How to Buy Ripple in Australia: Detailed Guide For Beginners

With thousands of different cryptocurrencies, it can be quite hectic choosing the ideal cryptocurrency to invest in. Many would suggest buying crypto “blue chips” like Bitcoin and Ethereum. However, if you believe crypto’s greatest power is low-cost remittance payments, then perhaps Ripple (XRP) is a better fit. Once considered a blue-chip cryptocurrency itself, Ripple once traded as the second-largest crypto after Bitcoin. 

What is Ripple (XRP)?

Ripple is both a platform and a cryptocurrency. It is a platform created by Ripple Labs to provide seamless financial transactions. The cryptocurrency token is XRP. 

As technology opens up the world, global trade and cross border transactions are becoming more common. However, international trade faces the challenge of money transfer. Most of the cross border money transfer options are expensive and take quite a bit of time to process. That is where Ripple comes in. 

Ripple provides a blockchain platform for fast and secure money transfers. Unlike other cryptos that work separately from traditional institutions, Ripple integrates with them. Several banks and traditional financial institutions are already using the Ripple platform for money transfers.

After trading for around $0.3 for some time, it has been on a recent bull run that has seen it hit the current $1.11. As cryptocurrency with a clear use case, these values continue rising as its issues with the SEC become clearer. 

Should I Invest in Ripple?

The value of XRP has fluctuated rapidly, as with other cryptocurrencies. If you decide to purchase XRP, you should consider the possibility of its long-term appreciation. The token is among the top 10 largest cryptocurrencies in market capitalisation.

How to buy Ripple in Australia

Innovative Technology XRP seeks to provide a platform for faster and more efficient cross-border remittances. Individuals and institutions have a superior option for exchanging currency between countries with XRP due to its quicker settlement and lower transaction fees.
Fast Speed As stated on Ripple’s website, the XRP ledger routinely processes over 1,500 transactions per second (tps). In comparison, larger and more prominent cryptocurrencies such as Bitcoin (7 tps) and Ethereum (30 tps) are considerably sluggish.
Affordable Price In recent months, the price per token of XRP has hovered just below 40 cents, making it one of the least expensive options for investors seeking to acquire prominent cryptocurrencies.
Low Transaction Fees The average cost per transaction for XRP has consistently been a tiny fraction of a cent, making it one of the most cost-effective blockchain networks available.
Controversies Ripple allegedly offered unregistered securities to retail investors, according to the SEC.

In December 2020, the SEC alleged that XRP was an unregistered security and that the company violated federal securities law by selling XRP.

Ripple has refuted this by stating that XRP is a virtual currency, not a security, so it is not subject to the same registration requirements.

The lawsuit immediately affected the price and availability of the coin; Coinbase suspended trading of XRP on its cryptocurrency exchange in January 2021. Without knowing the case’s outcome, the coin’s fate is uncertain. As of December 2022, the case remains active.

Where can I buy XRP?

XRP may not be as ubiquitous as Bitcoin and Ethereum, but it remains a top 10 coin by market capitalisation and is available on several cryptocurrency exchanges in Australia. If you intend to store your XRP in a wallet the exchange provides, select a well-known exchange to guarantee its security. The best ones employ stringent security measures to safeguard your digital assets.

There are also numerous mobile applications where you can purchase XRP with AUD or other cryptocurrencies, such as Bitcoin. The most useful ones are those developed by a cryptocurrency exchange, such as CoinSpot. Avoid buying XRP via newer or lesser-known applications, as you cannot be sure of the security measures.

When the SEC announced their lawsuit against Ripple, several prominent U.S. cryptocurrency exchanges, including Coinbase, delisted XRP. However, in Australia, you can buy XRP on crypto platforms such as CoinSpot, Swyftx, and Digital Surge. They are all AUSTRAC-registered and reliable, with competitive exchange rates, prices, and fees. CoinSpot is the best among them due to its superior security, mobile app, live chat support, 380+ cryptocurrencies, and 24/7 customer support. You can read our detailed CoinSpot review to learn more about their services and fee structures.

