The latest cryptocurrency to catch the eye of traders and investors (especially as the Ripple founder is now one of the richest people in the world is Ripple.
But where can you trade the Ripple cryptocurrency and what is it?
One of the most important factors for traders should be ensuring that any broker you trade through is properly regulated. So we’ve put together a comparison table of the best FCA regulated brokers that offer Ripple trading.
Here are a couple of tips for trading Ripple.
Watch you exposure. Cryptocurrency CFDs or Cryptocurrency spread bets are traded on leverage so you only put down a small amount of deposit for a large position. As cryptocurrencies are pretty much the most volatile asset class out there at the moment keep tabs on your positions and always use stops.
Make sure your broker is FCA regulated, our cryptocurrency comparison tables only include brokers that are regulated by the FCA with UK offices. Don’t be tempted to go with an offshore broker. UK brokers offer some of the best client protection in the world.
- PLUS 500 – founded in 2008 they offer access to a wide range of CFDs on crytocurrencies (CFD Service. 80.6% lose money)
- eToro – is a CFD broker but also a social trading network so if you’re new to trading you can follow experienced trades and copy their trades automatically
What is Ripple? Here’s what IG, one of the world’s largest brokers has to say about it:
Ripple positions itself as a complement to bitcoin, rather than its rival. The ripple network is meant to allow the transfer of any form of currency, regardless of whether it is the traditional sort, such as dollars or euros, or the new types such as bitcoin. Ripple’s XRP unit is, like bitcoin, a form of currency based on formulae, with a limited number of units that can be mined. Ripple has also risen dramatically in price, to about 36 cents, from around 0.006 cents in 2015.
Now however Ripple is trading above 2.7 cents
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Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.