Best Forex Brokers Trading Ripple
Written by BrokerNotes.co
What is Ripple?
Ripple (or XRP) is the native digital asset of a funds transfer system built around the Ripple Transaction Protocol (RTXP). This open-source web protocol provides a cost-efficient method for value to be exchanged between parties around the globe in real-time. It is used by banks and other institutions requiring on-demand liquidity and making cross-border payments, as well as market makers. The concept was originally formed by Ryan Fugger in 2004, and developed by the Corporation, OpenCoin, in 2012, which rebranded as Ripple in 2015.
The Ripple protocol relies on a distributed database or ledger, which contains account balances and details of offers to trade currencies and assets. Independent servers from verified institutions compare transaction records and maintain the ledger by consensus. This contrasts to the mining process used by bitcoin and some other cryptocurrencies. XRP acts as a bridge currency, allowing currency pairs to be traded when there is no direct exchange available; and is an asset that, like other assets, can be traded.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.Best Forex Brokers for Trading Ripple
Here are the best forex brokers for trading Ripple.
- eToro - 8.8/10 Overall
- Swissquote - 8.7/10 Overall
- Interactive Brokers - 9.7/10 Overall
- OANDA - 8.4/10 Overall
- MultiBank - /10 Overall
Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
| Average Spread EUR/USD - Standard | 1 |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 2007 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 2 |
| Tier-2 Licenses | 1 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 3458 |
| Forex Pairs (Total) | 49 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | No |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 66 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | No |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 1996 |
| Publicly Traded (Listed) | Yes |
| Bank | Yes |
| Tier-1 Licenses | 4 |
| Tier-2 Licenses | 1 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 466 |
| Forex Pairs (Total) | 78 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 49 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
| Average Spread EUR/USD - Standard | 0.6 |
| All-in Cost EUR/USD - Active | 0.6 |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | No |
| Year Founded | 1977 |
| Publicly Traded (Listed) | Yes |
| Bank | No |
| Tier-1 Licenses | 8 |
| Tier-2 Licenses | 1 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 8500 |
| Forex Pairs (Total) | 90 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | No |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | No |
| Charting - Indicators / Studies (Total) | 128 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
| Average Spread EUR/USD - Standard | 1.26 |
| All-in Cost EUR/USD - Active | 1.26 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 1996 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 6 |
| Tier-2 Licenses | 0 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 124 |
| Forex Pairs (Total) | 71 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 81 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 2005 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 2 |
| Tier-2 Licenses | 1 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 1042 |
| Forex Pairs (Total) | 41 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | No |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 38 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | No |
| Daily Market Commentary | No |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Advantages of trading Ripple with a regulated online broker
XRP is available from many exchanges. Some consumers are reluctant to use exchanges after the Mt. Gox liquidation in 2014. This was a bitcoin exchange that filed for bankruptcy after the theft of 850,000 bitcoins. At the time, this represented 7 percent of all bitcoins, with a total worth of US$ 473 million. Regulation of exchanges in many countries is still under development. As a result, funds held on exchange platforms may be subject to loss if the platform fails.
In contrast, strict requirements are placed upon regulated brokers to protect consumers. Companies such as AvaTrade, therefore, offer clients a more secure trading environment. In the UK, the Financial Conduct Authority regulates brokers and AvaTrade has European Economic Area authorization, recognized by the FCA. Requirements for brokers include high accounting standards and the maintenance of sufficient operating capital. Client funds are also kept in separate accounts, sequestered from business funds.
Trading through exchanges can also affect market price. Brokers are able to trade outside the market by matching buyers and sellers. This allows traders to buy assets, such as XRP, without influencing prices.
The fundamental influences of Ripple
Increasing numbers of institutions use the Ripple protocol. Last year, Ripple partnered with a Japanese consortium of banks to create a payment network. In September 2016, Ripple announced another interbank group, the Global Payments Steering Group, for global payments. It includes Bank of America, Merrill Lynch and other big names. More recently, in April 2017, Ripple announced that ten additional financial institutions have joined their network. Ripple partners include the likes of CIBC, Deloitte, Earthport, Mizuho, Santander and Standard Chartered.
XRP is one of the largest cryptocurrencies in the world, after bitcoin, Ethereum and Dash. XRP were all created in a single event and there is a fixed number of 100 billion. Ripple, the company, owns about 61 percent of XRP. Traders have voiced concerns that Ripple may flood the market with XRP. In response, Ripple CEO Brad Garlinghouse announced that 55 million XRP will be put into escrow during 2017.
On June 8, 2017 the price of XRP was US$ 0.2953 and the total market capitalisation was US$ 11 billion. XRP has increased 4,500 percent since January 1, 2017, when it opened at US$ 0.006523 and BTC 0.00000677.
Ripple quick facts
- Ripple was founded in 2012 and is based in San Francisco, California.
- XRP are also called ripples. The smallest currency unit is 1 millionth of 1 ripple, known as a drop.
- XRP began trading at US$ 0.005874 and BTC 0.00005594 on August 4, 2013.
- On May 17, 2017 XRP traded at US$ 0.4224 and BTC 0.0002372, the highest to date. The 24-hour volume was US$ 478 million.
- The current 30-day XRP volume stands at US$ 5.75 billion.
- First broker to include Ripple as a trading instrument: AvaTrade.
Want to trade other cryptocurrencies? You can read more cryptocurrency broker comparisons here:
BrokerNotes.co 2023 Overall Rankings
To recap, here are our top forex brokers for 2023, sorted by Overall ranking.
| Company | Overall Rating | Minimum Deposit | Average Spread EUR/USD - Standard | Trust Score | Tradeable Symbols (Total) | Read Review | Visit Site |
 eToro
|
8.8 | $10-$10,000 | 1 | 93 | 3458 | eToro Review | |
 Capital.com
|
8.4 | $20 | 0.65 | 85 | 3152 | Capital.com Review | |
 Swissquote
|
8.7 | $1000 | N/A | 99 | 466 | Swissquote Review | |
 Interactive Brokers
|
9.7 | $0 | 0.6 | 99 | 8500 | Interactive Brokers Review | |
 Eightcap
|
7.6 | $100 | 1.0 | 87 | 736 | Eightcap Review | |
 Saxo Bank
|
9.7 | €2,000 | 0.9 | 99 | 60000 | Saxo Bank Review | |
 XTB
|
9 | $0 | 1.07 | 95 | 12000 | XTB Group Review |
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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
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