The Best Ways to Buy Ripple in Australia

To buy Ripple in Australia, you must first deposit funds or ensure your account balance suffices. We’ve outlined the most common ways to purchase XRP and what you should know about each payment method.

Buy Ripple with a bank account

Many exchanges support free and instant bank transfers in Australia.
Some offer other options like PayID, Osko and wire transfers, but check if you’ll be charged a deposit fee first.

Buy Ripple with a debit card

How you use a debit card will vary on the platform. Some exchanges allow you to transfer funds from your debit card to your account. Others, however, will only let you make immediate purchases with a debit card, which frequently incurs higher fees.

Buy Ripple with a credit card

Many crypto exchanges accept credit cards as a form of immediate payment. However, you should exercise caution before purchasing Ripple with a credit card, as credit card fees are higher than bank transfer fees. Some card issuers may also restrict transactions involving cryptocurrencies.

Buy Ripple with cash

Buying Ripple with cash is uncommon in Australia, but platforms like CoinSpot make it possible. There are several additional methods to purchase XRP with cash:

  • Ripple ATMs. You can purchase XRP with currency using a Ripple-specific ATM. These can be located in numerous main Australian communities. You must still provide identification and pass a Know Your Customer (KYC) verification.
  • blueshyft. A few Australia-based exchanges, such as CoinSpot and CoinJar, accept blueshift deposits. You will be provided with a QR code to present to a participating newsagent in order to complete your cash payment.
  • Peer-to-peer (P2P). You can use a P2P platform to locate someone willing to sell you XRP for cash directly. If you attempt to resolve the transaction in-person or without an escrow service, you run a high risk of fraud. Consider a well-established, reputable platform that offers an escrow service and facilitates online transactions.

Buy Ripple with another crypto

Using the “swap” or “convert” feature on certain platforms, you can exchange any existing cryptocurrency for XRP. This enables instantaneous exchange of one cryptocurrency for another, even if no trading pair exists on the current market.

Buying Ripple in Australia: Detailed Guide

Now that you understand what Ripple is and the prospects of growth, here is the step-by-step means to buy the token. 

Selecting a crypto exchange 

Finding the right crypto exchange is the first step to buying Ripple. Ripple has had some legal issues after being sued by the US Securities and Exchange Commission (SEC). The lawsuit had seen several exchanges stop offering XRP on their platform. However, after dropping the lawsuits, these exchanges are relisting it. 

Some of the top crypto exchanges to buy Ripple include CoinSpot, BTC Markets and Independent Reserve. 

Once you choose an exchange, create an account then verify your details. 

Topping up the account 

Once your account is verified, you can top it up using various payment methods supported on the platform. 

Most exchanges allow you to fund your account using a credit card, debit card, bank account, crypto wallet, or other payment services. Transaction fees may apply, and your payment method can impact the amount you pay.

Confirm the transaction costs and the turnaround time before using any payment method. 

Purchase Ripple token (XRP)

Now that your account has enough funds, it is time to purchase the crypto. On the crypto exchange interface, choose the Buy icon, then select XRP. You then proceed to select the amount you wish to spend, then confirm. That’s all you need to buy Ripple.

Select your secure storage

Unlike bank accounts holding fiat currency, cryptocurrencies such as XRP are not protected by the Financial Claims Scheme (FCS). This means that you would not be entitled to an immediate refund if your XRP were stolen, if you lost your access codes, or if the exchange or broker went bankrupt.

A broker may not allow you to choose where your XRP is stored; meanwhile, an exchange platform provides an incorporated crypto wallet, and you are free to store it in hot or cold wallets elsewhere.

Hot wallets are digital wallets that include desktop, mobile, and web-based options. Because they are connected to the internet in some way, they are simple to use but susceptible to attacks and crypto hacks.

Cold wallets are external storage devices, such as hard disks or solid-state drives, used to store cryptocurrency. These are only connected to the internet once a transaction is initiated, making them less convenient but significantly more secure. As a cold wallet is a physical piece of hardware, it can only be accessed by an unauthorised individual if they own it.

