The world’s biggest cryptocurrencies are a very popular choice for many traders and investors, Ripple is no exception. As of now, XRP is ranked as the third most valuable coin by market cap and it attracts millions of traders and investors around the globe. In general, trading cryptocurrencies is risky and one should approach it always with caution. To save you from the prospect of losing money when trading Ripple, I recommend opening a free Ripple (XRP) demo account. Such an account is a perfect solution for people with inadequate experience. In today’s article, we will give you a list of popular brokers that offer Ripple trading on a free demo account. With it, you can also expect information for what purposes you can use this account.
Where to open a Ripple (XRP) trading demo account
Almost all cryptocurrency brokers feature on their trading platform Ripple. That means you can pick from the top brokers on the market and be almost absolutely certain, XRP will not be excluded. The brokers we have selected for this list are regulated by the European regulator CySEC and have a very solid reputation. Each cryptocurrency broker is unique, distinguishing in fees, a trading platform, minimum deposit et cetera.
|Broker||Regulated by Regulatory agencies ensure that brokers operate in a transparent and honest way. They protect the best interests of clients and also feature an investor compensation scheme which protects trader's deposits up to a certain limit. Some of the major regulators in the industry include the CySEC in Cyprus, the FCA in the UK and the ASIC in Australia.||Min. deposit||Trading platforms A trading platform is a computer or mobile software program used to execute transactions within the financial markets.||Cryptocurrencies||Warning &
Ad Disclosure The table below contains links to 3rd party websites of our top partners from whom we receive compensation at no additional cost to you.
Availability subject to regulation
|CySEC||£/€/$ 250||MT4||43 crypto pairs||Start tradingRead a review|
|ASICCySECFCA||£/€/$ 200||In-house built platform||40 crypto pairs||Start tradingRead a review|
|ASICCySECFCA||£/€/$ 100||In-house built platform||7 crypto pairs||Start tradingRead a review|
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
None of the brokers from the list above requires a deposit to open a ripple demo account. The demo account can differ from broker to broker in the amount of starting chips or in the possibility of refilling the account balance. If it gets down to such a situation, one can always simply open a new one and start trading again with new chips. All brokers featured in the list offer mobile trading apps for your convenience to trade wherever you are.
Why one should open a Ripple practise account
Each trader will have different reasons for opening a cryptocurrency trading demo account. From our own experience and experience of our readers, we know these include:
- To familiarise yourself with a trading platform of the broker. Each platform is different and if you are to trade there with your real funds you want to know what features will be at your disposal.
- To get the touch of cryptocurrency trading with your own hands. It’s a great necessity to have background knowledge about Ripple, its technology, development team, plans for the future et cetera, but nothing can replace the experience of being in the market and trading it.
- To find price patterns that frequently occur on the market and develop a trading strategy
Risk-free XRP trading – Conclusion
An XRP demo account can be used also for trading other cryptocurrencies, you do not, of course, have to open separate accounts for trading each cryptocurrency. If you plan to explore trading other coins, make sure a crypto broker you chose to trade Ripple has them in its offer as well. This account type is not designed exclusively for newbie traders who lack trading knowledge, but also for veterans who want to test broker’s platform or strategy and do not want to risk their capital while doing it.
- CFD Trading vs ETF Trading – explained for dummies - January 26, 2021
- Best Brokers That Accept ITIN - December 20, 2020
- Top Hidden Factors Influencing Choosing a Bitcoin Exchange - December 3, 2020