Buying Ripple in Australia

buying ripple in Australia
Ripple is one of the most popular up and coming cryptocurrencies in Australia. Buying ripple in Australia is easy and there are so many exchanges to choose from.

Browse this guide for reliable information on how to invest in Ripple as a cryptocurrency.

Online Brokers That Have Ripple

Plus500

Plus500 is a leading broker for CFDs. They offer Ripple as a tradeable cryptocurrency. In fact, you can purchase Ripple on leverage with Plus500.

Buying Ripple as a currency on leverage is different from purchasing coins outright. When you purchase on leverage, you are only paying a marginal amount. You won’t own Ripple as an asset, but you can profit immensely from the price fluctuations.

Plus500 offers Ripple with a 1:30 leverage at maximum. That means you could potentially spend $100 and turn a profit of $3,000.

It’s important to note that Plus500 facilitates Ripple CFDs. That means you can profit by speculating on price movement for the cryptocurrency. You won’t actually buy and own Ripple coins. The advantage here is that you can spend less money on crypto and still profit a lot.

Plus500 is not necessarily a Ripple exchange. You don’t need a special crypto wallet or an exchange account to profit from the crypto. Despite that, you can trade Ripple by either buying or selling. The broker is open to transactions during all hours of the day, all year.

Other perks Plus500 offers users:

  • A licensed and regulated trading platform
  • A simple and intuitive user interface
  • Negative balance protection
  • Online customer support
  • Competitive spreads
  • Full disclosure on commissions

eToro

eToro is an online trading platform for a number of financial instruments. The broker also offers crypto investments as CFDs. You can’t buy Ripple coins directly from eToro as an exchange. Rather, you can speculate on the price movement for the cryptocurrency and profit.

etoro australia ripple

The broker offers many options for those who want Ripple CFDs. The options are beneficial considering that the crypto market is ever expanding. Prices are ever more volatile as well. In this environment, eToro can purchase Ripple coins on the behalf of the user. However, in Australia, eToro only offers Ripple as CFDs.

eToro is not based in Australia, but it has an office that is regulated by the ASIC. All Ripple trades fall under ASIC rules thus. Users should know that only short-seller Ripple positions are regulated by ASIC in Australia. Long-term Ripple purchases are unregulated. You may not be given investor protection for buying and holding Ripple coins.

The crypto market at eToro is open 24/7 with customer support. You have the option of trading online or using the corresponding mobile app.

Here is an overview of advantages eToro offers to Ripple investors:

  • Regulated Ripple-based CFDs
  • Great spreads
  • 24/7 open market
  • Attractive and user-friendly online trading platform
  • Well-regarded mobile app for on-the-go trading
  • Fully disclosed terms and conditions

You can choose either broker to short-sell Ripple coins or profit from a CFD. Choose the best platform that matches your interests.

What is Ripple?

Like its more famous counterpart, Bitcoin, Ripple is a cryptocurrency. However, Ripple stands out because it’s both a digital currency and a trading platform. You can execute transactions on the Ripple platform, often quicker and far cheaper than at a bank.

The Ripple currency is formally known as XRP. The platform is known as the RippleNet. But investors usually use Ripple to mean the cryptocurrency as well.

XRP coins can be used as a financial instrument to invest in, just like other digital currencies. However, the RippleNet trading network executes conventional money transactions. The RippleNet comprises banks and businesses that send money internationally. Ripple facilitates these transactions more efficiently than regular transaction providers.

The value of Ripple XRP is based on such transactions that occur across the RippleNet. Compared to Bitcoins, Ripple is considered more “power safe.” That’s because the RippleNet is designed as a day-to-day transaction platform.

Ripple was designed for banks, unlike other cryptocurrencies. There are fewer regulations for Ripple as a result. For a minimal commission, Ripple can be exchanged for valuable assets like gold too. There are conventional banks Ripple coins can be taken to, like Union Credit and Axis Bank.

Investors prefer Ripple because it is preferred by some banks. Ripple doesn’t originate from a dubious company or an unreliable start-up. They aren’t mined daily either, unlike Bitcoins. Ripple coins already exist. This protects this cryptocurrency against inflation.

Hard-core Ripple fans hope more banks would start using Ripple for transactions. It’s possible that all banks could use Ripple as a single currency for transactions, making all other currency exchanges worthless. If that happens, Ripple investors would certainly make a fortune.

Is It Legal To Buy Ripple in Australia?

Yes. There is nothing illegal in buying or trading cryptocurrency.

How to Buy Ripple in Australia?

RippleNet is used by some banks, but Ripple XPR coins can’t be purchased at banks. As with other cryptocurrencies, you need to find a digital currency exchange to purchase Ripple coins. Australians would need to seek an exchange that services clients from the country. Due to regulatory limits, not all crypto exchanges are open to Australian clients.

There are two ways to purchase Ripple coins: individually and via a broker or a fund.

When you purchase Ripple XPR coin individually, you are purchasing an asset. You would then own the coins for buying and selling later. To purchase Ripple coins, you need a digital currency “wallet” that is suitable for keeping your coins. Get a Ripple-compatible wallet and set it up for your account.

First, protect your Ripple wallet against spam attacks. Then, you can proceed to create a Ripple coin address. This acts as your account number. Finally, choose an exchange and purchase Ripple coins. You can buy using credit cards, debit cards, PayPal and even Bitcoins as the exchange allows.

Buying and owning Ripple has its downsides. Mainly, the digital currency might be prone to hacking attempts. Your wealth will depend on the safety of the wallet.

There’s a more hassle-free way to invest in Ripple coins—via a broker or a trade funds. Some of these allow you to purchase and sell the coins quickly. Better yet, you can invest in a Ripple CFD. These allow you to speculate on the price fluctuations of Ripple. If you speculate correctly, you can profit.

The below Ripple brokers allows you to speculate on price movements for Ripple. You can avoid actually owning the coins as an asset.