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, here we’ll give you tips.
Note: You’ll need to know how to send the coins from their storage place (wallet or account) to an exchange, to sell your XRP. Just send the amount of XRP you want to sell over to the appropriate address after going to the wallet or account. Remember that the XRP to show up in your exchange account can take a while.
How to sell Ripple for USD
You can trade your XRP for another cryptocurrency first, and then exchange that currency for USD on an exchange that accepts USD withdrawals or you can either sell the XRP directly for USD on an exchange that accepts XRP deposits and USD withdrawals. The former option leaves you with more exchanges to choose from, but it also involves more steps.
The exchanges that follow allow you to deposit XRP and withdraw USD. Each name below links to the exchange’s sign up page:
Steps to selling Ripple for USD
You must follow some general steps, to sell XRP on any of these exchanges:
- To create an account, Register, and then confirm through email.
- Verify the account. 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 proof of residence, even in exchanges with optional verification. You can examine a more detailed explanation of the sign-up and verification procedures at Bitstamp and Kraken here.
- Into the account’s wallet, deposit XRP. For this action, only Gatehub and Bitfinex charge a fee (see the table below).
- Sell the XRP and buy USD.
- Withdraw the USD (see withdrawal fees and methods in the table below).
For users to withdraw USD, the exchanges mentioned in the list all require verification.
The specific requirements are:
- Bitfinex: complete online form, phone number, residential address, email address, two forms of valid government-issued identification with a picture (national ID card, passport, driving license, employment permit card, residency card, etc.), proof of residence (statement not older than 3 months from a utility, service company, licensed corporation or government authority) and a bank statement highlighting name as the account holder (your first deposit to Bitfinex must come from this account)
- Bitstamp: name, address, city, country, ZIP code, date of birth, an ID document and a proof of residence (a government-issued document such as tax statement, certificate of residency, etc, a bank account statement, a utility bill.)
- Exmo: either an international passport, a national passport, or a personal ID-card (both sides); proof of residence (utility bill, bank statement, tax documents, or proof of residence issued by the local authority), a selfie with the user holding the ID with their EXMO account open in the background and a printed and signed user agreement.
- Gatehub: profile photo, phone, profile information, ID (passport, national ID card or driver’s license) and proof of residence.
- Bitsane: proof of residence (bank statement, tax assessment or utility company bills), ID (ID card or passport), and possibly a photo of the user holding the ID in their hand.
- Kraken: name, country, date of birth, proof of residence (like a utility bill, No more than 3 months old), phone number, government-issued ID, and social security number (the US only). Users who are funding using a German or Japanese bank account or Residents of Germany or Japan, or using domestic USD funding, are also required to provide an ID confirmation photo.
Trading XRP to another cryptocurrency
We will get you through the step-by-step example of how to do this, but you can also do it via GDAX or any other big exchange.
Trading Ripple for another cryptocurrency on Binance
- Register for an account here. Now click the enclosed link to log after opening your confirmation email. You’ll be asked to set up two-factor authentication (2FA), which we recommend you do, at this point.
- You should upgrade to a Level 2 or Level 3 account if you wish to trade more than 2 BTC’s value daily. To level up, click “Send verification documents” on the right side of the screen. For this, you’ll need to have a 2FA installed.
Optional verification on Binance:
You can choose to verify with enterprise info or personal info. The first will require your full name, country, gender, and passport ID, plus a JPEG photo of your national ID card, or passport, or driver’s license. For the latter, you then fill out a Google form with more in-depth info and must also submit the company name and address.
- Select “Deposit” by Hovering over “Funds” on the upper black bar (right side of the screen). Then, select XRP from the drop-down menu after clicking on the “Select Deposits Coin” window. You will see your orders placed and balance.
- To deposit XRP to Binance, you’ll need a deposit address and a deposit tag. Here two important things will be reminded to you by the site: “send only XRP to this deposit address. It may result in the loss of your deposit if you are sending any other currency to this address ” and “depositing Ripple to Binance requires BOTH a deposit address and a deposit Tag. The funds will be lost forever if you fail to include the tag with your deposit.”
- Copy the currency deposit address shown, carefully. Request a withdrawal or transfer to the address you copied after going to the place (wallet or account) where your XRP is stored. Immediately after 1 network confirmation, XRP will be deposited, and you can track the progress on the history page here (or go to Funds>Transaction history).
- Go to “Exchange” on the top left corner of the screen and select “Basic”, when the deposit is confirmed. On the top right corner, you’ll find a search bar. Type XRP into it, and depending on which one you want to trade the XRP for, click either the BTC button or the ETH button you’ll find immediately to the right. Then click the displayed trading pair.
- For the pair you chose, you’ll see the trading view. Look down for the box telling “Sell XRP”. Then click the pink “Sell XRP button” at the bottom after typing in the desired amount and the price.
- Your order has been placed! Click on “Trade history” to check how much you’ve sold after going to the top right corner to “Orders”.
The tables that follow compare the charged fees at exchanges that take XRP deposits and trade them for other cryptocurrencies.
Important things to consider while selling XRP
The process of selling XRP for either USD or Bitcoin involves a lot more factors even if it is pretty much straightforward (thanks to the user-friendly GUI of most exchanges).
For example, an important factor worth considering is the trading fees. Ensure you check out the exchange’s section for withdrawal fees, trading fees, and methods. On how much XRP can be sold in one transaction or one day, most exchanges have a limit. Make sure you know what’s the maximum amount you can withdraw from your account and what are the limits.
Also Check: How to Sell Bitcoin
Doing a bit of research on the exchange beforehand does not hurt, when choosing an exchange for selling XRP. Find out how is the exchange’s customer support and its overall security by reading a few independent reviews. Was the exchange subjected to hacks and breaches in the past? If yes, how did the exchange deal with the situation? Are the problems fixed now?
Currently, on the crypto market, Ripple is one of the most secure investment opportunities available, as the project has just recently surpassed Ethereum on CoinMarketCap. However, there are yet several reasons why a person might want to sell XRP for other assets. We hope this general guide will prove useful for you and your cause if that’s the case. You can find the latest Ripple News from Coindoo if you are a Ripple fan.