Here we’ll give you tips on how to sell your XRP for US dollars or other cryptocurrencies, whether it’s through a centralized exchange or via peer-to-peer networks.
Note: To sell your XRP you’ll need to know how to send the coins from their storage place (wallet or account) to an exchange. Just go to the wallet or account and send the amount of XRP you want to sell over to the appropriate address. Remember that the XRP can take a while to show up in your exchange account.
How to sell Ripple for USD
You can either sell the XRP directly for USD on an exchange that accepts XRP deposits and USD withdrawals, or you can trade your XRP for another cryptocurrency first, and then exchange that currency for USD on an exchange that accepts USD withdrawals. The latter option leaves you with more exchanges to choose from, but it also involves more steps.
The following exchanges allow you to deposit XRP and withdraw USD. Each name in the list links to the exchange’s sign up page:
Steps to selling Ripple for USD
In order to sell XRP on any of these exchanges, you must follow some general steps:
- Register to create an account, and confirm through email.
- Verify the account. Even in exchanges with optional verification, the ability to withdraw fiat currencies will require at least your name, country, pictures of ID documents like a national ID card or passport, and sometimes a proof of residence. You can read a more detailed description of the sign up and verification processes at Bitstamp and Kraken here.
- Deposit XRP into the account’s wallet. Only Gatehub and Bitfinex charge a fee for this action (see the table below).
- Sell the XRP and buy USD.
- Withdraw the USD (see withdrawal fees and methods in the table below).
The exchanges mentioned in the list all require verification in order for users to withdraw USD. The specific requirements are:
- Bitfinex: complete online form, phone number, email address, residential address, two forms of valid government issued identification with picture (passport, national ID card, driving license, residency card, employment permit card, etc.), a bank statement highlighting name as the account holder (your first deposit to Bitfinex must come from this account) and a proof of residence (statement not older than 3 months from a utility, service company, licensed corporation or government authority)
- Bitstamp: name, address, ZIP code, date of birth, country, city, an ID document and a proof of residence (a bank account statement, a utility bill, a government-issued document such as tax statement, certificate of residency, etc.).
- Exmo: either a national passport, an international passport, or a personal ID-card (both sides); a proof of residence (bank statement, utility bill, tax documents, or proof of residence issued by local authority), a printed and signed user agreement, and a selfie with the user holding the ID with their EXMO account open in the background.
- Gatehub: phone, profile photo, profile information, ID (passport, national ID card or driver’s license) and proof of residence.
- Bitsane: ID (ID card or passport), proof of residence (bank statement, tax assessment or utility company bills), and possibly a photo of the user holding the ID in their hand.
- Kraken: name, date of birth, country, phone number, proof of residence (like a utility bill. No more than 3 months old), government issued ID and social security number (US only). Residents of Germany or Japan, or users who are funding using a German or Japanese bank account, or using domestic USD funding, are also required to provide an ID confirmation photo.
Fees and USD withdrawal methods
|XRP deposit||Free of charge||Free of charge||0.2 percent fee||Ʀ 0.02 fee||Free of charge||Free of charge|
|Cash withdrawal(USD)||$3.45 fee||Does not accept||Does not accept||Does not accept||Does not accept||Does not accept|
|Debit card withdrawal(USD)||Flat fee $10 for amounts up to $1000; 2 percent fee above this amount.||Does not accept||Does not accept||Does not accept||Does not accept||Does not accept|
|Wire transfer withdrawal (USD)||0.09 percent fee (min fee 15.00 USD/EUR)||Domestic $5 fee. SWIFT withdrawals $60 fee. Does not accept ACH.||0.1 percent fee, with min fee $15 and max fee $130||0.100 percent fee (min 20 USD/Euro)||“Temporarily disabled”||$20 fee|
|Advcash withdrawal (USD)||Does not accept||Does not accept||Does not accept||Does not accept||5 percent fee||Free of charge|
Trading XRP to another cryptocurrency
Trading Ripple for another cryptocurrency on Binance
1. Register for an account here. Then open your confirmation email and click the enclosed link to log in. At this point, you’ll be asked to set up two-factor authentication (2FA), which we recommend you do.
2. If you wish to trade more than 2 BTC’s value daily, you should upgrade to a Level 2 or Level 3 account. Click “Send verification documents” on the right side of the screen to level up. You’ll need to have a 2FA installed for this.
Optional verification on Binance:
You can choose to verify with personal info or enterprise info. The first will require your full name, gender, country, and passport ID, plus a JPEG photo of your passport, or national ID card, or driver’s license. For the latter you must submit company name and address, and then fill out a Google form with more in-depth info.
3. Hover over “Funds” on the upper black bar (right side of the screen) and select “Deposit”. Then, click on the “Select Deposits Coin” window and select XRP from the drop-down menu. You will see your balance and orders placed.
