How to Buy Ripple in Australia 2022
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Ripple (XRP) is a blockchain-based digital asset and a payment network that promises swift across-the-border payments to individuals and institutions around the world. As one of the world’s most traded digital assets, Ripple enjoys a high rank in CoinmarketCap’s cryptocurrency rankings, and the cryptocurrency has one of the largest market caps in the crypto market.
Ripple is a veteran cryptocurrency project that was founded in 2012, only three years after the launch of Bitcoin. Unlike many cryptocurrencies that launched back then, and then disappeared from the crypto market completely, Ripple has been a relatively strong and stable asset that has stood the test of time. While the digital asset has been affected negatively by SEC’s ongoing lawsuit against Ripple Labs (more on that later), it still remains one of the largest digital currencies in the world, at least by market cap.
In this guide, we will explore the Ripple payment network and its native cryptocurrency XRP and discuss how you can buy XRP in Australia.
What Is Ripple?
Let’s start with the basics: what is Ripple? Ripple is both a cryptocurrency and a payment network developed by Ripple Labs. Ripple Labs develops rapid payment network solutions so that value transfer between financial institutions can be accomplished more swiftly and easily than the current system (ironically, one of the payment systems Ripple seeks to replace is known as SWIFT).
How does Ripple offer faster and more convenient payment solutions? Well, the Ripple-Labs-developed RippleNet is a network that can connect various financial institutions such as banks, corporate entities, payment providers, and crypto exchanges across the world with each other, so that cross-border payments between independent payment infrastructures can be accomplished easily at very low costs.
Basically, the Ripple network is conceived as a medium between different payment institutions. The financial institutions that use the Ripple network to transfer value are charged a small fee in the Ripple network’s native cryptocurrency XRP.
The Ripple network can be used to transfer all kinds of assets including other cryptocurrencies, fiat currencies, as well as assets like gold and other precious metals.
How Does Ripple Work?
Ripple network uses the XRP Ledger, a decentralized, open-source public blockchain to facilitate payments globally. As the name suggests, the XRP ledger has its own native digital currency, XRP, which is commonly referred to as Ripple in the media.
The advantage of the XRP ledger over existing payment networks is that it can settle transactions very quickly and with little cost. Currently, value transfers across different financial institutions depend on either privatized payment structures like Western Union or agreements between different banks. The Ripple network allows different institutions to connect with each other through digital gateways that are accessible 24/7.
The Ripple network and blockchain are designed so that many transactions can take place within a short time. Regular bank transfers can take days and weeks to complete and usually cost both the sender and the receiver considerably high fees. In contrast, Ripple can settle a transaction instantly, with low transaction fees.
Scalability is another bonus of the Ripple network. While payment networks like Visa and Mastercard can facilitate around 1,700 transactions per second, most blockchain-based payment systems can only facilitate a couple of transactions per second (for Bitcoin, the largest and most popular cryptocurrency in the world, the number average number of transactions per second is between 4 and 7). The Ripple network, on the other hand, can facilitate around 1,500 transactions per second, making it one of the best alternatives to the existing payment networks.
Ripple Labs have alternative methods for settling payments between different financial and corporate entities. Ripple’s oldest product is xCurrent, which helps banks to quickly settle cross-border payments, while xRapid is a newer product that provides liquidity to payment providers. xVia allows financial institutions to connect to RippleNet through a single API.
Ripple Background and SEC Lawsuit
Ripple Labs was founded in 2012 by crypto enthusiasts David Schwartz, Arthur Britto, and Mt.Gox founder Jed McCaleb. It’s based in San Francisco, with offices in New York, India, Sydney, Singapore, Luxembourg, and London.
Jed McCaleb left Ripple Labs in 2013 and went on to co-found Stellar Development Foundation and the Stellar protocol. Today, the Stellar Network is one of Ripple’s main competitors in the area of cross-border payments.
In 2020, the Securities and Exchanges Commission (SEC) filed a lawsuit against Ripple Labs for selling unregistered digital assets (XRP). Many crypto exchanges delisted the digital asset after the SEC’s announcement and XRP prices plunged as a result.
While many thought this would be the end of Ripple and XRP, the digital currency managed to hold on to its high-ranking status in the cryptocurrency ecosystem. As Mark Twain would have put it, rumors of Ripple’s demise have been greatly exaggerated: despite the ongoing lawsuit against Ripple pursued by the SEC, the asset has been slowly recovering its price levels, though it hasn’t yet reached its record high prices from 2017.
How to Buy XRP from a Crypto Exchange
Once you sign up for a cryptocurrency exchange, you can buy XRP with Australian dollars (AUD) or other cryptocurrencies.
Buying XRP with fiat currencies like AUD is simpler than using BTC and other crypto assets to purchase XRP, but we don’t worry as we will cover both options.
Buy XRP with Fiat Currency
If you are looking to buy XRP with AUD, simply follow the steps outlined below.
