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Best way to buy 10,000$ worth of XRP


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Can someone please advise me on the best place to buy 10,000$ worth of XRP? I just got my bonus and have decided to go all in. I have accounts on many of the major exchanges but have never made a buy of this magnitude before. Obviously I would like to pay the lowest in fees for this transaction. I'm a newbie to crypto but have caught the bug, and believe in XRP. Also, lambo. Thanks! 

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29 minutes ago, PAPAMOFO said:

Can someone please advise me on the best place to buy 10,000$ worth of XRP? I just got my bonus and have decided to go all in. I have accounts on many of the major exchanges but have never made a buy of this magnitude before. Obviously I would like to pay the lowest in fees for this transaction. I'm a newbie to crypto but have caught the bug, and believe in XRP. Also, lambo. Thanks! 

In the past that large an amount would have needed some care to avoid walking up the order book.

But these days the major exchanges can easily accomodate that type of amount.

The picture below is the order book for XRP USD at Bitstamp just now.  Even an ‘at market’ buy won’t walk very far up the book for $10,000.  

But better to place a limit order a small amount below current price and wait for the normal chart wiggles to hit your price and fill your order.

Check the exchanges available to you for fees of fiat deposit (generally none) and for trade fee.

I think Binance has a generally low trade fee and a order book able to manage that amount.

 

Screenshot 2021-06-03 at 11.44.25 am.png

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1 minute ago, BillyOckham said:

In the past that large an amount would have needed some care to avoid walking up the order book.

But these days the major exchanges can easily accomodate that type of amount.

The picture below is the order book for XRP USD at Bitstamp just now.  Even an ‘at market’ buy won’t walk very far up the book for $10,000.  

But better to place a limit order a small amount below current price and wait for the normal chart wiggles to hit your price and fill your order.

Check the exchanges available to you for fees of fiat deposit (generally none) and for trade fee.

I think Binance has a generally low trade fee and a order book able to manage that amount.

 

Screenshot 2021-06-03 at 11.44.25 am.png

Guess I’ll delete my reply then :) What he said ^

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3 minutes ago, PAPAMOFO said:

I'm in the US. Binance US isn't showing XRP/USD. What is the next best option?

Sorry I know nothing of the convoluted rules you yanks wrap yourself in.  :) 
 

But it’s fairly simple...  look at the exchanges you mentioned that you have available that DO have XRP/USD or XRP/USDT and pick the one you trust with the lowest fees.  Deposit fees, trade fees and withdrawal fees.  Should be zero to deposit, very minor to withdraw, and somewhere between .1 and 1 percent trade fee.  Lower is better.  :) 

The other thing to do is go to that exchanges trading pages and look at the order book.  Take a screenshot if it’s all moving too fast.  Work out if it can handle 10k in the first or second price increments... if so you are golden.  If not then consider buying in smaller lots or a different exchange.

Good luck with it.

One other thing to do is perhaps consider buying over time...   maybe the price will fall.  Or rise.   :) 

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18 minutes ago, PAPAMOFO said:

I'm in the US. Binance US isn't showing XRP/USD. What is the next best option?

I think some U.S folks have had success with Kraken and Bitrue.

Failing that, you’d have to use the decentralised exchange.

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Posted (edited)

This is driving me nuts. So far the best I could find with least fees is to buy 10000$ of USDT with a fee of about 500$ through kucoin. Then buy XRP on kucoin as well. Every where else is charging 1000$ plus in fees for buying XRP or BTC. Buying XRP directly on Kucoin would net me 9188.86 XRP. 

Edited by PAPAMOFO
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Posted (edited)

In the past the best entry into XRP was to take your FIAT, buy some $hitcoin with no utility. Wait for it to pump 1000x then dump it into XRP when XRP is falling. That way you get the best bang for your buck. I remember when I first bought into XRP 4 1/2 years ago I was expecting the switch to be flipped any day. Who knows how much longer we will need to wait before any relevant price action happens. Could be this month, could be in 5 years. No one really knows and may never happen. XRP might get pegged to the US dollar after regulation and we'll never see a price higher than 1USD / XRP. Ripple is trying hard to prove XRP is stable in price but it is nothing of the sort. Whenever BTC drops XRP face plants. The entire market is controlled by BTC there hasn't been any price separation from BTC's influence. Ether is the same way and so are  most of all the ALT coins.

Edited by Scout
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33 minutes ago, PAPAMOFO said:

This is driving me nuts. So far the best I could find with least fees is to buy 10000$ of USDT with a fee of about 500$ through kucoin. Then buy XRP on kucoin as well. Every where else is charging 1000$ plus in fees for buying XRP or BTC. Buying XRP directly on Kucoin would net me 9188.86 XRP. 

The XRPLedger Distributed Exchange (DEX) was mentioned earlier and at other times I’ve seem Americans say that is one way that they can buy.

The “fee” there is simply the spread...  I believe it should be smaller than normal exchanges but have no experience using it. 
 

Perhaps someone who is in your situation might be able to comment.  I think one such person is @brianwalden.

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FYI Bitstamp - DEX notes.

To purchase xrp on the DEX you will first need to get money into the DEX in the form of an IOU.

Bitstamp and Gatehub IOUs are the main ones that are frequently traded (maybe sologenic will become popular). If you have an account at bitstamp, fees are around 0.12% - so the cost on $10k would be $12 - Fees might be slightly higher if you are a new account (0.15%?).

Option 1) Get an account on Bitstamp, buy xrp, pay something like $15-$20 in fees for your $10k purchase.

Option 2) Let's assume you can't do 1) because you are based in the USA and xrp trading is disabled. Deposit $10k into bitstamp, then withdraw the $10k from bitstamp onto the ledger in the form of an IOU into a new xrp wallet you can create offline. Withdrawal of IOU fees are in the region of 0.2% ($20). Now put in a buy order for $10K(-$20) of XRP on the ledger - fees on the DEX are a fractions of a penny so you can ignore them. You will usually only be able to get a slightly lower price on the DEX than you would have done if you'd traded on bitstamp at the same moment in time. Liquidity on the DEX is low. Option 1) is the best.

After purchasing on the DEX, you can then optionally send the xrp back to bitstamp and have them appear in your account there.

If bitstamp IOU withdrawals are also disabled for USA people, then ignore all of this message if you are USA based. (I do not use gatehub any more since they were hacked and didn't handle it very well IMHO, though I still keep my account there open, 'just in case' I ever need it - for coil ILP payments etc).

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