4. You’ll need a deposit address and a deposit tag to deposit XRP to Binance. Here the site will remind you of two important things: “send only XRP to this deposit address. Sending any other currency to this address may result in the loss of your deposit” and “depositing Ripple to Binance requires BOTH a deposit address and a deposit Tag. If you fail to include the tag with your deposit the funds will be lost forever.”
5. Carefully copy the currency deposit address shown. Go to the place (wallet or account) where your XRP are stored and request a withdrawal or transfer to the address you copied. The XRP will be deposited immediately after 1 network confirmation, and you can track the progress on the history page here (or go to Funds>Transaction history).
6. When the deposit is confirmed, go to “Exchange” on the top left corner of the screen and select “Basic”.
You’ll find a search bar on the top right corner. Type XRP into it, and click either the BTC button or the ETH button you’ll find immediately to the right, depending which one you want to trade the XRP for. Then click the displayed trading pair.
7. You’ll see the trading view for the pair you chose. Look below for the box saying “Sell XRP”. Type in the desired amount and the price, then click the pink “Sell XRP button” at the bottom.
8. Your order has been placed! Go to the top right corner to “Orders” and click on “Trade history” to check how much you’ve sold.
The following tables compare the fees at exchanges that take XRP deposits and trade them for other cryptocurrencies.
|XRP deposit||Free||Free||Free||Free||Free||No info on deposit fees||No info on deposit fees||Optional fee to speed up deposit||Fee to be shown below deposit address||Free||0.2 percent fee for the deal|
|Transaction fee||Volume-based||Maker-taker volume-based tiers||Selling takes a 1 percent fee||25 percent of the profits of the trade||Maker-taker fees||Maker-taker volume-based tiers||Volume-based maker-taker||0.2 percent maker and taker||Taker: 0.1 percent feeMaker: free||0.1 percent||No info on transaction fees|
|XRP deposit||Free||No info on deposit fees||Free||0.2 percent||Fee to be shown below deposit address|
|Transaction fee||0.1 percent||Volume-based maker-taker||25 percent of the profits of the trade||No info on transaction fees||Taker: 0.1 percent feeMaker: free|
|Transaction fee||Maker 0.15 percentTaker 0.25 percent|
|XRP deposit||No info on deposit fees||No info on deposit fees|
|Transaction fee||0.20 percent||Maker freeTaker 0.15 percent|
|Transaction fee||Maker 0.15 percentTaker 0.25 percent|
How to sell Ripple via peer-to-peer networks
This section will sound familiar if you read our article on buying XRP. We mentioned that the only option to buy or sell Ripple peer-to-peer (P2P) right now is through an exchange called Cointal.
Why would you want to sell P2P? While there may be limited options, selling P2P has its perks compared to centralized exchanges. P2P exchanges are run by software; sellers and buyers are automatically connected, with no human intervention (for more information, see our article here). This implies no verification is required, meaning you can keep your personal information private.
If you do, you’ll see a page where you can choose to sell or buy (select “sell” in this case), and a list of currencies (select the Ripple icon). You can also modify the search by entering an amount, a currency you’re selling for (USD), and a payment method. Below, you’ll see a list of open offers.
Cointal automatically detracts a small transaction fee from your wallet. Deposits and purchases are free of charge. Withdrawals and selling both incur a 1 percent fee.
Safety tips for trading P2P
Because P2P exchanges just connect you with another user to buy or sell, there is no third-party authority to protect you if you get scammed. So how come people risk it at all?
Cointal offers two safeguards against fraud. On the one hand, they do offer to indemnify scam victims. On the other hand, they have a community-based trust rating system. Every time a user successfully engages in business with another user, they can rate them as a “trusted seller”. When trading in Cointal, you should always check, next to each seller’s user name, to the far left, for a “trusted seller” tag. Remember to do your part and rate people as well!
Cointal strongly recommends not to give other users any personal information. The site does not ask for any info such as email address or phone number. If another user asks you to provide this info, immediately inform the Cointal support team.
Should I sell Ripple?
The thing with literally every single cryptocurrency out there is that it’s really hard to predict exactly how it will behave in the market that is known to fluctuate so much.
However, Ripple has already established itself as one of the most stable currencies in existence. At the time of writing it comfortably sits in 3rd place in terms of market capitalization, with only Bitcoin and Ethereum in front.
Moreover, Ripple’s blockchain is one of the most advanced there is. According to their website, it already consistently handles around 1,500 transactions per second, which puts Bitcoin’s current maximum of 7 to shame.
Finally, Ripple’s extensive network of partnerships (including Apple, Santander, Western Union, and countless other banks, institutions and organization) definitely adds to XPR’s potential growth.
Objectively, as things currently stand, Ripple is one of the smartest and secure investment opportunities available in the cryptocurrency market. Cointelegraph provides a very convenient analysis of the market designed to assist you in making important trading decisions.