How do you buy large quantities of XRP?

[NEF]

Hi All,

I'm trying to average down since buying at the high.  I didn't know what I was doing so I went through a broker on my first bulk purchase  ($3.20 at the time)  he charged me 5% on my initial purchase.

What is the best and cheapest way to buy more than 50000 XRP at once without going through a broker? 

 

 

[mm34505]

Transfer money from your banking account or wire it to an exchange?

You will need to have your limits increased

[Picard]

bitstamp.net, litebit.eu or bittrex kraken.com all dependable exchanges. Just make sure you get your clearing and order your batch of XRP.

[rootvegetable]

12 minutes ago, NEF said:

Hi All,

I'm trying to average down since buying at the high.  I didn't know what I was doing so I went through a broker on my first bulk purchase  ($3.20 at the time)  he charged me 5% on my initial purchase.

What is the best and cheapest way to buy more than 50000 XRP at once without going through a broker? 

 

 

If you don't mind me asking, which broker?

[NEF]

Thanks  It's just a hypothetical amount.  Not sure yet    It was an unlicensed friend of a friend.  And he won't tell me how he does it.  lol

 

 

[mm34505]

I mean there isnt a secret to buy crypto and there are so many youtube videos on it

[Graine]

genesis trading, cumberland mining, circle's otc desk, etc. 
Genesis will close your purchase within 24h, but minimum is 75k usd. Wires directly to/from your bank acc

[Mercury]

Was this 5% all inclusive or after subtracting trade fees/ costs/ etc?

Once all the other factors are calculated 5% inclusive is not a bad rate.

[Archive]

2 hours ago, Mercury said:

Once all the other factors are calculated 5% inclusive is not a bad rate.

5% is a steal.  I pay a 5% premium just to buy off coinbase and then have to pay a 25bps conversion fee at Bitstamp.

[Mercury]

13 hours ago, Archive said:

5% is a steal.  I pay a 5% premium just to buy off coinbase and then have to pay a 25bps conversion fee at Bitstamp.

I agree. Considering crypto is supposed to be cheaper than other payments the hidden costs add up.

Taker/ maker fees. Trading fees. Deposit/ withdraw fees. In some cases third party fees (wire, conversion, or dual bank currency monthly fees)... The list goes on. 

As exchang ownership becomes more centralized and regulations more widespread I have noticed the fees have become more stable and consistently high

[Professor Hantzen]

The maximum trading fee for an exchange is usually around ~0.2%.  There are also minimal deposit fees available if you look around, you just need to be sure that the currency you are sending is the one the exchange is set up to "natively" receive in terms of its fiat-banking setup.  Any confusion around this - ask the exchange.  Eg, there is no fee for depositing EUR via SEPA to Bitstamp or Kraken, other than the 9 EUR cents that your sending bank will charge you.  So if you have SEPA-zone bank account (meaning a European bank account), the most you should pay is 9 cents + the minimal standard trading fee of around 0.2%.

If you need to start with USD, you can do this using Kraken, but not Bitstamp (if you use Bitstamp for USD you'll pay a huge conversion fee to an intermediary bank).  Sending USD from a USD bank account to Kraken should ordinarily be the cost of a SWIFT transaction - around $25 (and may take 3-5 days).  So the total cost for USD bank account --> Kraken XRP should be only ~USD$25 + a 0.25% fee.  At current prices that's only a total cost of around 0.3%.  Unfortunately, they're about to disable this in a couple of weeks - but if you hunt around, I'm sure you can find another exchange that accepts USD-native deposits without charging a huge fee.

After your EUR or USD has arrived in your trading account, use the corresponding trading pair (XRP/EUR, or XRP/USD) to buy XRP directly. Its then just a simple case of metering out your trades into smaller parcels to keep them at the market rate.  In the case of buying 50,000 for example, look at the leading asks that are close to market rate on the exchange, are they >50,000 XRP?  If so, you're good to go.  If not, say they're 10,000 - match that size for your first trade, and wait for the market to recover before trading again.  It's best to use limit orders, even if you intend to buy at the market rate - market orders have the potential to fleece you if the market shifts in the moment you place the order, and yet provide no additional benefit over making a limit order that's priced a percent or so into the market rate.  (Personally, I think market orders should not be offered by exchanges and they should instead adopt a percentage-based limit order system. Further, not many people realise that stop-loss orders are *always* market orders - if you want to *lose* money, place stop-loss orders, they were invented primarily to rob you during a "flash-crash", where the market blips down due to a large sell, and then immediately recovers, leaving you with a market order that was likely filled at the worst possible rate and with nothing you can do about it.)

Anyway, I see little reason to pay anything like 5% to buy XRP, definitely when starting with EUR, and it should continue to be possible with USD.  If starting with some other currency, there may well be an exchange that handles it natively, have a look.

One final note - anyone paying 5% is not doing so because of exchanges or the market.  It's because of intermediary banks charging exorbitant fiat-currency conversion fees.  This is well-known and is as they have always done.  If you don't want to pay the premium, don't let them convert anything for you, summarised as:

TL;DR - Set up your trading accounts with exchanges that can handle your fiat deposits as their native currency, and look for exchanges that don't charge you for making them.