How to Buy Ripple (XRP) in the UK (2021)

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In 2021, how do you buy Ripple (XRP) in the UK?

The cheapest place to buy Ripple (XRP) with GBP in the UK is Binance. You can register and get yourself verified quickly, then you can quickly and easily buy Ripple (XRP) at the real exchange rate with minimal fees (max 0.1%).

Another good option is the Crypto.com app. This allows you to buy Ripple (XRP) with a GBP debit card – but UK residents will pay 2.99% in fees. There’s no browser interface, so you’ll have to download the Crypto.com app onto your smartphone.

CoinJar is another way that you can cheaply buy Ripple (XRP) in the UK. It only supports UK bank transfers, but GBP deposits are credited within minutes after you’ve made your first deposit. There’s a fixed fee of 1%, but the exchange rate also seems to be about 0.2% to 0.5% above the real exchange rate (most days I’ve checked).

In this guide, I’ll go through all three ways of buying Ripple (XRP) in the UK.

Best Ways to Buy Ripple in the UK

1. Binance

Binance logo over their trading interface

Binance is currently one of the cheapest ways to buy Ripple (XRP) with GBP in the UK.

This cryptocurrency exchange launched in 2017 and has grown to become one of the most popular (with more than 15 million users).

It supports many of the largest and most popular cryptocurrencies, including Ripple (XRP), Bitcoin (BTC), Ethereum (ETH) and many more – even those like Monero (XMR) which are more difficult to get your hands on.

Binance supports UK bank transfers, debit cards, and credit cards. The cheapest payment method is a UK bank transfer – which is free to deposit GBP and will usually be processed and available to use on Binance within just a few hours after sending.

Once your GBP is credited, you can then buy Ripple (XRP) at the real exchange rate on the XRP/GBP spot market. The maximum fee you’ll pay is 0.1%, which is among the lowest trading fees you’ll pay in the cryptocurrency space.

Explore Binance Website

2. Wirex

Wirex (Dark Green) Full Logo

Wirex provides crypto-friendly currency accounts in the UK, EU, and the Asia Pacific. They’ve made buying and selling cryptocurrencies like Ripple (XRP) quick and easy.

With Wirex, you can buy Ripple (XRP) with the following payment methods:

  • Debit cards (GBP)
  • Credit cards (GBP)
  • UK bank transfer (via Faster Payments Service)
  • Other cryptocurrencies, like Bitcoin (BTC) or Ethereum (ETH)
Caution: Your card issuer will normally charge additional fees when you use a credit card to buy cryptocurrencies like Ripple (XRP).

Wirex hide a variable fee in their cryptocurrency exchange rate (I’ve observed between 1% and 1.5%) and charge a flat fee of 1% on top of that. That means you’ll pay about 2.5% in fees when buying cryptocurrency (using any supported payment method) on Wirex.

Here’s how Wirex compares to alternatives which support buying cryptocurrencies with debit cards.

ExchangeDebit Card Fees (Approx.)
Wirex2.5%
Crypto.com2.99%
Coinbase4%
Cryptopay4%
Uphold4%
Bitpanda5%

You can register with Wirex in less than 10 minutes. Then just follow the simple guide below to buy Ripple (XRP) with GBP.

But if you want to learn more about Wirex, check out my full review.

Add Funds (Link a Debit Card)

This is the process for the desktop client (as I can’t take screenshots on the mobile app), but the process is much the same.

If you’ve not registered with Wirex yet, click here to get your Wirex account.

  • On the Wirex dashboard, scroll down, find Ripple (XRP) in the Accounts section, then click on it.

  • On this page:
    • Select ‘Add Funds’
    • Scroll down to ‘Linked Cards’ and select ‘Link New Card’

  • You’ll see something like this. Add your debit card and link it your Wirex account.

  • Once you’ve done that, you’ll see a linked card option which prompts you to confirm the card.

  • In the top right corner, select the profile icon and click on ‘Preferences’.
  • Then you need to select:
    • ‘Linked Cards’
    • The local card you’ve just added, which will be under the ‘Unconfirmed’ section.

  • Scroll down and select the highlighted option.

  • You’ll see this message. To confirm your card, you need to top-up by a specific amount. In my case, I had to top-up £7.58.
  • Scroll down and click your GBP wallet.

  • Enter that specific amount and select ‘Confirm’.

  • Check the details, then click ‘Add Funds’.

