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Below is the Best10 Team's choice of the best Ripple Brokers & Exchanges available. We have narrowed the selection for you based on security, functionality, instruments, commissions and ease of use.
Best10 selects
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Ripple is a digital currency that has spiked significantly in value in early 2o18, and has several fundamental differences to Bitcoin. Before we explain those differences, let's first explore what it is used for.
Ripple was launched in 2012, and - unlike bitcoin - is under the control of one company, Ripple Inc, based in San Francisco. It set out with the aim of improving global payments, and differentiates itself from other digital currency platforms through its strong relationship with the banks. Santander, UBS and Bank of America are companies already using the platform, and companies in Japan and South Korea have also recently come on board.
Ripple's aim is to be a global settlement network; a platform to allow anyone to transfer money in any currency to any currency in a matter of seconds, and at a fraction of the cost.
Currently, cross-border transactions require many intermediaries to execute. At every step, there's a cost and a delay involved. So when Betty's sending £200 to her daughter in Australia, it takes a few days to get there, and incurs high transaction costs along the way.
Ripple enables banks to send money to and from each other within seconds, and without the need for any intermediaries. It provides the banks with end-to-end visibility throughout the whole process, and transaction costs are kept to a minimum.
So it is a disruptor technology that has the potential to transform the way cross-border transactions are carried out. If Ripple wins, the days of Western Union and SWIFT are over.
And it doesn't stop with just money transfers. Money is just the first unit of value that this technology can handle. When you send a unit of value (eg GBP) across the network, it is first converted into XRP (the Ripple currency) before being converted into the recipient's unit of value (eg AUD). In the example of Betty, above, her GBP are converted first to XRP, and from there to AUD. Because XRP acts as the 'currency of last resort', it can act as the bridge between any currency or item of value.
It was never the goal to use XRP as a payment method. Instead the aim has always been to use XRP to grease the wheels, as that 'currency of last resort', in order to make fiat money transfers easier, faster and more secure.
That said, several merchants are starting to accept Ripple, including hosting providers and vaping product merchants. A full list can be found on theXRP forum here.
We recommend you buy, sell or trade Ripple through a trusted broker. Our favourite is at the top of this page.
Risk Disclosure: Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Before deciding to trade in financial instruments you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Best10Stockbrokers would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Best10Stockbrokers and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Best10Stockbrokers and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Best10Stockbrokers may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