Regardless of your chosen method, you may have to pay a fee when exporting XRP to an external wallet.

How to find the best place to buy Ripple in Australia

When purchasing Ripple in Australia, there are several trading platforms to choose. To select the optimal one, you can consider the following factors:

Location. Using a locally registered exchange is highly recommended. It is more likely to accept Australian dollars and local payment methods such as Osko, thereby avoiding currency conversion fees.

Reputation. As a fledgling industry, an exchange’s reputation can provide a wealth of information. For example, who are the founding members? Are their business procedures transparent? This may be a red flag if you find none of such information.

Security. Consider the platform’s security features, such as 2-factor authentication and encrypted communications. The cold storage of user funds is an industry standard, whereas the cold storage of insurance funds is uncommon but indicative of sound security practices.

Fees. Check the fine print to determine the precise fee for your transaction. These may include spreads, trading fees, and deposit and withdrawal fees, depending on the platform you select.

Transaction limits. Is there a minimum or utmost quantity of Ripple that can be purchased? Does the exchange limit the quantity of money you can withdraw in a single transaction or in a 24-hour period?

Customer service. If you ever have a problem with a transaction, will you be able to contact customer service promptly and easily? Is their headquarters in Australia? Determine what contact options are available and how quickly the team responds to inquiries.

Other features. Consider additional features that meet your investment or trading requirements. For instance, many exchanges now allow you to earn interest on your cryptocurrency holdings, and some issue crypto debit cards to facilitate the spending of your tokens.

FAQs About Buying Ripple in Australia

Is the XRP Ledger decentralised?

One of the most common misconceptions about XRP is that it uses the privately owned Ripple network. Ripple contributes to the Ripple network’s open-source code, but it does not control the network. The XRP ledger is decentralised, indicating that it is not controlled by a central authority.

Can anyone buy Ripple (XRP)?

Due to Ripple Labs’ lawsuit with the SEC, most regulated U.S. platforms have banned XRP since early 2021. However, Ripple purchases are unrestricted outside the US. You just need to select the platform that best suits your needs. However, it’s worth noting that altcoins like XRP are even riskier than Bitcoin or Ether, and many people have lost a lot of money trying to get rich fast in crypto.

When is the best time to purchase Ripple (XRP)?

Only you can answer it, and the answer depends as much on your willingness to invest in cryptocurrencies. The optimal time to purchase any cryptocurrency is when you have a thorough understanding of the coin’s risks and history, recognise the nature of the crypto market, and are willing to lose your entire investment.

How to buy XRP with USDT?

To purchase XRP with USDT, you must use an exchange that supports coin exchanges. (We highly recommend CoinSpot for Aussies). Send your USDT to your CoinSpot account’s USDT wallet address and use Swap to convert your USDT into XRP.

Is purchasing XRP in Australia legal?

Yes, it is secure to buy, sell, and trade XRP in Australia if you use an authorised and reputable cryptocurrency exchange. To securely purchase currencies, you can choose the best Australian exchanges such as CoinSpot that feature multi-layered security and are registered with AUSTRAC.

What are alternative ways to invest in XRP?

Purchasing shares in a company that uses or possesses crypto and the blockchain that enables them is another option for investors. For instance, Nvidia (NVDA) manufactures graphics processing units cryptocurrency miners use. In the meantime, Paypal (PYPL) enables customers to purchase and sell specified cryptocurrencies.

The Bottom Line

Ripple (XRP) is a blockchain-based payment solutions provider and cryptocurrency designed to expedite global payment clearance. Ripple is the corporation behind the blockchain, network, and ledger; meanwhile, XRP is the blockchain’s native cryptocurrency. You cannot mine XRP, but you can receive it as a reward for participating in the blockchain, purchase it, or accept it as payment. You can purchase and hold XRP and hope for gains, spend it or exchange it for other cryptocurrencies or fiat currency.

Recommended For You

Next Post

Welcome Back!

Login to your account below

Retrieve your password

Please enter your username or email address to reset your password.

Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.

Add New Playlist