Buy XRP Without Fees (Complete Step By Step Guide)
The following article will tell you everything you need to know about how to Buy XRP Without Fees. There are a few exchanges that offer the ability to buy XRP for free, as long as certain conditions are met. In this article, I'll talk about eToro as it has the lowest transaction fees.
What Is eToro?
eToro is a social trading broker. This means that you can invest in certain markets like stocks, commodities, currencies, etc., but you'll actually be investing in other people's portfolios or trades via CFDs (Contract for difference) instead of the respective asset itself.
The service is feasible because eToro charges fees for each transaction performed on the platform. In order to protect new traders from performing risky transactions on the platform, there's a mandatory minimum capital required for everyone who wants to use eToro.
As you can imagine, this also means that it's very important not to trade beyond your means, as you'll end up paying high fees every time you make a transaction.
As with all CFD platforms, the eToro service is suitable for traders who are willing to learn. An additional benefit of being a social platform is that you can see how others go about their trades, what they do, and how it works out for them.
You can copy successful traders or create your own virtual portfolio based on your preferences. The platform can be a bit daunting for first-timers who are used to trading on exchanges.
However, it's not as complicated as some might think, and you can trade very successfully on eToro if you manage to make a few successful transactions.
How To Create An eToro Account?
- Go to the eToro website and create an account (https://www.etoro.com/)
- Enter your details and submit them for review (you can also use Facebook or Google+ to sign up). Note: make sure you enter the correct email address as you will need it to access the platform later on.
- Fund your eToro account. You can do so by choosing a payment method from the selection at the top of the page (e.g., PayPal, Skrill, etc.) or choosing to deposit funds via credit card. It's important to note that you will be charged fees on all transactions if you fund your eToro account via credit card.
- Once you have done so, your account will be evaluated by eToro, and it could take up to 24 hours for the process to complete. You'll be prompted if there are any issues with your account that require your attention or approval before you can proceed any further.
- Congratulations! You're now ready to start trading on eToro. As you can imagine, it's very important not to go beyond your means and always pay attention to the transaction fees if you want to use the eToro service successfully.
How To Fund Your eToro Account?
eToro supports deposits via several payment methods. Here's a list of the most popular ones:
Credit Card (Visa, MasterCard, etc.):
As mentioned above, you'll be charged fees for every transaction if you fund your account via credit card. There are no extra charges for depositing using this method, and it usually takes around 3-5 business days for the transaction to complete.
Transfer (iDeal, SOFORTbanking, Giro Pay, etc.):
These are immediate payment methods, and you'll be charged a small fee (usually around 1.45%) on each transaction. Minimum transfer amounts depend on the payment method used, and they usually range from 5 euros to 10 euros.
As with the transfer method, PayPal is an instant payment method, and fees are similar (usually around 1.45%). The minimum amount of 5 euros, as well as a maximum of 10 000 euros per transaction, apply as well.
Also very popular on eToro; this is another instant payment method that'll charge you fees as well (roughly 1.45%).
This is a bank transfer rather than an instant payment method, and you will be charged fees depending on your location and the bank used for the transaction.
It could take up to 5 days for eToro to receive and process funds sent this way. The fee structure varies from one country to another. eToro suggests you get in touch with your bank to find out more about how much it will cost.
Wire transfers are usually available only in specific countries, while the fee structure varies from one bank to another and also depends on whether you're a customer of that particular bank or not. You'll have a much easier time if you choose one of the instant payment methods (Skrill, PayPal, etc.).
How To Buy XRP On eToro?
- Go to the XRP page on the eToro website (https://www.etoro.com/markets/xrpbtc).
- Set your price per unit and the amount of XRP you want to buy or sell, then click "Limit" or "Market," depending on how you wish to proceed.
- To limit buy/sell orders, you'll need to register with eToro and provide some form of payment (you can do so by following the same procedure outlined above).
- You will be charged transaction fees if you wish to fund your account via credit card or PayPal (even though these are instant payment methods), but eToro will not charge you anything to deposit XRP.
- Deposit times for different payment methods vary depending on your location, local bank, and the one used by eToro (you can find more information here: https://www.etoro.com/fees).
