Do you know that XRP was the 4th most popular virtual currency by market valuation a few months ago? Yes, it’s true. But, the current laws and regulations between Ripple, the startup behind the digital currency, and the United States government have slowed the coin’s ascent. The lawsuit rattled the crypto market, prompting some investors to research how to sell Ripple for GBP.
Today, we’ll share with you 5 different ways to sell Ripple in the UK for GBP. For this, stick to the article to know the answers to the questions that you’re hunting for.
What is Ripple?
Ripple was founded in 2012 as a dedicated international payment system.
The capacity to make seamless and genuinely global transactions is one of Bitcoin’s strongest points. Ripple Labs adopted it and turned it into Ripple’s main emphasis.
The Ripple network employs a unique multi-currency liquidity pool valued in the native XRP token to enable customers to instantaneously and nearly fee-free exchange large amounts of cash from one currency to another. The bigger the value that may be transferred, the more precious the XRP in the liquidity pool.
A worldwide network of independent nodes verifies the transactions using a technique known as Proof-of-Correctness, which permits millions of orders per second with the same efficiency as sending an email.
Ripple is a private corporation that was among the first to create and operate its own blockchain. Rather than issuing additional XRP over time, the whole 100 billion token supply was coined on day one and is being dispersed by the corporation over time.
While this contradicts the crypto community’s goal of decentralised networks with no real owners, private ownership enabled Ripple to develop its technology swiftly and acquire a large corporate client base. It has also resulted in frequent run-ins with the SEC of the United States on the issue of whether XRP tokens were unlawful security.
Things to think about before selling XRP
Before you trade XRP for GBP or other cryptocurrencies, consider the following factors:
- Market Activity: Before selling your XRP holdings, analyse the asset class price movements to see whether you may generate more money or lose more money by simply keeping on for the long term.
- You can check out your entry point to predict whether it would be a profitable choice to sell your XRP coin or not.
- Trading Costs: It is essential to think about the trading fees involved in a transaction you wish to complete. While XRP transactions do not cost anything, exchanges, on the other hand, levy charges for each trade and a considerably higher premium for fiat currency withdrawals.
- The exchangers mentioned in this article are trustworthy and charge reasonable fees.
- Transaction Volume: If you want to sell a sizable proportion (up to £1,000,000), you should consider using an OTC trading desk rather than an exchange’s trading volume. Because the volume is large, an OTC counter includes selling or acquiring assets at a discount.
- For such huge deals, BC Bitcoin, Coinbase, Kraken, and CEX.io provide an OTC service.
- Trade Limits: You have to check the trade limit of your exchange that means the number of trades you can perform on your platform. There can be other limitations such as the least amount that a trader can sell or withdraw. So, be informed about the limits that your exchange offer.
Steps For Selling XRP for GBP
Let’s assume that the platform is Binance.
- Create a Binance account and complete the KYC procedure.
- Sign in to your account to get your XRP deposit address.
- Next, you have to transfer your XRP from your wallet to the exchange’s location.
- Navigate to the Binance Buy/Sell tab and choose “Sell.”
- Enter how many XRP you want to sell for GBP. (The minimum requirement is 50 GBP)
- Click “Next” to proceed with the order.
- To finalise the transaction, click “Sell.”
- Now, you’re ready to collect your GBP from your traditional bank account in the UK.
Following that, we go over a list of exchanges where you may sell XRP for GBP and demonstrate how to do so.
So, where can you get GBP for your XRP?
Although European crypto exchanges are not subject to SEC regulation, trading the coin remains a very simple business. Furthermore, several of the major exchanges refused to budge and continue to provide it.
Let’s take a tour of the suitable exchanges that sell XRP for GBP:
By trading volume, Binance is one of the biggest exchanges worldwide. Interestingly, the site allows a number of ways for selling ripple into GBP. In addition to the previous step, here’s another way to accomplish it on Binance.
How to Go About It:
- Sign up with Binance and finish the KYC verification process.
- Deposit the XRP you wish to sell to your Binance XRP address.
