|Wirex||Best place to buy XRP|
|Coinbase Pro||Cheapest way to buy XRP|
|Solidi||Buy XRP with bank transfer|
|LocalCryptos||Buy XRP Without Verification|
The best place to buy XRP in the UK is Wirex, a crypto wallet combined with a UK bank account that lets you quickly register and buy Ripple with low fees.
In this post, I’ll show you how to buy XRP—aka Ripple—using Wirex, and also on other platforms with a bank transfer, debit card, and even without needing to verify your identity.
XRP to GBP
Best place to buy XRP with Debit Card: Wirex
Wirex offers a simple, easy, and regulated way to buy cryptocurrency in the UK. Setting up an account is free, and you can even get a crypto debit card delivered to your house with no charge.
On Wirex, you can buy XRP with GBP using a debit card, credit card, UK bank transfer via Faster Payments, or by trading other cryptocurrencies including Bitcoin and Ethereum
Fees on Wirex are typically 1%, plus a very small commission.
If you hold the Wirex token (WXT), you are entitled to a discount on exchange fees, bank transfer fees, and crypto withdrawal fees ranging from 25% if you hold 50,000 WXT (approx. £400 as of writing) to a complete fee waiver if you hold 500,000 WXT (~£4000)
Wirex follows the law to the letter and has an extensive KYC process. For those who value privacy and don’t want to surrender sensitive personal data to buy XRP, consider buying on Local Cryptos.
Buying with a debit card on Wirex
Wirex offers competitive fees for buying cryptocurrency with a debit or credit card, but you are better off avoiding card fees entirely and topping up with a bank transfer. Wirex doesn’t charge to receive GBP via SEPA or Faster Payments from your UK bank account.
Cheapest way to buy XRP: Coinbase Pro
Coinbase Pro offers the cheapest possible route to buying XRP, but it comes at the cost of convenience.
The reason Coinbase Pro is so cost-effective is because it uses the maker-taker fee model— charging a small fee for market orders that remove liquidity from the order book, and no fee for limit orders that add liquidity.
This means traders comfortable with an advanced user interface can effectively get a free trade by using a limit order, but they will need to jump through a few hoops first.
As you can’t directly buy XRP for GBP on Coinbase Pro, you will first need to exchange your pounds for euros using a free service like Revolut.
Simply follow these four steps:
- Download Revolut and deposit GBP
- Convert GBP TO EUR at the interbank rate
- Send EUR to Coinbase Pro
- Use EUR to buy XRP on the exchange with a limit order
As you can see the buying process for Brits on Coinbase Pro is quite convoluted. Not only that, but Coinbase is notorious for crashing during times of high demand when the market is volatile. The exchange has also faced backlash from the crypto community for its support of blockchain forensics, leading to the hashtag #deletecoinbase trending on Twitter.
Buy XRP with Bank Transfer: Solidi
British broker-backed exchange Solidi is based in Cambridge and offers an easy, fast, and cheap way to buy XRP with faster payments or debit card.
The sign-up process is painless, and KYC checks are processed fairly quickly. But, you are likely to pay slightly higher prices than those found on other exchanges because you are buying from (or selling to) third party brokers.
To get started, sign up to Solidi, verify your identity, and then purchase.
Buy XRP without verification: LocalCryptos
LocalCryptos is a lighter version of LocalBitcoins that doesn’t require KYC checks. You can buy XRP here without verifying your identity.
Simply follow these three steps:
- Register with a username, email address, and password (do not forget your password as it cannot be recovered).
- Find a seller with a good offer for XRP
- Deposit funds to make the trade securely via Escrow
What else should I know about buying XRP?
- The fourth biggest cryptocurrency by market cap, XRP is celebrated by its supporters as the future of cross-border payments, but derided by its critics as a centralised “banker’s coin.”
- The cryptocurrency was created in 2013, two years before Ethereum.
- XRP has a supply of 100 bn, and 61% of the total supply is owned by Ripple. (Yep, that’s how Co-founder Chris Larsen became the richest man in crypto and the 383rd wealthiest man in the world!)
- XRP is a deflationary currency as a part of each transaction fee is burnt.
What is the difference between XRP and Ripple?
The difference between XRP and Ripple is not just a matter of semantics. Ripple is the US tech company that created the cryptocurrency XRP.
“Ripple is a centralised company investing on top of a decentralised technology called the XRP ledger” — CEO Brad Garlinghouse
Ripple’s goal is to replace existing cross-border payment systems with a smoother, faster, more efficient form of financial plumbing.
Along with XRP, Ripple offers a range of products to banks and payment providers around the world, including xCurrent and xRapid which are aimed directly at solving modern banking problems.
- xCurrent provides real-time messaging and settlement between banks.
- XRapid reduces the cost and improves the speed of global payments. This uses Ripple’s XRP as a bridge currency.
Is XRP a shitcoin?
Critics claim that XRP is a centralised banker’s coin that betrays the principles of decentralisation. This is because unlike Bitcoin, Litecoin and ethereum, the XRP network is controlled by Ripple, which has direct control over who can validate transactions.
In the eyes of bitcoin maximalists, this makes XRP a centralized and permissioned blockchain (or little more than a jumped-up database).
How high are XRP Fees?
Fees on the XRP network are lower than on bitcoin or ethereum, and less prone to fluctuate with network congestion. Transactions typically cost less than $0.01 to process and are validated within seconds.
Which banks use XRP?
More than a third of the world’s biggest banks are reported to have used Ripple’s payment technology, including the Bank of America, Santander, and PNC Bank, along with international payment giants including MoneyGram and Western Union.
Exactly how many financial institutions are using the cryptocurrency XRP however, is not nearly as clear.
How high can XRP go?
The #XRPArmy, known for patrolling Twitter upholding their vision of #XRPthestandard, see XRP becoming a key tool for the financial industry and eventually commanding a price of $589, though this has been widely mocked as delusional by the broader community!
Best XRP Software Wallets
Leaving XRP on an exchange exposes you to significant custodial risk, and is completely unnecessary. There are a broad range of hot and cold wallets available to store XRP.
- Exarpy—pronounced XRP—is a popular web wallet that can be accessed from any browser. It was produced in collaboration with Santander Bank. Exarpy is not free, but there is no cost to open a wallet. It charges a flat fee of 0.025 XRP per transaction.
- Exodus is one of the oldest multi-currency wallets that supports XRP. The platform is user-friendly and does not charge fees for cryptocurrency transactions.
Featured image kindly contributed by Twitter user Tom