- Once you have deposited funds, you can buy XRP on eToro through a limit order or a market order, just as you would with any other tradable asset. If you do so via a market order, you'll be charged transaction fees from eToro even if the chosen payment method was instant.
- If you want to sell your XRP for fiat currency, you'll have to log in, go to the "Wallet" tab and select the cryptocurrency you want to convert. Then, click on "eToro wallet" as a withdrawal method, choose your preferred payment method, and follow the instructions from there.
- There are no transaction fees involved when selling XRP on eToro but depending on your chosen payment method, and you might have to pay fees anyway.
- When selling XRP for fiat currency on eToro, bank transfers can take up to 5 days to complete, while other instant payment methods are usually completed in a few hours or less. The exact deposit time also depends on the local bank and network conditions.
What Type Of Orders Can You Execute While Buying XRP?
You can buy or sell XRP on eToro using a market order, a limit order, or a stop loss.
A market order means you want to buy XRP at the best available price. As soon as your payment is confirmed, eToro will buy XRP at the lowest ask offered by sellers. Market orders are typically available only for instant payment methods such as Skrill and PayPal.
A limit order means you want to buy XRP at a specific price point. For example, if the current market price is 100, but you wish to buy XRP for 90, you can submit a limit order and wait for someone to sell at your desired price. Limit orders are available regardless of payment method.
So-called "smart orders" – Stop loss and Take profit – allow you to automate bidding. Stop-loss and Take profit orders will monitor the market price of XRP and automatically execute a limit order once certain conditions are met (for example, if XRP falls below a predefined price or reaches a certain percentage). For instance, if you wish to buy XRP but don't want to overpay, you can use a stop-loss order.
What is XRP?
XRP is the third-largest cryptocurrency by market cap (after Bitcoin and Ethereum), created in 2012. Just like these two, XRP aims to become a decentralized payment protocol for transferring fiat currencies over the Internet. While it's not as popular as BTC or ETH yet, its price has skyrocketed in early 2018 to an all-time high of over $3.
With XRP, you can transfer money anywhere in the world in just 4 seconds flat (this is not a typo). The fees are 'next to nothing,' and transaction costs go as low as 0.00001XRP (roughly $0.0000037 at current XRP prices), so it's no wonder that XRP has been gaining a lot of traction recently.
How Does Ripple Work?
Ripple addresses all of the shortcomings associated with BTC and ETH, but it's also designed to target the banking market. It goes like this: banks hold onto funds for at least 5 days before transferring them to overseas accounts.
With Ripple, this process can be reduced to just 4 seconds thanks to its decentralized payment protocol (and no transaction fees).
People, institutions, and banks alike could benefit greatly from using the Ripple protocol. Now all they have to do is join forces with this company.
Why Should You Invest In XRP?
XRP is a very cheap way of transferring money over the Internet. In fact, it's 100 times cheaper than any other popular payment protocol out there.
XRP allows you to transfer money from one place to another in around 4 seconds flat.
The total amount of XRP currently available on the market is 100 billion units. The supply of XRP increases at a fixed rate of 500 million units per month until maxing out at 100 billion units. The good news is that this will only happen in 5+ years from now, so prices are likely to skyrocket before then.
Not Backed By Any Fiat Currency:
This might be viewed as something bad by some people and good by others. XRP isn't tied to any fiat currency, and its price is influenced purely by market conditions, which are both good and bad.
No Mining Pools:
All XRP that will ever exist were created back in 2012, and most of them are still held by Ripple Labs, the company behind it. This means that mining pools (like Bitcoin or Ethereum) don't exist for XRP, but this also means that the price growth is likely to be more significant over time.
One of the biggest selling points of XRP is that it's decentralized, which means it can't be targeted by financial institutions. This may change in the future, but for now, Ripple Labs holds a large percentage of all available units, and releasing them could cause a huge price crash.
What Are The Downsides Of XRP?
XRP saw incredible price growth in late 2017, but so did most other cryptocurrencies. This means that the price is likely to fluctuate often, and you should only invest money you can afford to lose.
