How to BUY Ripple (XRP) on eToro?
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Ripple is one of the top famous and large market 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 best-recognized name brokers in crypto trading.
eToro operates under the strict supervision of the world’s leading prestigious financial industry regulatory organizations such as FCA (UK), CySec (Cyprus), ASIC (Australia). Obtaining certifications from these regulatory bodies give you complete peace of mind about the safety of this broker.
eToro is an excellent choice for beginner traders because of its simple, easy-to-use interface. eToro also offers an unlimited, 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 dedicated eToro wallet (eToro Money) and eToro X cryptocurrency exchange for you to trade confidently and securely.
The copy trading feature is primarily for customers who want to invest in cryptocurrencies but do not 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 traders’ experience 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 set up an account yourself.
Just like creating a bank account, the procedure for opening a stock account is extremely simple. After logging in to 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 crypto trading account registration.
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 eWallets (PayPal, Neteller, Skrill).
Depending on your region and country regulations, the minimum first-time deposit varies from $10 to $10,000, and for the succeeding deposit is 50$.
Unverified accounts are limited to a total deposit amount of €2000, so make sure you upgrade your account to Verified Account to enjoy total capacity.
Step 3: Open order Buy XRP
After logging in and depositing money into your account,
- You 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 trade on eToro.
How to Transfer Ripple (XRP) to eToro Money Wallet
Once you have made the transaction and it is complete, you will be the owner of that XRP. You can safely store them in your eToro wallet by transferring them to your eToro Money wallet.
However, before transferring Ripple (XRP) to eToro wallet, you need to install and log in to the eToro wallet app first and transfer Ripple (XRP) to eToro wallet by following steps:
- In the trading platform, click the Portfolio tab.
- Select the cryptocurrency you want to transfer.
- You will then see all your open trades 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”.
- Recheck the money transfer details. 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 “Pending money transfer” status.
After your cryptocurrency is 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 is 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 eToro Wallet app
The eToro wallet now supports the XRP cryptocurrency and allows creating a private XRP wallet on the wallet app. Currently, creating wallets and transferring XRP crypto is 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 need to do is transfer XRP to your eToro wallet, and the XRP wallet will automatically be opened.
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 wallet. This is an essential requirement and can be considered a fee.
The deposit of 45 XRP will be deducted from the amount of Ripple you first transfer to your account.
How to Transfer XRP from eToro Wallet to another Wallet?
To transfer XRP from eToro Wallet to another wallet, follow these instructions:
- Login to your wallet account via mobile device.
- In the “Crypto” tab, select XRP.
- Select “Convert“. You will 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, and 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?
No. 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 portfolio to their eToro wallet, you cannot transfer them back to the eToro trading platform.
Trading Hours of Ripple (XRP) on eToro
Unlike stocks, commodities, indices, ETFs, and currencies, you can trade Ripple 24 hours a day, seven days a week. That means the crypto 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 does not currently offer leverage on crypto assets.
There is no denying that any investment asset is not inherently risky. Therefore, whether trading XRP or any other asset, you need to implement risk management measures. If you are a beginner, practice on a Demo account and test your trading strategy before investing with real capital.
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