to open your eToro live account. This is a process you can do reasonably easily with just a few basic documents and a short amount of time to hand.
In fact, to make it even easier and guide you through each step of the eToro live account opening process, we have put together a detailed tutorial on how to open an etoro live account. This will be the best place you can start.
2. Choose the Deposit methods to buy XRP
Once you have completed the account sign up step, the next thing will be to deposit some money so you can buy your XRP with eToro.
You can make a deposit in a number of ways as we explained in our eToro minimum deposit article. Wire transfer, major credit cards like Visa, and Mastercard, as well as eWallets like PayPal are all available for you to make you deposit quickly and securely.
3. Trade or Buy Ripple
Having verified your eToro account and made your deposit, the final step will be to trade or buy your Ripple. To do this, just head to your eToro profile and under the “Markets” tab you can select “Crypto”.
Once in the crypto menu, you can choose “Ripple” from the available options, and click “Buy (non-leveraged)”. You then simply input the amount you would like to purchase and click buy to open the trade.
Once you have executed the trade and it has completed you will be the owner of some XRP which you can trade again later or store them safely in the eToro wallet by transferring them over.
How to transfer Ripple from/to eToro
Mentioning the transfer of Ripple to and from eToro to the eToro Wallet, this is also a fast and convenient process. You’re a new trader and don’t know exactly what is eToro wallet? Do not panic. Read our in-depth eToro wallet guide.
Here is the lowdown on exactly how that works:
How to open an eToro Ripple (XRP) wallet
Opening a Ripple wallet at eToro couldn‘t be easier. All you need to do is initiate a transfer of XRP into your eToro wallet and an XRP wallet will automatically be opened.
In order to open the wallet, you will need to have a deposit in there of 45 XRP. This should stay there at all times while the wallet is open and this deposit will act in part as your base reserve of 20XRP, and 25 XRP for management of your multi signature XRP wallet. This is a standard procedure and could be seen as a fee of sorts.
The deposit amount of 45 XRP will be deducted from the amount of Ripple you first transfer into the account.
How to send XRP from eToro to the eToro wallet
Sending XRP from eToro into the eToro wallet is something you may want to do if you have bought your Ripple with eToro.
The process to do this is simple to follow. Just open your eToro portfolio, choose your Ripple (XRP), click on “edit trade”, and then “invested amount”. At this point, a pop-up window will display the amount of units, in this case XRP in the trade along with how much the transaction will cost, and how much of your holding will be moved to your eToro wallet.
Limitations when transfering XRP from/to eToro
When you are making an XRP transfer from eToro to your eToro Wallet, you will find certain limits in place. These are as follows:
If transferring from your eToro to eToro wallet, the minimum amount you can send is 168 XRP with the maximum amount in a single transaction is 22,500. The maximum amount you can send this way in a single day is 112,500 XRP.
If making an XRP withdrawal from your eToro wallet you should note the minimum of 133 XRP applies. These limits are often changing depending on the actual value of the currencies.
When it comes to cash transactions for crypto, these apply to all cryptocurrencies from the eToro Wallet. There is a maximum limit of $50,000 per transaction and $200,000 per day.
eToro Fees and Commissions on Ripple
When dealing with Ripple through eToro you will encounter a few fees. These remain very competitive though. Here is more detail on the exact fees to expect.
eToro Ripple Transfer fees
Withdrawing your eToro Ripple will incur a fee of 0.25 XRP. This is small enough not to worry about at all based on present value while there are also no fees for sending or receiving crypto to your wallet other than any blockchain fees that may be charged though these are completely independent of eToro.
XRP Trading fees with eToro
Beyond withdrawal fees, you will find that Ripple can be traded commission-free on eToro. There is just the spread to think about.
This eToro XRP spread starts from 2.45% but can vary depending on the market. If you are trading CFDs you should also remember that an overnight fee for holding the position will apply. This is not the case if you are trading as real.
Why should you buy Ripple on eToro?
Of course, we have already covered many of the positive points about eToro is our fully comprehensive eToro review. This is one of the best places you can start learning about the broker as a whole.