- Navigate to Markets and choose XRP/GBP.
- Switch the order type to “Market.”
- Enter the selling price and click “Sell.”
- Retrieve GBP from your UK bank account.
- SEPA and Faster Payments are two Fiat withdrawal options.
CEX.io is a cryptocurrency exchange headquartered in the United Kingdom that appropriately enables the purchase and sale of Ripple for GBP, as well as other cryptocurrencies. The exchange is one of the business’s earliest and most recognised. Cex.io provides several options to earn extra cryptocurrency besides purchasing, selling, and trading. Margin trading with up to 100x leverage and staking are available simply by storing coins in your Cex.io wallet.
You may easily purchase and sell XRP on this London-based exchange. If you want to sell cryptocurrency, you should be informed that there is a daily withdrawal restriction of $1,000 USD for the first three months.
After 3 months, your limit increases to $10,000 USD, which you may remove by improving your account or utilising the most efficient payment methods.
- Simply register for a CEX.io account and conduct account verification.
- Then, select the Deposit option and choose XRP.
- Copy your address and send coins from an external wallet.
- Select Trade and then select the currency pair XRP/GBP.
- Select ‘Market’ in the Order Type
- Enter how many XRP you want to sell and then you’re about to tap the “Place Order” option.
- Using the methods mentioned, withdraw the GBP to your UK bank account.
Coinbase is a US-based exchange that serves UK consumers and is a fantastic choice if you want to sell your Ripple currencies.
- Establish a Coinbase account and complete the KYC procedure.
- To discover your deposit address, go to Assets and pick XRP.
- Copy the address and send money from an external wallet.
- Choose the Trade Button and then click Sell.
- Select XRP as the cryptocurrency to sell and GBP as the receiving currency.
- Complete the transaction and begin the GBP withdrawal using your specified method.
- Fiat withdrawal methods include faster payments, SEPA, PayPal, and bank cards.
Kraken is most likely one of the most renowned and reputable exchanges for purchasing, selling, and exchanging cryptocurrencies. They include financing options, staking, margin trading, liquidity, and 24-hour assistance to both novice and expert traders.
The formidable Kraken may have ceased trading XRP in the United States, but this has no bearing on you. You may still use a credit or debit card to acquire bitcoin from the UK, but you’ll need to use alternative payment methods if you want to sell it.
You may pay £1.95 to utilise FPS, £21 to use CHAPS, or £13 to use SWIFT.
Of course, a properly confirmed account is required for this. Furthermore, the name on your bank account must correspond to the one in Kraken.
Step by step withdrawal guide:
- Navigate to “Funding.”
- Browse Pound Sterling in the Search Bar.
- Select “Withdraw.”
- Choose the payment method you want to use.
- Fill up all of the data by clicking “Add Account.”
- Steps 1–3 must be repeated. Select the account from the drop-down menu and make a withdrawal request.
- Check and ensure that the information is correct.
5. BC Bitcoin
Another UK-based cryptocurrency exchange, BC Bitcoin, provides a simple way for customers to sell cryptocurrencies without using the traditional order book technique. You will be given an address to deposit your cash to, and the firm will pay you straight into your UK bank account.
How to Go About It:
- Sign up at BCBitcoin.com and go through the KYC verification process.
- Proceed to the Coin Exchange.
- Enter the number of coins to sell and choose XRP as the coin.
- Proceed by selecting your desired currency (GBP or EUR).
- Examine the order price and, if pleased, submit your bank information.
- Transfer the XRP to the BC Bitcoin address.
- You will collect your GBP within 30 minutes from the bank after transaction verification.
- Bank Transfer is the Fiat withdrawal option.
The Bottom Line
We discussed in this post how UK consumers might sell XRP for GBP and other cryptocurrencies utilising reputable and fee-free exchanges. Now, we hope that you know the right platforms where you can sell your XRP coins. I’m putting stress on one thing you must choose the correct platform when selling XRP to earn a profit and reduce losses. Always evaluate the market before making decisions about selling your cryptoassets.