Register and Complete Identity Verification
First, open an account in a cryptocurrency exchange that lists an XRP/AUD pairing. We will suggest a number of exchanges that let you purchase XRP with AUD, so don’t worry about which cryptocurrency exchange you will pick for now.
Most cryptocurrency exchanges in Australia require you to complete identity verification before you are allowed to trade on the platform. Identity verification can be completed by providing your official name, address, email, phone number as well as a photo ID, such as a driver’s license or a passport.
Some crypto exchanges may require you to submit more documents. You may also be asked to provide a selfie while holding a dated and signed statement. This is a preventative measure to protect the exchange from bots and fake profiles.
Once you register and complete ID verification, you will be able to deposit funds into your exchange account. You need to click “Deposit AUD” and select a deposit method to move your funds.
Many crypto exchanges offer bank transfers as well as POLi, BPAY, and PayID deposits. Some exchanges also offer debit and credit card purchases but you want to check if they are charging you extra for the service as it can be quite expensive.
Once you deposit your funds into your exchange account, you are ready to purchase XRP. Most crypto exchanges have a dedicated Buy/Sell page. You should search for a Ripple or AUD/XRP trading pair. Once you find the right option, simply enter how much you want to spend. The calculator will show you the amount of Ripple you can purchase for your money.
Review the transaction details carefully, including how much the transaction will cost you in trading fees.
Buying XRP With Another Cryptocurrency
You can also purchase XRP with another digital asset, such as Bitcoin (BTC) or Ethereum (ETH). Let’s look at how that works:
Open an Account in a Crypto-to-Crypto Exchange
In order to trade digital currencies for XRP, you should first find a crypto exchange that supports crypto-to-XRP trading pairs. If you already own Bitcoin (BTC), Ethereum (ETH), or stablecoins like Binance Coin (USDC) or Tether (USDT), check if your exchange supports XRP trading pairs. You might be able to easily purchase XRP with your coins, without having to open a new account at another exchange.
Large global cryptocurrency exchanges like Binance usually offer the most varied crypto-to-crypto pairings. It’s pretty easy to sign up for a Binance account as well since you just need to enter your email address and pick a password. Crypto-to-crypto transactions through Binance don’t require identity verification.
You have to deposit crypto funds to your exchange account in order to purchase XRP with crypto. Make sure you are transferring your funds to the right address. Go to your exchange wallet, select the cryptocurrency you wish to transfer, and copy the wallet address for that specific digital currency. Use the wallet address to transfer the crypto asset from your external wallet to your exchange wallet.
Once your digital assets show up in your exchange wallet, you can go to the Exchange or Buy/Sell page and pick the trading pair you wish to trade. For example, if you want to sell ETH to buy XRP, search for XRP/ETH pairing. Enter the amount of XRP you want to buy. Make sure to review the transaction detail before you confirm your trade.
Where to Buy Ripple and Other Cryptocurrencies in Australia?
While many exchanges don’t allow US-based customers to buy Ripple due to the SEC lawsuit, you can easily buy XRP in Australia from different sellers. One of the most convenient ways of buying XRP is to use a cryptocurrency exchange like CoinJar or Swyftx. You can also buy XRP over-the-counter from crypto brokerage firms or buy XRP from individuals, though the latter might take a long time and can be an unnecessarily tiring process.
If you want to buy XRP with fiat currency, your best option is to open an account in a crypto exchange. Most crypto exchanges list several cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or Dogecoin (DOGE) along with Ripple (XRP). If you already have an account in a crypto exchange platform, check if XRP is listed among the offered cryptocurrencies, and you can easily purchase the digital asset if it’s so.
If you don’t already have an exchange account or your chosen crypto exchange doesn’t offer Ripple, you just have to open an account at a crypto exchange that lists the digital currency. Luckily, the list of crypto exchanges that offer XRP is quite long: you can find XRP on Swyftx, CoinJar, CoinSpot, Binance, Independent Reserve, Coinmama, Digital Surge, and many other crypto exchanges.
Best Crypto Exchanges to Buy XRP with AUD
There are several crypto exchanges that offer AUD/XRP trading pairs in Australia but if you’re a beginner, you may require some assistance when it comes to picking a trading platform that suits your needs. Since each crypto exchange has its advantages and disadvantages, we picked some of the best options for you so that you have an easier time picking a trading platform.
CoinSpot is a cryptocurrency exchange that has it all: while you can use its peer-to-peer marketplace to buy and sell digital assets with ease, you can also take advantage of its swap feature to exchange different cryptocurrency pairs.
You can also use its integrated brokerage service to purchase large amounts of XRP without using order books. CoinSpot’s Over-The-Counter (OTC) trading desk employs professional brokers that help you with your crypto purchases.
CoinSpot lists over 340 digital currencies, including popular cryptocurrencies like Bitcoin, Ethereum, and Ripple.
CoinSpot is very easy to use. CoinSpot prompts you to complete identity verification as part of the sign-up process so that you can immediately start trading on the crypto exchange.
