How to Buy Ripple (XRP) in Australia

1. Choose a crypto exchange

First things first, you need an exchange that both has Ripple, and is trustworthy!

You can find our top 3 exchanges for buying Ripple here, alternatively you can also check our comparison of the best Australian crypto trading platforms, if you’re generally interested in seeing which exchanges work for Australians.

2. Sign up with the crypto exchange

Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.

3. Fund your account

The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.

4. Buy Ripple

And of course, the final step is to find Ripple on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.

Where to Buy Ripple (XRP)

ExchangeRatingAvailable CryptocurrenciesFeesVisit Site
Swyftx Logo5/5350+0.6%VISIT SITE
Binance Logo4.5/5300+0.1%VISIT SITE
Digital Surge Logo4/5200+VariesVISIT SITE

How to Sell Ripple

  1. Sign into the exchange
  2. Find where you stored your Ripple, either on a hardware wallet or on the exchange.
  3. Transfer your Ripple to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
  4. Sell Ripple.
Businessman looking at crypto trend

Considerations when looking to buy Ripple.

Ripple offers a more cost-effective and efficient alternative to the Society for Worldwide Interbank Financial Telecommunications System (SWIFT), which processes international transactions. This should happen through the Internet of Value. It is the umbrella term that covers several of Ripple’s products: RippleNet and RippleX.

RippleNet allows financial institutions to send money faster and at lower costs than traditional systems. RippleNet only requires one API to connect. RippleNet also provides On-Demand Liquidity, which eliminates the need to pre-fund cross-border transactions. It acts as a mediator between transacting parties, and smoothens out liquidity between foreign currencies. A European retailer might not want to receive US dollars, and vice versa. ODL intervenes and uses XRP to facilitate the transaction.

XRP Ledger, Ripple's open source blockchain, uses the XRP currency as its native asset. Although it is independent of Ripple, Ripple can use it for different purposes. Although not as well-known as other blockchains the XRP Ledger is still a settlement layer.

Unlike Ethereum, the XRP Ledger doesn't use a proof of work consensus mechanism. It does not use a proof-of stake consensus mechanism, as many other cryptocurrency. It uses the XRP Ledger Consensus Protocol instead. This is a more centralized and efficient way to reduce transaction cost and finality time. Transactions can be completed in seconds with the XRP Ledger. This is much faster than traditional systems like SWIFT or Bitcoin's ten-minute block times.

RippleX, a platform that offers blockchain solutions for projects that provide payment-oriented services, is finally available. Companies don't have to create their own DApps or blockchain solutions. Instead, they can use the RippleX expertise and products. This will ensure mainstream compatibility as well as a positive user experience. Two protocols have been launched on RippleX so far: Interledger, which provides compatibility between various payment systems, and PayString that simplifies the processing of payment addresses.

Ripple offers a natural value proposition for cross-border payment, which has been insufficiently solved by other protocols. According to Ripple, Ripple could be a viable alternative to SWIFT due to its speed and efficiency.