In a year that brought us the Coronavirus and a global economic downturn, the cryptocurrency market outperformed more traditional safe-haven assets. Offering great advantages in speed and cost over traditional remittance, Ripple’s settlement network has already signed on a host of the world’s largest banks, digital asset exchanges and corporations to its network.
Fortunately, it is not difficult to invest in Ripple XRP, with a debit card being one of the fastest and most convenient ways to secure XRP or merely trade it through an OTC desk.
eToro is one of the first cryptocurrency providers that allow you to buy using many payment methods as well as other services. The actual process is very simple as well and one of the reasons we do recommend eToro for both beginners and experts.
To get started, you'll need to register with eToro. It is free to sign up and you don't need to deposit right away, which means you can get used to the platform before going live.
Once you're happy with the platform and ready to buy for real, it is time to deposit some money into your account. Click the deposit button in the bottom left, then choose Debit Card. Enter the amount you want to deposit, we'd recommend starting low before adding extra over time.
Now your account is live and ready to go, the process is like any other CFD provider, you will need to search for the coin you want to buy, be it bitcoin, ethereum or whatever your preferred choice is. Hit the 'Buy' button and then 'Trade', make sure you understand your risk parameters before you jump in.
Cryptocurrency is a burgeoning asset class with a growing regulatory environment with more onramps added daily. Numerous brokers and exchanges worldwide now offer both credit and debit cards as a payment method. Not all do, however.
If you can’t find a local exchange or broker, there are well known international exchanges and wallet providers that may enable you to buy Ripple with a debit card.
You may also consider choosing an alternative payment method like PayPal, Neteller or Skrill. These are typically more convenient than bank transfers and cost less than both credit and debit cards.
There is no denying it. Debit card purchases are one of the fastest and most convenient methods for purchasing cryptocurrencies like XRP.
For this reason, it is also one of the most expensive methods. If you plan on buying and selling with regularity and withdrawing to your bank account, you might want to consider a more affordable payment method as debit card fees can add up with repeated transactions.
No matter the platform, you will encounter some type of fee. These include exchange and brokerage platform fees, blockchain network fees and the charges by your bank for debit card transactions.
Brokers and exchanges typically charge a processing fee of 4% when it comes to credit and debit cards. Some smaller merchants also charge convenience fees, so best to go with a recommended platform.
If you find the fees for buying Ripple with a debit card too steep, you may want to consider a bank transfer. Many platforms also accept payment providers like PayPal and Skrill, which offer a level of convenience with fewer fees.
The best method for one person will be different for another. Best to clearly outline your priorities in terms of cost, speed and ease of use to determine the payment method that is right for you.
If you are looking to buy Ripple XRP as a long term investment and don’t mind paying a bit extra for convenience, a credit or debit card is a simple option. If you want to maximize your investment and pay the least fees, then a bank transfer is the cheapest, if available.
PayPal and similar payment providers are a decent middle of the road option; with some convenience and a familiar process, with fewer fees than debit cards.