What is Ripple and XRP?
Ripple is a financial network designed to be used by banks and other financial institutions. It is also the name of the company behind both the Ripple network and XRP, a cryptocurrency that works on the Ripple network. The Ripple network acts as the medium of currency transfer between two parties, with the transactions charged a small fee as XRP. One thing to note is that the Ripple network can facilitate the transfer of commodities like gold, fiat currencies and other cryptocurrencies.
XRP was developed to work as an intermediary between two networks or currency, whether those currencies are fiat or digital in nature. With Ripple being a global network used by financial institutions, XRP sits between different currencies and commodities and acts as the medium of exchange between the two.
XRP runs on its own ledger and can be bought as an investment from a cryptocurrency exchange. If you are interested in investing in Ripple (the company), you can purchase shares in Ripple. However, since it is not publicly-traded, the only way you can purchase these is through private investors on the secondary market.
In this article we are going to focus on how to buy the cryptocurrency, XRP.
Where can I buy XRP?
XRP might not be as popular as the largest cryptocurrencies, Bitcoin and Ethereum, but it remains a top 10 coin by market capitalisation and is available on many crypto exchanges. To ensure that the exchange you go with is trustworthy, it is best to choose one that is well-known, especially if you plan to hold your XRP in a wallet provided by the exchange. The best crypto exchanges have tight security measures to ensure all the cryptocurrencies you hold are protected.
There are also many mobile apps where you can buy XRP with fiat currency (AUD) or using other cryptocurrency, for example Bitcoin. The best apps are the ones that are created by a cryptocurrency exchange, such as CoinSpot or Swyftx. Ensure you do not buy XRP through newer or lesser-known apps because you cannot be sure of the security protections in place. Additionally, with very few users on these new apps, it is difficult to gauge how trustworthy they are.
The best exchanges for Aussies to buy XRP are CoinSpot, Swyftx and Digital Surge. All three are trusted and legitimate exchanges, registered with AUSTRAC. They are extremely secure and have some of the best exchange rates, prices and fees on the market. Among all these exchanges, CoinSpot comes out on top because of their high level of security, mobile app, live chat support, 360+ cryptocurrencies, and staking on 21 coins.
How to buy XRP?
Buying XRP in Australia takes 4 steps, each of which we will look at below.
Step 1: Choose a crypto exchange
Step 2: Open an account
Step 3: Deposit funds
Step 4: Buy XRP
Step 1 - Choose a crypto exchange
Before you buy XRP, you need to find an exchange that you want to use. There are a lot of things to look at and consider before depositing money in a cryptocurrency exchange. The first one is whether they have the cryptocurrency you would like to buy. In this case, you need to check the exchange allows you to buy XRP.
Next, check the features and security the exchange has. Some of the features to look for include deposit and withdrawal methods, fees, customer support options and mobile app availability. In this step-by-step guide on buying XRP, I will use screenshots from my CoinSpot account. If you want to make it easier to follow along, register an account with CoinSpot.
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Still deciding where to buy XRP? Take a look here to see an overview of the best Aussie crypto exchanges. If you want to trade and invest in XRP using your mobile phone, make sure you check out the best crypto mobile apps for iOS and Android.
Step 2 - Create an account
The process is easy to create an account with CoinSpot. Click on the following link: https://coinspot.com.au/ and you will be taken to CoinSpot's home page. Click on the white "Register" button in the top right, then you will see a page like the screenshot below. Simply enter your email address, choose a password, click the box to show you’re not a robot, then Create Account.
Once you have created your CoinSpot account, the next step is verification. Click the "Complete Verification" button and follow the prompts. First you verify your email address, then fill out your personal details and then verify your driver license. After you have completed those steps, it may take some time before your verification is finished. While you are waiting, feel free to browse CoinSpot's account so you can get used to how it works.
Step 3 - Deposit AUD into your account
After your account verification is complete, you can deposit AUD into your CoinSpot account. Under the CoinSpot logo in the top left, you will find the "Deposit Funds" button: click this, and you will be taken to a page like the screenshot below. There are 5 different deposit methods, and you can select which one you prefer. Most users like to use POLi as it is instant, convenient, and free of charge. Choose how much you want to deposit, select the bank you use, and click "Continue to POLi" to make the payment.
Step 4 - Buy XRP
When your money has arrived in your CoinSpot account, it's time to buy some XRP. Click on "Buy/Sell" in the menu along the top, search XRP, then click the buy XRP button.
