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Best Forex Brokers Trading Ripple of 2024

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2024

What is Ripple?

Ripple (or XRP) is the native digital asset of a funds transfer system built around the Ripple Transaction Protocol (RTXP). This open-source web protocol provides a cost-efficient method for value to be exchanged between parties around the globe in real-time. It is used by banks and other institutions requiring on-demand liquidity and making cross-border payments, as well as market makers. The concept was originally formed by Ryan Fugger in 2004, and developed by the Corporation, OpenCoin, in 2012, which rebranded as Ripple in 2015.

The Ripple protocol relies on a distributed database or ledger, which contains account balances and details of offers to trade currencies and assets. Independent servers from verified institutions compare transaction records and maintain the ledger by consensus. This contrasts to the mining process used by bitcoin and some other cryptocurrencies. XRP acts as a bridge currency, allowing currency pairs to be traded when there is no direct exchange available; and is an asset that, like other assets, can be traded.

Best Forex Brokers for Trading Ripple

Here are the best forex brokers for trading Ripple.

eToro
star 8.9/10 Overall
Summary Review Trading Platforms
Minimum Deposit$50-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)5461

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks). Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Swissquote
star 8.7/10 Overall
Summary Review Trading Platforms
Minimum Deposit$1000
Tier-1 Licenses5
Tradeable Symbols (Total)472

Swissquote delivers a balanced offering of easy-to-use proprietary trading platforms and popular third-party platforms like MetaTrader and TradingView. Swissquote also offers a staggering 3 million financial products. It’s worth noting that Swissquote's pricing is more expensive than what you'd find with low-cost forex brokers. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Interactive Brokers
star 9.9/10 Overall
Summary Review Trading Platforms
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
MultiBank
star 7.5/10 Overall
Summary Review Trading Platforms
Minimum Deposit$50
Tier-1 Licenses3
Tradeable Symbols (Total)1042

MultiBank offers a solid range of forex and CFD trading services, making it an average choice for traders. With an overall rating that indicates satisfactory performance, it provides a reliable trading experience but may lack some advanced features found in other brokers. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
OANDA
star 8.6/10 Overall
Summary Review Trading Platforms
Minimum Deposit$0
Tier-1 Licenses7
Tradeable Symbols (Total)3928 info

OANDA is a highly trusted broker that delivers strong market research and support for a range of third-party plug-ins and platforms (like MetaTrader 4 and the wildly popular TradingView). OANDA’s Trade desktop platform is good, not great, but the mobile version is easy to use and boasts a great balance of features. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes info
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Advantages of trading Ripple with a regulated online broker

XRP is available from many exchanges. Some consumers are reluctant to use exchanges after the Mt. Gox liquidation in 2014. This was a bitcoin exchange that filed for bankruptcy after the theft of 850,000 bitcoins. At the time, this represented 7 percent of all bitcoins, with a total worth of US$ 473 million. Regulation of exchanges in many countries is still under development. As a result, funds held on exchange platforms may be subject to loss if the platform fails.

In contrast, strict requirements are placed upon regulated brokers to protect consumers. Companies such as AvaTrade, therefore, offer clients a more secure trading environment. In the UK, the Financial Conduct Authority regulates brokers and AvaTrade has European Economic Area authorization, recognized by the FCA. Requirements for brokers include high accounting standards and the maintenance of sufficient operating capital. Client funds are also kept in separate accounts, sequestered from business funds.

Trading through exchanges can also affect market price. Brokers are able to trade outside the market by matching buyers and sellers. This allows traders to buy assets, such as XRP, without influencing prices.

The fundamental influences of Ripple

Increasing numbers of institutions use the Ripple protocol. Last year, Ripple partnered with a Japanese consortium of banks to create a payment network. In September 2016, Ripple announced another interbank group, the Global Payments Steering Group, for global payments. It includes Bank of America, Merrill Lynch and other big names. More recently, in April 2017, Ripple announced that ten additional financial institutions have joined their network. Ripple partners include the likes of CIBC, Deloitte, Earthport, Mizuho, Santander and Standard Chartered.

XRP is one of the largest cryptocurrencies in the world, after bitcoin, Ethereum and Dash. XRP were all created in a single event and there is a fixed number of 100 billion. Ripple, the company, owns about 61 percent of XRP. Traders have voiced concerns that Ripple may flood the market with XRP. In response, Ripple CEO Brad Garlinghouse announced that 55 million XRP will be put into escrow during 2017.

On June 8, 2017 the price of XRP was US$ 0.2953 and the total market capitalisation was US$ 11 billion. XRP has increased 4,500 percent since January 1, 2017, when it opened at US$ 0.006523 and BTC 0.00000677.

Ripple quick facts

  • Ripple was founded in 2012 and is based in San Francisco, California.
  • XRP are also called ripples. The smallest currency unit is 1 millionth of 1 ripple, known as a drop.
  • XRP began trading at US$ 0.005874 and BTC 0.00005594 on August 4, 2013.
  • On May 17, 2017 XRP traded at US$ 0.4224 and BTC 0.0002372, the highest to date. The 24-hour volume was US$ 478 million.
  • The current 30-day XRP volume stands at US$ 5.75 billion.
  • First broker to include Ripple as a trading instrument: AvaTrade.