  • You then need to wait for this transaction to show up on your debit card transactions. This can take 1-2 days. When it does, come back to the Wirex Dashboard and:
    • Select ‘Confirm Your Linked Cards’.
    • Select the unconfirmed card.

  • Select ‘Confirm Linked Card’ in the Manage Card section.

  • Enter the code shown on your statement, and then select ‘Confirm’.

  • Your card is now confirmed. Continue to the next section to see how you can now buy Ripple (XRP) with this debit card.
Buy Ripple (XRP) with GBP Debit Card
  • On the Wirex dashboard, scroll down, find Ripple (XRP) in the Accounts section, then click on it.
  • On this page:
    • Select ‘Add Funds’
    • Select your preferred payment method.

  • You’ll then see a page like this. I prefer to purchase in GBP, so I select ‘Calculate in GBP’.

  • Then you just need to enter how much you want to buy and select ‘Confirm’.

  • You’ll then be taken to a confirmation page like this. This shows you how much XRP you’ll get and the fee that you’re paying. Just remember that there’s a small fee hidden in the exchange rate (between 1 – 1.5%) in addition to the admin fee that’s shown.
  • If you’re happy, just select ‘Add Funds’ to complete the order.

  • You’ve just bought Ripple (XRP) on Wirex! Go to your Wirex account and you’ll see your new balance!

3. CoinJar

CoinJar only supports GBP deposits via a UK bank transfer, but it’s another place where you can cheaply and easily buy Ripple (XRP) in the UK.

Faster Payments are supported, which means that – after your initial deposit – your GBP should be credited to your CoinJar account within just minutes. Although some alternatives support Faster Payments, not all of them are as fast as this.

CoinJar charges a fixed fee of 1% whenever you buy or sell Ripple (XRP), or any other supported cryptocurrency, using their simple and intuitive interface. When I’ve previously checked, I’ve found that the exchange rate is usually about 0.2% to 0.5% above the best exchange rate I can find elsewhere.

If you want lower fees, CoinJar also have an exchange (like Binance) where you’ll be charged a maximum fee of 0.2% for submitting a market order or 0% if you submit a limit order.

Head over to their website to find out more.

CoinJar ReviewCoinJar Website

4. Crypto.com

You could previously send GBP with a UK bank transfer to Crypto.com, but this functionality has temporarily been disabled.

Until then, it’s still a decent place to buy Ripple (XRP) if you’re looking to use a debit or credit card. For UK residents, it charges a fee of 2.99% to buy any cryptocurrency with a debit or credit card.

Some people have reported that they’re unable to use their UK bank cards, but it does still seem to be working for most.

Caution: Your card issuer will normally charge additional fees when you use a credit card to buy cryptocurrencies like Ripple (XRP).

Compared to cryptocurrency exchanges like Binance (which can be a little overwhelming at first), the Crypto.com app is a heck of a lot easier to use.

Crypto.com is pretty awesome and there’s a lot more than they offer besides this. Find out more about everything they offer in my full Crypto.com review.

Download Mobile App

UK Ripple (XRP) Wallets: Keep Your XRP Safe & Secure

Once you’ve bought Ripple (XRP), it’s good practice to transfer it into a private wallet that you have sole ownership and control over. If you want to do this, then you have two options:

  • Transfer it to a hardware wallet, like the Ledger Nano S.
  • Transfer it to a software wallet, which you can install on your desktop or mobile.

Hardware Wallets Which Support Ripple (XRP)

Hardware wallets are well-recommended across the Ripple (XRP) community. They make owning and using cryptocurrencies simple, easy, and convenient.

If you haven’t come across them before, they’re small electronic devices which allow you to securely store and use cryptocurrencies like Ripple (XRP). Because of how they work, it’s much more difficult for your cryptocurrency to be stolen.

The Ledger Nano S is a popular and affordable hardware wallet, which allows you securely store Ripple (XRP) and hundreds of other cryptocurrencies. Check out the full list of supported cryptocurrencies here.

Here are three other hardware wallets which support Ripple (XRP):

Software Wallets Which Support Ripple (XRP)

If you don’t want to purchase a hardware wallet just yet, then there are numerous Ripple (XRP) software wallets that you can install on your desktop or mobile. For most people, this is a less secure option which leaves you vulnerable to computer or mobile malware infections.