In terms of Ripple though and why you should buy or trade it with eToro, there are several good reasons why.
eToro is one of the best-recognized name brokers in trading. This comes along with a strong reputation and valuable, respected regulation from top-tier bodies like CySEC. They are a great choice for new traders too since they offer you an unlimited, risk-free demo account to practice on.
eToro provides great flexibility for traders too in the sense there are plenty of deposit methods for you to choose from when buying XRP or other assets. You can also benefit from a user-friendly trading environment that provides all the latest news, updates, and even expert analysis to help you along every step of the way.
As a crypto trader you also can‘t help but be attracted by the dedicated eToro wallet and eToroX crypto exchange that is available for you to trade confidently and securely.
Things to know if you plan to day trade XRP on eToro
Perhaps you are planning to day trade XRP or other cryptocurrencies on eToro. If this is the case then there are a few additional things you should know about. Here is more information on some of those important areas.
Discover every XRP Cross on eToro
The first important thing you will want to know about when trading or day trading XRP on eToro is exactly what assets you can trade XRP with. When it comes to trading pairs you have a choice of both XRP/Fiat cross pairs or XRP/Crypto cross pairs.
In terms of XRP/Fiat pairs eToro offers XRP paired with the US Dollar, Australian Dollar, Canadian Dollar, Swiss Franc, Euro, British Pound, Japanese Yen, and the New Zealand Dollar.
If you are more interested in XRP paired with other cryptocurrencies you can trade XRP/Dash, and ZEC/XRP.
An overview of XRP Trading with eToro
A few additional points to know about trading on eToro is that scalping is not allowed with the broker. This could differ from some other brokers who allow scalping.
You can trade on leverage with crypto at eToro but you should note that if you are trading on leverage then these positions cannot be transferred to the eToro wallet since leveraged positions are all traded as CFDs. The same is true if you are going short on crypto since short positions are also opened as CFDs only.
On the other hand, when you open a long position that does not avail of leverage then you will be trading and owning the real, underlying asset and not a CFD.
eToro XRP spreads and fees
As mentioned, there are just a couple of fees that you should keep in mind with eToro crypto and XRP trading. The first is the overnight fee that applies if you are trading a CFD and want to hold the position open overnight.
The second fee is the spread. For Ripple trading this starts at 2.45%.
For further info about eToro spreads and fees, you may find the reading of our eToro fees and spreads guide very insightful.
Pros and Cons on buying Ripple on eToro
Here are some of the benefits we have found for buying and trading XRP on eToro alongside some areas where they could do a little better:
- eToro is a very well-regulated broker with an excellent reputation and very trusted around the world.
- The minimum deposit with eToro is low. This makes them very accessible to many traders.
- The sign-up process is convenient and the platform one of the most user-friendly in the industry.
- The spread on XRP at eToro can be comparatively a little high.
- The minimum amount of XRP needed to access the transfer capabilities is a little high.
Our opinion on buying XRP on eToro
Overall, it is clear that eToro is an excellent broker choice if you are looking to trade XRP. The flexibility on offer here is one factor that makes them a great choice. This flexibility comes in a number of forms. The range of trading pairs available is impressive. Not only can you trade XRP with the US Dollar but also with 7 other fiat currencies and 2 other cryptos.
In addition, you have the great option with eToro of trading XRP as a CFD or as a real asset. This comes along with the ability to employ leverage if you are happy with CFD trading and are comfortable with taking a little increased risk.
Add this flexibility to the ease of use the platform provides, and backed by the strong reputation of the broker and eToro makes an excellent choice in many ways for XRP trading. This is particularly true if you are buying XRP to invest and keep on the eToro platform and in the eToro wallet. If you plan to move them outside the eToro system the fees may be a little high but as we have seen through our detailed eToro Wallet review, that can be a secure and reliable place to keep your eToro investment and avoid fees.
How to buy XRP on eToro FAQ
How do I open an XRP wallet?
To open an XRP wallet, you need to first transfer a XRP position from the eToro trading platform to the eToro Wallet. Currently, transferring XRP to the eToro Wallet is free of transfer fees and opening an XRP wallet is free of XRP wallet creation fees.
Why trade XRP on eToro?
You can copy the strategies of expert traders and engage with other traders/clients in order to trade at your best. eToro is also great for crypto trading, and XRP is one of the most famous cryptocurrency in the market.
About the Author