Want to trade other cryptocurrencies? You can read more cryptocurrency broker comparisons here:

BrokerNotes.co 2024 Overall Rankings

To recap, here are our top forex brokers for 2024, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review
eToro logoeToro
8.9 $50-$10,000 1 info 93 5461 eToro Review
Swissquote logoSwissquote
8.7 $1000 N/A info 99 472 Swissquote Review
Capital.com logoCapital.com
8.7 $20 info 0.67 info 87 3007 Capital.com Review
Interactive Brokers logoInteractive Brokers
9.9 $0 0.59 info 99 8500 Interactive Brokers Review
Eightcap logoEightcap
7.6 $100 1.0 info 85 736 Eightcap Review
XTB logoXTB
9.1 $0 info 1.00 info 96 6200 XTB Group Review
Saxo logoSaxo
9.7 $0 1.1 info 99 70000 Saxo Review
IG logoIG
9.9 £250.00 0.98 info 99 19537 IG Review
CMC Markets logoCMC Markets
9.6 $0 0.61 info 99 11925 CMC Markets Review
FOREX.com logoFOREX.com
9.4 $100 1.4 info 99 5500 FOREX.com Review
Charles Schwab logoCharles Schwab
9.3 $0 1.35 info 99 40000 Charles Schwab Review
City Index logoCity Index
9.3 £100.00 1.4 info 99 13500 City Index Review
AvaTrade logoAvaTrade
8.7 $100 0.93 info 94 1260 AvaTrade Review
OANDA logoOANDA
8.6 $0 1.61 info 93 3928 info OANDA Review
Plus500 logoPlus500
8.6 €100 1.5 info 99 5500 info Plus500 Review
FXCM logoFXCM
8.6 Starts from $50 0.78 info 95 440 FXCM Review
Pepperstone logoPepperstone
8.5 $0 1.00 info 95 1726 Pepperstone Review
XM Group logoXM Group
8.5 $5 1.6 info 88 1394 XM Group Review
Admirals logoAdmirals
8.5 $100 0.8 info 93 8702 Admiral Markets Review
FP Markets logoFP Markets
8.3 $100 AUD 1.1 info 87 10000 FP Markets Review
Tickmill logoTickmill
8.2 $100 0.51 info 86 725 Tickmill Review
IC Markets logoIC Markets
8.2 $200 0.62 info 84 3583 IC Markets Review
FxPro logoFxPro
8.1 $100 1.51 info 90 2249 FxPro Review
Markets.com logoMarkets.com
8.1 $100 1.9 info 93 2179 Markets.com Review
FinecoBank logoFinecoBank
8.0 $0 N/A info 94 9770 Fineco Bank Review
BlackBull Markets logoBlackBull Markets
8.0 $0 0.76 info 78 26000 BlackBull Markets Review
Vantage logoVantage
8.0 $50 1.30 info 90 1000 Vantage Review
ThinkMarkets logoThinkMarkets
7.9 $50 info 1.1 info 92 4000 ThinkMarkets Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets)
7.8 $20 1.2 info 86 1199 HYCM Review
HFM logoHFM
7.8 $0 1.2 info 86 500 HFM Review
DooPrime logoDooPrime
7.8 $100 N/A info 83 10000 DooPrime Review
Questrade logoQuestrade
7.8 $250 N/A 86 641
ActivTrades logoActivTrades
7.7 0 0.98 info 81 1267
Trading 212 logoTrading 212
7.7 €10 1.9 info 79 8025 Trading 212 Review
BDSwiss logoBDSwiss
7.7 $10-$5000 info 1.6 info 76 1081 BDSwiss Review
Trade Nation logoTrade Nation
7.7 $0 0.6 85 1000 Trade Nation Review
TMGM logoTMGM
7.6 $100 N/A info 83 12000 TMGM Review
Moneta Markets logoMoneta Markets
7.5 $50 1.38 info 72 1016 Moneta Markets Review
Spreadex logoSpreadex
7.5 $0 0.81 info 71 10000 Spreadex Review
MultiBank logoMultiBank
7.5 $50 N/A 84 1042 MultiBank Review
Exness logoExness
7.4 $10 info N/A 81 227 Exness Review
ACY Securities logoACY Securities
7.4 $50 1.2 info 75 2200 ACY Securities Review
easyMarkets logoeasyMarkets
7.3 $50 0.8 info 80 230 easyMarkets Review
RoboForex logoRoboForex
7.3 $100 1.3 info 73 8400 Roboforex (RoboMarkets) Review
VT Markets logoVT Markets
7.3 $100 1.2 info 70 1000 VT Markets Review
Octa logoOcta
7.2 $25 0.9 info 72 257 OctaFX Review
IronFX logoIronFX
7.2 $50 1.2 83 340 IronFX Review
IFC Markets logoIFC Markets
7.2 $1 1.44 info 73 630 IFC Markets Review
Trade360 logoTrade360
7.2 $250 N/A info 76 1062 Trade360 Review
Axi logoAxi
7.1 $0 N/A info 82 175 Axitrader Review
TeleTrade logoTeleTrade
7.1 $100 N/A 71 500 Teletrade Review
iFOREX logoiFOREX
7.0 $100 N/A 75 750 iFOREX Review
FXOpen logoFXOpen
7 $100 N/A info 76 87 FXOpen Review
FXPrimus logoFXPrimus
7.0 $100 N/A info 71 140 FXPrimus Review
Xtrade logoXtrade
6.9 $250 N/A info 74 482 Xtrade Review
Forex4you logoForex4you
6.8 $0 N/A info 61 150 Forex4you Review
GBE brokers logoGBE brokers
6.8 $500 N/A info 71 500 GBE Brokers Review
Alpari logoAlpari
6.8 $20 N/A info 68 105 Alpari Review
TopFX logoTopFX
6.7 Depends on payment method 1.03 info 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club)
6.7 $10 N/A info 73 300 Libertex Review
LegacyFX logoLegacyFX
6.7 $500 N/A 67 425 LegacyFX Review
FXGT.com logoFXGT.com
6.6 $5 N/A 69 117 FXGT Review
ATFX logoATFX
6.5 $500 N/A info 85 150 ATFX Review

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

BrokerNotes.co

BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

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