If you’re taking this route, then I’d recommend you check out Atomic Wallet. Here’s why:

  • Supported on Windows, Mac, and Ubuntu desktops.
  • Available on the Google Play and Apple App stores.
  • You can manage the same account on your desktop and mobile.
  • Great interface, which is simple and easy-to-use.
  • It supports Ripple (XRP) and hundreds of other cryptocurrencies.

Check out the official website here.

Further Information

In this section, I look at what Ripple (XRP) is and all the essentials that you need to know about it.

What is Ripple (XRP)?

Ripple (XRP) is one of the largest and most popular cryptocurrencies. It has consistently had a presence in the top 5 listings and accounts for 4% of the overall cryptocurrency market’s value.

The vision behind Ripple (XRP) is to replace existing cross-border payment systems and, essentially, help financial institutions move money around the world like information. Why? The people behind Ripple (XRP) just don’t think existing systems are good enough: they’re slow, expensive, and have an error rate of 3-5%.

High volume and efficient corridors (e.g. USD to EUR) aren’t being targeted. Instead, Ripple (XRP) is looking to improve the lower volume and inefficient corridors (e.g. EUR to INR).

Critics of XRP’s Calculated Market Capitalisation

Some critics argue that Ripple’s (XRP) market capitalisation is incorrect, as the total supply of Ripple (XRP) which exists sits at 99.99bn. Excluding Ripple (XRP) which are held by the company behind Ripple (XRP) but not actively circulating is the equivalent of ignoring the Bitcoin (BTC) held in Satoshi’s wallets. It still exists, even if it’s currently dormant.

You can read more about this here.

Quick Facts About Ripple (XRP)

  • Ripple (XRP) was created by Ripple Labs in 2013.
  • Ripple Labs is now known as Ripple. It employs more than 200 people.
  • Ripple (XRP) products are aimed at financial institutions (like banks or payment providers).
  • 100bn Ripple (XRP) were originally created (i.e. pre-mined). No more Ripple (XRP) will be created.
  • 61% of the total Ripple (XRP) supply is owned by Ripple.
  • You cannot mine Ripple (XRP). It achieves consensus without proof-of-work or proof-of-stake.
  • Ripple (XRP) transactions are validated very fast (within 5 seconds).
  • Ripple (XRP) fees are extremely low (less than $0.01).

Ripple (XRP) Products

Ripple (XRP) has three core products: xCurrent, xRapid, and Via.

I’ll explain what xCurrent and xRapid are below.

xCurrent

This is a replacement for the SWIFT messaging system used by financial institutions. It allows for faster, more transparent, and more efficient messaging between banks.

With xCurrent, banks are able to:

  • Message each other in real-time (two-way protocol).
  • Confirm details of the transaction prior to initiating it (e.g. confirm costs).
  • Confirm delivery of the funds.

While it might not be immediately clear to some, xCurrent doesn’t actually leverage Ripple (XRP). It also only works well when there’s an existing bilateral arrangement (i.e. trust) between banks.

While that might not sound great for the cryptocurrency, this is how Ripple (XRP) gets its foot in the door with financial institutions. It paves the way for the implementation of xRapid, which builds upon the groundwork laid by xCurrent.

xRapid

xRapid allows financial institutions to access on-demand liquidity pools of digital assets, which means that there’s no need to hold “nostro” accounts in destination currencies.

Let’s translate that: making payments into some countries requires pre-funded accounts denominated in the local currency (i.e. nostro). After some recent changes, the opportunity cost of supporting such cross-border payments has increased. With xRapid, banks will be able to use Ripple (XRP) to enable payments into and out of countries without holding nostro accounts in those countries. This would free up more than $27tn which is sitting idle in nostro accounts.

Unlike xCurrent, xRapid requires the use of Ripple (XRP). There a number of companies that have tested, or are using, xRapid. This includes companies like Western Union and MoneyGram.

Will financial institutions use XRP?

Here’s an interesting quote, cited by TwoBitIdiot in this post, from someone with hands-on experience of RippleNet:

“Ripple’s approach with XRP has been to get it listed on a bunch of exchanges and ‘infer’ but never explicitly say that banks are using it for settlement. We (and all the global players that I work with) are not. We wouldn’t touch it.”

Here’s another comment from P4man on CoinDesk:

“…banks currently control Swift. How likely is it they would relinquish control to a small startup and allow themselves to become beholden to its private currency, that they have no need for? I just don’t see that happening.”

There seems to be some strong scepticism that Ripple (XRP) will be adopted by banks. Some argue that banks will use something else which does everything that Ripple (XRP) does, and perhaps more.

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