Ripple Labs Holds Onto All Units:
As mentioned above, Ripple Labs holds onto around 60% of all units that will ever exist. If they decide to release all of their holdings onto the market, this could cause a massive XRP price crash (similar to what happened with BTC in 2013).
Ripple Labs is facing a lot of legal battles, especially with its XRP tokens. They've recently locked up 55 billion units and released them in batches in order to avoid crashing the price, but only time will tell how this situation unfolds.
So Should You Buy XRP?
The great thing about cryptocurrencies is that there's no need for middlemen. However, some people are more comfortable dealing with banks than others.
I don't know about you, but for me, dealing with banks is much more convenient than trying to set up exchanges that allow for trading between different tokens.
Everyone I've spoken to agrees that buying XRP was one of the best decisions they ever made. The protocol has been adopted by some of the biggest companies in the world, and it's only a matter of time before the price starts to reflect this.
Ripple is truly an amazing company that has managed to create one of the most impressive pieces of technology in recent memory.
They are targeting an untapped market, solving all of its shortcomings with ease. XRP is the only way to go when it comes to making international payments.
What Is The Future Of XRP?
The future of XRP is bright, and it's likely to remain one of the top cryptocurrencies for a long time. I've been following Ripple closely ever since I saw the massive price growth back in December and believe that this company has what it takes to change international payments for good.
Ripple is targeting an untapped market and solving all of its shortcomings with ease. It's the best cryptocurrency when it comes to making international transactions, and I believe that in 2018 (and beyond), XRP is the way to go when making cross-border payments.
How Can You Store XRP?
XRP is, like most cryptocurrencies, stored in an online wallet. You can use one that belongs to a cryptocurrency exchange or create your own private wallet.
However, the safest way to store any cryptocurrency is using a hardware wallet, and I recommend that you use this option whenever possible. This allows you to keep your coins offline and out of reach from hackers.
Choosing a cryptocurrency exchange is important, as well. If you plan on investing in XRP, I recommend that you look for verification methods, security features, and customer support. You also need to make sure they don't have hidden fees or minimum deposit requirements before opening an account.
As far as I know, Coinbase is one of the most popular exchanges that sell XRP, and they have good security measures in place. They're also pretty easy to use, and their fees aren't going to eat away your profits.
How Can You Make Money From XRP?
There Are A Few Ways You Can Make Money From XRP:
You can buy it and HODL (like I've been doing for the past 6 months), which is likely to bring decent returns over time. You can use it as part of your cryptocurrency portfolio, which allows for higher risk but also higher rewards.
You can lend your XRP to traders in exchange for daily interest. I've seen some websites that offer up to 6% daily (when you lend your XRP to high-volume traders), and this is one of the easiest ways to make money with cryptocurrencies.
You can also get started with arbitrage, which allows you to make money by buying XRP on one exchange and selling it on another with a difference in price. I've tried this not long ago and made a profit of over 10% in just a few hours, which is quite impressive if you ask me.
No matter how you look at it, there are plenty of ways to make money from XRP, and I recommend that you start doing your research as soon as possible.
What Factors Need To Be Considered Before Buying Cryptocurrencies?
Before buying cryptocurrencies, you need to consider certain factors, such as legal battles and company management. This is especially important if you're investing in XRP because there are some concerns about the future of the coin.
First off, Ripple is facing a lot of legal battles right now. It also has very little competition when it comes to making transactions, but it still has to deal with banks and other financial institutions. The Ripple protocol is the best way to make cross-border transactions, however.
Secondly, you need to consider company management. This can be very important because there are plenty of scams out there that target uneducated investors and try to fool them into buying overpriced tokens without knowing anything about the company or its products.
However, I believe that this is one of the most exciting companies in the world right now, and their products are only going to get better with time.
I don't think there's any reason to be concerned about Ripple Labs, but it's always good to do your own research before investing in any cryptocurrency.
This is basically a short summary of what's been said in the article. In the end, you need to know why you're investing and how much money you can afford to lose before parting with your cash.
The cryptocurrency market is very volatile when compared to other financial markets, and this means that you need to be extra careful when choosing a currency and a company to invest in. Read as much as you can, do your research and never invest more than you can afford to lose.