How to Buy Ripple in New Zealand
This guide explores the best ways to buy Ripple in New Zealand and all the best practices for safely buying cryptocurrency. Disclaimer - by publishing this guide, we are NOT recommending you buy Ripple.
Updated 8 August 2023
Warning:
Summary
Our guide covers:
- By publishing this guide, we are not recommending or suggesting in any way or form that Ripple is a suitable investment.
- We published and routinely update this guide to help people decide what's best for them - MoneyHub is conservative and our publisher, Christopher Walsh, has zero Ripple investments.
- We present this information in good faith and remain objective at all times. By including this guide under our Investing and Saving section, we are not advocating that cryptocurrency is an investment. We may earn a referral bonus for anyone that clicks on some of the below links - see our Advertising Policy for more details.
Summary
- Ripple is a low-value cryptocurrency that often finds its way into the news and is popular globally for anyone looking for an affordable cryptocurrency.
- Ripple's price appears not to be as volatile as Bitcoin or Ethereum, mostly due to the extensive amount of Ripple available. The low price does not make it 'undervalued', despite what many 'gurus' may say online.
- As with anything to do with cryptocurrency, even the most conservative investors are looking on with growing curiosity while sceptics stand clear.
- In this guide, we'll help New Zealanders navigate the complex and controversial territory of cryptocurrencies to help you buy Ripple in the safest, simplest and most affordable way possible.
- We will not consider whether you should or not buy Ripple; we assume that decision was already made, hence why you're reading this guide.
Our guide covers:
Buying Ripple with two local and trusted platforms - EasyCrypto and Swyftx
- Our research highlighted several Ripple platforms, but few are based in New Zealand and offer transparency. For this reason, we suggest considering the locally-owned (and trusted) Easy Crypto and Australian-based Swyftx platforms.
- These two platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of New Zealanders.
- Both options are free to join, funded from any New Zealand bank account/card, and have a local support team.
- Advertising Disclosure: We may earn a referral bonus for anyone that clicks on some of the below links - see our Advertising Policy for more details.
Overview of Buying Ripple and Must-Know Considerations
Much like other financial assets, you can acquire Ripple in a variety of ways - from exchanges, from over-the-counter brokers, or in private trades. When you buy Ripple from an exchange or broker, they should allow funding using bank transfer, debit/credit card or e-wallets like PayPal or POLI. Once you have completed the purchase, they will deliver the coins to a XRP wallet which either you provide, or they provide.
Top Tip - Protect Your Holdings Immediately
For the average investor, the main characteristics to look for in a platform for buying XRP are as follows:
1. Funding methods
Check if the company has convenient funding methods that are familiar to you. Some companies engaged in cryptocurrency trading may struggle with opening bank accounts or partnering with licensed payment processing companies, which means out of necessity they cooperate with payment institutions with a higher risk appetite.
2. Fees
Familiar yourself with all of the applicable fees. Some companies impose transaction or conversion fees to cover what's charged to them by payment processors. For example, free is perfect, one per cent is fair, two per cent is high, and anything more is unreasonable.
Besides charging for making fiat deposits, some companies charge for withdrawing cryptocurrencies to external wallets. Withdrawal fees vary depending on the coin. Fees could be as high as 0.0005 BTC.
All exchanges and brokers make their money from transaction fees when users buy or sell cryptocurrencies, and again, they can vary widely. Some platforms charge 0.5% and some charge 0.1% or less, depending on your trading volume. Some exchanges adopt a maker-taker model, where they charge less when limit-orders are used instead of market-orders.
3. Reputation
Look for an established company with an active user base. The more users a company serves hints at greater liquidity on the platform, making it easier to buy and sell Ripple. There are many options in the market today which have been operating reliably for years.
4. Compliance
Decentralised finance advocates might disagree with this point; however, an important characteristic of a legitimate venue for buying Ripple is if the company requires ID verification before providing services. Companies engaged in trading cryptocurrencies face endless scrutiny from banks and payment providers due to the relative anonymity involved and perceived risks of facilitating money laundering and terrorist financing. Therefore, robust KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures should be in place.
5. Liquidity
It's important to know you have the ability to sell your Ripple quickly and easily, should you want to liquidate them. Also, check how your sale will be settled, how long it will take, and if any transfer fees should be expected.
