How to buy Ripple (XRP) from Australia

By   |   Verified by Andrew Boyd   |   Updated 21st October 2022

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  • Ripple Labs is an American technology company that develops the Ripple global payments settlement system and currency exchange network.
  • Ripple (XRP) is the native cryptocurrency that powers fund transfers over the RippleNet (Ripple Network).
  • Ripple's network can facilitate transfers of commodities including fiat currencies, cryptocurrencies, and even gold.

If you want to invest in Ripple, this step-by-step guide will take you through the process of buying Ripple in Australia today.

Where to buy Ripple

Binance Australia

On website

Highlights

  • Sign up on Binance Australia to get a 100 USDT cashback voucher. Terms and Conditions apply.
  • World's largest crypto exchanges.
  • Buy, sell, trade, and stake 1,000s of crypto coins and trading pairs.
  • Zero-fee deposit via PayID or Osko from Australia.

Pros

  • It has some of the lowest trading fees out there. 0.1% for spot trading and 0.5% for instant buy or sell fees.
  • Credit card or debit card deposits are accepted.
  • Provides charting and trading tools suitable for advanced crypto traders.

Cons

  • The platform UI can be complicated to learn for new investors.
Swyftx

On website

Highlights

  • Receive $10 worth of BTC when you sign up and verify your account.
  • Trade over 300 assets on Swyftx including Bitcoin, Ethereum, Ripple and Litecoin as well as DeFi coins such as UniCoin.
  • Deposit or withdraw funds from your account using several payment methods (PayID, OSKI, POLi or bank transfers).
  • New to Crypto? Try Swyftx's demo mode, it allows you to mock trade with no financial risk while you learn the ropes of crypto trading.

Pros

  • Trade more than 300 crypto assets through the Swyftx platform.
  • Offers tight spreads and low trading fees.
  • Get support within 5 minutes through their live chat.
  • Practice trading with a demo mode.

Cons

  • Lacks access to advanced trading markets.
CoinSpot

On website

Highlights

  • Buy Bitcoin, Ethereum, XRP and over 370 other digital currencies.
  • Refer a friend and earn $10 BTC.
  • Get 24/7 helpdesk support.

Pros

  • Trade for only 0.1% and withdraw in AUD for free.
  • Multiple deposit options.
  • Access CoinSpot NFT Marketplace.
  • CoinSpot is regulated by AUSTRAC and is ISO certified

Cons

  • Margin trading is not available.
eToro Crypto

On website

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

Highlights

  • Access thousands of assets across multiple categories.
  • Copy trades of popular investors that trade Crypto.
  • Access powerful analysis tools and innovative social features.

Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
Uphold Crypto

On website

Uphold Crypto

Highlights

  • Invest in 200+ digital currencies including the majors, altcoins, and stablecoins with 0% commission.
  • Ability to trade crypto against other assets like foreign currency and commodities.
  • Stake a range of coins with competitive yields.

Pros

  • Open an account in less than a minute.
  • Low deposit requirement and commission-free trading.
  • Option to trade fiat currencies and precious metals.

Cons

  • High spreads on low-liquidity assets.
Independent Reserve

On website

Highlights

  • Instant deposits 24/7 via Osko/PayID.
  • Fee-free deposits are available. Trading fees from 0.5% down to 0.02%.
  • Invest in crypto for your SMSF and get detailed reporting for ATO compliance.

Pros

  • Automate your cryptocurrency trading strategy with Independent Reserve's AutoTrader feature.
  • Its built-in tax calculator makes it easier to file your tax return.
  • ISO certified and has an AUSTRAC license.

Cons

  • It has a limited number of supported coins compared to other exchanges.

Step 1: Choose an exchange that sells Ripple

You must first choose an exchange to use before buying XRP. Before depositing money into a cryptocurrency exchange, there are some things to look at and consider. Make sure the coin you want to buy is listed, check available deposit methods, whether the exchange supports your preferred payment method to buy Ripple, what fees they charge on trades, and if they charge to withdraw funds.

Step 2: Register and get verified

Once you've decided which exchange to use, you'll need to register an account with them and verify your identity. What information the exchange requires varies but generally includes your full name, date of birth, and address. In addition, a copy of a form of government-issued ID may also be required to complete verification.

Step 3: Fund your account

You can fund an exchange account with fiat or cryptocurrency. Most exchanges support fiat currency (AUD) transfers from a bank account or credit card. Payments via PayID, PayPal, and POLi may also be available. Fiat currency transfers may take several days to clear into your account at the exchange. Another option is to transfer cryptocurrency from a wallet you already control (but this could incur processing fees). Note that some exchanges my require a minimum deposit amount before you can start to buy.

Step 4: Set yourself a budget

Decide how much you want to put into Ripple and stick to it. Crypto is a volatile asset class. It's possible to lose a substantial amount of your money in a relatively short period of time. Therefore, it's best to invest only what you are able to afford losing.

Step 5: Buy Ripple

The most convenient way to purchase is to use an market order, i.e. purchase Ripple at the next price. If you want to build your position in Ripple, some exchanges make it possible to dollar cost average with recurring buys.

Where to keep your Ripple

If you want to steer clear of malware and hacking, store your XRP tokens in an offline or cold wallet (also known as a hardware wallet). However, if you want to keep your XRP convenient so you can trade more easily, keep it in the exchange's wallet.