Ripple is one of the most famous and large-cap cryptocurrencies with good growth potential. Currently, many brokers offer XRP trading, including eToro. On eToro, you can trade in two ways: trade XRP in the form of CFDs or buy and own real assets. So, how to buy XRP on eToro? Let’s find out in the article below.
Why choose eToro over other brokers?
eToro is one of the most recognized name brokers in cryptocurrency trading.
eToro operates under the close supervision of the world’s leading leading financial sector regulatory organizations such as FCA (UK), CySec (Cyprus), ASIC (Australia). Obtaining certifications from these regulatory bodies gives you peace of mind about the security of this broker.
eToro is an excellent choice for beginner traders due to its simple and easy-to-use interface. eToro also offers an unlimited and risk-free demo account for traders to practice without worrying about losing real money.
You can also benefit from a user-friendly trading environment that provides all the latest news, updates, and even expert analysis to help you every step of the way.
eToro provides specialized products and solutions for cryptocurrency trading, such as the dedicated eToro wallet (eToro Money) and the eToro X cryptocurrency exchange to trade safely and securely.
The copy trading feature is primarily for clients who want to invest in cryptocurrencies but don’t have much experience and time to research and follow the market.
For US traders, eToro suspends XRP trading in the US. And the only downside to trading XRP on eToro is the relatively high spread for XRP. But compared to other advantages, it does not affect the experience of traders on eToro too much.
How to Buy Ripple (XRP) on eToro
Step 1: Open an account and verify
A trading account is a place to store money and perform trading activities on the financial markets. To participate in the cryptocurrency market, you need to create an account yourself.
Just like creating a bank account, the procedure for opening a stock account is extremely simple. After logging into the broker’s website, you need to fill in some basic information (full name, email, phone number, etc.) and provide identity and address verification documents (ID card, driver’s license) to complete the registration of the crypto trading account.
Step 2: Deposit money into your account
After completing the account opening and verification process, the next step will be to fund the trading account.
For eToro traders, various payment methods are available for the deposit, including bank transfer, credit/debit card, and eWallet (PayPal, Neteller, Skrill).
Depending on regional and national regulations, the minimum deposit for the first time ranges from $10 to $10,000 and for the next deposit is $50.
Unverified accounts are limited to a total deposit amount of €2000, so be sure to upgrade your account to Verified Account to enjoy total capacity.
Step 3: Open your Buy XRP order
After logging in and depositing money into your account,
- Type “Ripple” or “XRP” in the search bar at the top of the screen.
- Click “Trade“, then select “Buy”.
- Enter the parameters including stop loss, profit and the amount you want to invest. Click “Open Trade” to open an order.
In addition to investing directly in coins, you can also invest in Ripple in the form of a cryptocurrency pair, a virtual-fiat currency pair, or copy the trade on eToro.
How to Transfer Ripple (XRP) to eToro Money Wallet
Once the transaction is made and it is complete, you will be the owner of that XRP. You can store them securely in your eToro wallet by transferring them to your eToro Money wallet.
However, before transferring Ripple (XRP) to the eToro wallet, you must first install and access the eToro wallet app and transfer Ripple (XRP) to the eToro wallet by following the steps below:
- In the trading platform, click the Wallet tab.
- Select the cryptocurrency you want to transfer.
- You will then see all your trades open for that cryptocurrency. Click on the specific trade you want to transfer to eToro Money.
- Click “Transfer to Wallet” on the “Edit Trade” screen, click “Transfer to Wallet”.
- Double check the details of the money transfer. Click on “Transfer” to continue.
After completing the money transfer, you will receive a notification to confirm that your request has been submitted. And you can cancel your transfer request if your transaction is in a “Pending Money Transfer” status.
After your cryptocurrency has been transferred to the eToro wallet, you can convert it to another cryptocurrency or deposit it in another wallet.
It can take up to one business day to transfer cryptocurrencies from the eToro trading platform to eToro Money.
After your cryptocurrency has been transferred to the eToro wallet, you can also convert it to another cryptocurrency or deposit it in another wallet.
How to open XRP Wallet on the eToro Wallet app
The eToro wallet now supports the XRP cryptocurrency and allows you to create a private XRP wallet on the wallet app. Currently, creating XRP cryptocurrencies wallets and transferring them are free.
When opening a Ripple wallet on eToro, there are a few things you need to keep in mind:
Opening a Ripple wallet on eToro is extremely simple. All you have to do is transfer XRP to your eToro wallet and the XRP wallet will be opened automatically.
And you will need to have a deposit of 45 XRP in the wallet and not transfer it to another wallet. It will act as part of your base reserve of 20XRP and 25 XRP to manage your multi-signature XRP portfolio. This is an essential requirement and can be considered a tax.
The deposit of 45 XRP will be deducted from the amount of Ripple that you transfer to your account for the first time.
How to transfer XRP from eToro Wallet to another Wallet?
To transfer XRP from eToro Wallet to another wallet, follow these instructions:
- Log in to your wallet account via mobile device.
- On the “Crypto” tab, select XRP.
- Select “Convert“. You’ll see the amount to send and enter the recipient’s public address on this page. Enter a public address or tap the camera icon to scan the recipient’s QR code, automatically entering their public address.
- Make sure the address is entered correctly, then tap “Convert“.
A message with a verification code will be sent to your mobile phone. Enter the code you received and press “Verify”.
A message with a verification code will be sent to your mobile phone. Enter the code you received and press Confirm.
Is it possible to transfer Ripple (XRP) from eToro Money to eToro?
eToro’s security protocol only allows transfers from the eToro platform to a wallet. In other words, once the cryptocurrency is transferred from the eToro wallet to their eToro wallet, it is not possible to transfer them back to the eToro trading platform.
Ripple (XRP) trading hours on eToro
Unlike stocks, commodities, indices, ETFs, and currencies, you can trade Ripple 24 hours a day, seven days a week. This means that the cryptocurrency market is always open on eToro, excluding holidays.
Ripple trading fees on eToro
eToro does not charge any trading fees for any assets, including Ripple. eToro only charges spread and overnight fees.
The spread for Ripple is 2.45%.
You are charged overnight if you use leverage or open a sell order. However, eToro currently does not offer leverage on crypto assets.