You have many AUD deposit options with CoinSpot as the platform accepts many different payment methods. You can connect your bank account to CoinSpot to use bank transfers to fund your account, free of charge. Other deposit options include PayID, Osko, Bpay, and POLi.
CoinJar’s biggest advantage is how easy and fast it is to open an account on the crypto exchange. When you are first signing up for an exchange, you have to complete ID verification the exchange requires in order to comply with regulations. However, that could take a long time depending on how the exchange handles the process.
CoinJar offers to fast-track ID verification process for users who already use the Digital iD app, developed by the Australia Post. Even if you don’t already have Digital iD™, you can simply download the app and register within a couple of minutes. Either way, it will take you less time than the usual identity verification process.
Using Digital iD™, you can get instant verification and start trading on the CoinJar exchange. CoinJar allows you to fund your account with bank transfers as well as PayID, BPAY, Blueshyft, and Instant Buy. However, beware that you won’t be able to withdraw your XRP from CoinJar for seven days when you first sign up for the exchange.
Swyftx is one of the best Australian crypto exchanges thanks to its low trading fees and exchange rates. It also offers many deposit methods including bank transfers, PayID, and POLi, as well as debit card and credit card purchases. That said, debit card and credit card purchases aren’t free so you should take that into account if you want to pick the cheapest option.
Swyftx holds a 4.8 score on Trust Pilot and is generally considered one of the best Australian exchanges. It has an Australian live chat option for customer support.
Swyftx cryptocurrency exchange boasts small fee spreads, and free cash withdrawal and deposit options.
Swyftx lists more than 250 cryptocurrencies and all digital assets can be purchased with AUD.
The eToro trading platform offers around 43 cryptocurrencies and digital assets. While the number of offered digital currencies may not be a lot, you can still buy XRP and other popular digital currencies on eToro.
The nice thing about using eToro is that the platform doesn’t take any deposit fees for any of the deposit methods. The deposit methods include credit card and debit card purchases, bank transfers, wire transfers, online banking, and online payment services such as PayPal.
eToro is easy to use and is generally viewed positively by the crypto community. If you trade non-crypto assets as well as cryptocurrencies, eToro might be one of the best platforms since it allows you access to the stock market as well.
Where to Sell XRP?
You can easily sell XRP on cryptocurrency exchanges that list XRP. You can sell XRP for AUD or other cryptocurrencies, depending on the trading pairs available on the platform you pick.
Where to Store XRP?
Once you buy the desired amount of XRP on a cryptocurrency exchange, you can move your assets to an external wallet of your choice. It’s not recommended to keep a large amount of cryptocurrency in exchange wallets, as they are vulnerable to hacking attempts.
XRP doesn’t have a dedicated wallet of its own, but you can use a third-party multi-currency wallet to store XRP. Here are some of the best crypto wallets to store XRP:
Atomic Wallet has a desktop and mobile application and is available for many operating systems. This is a multi-currency wallet that supports over 300 cryptocurrencies.
One of the advantages of Atomic Wallet is its integrated crypto exchange. You can purchase many cryptocurrencies, including XRP, through the wallet itself.
Exodus Wallet is a multi-currency wallet for computers and mobile devices. It supports both android and iOS devices as well as most operating systems. Exodus offers support for more than 150 cryptocurrencies and also has an integrated exchange that allows users to swap and trade digital assets, including XRP.
Trust Wallet is a mobile wallet that comes with a built-in exchange feature that lets you purchase XRP and many other cryptocurrencies with a debit/credit card.
Ledger Nano S and Ledger Nano X
The Ledger Nano S and Ledger Nano X are hardware wallets that support hundreds of digital assets. Since hardware wallets provide cold storage, these are some of the safest wallet options on the market. Ledger Nano S is the more budget-friendly option, and Nano X has more features (including Bluetooth connection).
Hardware wallets are recommended for investors who hold a large amount of cryptocurrencies.
Trezor Model One and Trezor Model T
Trezor One and Trezor Model T are hardware wallets that support many different cryptocurrencies. Trezor wallets are similar to Ledger wallets, as they provide cold storage for hundreds of different crypto assets. Trezor Model T is the more developed option, but both models are more than capable of keeping your digital assets secure.
A Few Words Before You Go…
Ripple is an original and visionary alternative to existing cross-border payment networks. Ripple seeks to offer its services to corporations and financial institutions around the globe so that cross-the-border payments are accomplished faster and with less cost.
Ripple network’s native cryptocurrency XRP is essentially a utility token that powers value transfers. XRP can be bought on many cryptocurrency exchanges in Australia, including Swyftx, Binance, and Coinspot. You can purchase XRP with Australian dollars (AUD) as well as with other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
frequently asked questions
You can easily track Ripple prices thanks to CoinMarketCap. The XRP to AUD chart not only shows the current Ripple prices but also lets you view the price changes over the last few days, weeks, months, and years.
Yes, you can buy and trade XRP safely if you are based in Australia.