What's the best way for an American to get money out of Ripple?

[brianwalden]

I'm looking to withdraw more than $1K but less than $10K. What's the best way to do it? By best I generally mean cheapest.

[JoelKatz]

In what form is the asset you're looking to withdraw? XRP on the Ripple ledger? If so, consider Bitstamp, Kraken, Bittrex->Coinbase and Poloniex->Coinbase.

[physbio]

My suggestion: Convert XRP to BTC. Sell BTC’s on localbitcoins (dot) com (locally or online, as you prefer).

I don’t claim this is the best method, but via this method I was able to withdraw some of my funds with very little cost/fees.

[brianwalden]

Yes I'm looking to sell XRP on the ledger. Is Gatehub more expensive than Bitstamp and Kracken?

Anyone use Circle, I know it's free but I assume they make it up on the exchange rates?

[Alluvial]

Regarding withdrawal fees, you can check their websites and see the rates.  On wires, I believe Gatehub is .1% and Bitstamp is .09%.  Gatehub does have a max wire fee of $130, and Bitstamp has no max wire fee (which is ridiculous).

Regarding what you get for your xrps in terms of US dollars, you would need to check the bid/ask for each one.  Here's the price on RCL for USD.Bitstamp as well as the current bids and asks.

https://xrpcharts.ripple.com/#/markets/XRP/USD:rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B?interval=5m&range=1d&type=line

On the dropdown arrow next to "bitstamp" you can see what you will get for USD.Gatehub.  Right now they are about the same.   I would suggest limit orders for any sales (or buys for that matter) as there really isn't a lot of volume.

[Alluvial]

31 minutes ago, JoelKatz said:

In what form is the asset you're looking to withdraw? XRP on the Ripple ledger? If so, consider Bitstamp, Kraken, Bittrex->Coinbase and Poloniex->Coinbase.

JK really is a good guy - one in a million.  As a Ripple employee you recommend Coinbase's services periodically, and Coinbase doesn't even have the decency (or the intelligence) to offer XRP as one of its digital currencies (but it does offer Litecoin instead - seriously?).  C'mon Coinbase - get with the program.  XRP needs to be offered there!!!!!   Does your recommendation possibly hint that Coinbase may soon add XRP or you're just that good of a person - after reading most of your posts on this forum, I will go with the latter.  

[Kylo Ren]

It has become the joke of the Crypto industry, Coinbase's refusal to add Ripple.

[NegativeXRP]

 

[Alluvial]

19 minutes ago, NegativeXRP said:

 

Yes, I remember this.  I think Armstrong was a hard-core bitcoiner, and he and Chris Larsen, from what I recall, did not get along at the time.  Armstrong did not like CL's comment about the world not necessarily needing more currencies and that Ripple was working with banks - yes, the dreaded banks.  The digital currency world has changed a lot in 2 years.  The time has come (IMO) for Ripple and Coinbase to hug it out and move on, and make XRP available for US consumers through coinbase.  

[Wilbur14]

2 hours ago, NegativeXRP said:

 

11:40 AM - 23 Feb 2015 Was the date of his foolish statement - - -

And then came March, April, and May of 2017.  OUCH ! ! !

 

Edited May 27, 2017 by Wilbur14

[cmbartley]

You should look at which exchange has the best XRP/USD rates and liquidity for the amount you want to sell. I'd look at kraken, bitstamp, and Gatehub. Likely bitstamp or kraken will have the most liquidity. If you go through BTC you end up paying unnecessary fees and the only reason to do it is if there isn't enough liquidity to service selling XRP for USD. You'll also end up selling below market if you sell it at Coinbase.

If you sell for USD then wire USD to your bank account in the US. If you sell less than 5 figures of USD worth you can likely just set a sell price and if it's competitive it will get filled on Bitstamp or kraken over the course of a day.

I would look into special rules around international wires from bitstamp or Gatehub to an American bank account. Often they cannot transact with smaller banks that use correspondence banks. Meaning that your personal information must be in the beneficiary account fields and cannot be relegated to the Further Instructions To field. Also, some large banks refuse to transact with Bitcoin companies. For example, you cannot withdraw from Bitstamp to an account with Standard Chartered because Standard Chartered does not accept wires from Bitcoin related activity. 

So this can make it quite complicated actually, but rest assured, you can get your money. I'd recommend:

1. Sell for USD at a larger exchange with decent liquidity. 

2. Wire it to a bank that you've verified does not use  correspondent bank for international wires. 

[JoelKatz]

4 hours ago, Alluvial said:

JK really is a good guy - one in a million.  As a Ripple employee you recommend Coinbase's services periodically, and Coinbase doesn't even have the decency (or the intelligence) to offer XRP as one of its digital currencies (but it does offer Litecoin instead - seriously?).  C'mon Coinbase - get with the program.  XRP needs to be offered there!!!!!   Does your recommendation possibly hint that Coinbase may soon add XRP or you're just that good of a person - after reading most of your posts on this forum, I will go with the latter.  

I haven't heard anything about Coinbase supporting XRP. They're just a very convenient place to buy and sell bitcoins, providing a good service at a fair price.

[rohanneal]

16 minutes ago, JoelKatz said:

I haven't heard anything about Coinbase supporting XRP. They're just a very convenient place to buy and sell bitcoins, providing a good service at a fair price.

Sir your presence in this forums..makes me feel much better....can u please come more often

[physbio]

3 hours ago, rohanneal said:

Sir your presence in this forums..makes me feel much better....can u please come more often

He is here often already

[brianwalden]

FYI, I just used Gatehub. Sold around .27 and paid the $15 wire fee. I hope the money shows up, their withdrawal form is not set up for American banks.