Introduction
Welcome to our comprehensive guide on Ripple (XRP) trading on eToro! In this page, we will cover everything you need to know about trading Ripple on this popular social trading platform.
For starters...
Ripple is a digital currency that is designed to facilitate fast and secure transactions, and has become increasingly popular in recent years due to its unique features and potential applications.
In this guide, we will explore the advantages and risks of trading Ripple on eToro. Additionally, we will provide step-by-step instructions on how to open a Ripple trading account on eToro, how to buy and sell Ripple, and how to use eToro's tools and features to help you trade Ripple more effectively.
Whether you're a seasoned cryptocurrency trader or new to the world of digital currencies, this guide will provide you with all the information you need to start trading Ripple on eToro with confidence.
| 🏷️ Crypto Name | Ripple |
| 🚩 Symbol | XRP |
| 💰 Minimum Investment | $10 |
| 🏷️ Buy/Sell Fee | 1% |
| ⌚ Market Open | 24/7 |
77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
How to Buy/Trade Ripple XRP on eToro?
- On your eToro dashboard, click "Discover".
Clicking "Discover" on eToro - Select “Crypto”.
Selecting "Crypto" on eToro's platform - Scroll down to look for “XRP”.
Looking for Ripple on eToro's list of crypto assets - Click “Buy” and set the amount you want to invest.
 on eToro's platform.webp)
Buying Ripple (XRP) on eToro's platform - "Click “Open Trade”.
Executing XRP buy order on eToro
Minimum Amount for Buying Ripple
In order to purchase Ripple (XRP) on eToro, a minimum investment amount of $10 is required, but it's important to note that this amount may vary depending on the location where you reside and the regulations applicable in your country.
It's recommended that you refer to eToro's terms and conditions or contact their customer support team for more information on the minimum investment amount in your region.
How to Sell Ripple (XRP) on eToro?
To liquidate your Ripple (XRP) holdings on eToro, you will need to close your open position on the platform. This can be accomplished by navigating to your portfolio page and locating the XRP position that is currently open. Once you've located the position, simply click on the "Close Trade" button or the red X icon to initiate the closing process.
If you hold multiple open XRP positions on eToro, you have the flexibility to close only a portion of your positions or all of them at once, depending on your investment objectives. After you have initiated the closing process, any profits or losses you have incurred will be credited to your eToro account, along with your original investment amount.
Fee for Buying or Selling Ripple
When you purchase Ripple (XRP) on eToro, you become the rightful owner of the asset. It's important to note, however, that eToro applies a 1% fee for both buying and selling XRP tokens. This fee is already incorporated into the market price you see when opening or closing a position, meaning it's added to the Bid-Ask spread of the market price.
Take note: Upon opening a new position, you may notice an initial loss in the position. This is due to the fact that the displayed Profit & Loss (P/L) takes into account the 1% buy fee that was charged and the additional 1% sell fee that will be charged when the position is closed.
XRP Wallet
You can use the eToro Money crypto wallet to store and manage your XRP holdings securely. This wallet supports over 120 digital assets, in addition to XRP.
However, if you only use the eToro trading platform for XRP trading, eToro will hold the XRP on your behalf in cold storage wallets. If you want to withdraw these XRP tokens that you bought on the platform, you'll need to transfer them to the eToro wallet and send it to a third party XRP wallet.
How to Open an XRP Wallet with eToro?
In order to use eToro's XRP wallet service, you will need to transfer an XRP position via the eToro trading platform under your name to the crypto wallet under the same account. The good news is that you won't incur any fees opening an XRP wallet and also transferring the XRP crypto to this wallet.
77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Minimum Transferrable XRP Amount
In order to transfer Ripple (XRP) from your eToro trading account to the eToro Money crypto wallet, you must transfer a minimum of 17.7574 XRP. This minimum transfer amount is set by eToro and applies to all users.
That means you must have at least 17.7574 units of XRP in your eToro trading account in order to make a transfer to the wallet. If your XRP balance is lower than this amount, you won't be able to transfer any funds.
eToro Ripple Stats
Based on the Investor Update for Q4 2021 released by eToro in March 2022, Ripple has emerged as one of the most sought-after digital assets on their trading platform. With only Bitcoin, Ethereum, and Cardano ranking higher in popularity, XRP has managed to capture 9% of the total trading volume and 13% of all assets under administration throughout 2021. These figures exceed the numbers for other highly popular cryptocurrencies, such as Shiba Inu (in millions) and Dogecoin.
| Crypto Asset | Trading Volume | Assets Under Administration |
|---|---|---|
| Bitcoin | 29% | 23% |
| Other cryptoassets | 18% | 21% |
| Ethereum | 15% | 21% |
| Cardano | 11% | 17% |
| Ripple | 9% | 13% |
| Shiba Inu (in millions) | 4% | 3% |
| Dogecoin | 4% | 2% |
Frequently Asked Questions (FAQ)
Below are commonly asked questions related to eToro and the Ripple cryptocurrency:
Can I trade Ripple on eToro 24/7?
Yes, Ripple (XRP) can be traded 24 hours a day, 7 days a week on the eToro platform. This broker offers investing in cryptocurrencies 24/7, including XRP, which means that you can open and close positions at any time, day or night. However, it's important to keep in mind that eToro may temporarily suspend trading for certain cryptocurrencies during times of high market volatility or other exceptional circumstances.
Can I store my Ripple on eToro or do I need a separate wallet?
If you're trading Ripple (XRP) on eToro, you can store your XRP in your eToro wallet. eToro offers a secure and user-friendly wallet for holding various cryptocurrencies, including XRP. This means that you don't need a separate wallet to store your XRP, as long as you're using eToro as your exchange
Can I earn interest on my Ripple holdings on eToro?
Currently, eToro does not offer any interest or staking rewards for holding Ripple (XRP) on its platform. As an eToro user, you can buy and sell XRP, but there is no way to earn interest or rewards for holding it on the platform.
Can I use leverage to trade Ripple on eToro?
Yes, you can use leverage to trade Ripple (XRP) on eToro. eToro offers leveraged trading for cryptocurrencies, including XRP, which allows you to open larger positions with a smaller amount of capital.
The maximum leverage available for XRP trading on eToro is x2, which means that you can potentially double the size of your position with just half of the capital required for a non-leveraged trade. However, it's important to keep in mind that leverage can also amplify your losses if the market moves against you, so it should be used with caution.
What is the minimum trade size for Ripple on eToro?
The minimum trade size for Ripple (XRP) on eToro is $10. This means that you need to invest at least $10 worth of XRP for each trade you make on their platform. Keep in mind that this broker may also charge fees and spreads for XRP trading, which may vary depending on market conditions and other factors.
Can I use eToro to buy Ripple with fiat currency?
Yes, you can use fiat currency to buy Ripple (XRP) on eToro. This broker offers a user-friendly platform for buying and selling cryptocurrencies, including XRP, using fiat currency in US dollars.
Can I stake my Ripple on eToro?
No, you cannot stake your Ripple (XRP) on eToro. Staking is a process that involves holding cryptocurrency in a wallet to support the network and earn rewards. However, XRP does not use a Proof of Stake (PoS) consensus mechanism like other cryptocurrencies, which means that there is no staking option available for XRP.
Can I mine Ripple on eToro?
No, you cannot mine Ripple on eToro or any other platform. Ripple (XRP) uses a different consensus algorithm called the Ripple Protocol Consensus Algorithm (RPCA) instead of mining, which means that the process of creating new XRP is centralized and controlled by the Ripple company. As an investor, you can buy and sell XRP on eToro, but you cannot mine it.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.