You will be taken to the purchase screen, where the price of one coin is displayed in the middle of the screen. Select how much AUD you want to spend on XRP, then click the blue "Buy" button.
You will see a pop-up which shows you a summary of the purchase. It tells you how many coins you will receive, the price for each coin, the fee charged, and the total amount you will pay. In my example, I have input $500 worth of XRP. When you are happy with the details, click "Confirm Buy" to complete the transaction. Congratulations, you now own some cryptocurrency!
Frequently Asked Questions:
How do I keep my XRP safe?
Cryptocurrency exchanges put a lot of effort into ensuring that your XRP and other cryptocurrencies you buy are safe. However, it is recommended that you move your XRP and other coins to a personal digital wallet. You can use either a hot wallet app which is software-based or a cold wallet, which is hardware-based. Before purchasing a hardware cold wallet, it is important to ensure that it can hold XRP as some of them are made to only store Bitcoin.
Is buying XRP legal in Australia?
Yes, buying, selling and exchanging XRP is legal in Australia. However, you need to verify your identity before buying, trading or investing in XRP.
What is the difference between Ripple, XRP Ledger and XRP?
Ripple is a private company that developed the Ripple Network. XRP is the cryptocurrency used to facilitate transfers within that network and the XRP ledger is a digital ledger used to store transactions in the Ripple network (transactions using XRP).
Is the XRP Ledger decentralised?
One of the common misconceptions, and concerns, about XRP is that it uses the Ripple network which is owned by a company. Ripple contributes to the open-source code of the Ripple network but it does not control the network in any way. The XRP ledger is decentralised meaning that no one single entity controls it.
Where can I find more information on Ripple and XRP?
The official Ripple company website has all the information you need about Ripple, the Ripple Network, the XRP Ledger and XRP.
Does this method work for all cryptocurrencies or only XRP?
If you can find the cryptocurrency on your crypto exchange, you can buy that coin using the steps above. CoinSpot has an extensive range of over 360+ different cryptocurrencies, so you can most likely follow this article to buy the coin you want. If you want to buy Bitcoin, I have a specific guide to buying Bitcoin.
Can I buy XRP using PayPal?
Many exchanges in Australia do not allow you to buy cryptocurrencies using PayPal. However, PayPal has an option for investing in cryptocurrencies so we have to wait and see if they allow XRP and support Australia in the future. In the meantime, I recommend another deposit method. CoinSpot accepts several methods of payment such as bank transfer, POLi, PayID and BPAY.
If Paypal is your only option, you can use eToro Australia to purchase XRP. For more info, read this in-depth review of eToro Australia, or follow this step-by-step guide to purchasing crypto using PayPal.
How do I buy XRP with debit or credit card?
Many Australian cryptocurrency exchanges do not support credit and debit card deposits, but Swyftx is one that does. Swyftx is our #2 top recommended crypto exchange for Australians. This is a guide on how to buy crypto with credit card, and another one for debit card.
How do I buy Ripple instantly?
If you are looking to buy XRP instantly, without having to deposit first, then you should have a look at Easy Crypto Australia exchange. Using Easy Crypto Australia, you don't need to pre-fund your account with any fiat currency before buying XRP. Instead, when you purchase XRP, you send the money straight from your bank, and the XRP is transferred straight to your personal wallet. Your fiat and digital currencies are never held on the Easy Crypto Australia platform, so you always have total control over your assets. To find out more about Easy Crypto Australia, read this review here.
How do I buy Bitcoin?
It's easy to buy Bitcoin using the same method. Here is my easy-to-follow guide.
How to buy XRP with USDT?
To buy XRP using your USDT, you need to use an exchange that allows coin swaps (I recommend using the secure CoinSpot exchange for Aussies). Send your USDT to the USDT wallet address in your CoinSpot account. Once your USDT is in your CoinSpot account, click Swap in the menu on the top, then search for USDT and select Tether USD.
Choose XRP as the coin you want to swap to, then choose how much USDT you want to spend. To complete your purchase of XRP using USDT, click the blue Swap button on the right.
Is buying XRP in Australia safe?
Yes, it is safe to buy, sell and trade XRP in Australia, as long as you are using a legitimate and trusted cryptocurrency exchange. The best Aussie exchanges (for example CoinSpot) feature multi-layered security, and are registered with AUSTRAC so you can buy coins safely. Below is a comparison table that provides a snapshot of these top exchanges.
Comparison Table of the Best Crypto Exchanges in Australia
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Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.