6. Range of products
If you're interested in buying other cryptocurrencies, you may want to review what else is offered. Most large exchanges and brokers offer numerous cryptocurrencies and digital assets. The features of the platform might also be of interest, depending on your Ripple investment strategy. If you want to make a couple of purchases, you probably want a simple application which doesn't require learning how to use some advanced trading software. However, if you're looking to tradeRipple and other cryptocurrencies more actively, then a sophisticated trading platform will be more compelling.
Top Tip - Protect Your Holdings Immediately
- Once you have purchased your Ripples from an exchange, it's always a good idea to transfer some or all of them to a wallet you control.
- Exchanges are incredibly vulnerable to hacks and attacks. The infamous New Zealand-based exchange Cryptopia is likely still fresh in everyone's mind. In this scandal, attackers took more than US$17 million in Ethereum and ERC-20 tokens in early 2019.
- Unfortunately, there are dozens of stories like this, and that's why Ripple owners need to take steps to protect their holdings. Even though the price of Ripple is a fraction of other popular cryptos, the volume people buy (and sell) is significant hence caution is always needed.
For the average investor, the main characteristics to look for in a platform for buying XRP are as follows:
1. Funding methods
Check if the company has convenient funding methods that are familiar to you. Some companies engaged in cryptocurrency trading may struggle with opening bank accounts or partnering with licensed payment processing companies, which means out of necessity they cooperate with payment institutions with a higher risk appetite.
2. Fees
Familiar yourself with all of the applicable fees. Some companies impose transaction or conversion fees to cover what's charged to them by payment processors. For example, free is perfect, one per cent is fair, two per cent is high, and anything more is unreasonable.
Besides charging for making fiat deposits, some companies charge for withdrawing cryptocurrencies to external wallets. Withdrawal fees vary depending on the coin. Fees could be as high as 0.0005 BTC.
All exchanges and brokers make their money from transaction fees when users buy or sell cryptocurrencies, and again, they can vary widely. Some platforms charge 0.5% and some charge 0.1% or less, depending on your trading volume. Some exchanges adopt a maker-taker model, where they charge less when limit-orders are used instead of market-orders.
3. Reputation
Look for an established company with an active user base. The more users a company serves hints at greater liquidity on the platform, making it easier to buy and sell Ripple. There are many options in the market today which have been operating reliably for years.
4. Compliance
Decentralised finance advocates might disagree with this point; however, an important characteristic of a legitimate venue for buying Ripple is if the company requires ID verification before providing services. Companies engaged in trading cryptocurrencies face endless scrutiny from banks and payment providers due to the relative anonymity involved and perceived risks of facilitating money laundering and terrorist financing. Therefore, robust KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures should be in place.
5. Liquidity
It's important to know you have the ability to sell your Ripple quickly and easily, should you want to liquidate them. Also, check how your sale will be settled, how long it will take, and if any transfer fees should be expected.
6. Range of products
If you're interested in buying other cryptocurrencies, you may want to review what else is offered. Most large exchanges and brokers offer numerous cryptocurrencies and digital assets. The features of the platform might also be of interest, depending on your Ripple investment strategy. If you want to make a couple of purchases, you probably want a simple application which doesn't require learning how to use some advanced trading software. However, if you're looking to tradeRipple and other cryptocurrencies more actively, then a sophisticated trading platform will be more compelling.
Buying Ripple with two local and trusted platforms - Easy Crypto and Swyftx
- Our research highlighted several Ripple platforms, but few are based in New Zealand and offer transparency. For this reason, we suggest considering the locally-owned (and trusted) Easy Crypto and Australian-based Swyftx platforms.
- These two platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of New Zealanders.
- Both options are free to join, funded from any New Zealand bank account/card, and have a local support team.
- Advertising Disclosure: We may earn a referral bonus for anyone that clicks on some of the below links - see our Advertising Policy for more details.
Where can you buy Ripple in New Zealand?
There are several options for buying Ripple in New Zealand - our list below includes the most trusted and popular methods.
Disclaimer - the inclusion of any Ripple exchange or broker below is not an endorsement or a promotion. Our list is for information purposes only.
Disclaimer - the inclusion of any Ripple exchange or broker below is not an endorsement or a promotion. Our list is for information purposes only.
Easy Crypto
Easy Crypto is another example of a popular destination to buy and sell Ripple and a series of other digital assets in New Zealand. Easy Crypto has also adopted the non-custodial route and requires users who buy cryptocurrencies from them to have a private wallet to receive the settlement of their purchase. Moreover, the company has gone to great lengths to guide users on keeping their cryptocurrencies safe, with recommendations on hardware wallets, and plenty of user guides on each recommended model.
Payment methods: POLI instant pay debit or credit card, or local NZ bank transfer
Fees: All fees are included in the spread, which is why the bid and offer prices might look higher than other platforms. The fees are around 0.70% to 0.90%.
Minimum order size: NZ$50
Settlement: Private wallet
Coins available: 109, including Ripple
Learn more: Easy Crypto
Payment methods: POLI instant pay debit or credit card, or local NZ bank transfer
Fees: All fees are included in the spread, which is why the bid and offer prices might look higher than other platforms. The fees are around 0.70% to 0.90%.
Minimum order size: NZ$50
Settlement: Private wallet
Coins available: 109, including Ripple
Learn more: Easy Crypto
Swyftx
Swyftx launched its dedicated New Zealand platform in August 2021 with a focus on low fees, minimal spreads and a wide choice of coins. The exchange offers 280+ different coins, including Ripple. Almost all coins are able to be sourced through the Swyftx order page.
The details:
The details:
- Fiat payment methods: To buy Ripple with New Zealand dollars on Swyftx, only debit card payments are permitted.
- Withdrawal fees: Minimum withdrawal of NZ$30 with a NZ$10 withdrawal fee.
- Trading fees: 0.6% platform fee on the value of the transaction. Swyftx states that it offers high volume discounts.
- Verification requirements: The steps from signup to trade are simple - first, users create an account (by entering their name and details). Then, Swyftx verifies your ID (via photo ID, phone number and email address) and, once done, asks for a deposit (made via a debit card). Once the deposit has cleared, users can start trading.
- Limits: Daily deposit limit up to NZ$50,000, no trading limits.
- Markets available: Various
- More details: Visit Swyftx and/or read our Swyftx review.
Binance
According to average daily turnover, Binance is one of the largest crypto exchange platforms in the world. After launching in 2017, the company established itself globally and is constantly shrouded with more rumours of expansion in a short space of time. Among many other services, such as crypto fixed income products, derivative products, margin trading and more, Binance also offers New Zealanders a gateway to buying Ripple locally.
Payment methods: Debit/credit card via third-party payment provider Simplex
Fees: Card processing fees are 3.5% with a minimum fee of US$10. When withdrawing Ripple, for example to your private wallet, there is a withdrawal fee of 0.0005 BTC.
Minimum order size: The minimum order size is the equivalent of US$30, which is approximately NZ$46
Settlement: On an account
Coins available: With a bank card, you can buy 18 different cryptocurrencies, including Ripple. On the exchange, there are hundreds of coins available to trade once you have an account funded with crypto
Learn more: Binance
Payment methods: Debit/credit card via third-party payment provider Simplex
Fees: Card processing fees are 3.5% with a minimum fee of US$10. When withdrawing Ripple, for example to your private wallet, there is a withdrawal fee of 0.0005 BTC.
Minimum order size: The minimum order size is the equivalent of US$30, which is approximately NZ$46
Settlement: On an account
Coins available: With a bank card, you can buy 18 different cryptocurrencies, including Ripple. On the exchange, there are hundreds of coins available to trade once you have an account funded with crypto
Learn more: Binance
Buying Ripple with two local and trusted platforms - Easy Crypto and Swyftx
- Our research highlighted several Ripple platforms, but few are based in New Zealand and offer transparency. For this reason, we suggest considering the locally-owned (and trusted) Easy Crypto and Australian-based Swyftx platforms.
- These two platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of New Zealanders.
- Both options are free to join, funded from any New Zealand bank account/card, and have a local support team.
- Advertising Disclosure: We may earn a referral bonus for anyone that clicks on some of the below links - see our Advertising Policy for more details.
Must-Know Facts Before Buying Ripple
Ripple was established to assist financial institutions with money movements and avoid the need to rely on the USD which adds costs and time to any transaction. While the Ripple platform is arguably undeveloped, the price of XRP has seen volatility given it remains an entry-level cryptocurrency. Our must-know facts help you understand Ripple better:
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Ripple transactions are non-reversibleThis is a great feature for merchants who are concerned about chargebacks. However, if you’ve been scammed, hacked or just sent money to the wrong address, those transactions cannot be reversed.
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Ripple is pseudonymousWhen you pay for goods and services online via credit or debit card, you usually hand over a cluster of personal information transmitted over the internet and likely stored on servers somewhere that has a chance of being misappropriated in the future. Ripple allows you to pay without disclosing your personal information. At the same time, this anonymity protects hackers and scammers.
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The past performance of Ripple is no guarantee of future behaviourRipple has seen some impressive gains over the years but it has been a turbulent ride. Sitting at less than one cent for many years, Ripple shot up to $3+ in 2017/18 before sinking to 20 cents. It's recent gain to $1+ shows how incredibly volatile the cryptocurrency is. If you’re looking for short term gains, you might be very disappointed as it could take months or even years for XRP to recover from a correction. Investing in Ripple is speculative and profits rely on someone paying more for it than you later on.
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​​How to Keep your Ripple Safe by Protecting Your Private Key
Typically, when you invest money in the financial markets, you do so via a licensed and authorised broker to deal or issue those instruments and act as a custodian for your collateral and your assets. These traditional financial service providers need to meet fitness and proprietary requirements before a license is issued, requisition external auditors annually, submit reports to authorities and meet strict operational and fiduciary responsibilities. For the most part, these checks and balances don’t exist in the cryptocurrency industry, and most companies are left to follow their instincts. Therefore, investors are left to their own devices to keep their digital assets safe from accidents or incidents.
The best way to keep your Ripple safe is to use one of the popular hardware wallets that the Ripple community has already tried and tested. When it comes to Ripple, the asset you want to protect is the private key, not the coins themselves. The private key is used for signing transactions and allows anyone who possesses it to transfer Ripple from the corresponding address.
Without going into great detail concerning the underlying cryptography used to make this all possible, a hardware wallet allows you to create Ripple transactions without connecting to the internet, therefore significantly protecting the private key. In the hardware wallet, you’re able to create a signature, which according to the Bitcoin developer glossary (which applies to Ripple) could only have reasonably been created by someone who has the private key.
The signature is essentially a by-product of the public-key and private-key but cannot be used to ascertain what the private key is. Therefore, the signature can be generated offline and used to authorise transactions online.
The best way to keep your Ripple safe is to use one of the popular hardware wallets that the Ripple community has already tried and tested. When it comes to Ripple, the asset you want to protect is the private key, not the coins themselves. The private key is used for signing transactions and allows anyone who possesses it to transfer Ripple from the corresponding address.
Without going into great detail concerning the underlying cryptography used to make this all possible, a hardware wallet allows you to create Ripple transactions without connecting to the internet, therefore significantly protecting the private key. In the hardware wallet, you’re able to create a signature, which according to the Bitcoin developer glossary (which applies to Ripple) could only have reasonably been created by someone who has the private key.
The signature is essentially a by-product of the public-key and private-key but cannot be used to ascertain what the private key is. Therefore, the signature can be generated offline and used to authorise transactions online.
Frequently Asked Questions about Ripple
There is a lot of misinformation about Ripple - our shortlist of common questions help you understand some of the finer details.
What is the difference between Ripple and XRP?
Ripple is a private company that developed and launched the Ripple Protocol, a blockchain which assists in the transfer of currencies. XRP is a token which runs on the Ripple Protocol. At the formation of Ripple there were 100 billion XRP units issued. XRP cannot be mined because it is centrally controlled so in this way it's very different to Bitcoin.
Is it safe to use online Ripple wallets?
Like many things in life, it’s safe, until it isn’t. Online Ripple wallets offer a lot of conveniences, but they come at a cost, which can be significant compared to your total Ripple investment. When you keep your crypto in an online wallet, there is always a risk that the provider could be compromised. Cybercriminals are always looking for new ways to exploit cryptocurrency users and businesses. The best advice is to take charge and use a private wallet you control.
Is it safe to keep Ripple on an exchange?
Many exchanges allow you to keep your purchased cryptocurrencies in an account on their platform. The idea is to make it convenient for active users to buy and sell cryptocurrencies. Most exchanges encourage users to keep their coins in private wallets. Its well-known exchanges are the targets of aggressive and sophisticated attacks due to the large amounts of cryptocurrencies under their control. If you’re planning on holding Ripple for the long term, you should make the necessary arrangements to keep your coins safe.
Can I invest in Crypto via KiwiSaver?
Yes, a select few schemes offer the opportunity to do so. One scheme, Koura KiwiSaver, allows members to invest in their Carbon Neutral Crypto Currency Fund. This is a fund that invests exclusively in Bitcoin. It has a long-term buy-and-hold strategy for investing. Please be aware that cryptocurrencies are highly volatile, and while KiwiSaver is a long-term investment, allocating money to crypto is not without risks. You can learn more about the fund here.
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