How To Sell Ripple For GBP: A Brief Guide
A few months ago, XRP was the fourth biggest cryptocurrency by market cap. Recent legal troubles between Ripple, the company behind the digital currency, and the U.S. government put the breaks on the coin’s rise. The lawsuit shook the crypto space, and put some investors in sales mode, learning how to sell Ripple for GBP.
Are you one of those? Or do you need to find a cryptocurrency exchange to transform your coins into Pounds for any other reason? Then, this guide is for you. By the end of it, you’ll be sure about what to do and where to do it.
But before getting into the specifics, let’s shed a light on the mentioned story.
What about Ripple's recent legal troubles? And, how do they affect me?
In December 2020, the United States’ Securities and Exchange Commission (SEC) sued the fintech company Ripple. The allegations were that their cryptocurrency, XRP, was a security and they had failed to register it. To make things worse, the company has sold over $1.3 billion worth of XRP in the open market.
We have to point out that the SEC considers Bitcoin and Ethereum as virtual currencies. The implication here is that BTC and ETH are not controlled by any entity, while Ripple holds more than 60% of the XRP in circulation and controls most of the nodes.
In their defense, the company’s lawyers allege that, since XRP has utility and liquidity, it can’t be considered a security. In addition to that, the SEC discussed the digital asset with several crypto exchanges that wanted to list XRP and it didn’t inform any of them that the coin was a security.
In any case, when they made the lawsuit public, XRP fell from $0.60 to $0.25 and many exchanges delisted the digital asset. It has since recuperated and, at the time of writing, it’s trading at $0.48. Consider, though, the incredible bull run that cryptocurrencies, in general, are having since the beginning of the year.
If you believe in the company and want to buy XRP, we got just the article for you.
If you don’t believe in them will get out of this jam unscathed, keep reading. We’ll teach you how to sell.
What's the difference between Ripple and XRP?
The fintech company’s official name is Ripple Labs, Inc. Their main product is RippleNet or The Ripple Network, a blockchain-based global payment system for financial institutions. It facilitates cross-border payments for a minimal fee.
That product runs over the XRP Ledger. Even though Ripple Labs, Inc. created it, said ledger is an open-source project and everyone can build over its structure. The native coin of the XRP Ledger is, of course, XRP.
Does the company control XRP? That’s for the courts to determine.
The point here is that, even though everyone continues to refer to this coin as “Ripple,” they’re both different entities.
Places that stopped dealing with Ripple
At the moment, selling XRP for Fiat currency might be a problem. You can still exchange them for EUR and GBP, but selling them for USD might be hard. Several cryptocurrency exchanges and similar companies, including the mighty Coinbase, delisted the coin following the SEC lawsuit as a protecting measure.
Besides Coinbase, other companies that delisted XRP globally: OKCoin, Ziglu, and Blockchain.com
Others took less extreme measures and delisted the coin only in the US, among them: Binance US, Kraken, Bitstamp, Bittrex, Crypto.com, Abra, and eToro.
There’s an even bigger problem, though. Payment firm Simplex stopped all dealings with XRP globally, while Wirex only did it inside the US.
Remember, the problem is only with Ripple. This lawsuit doesn’t affect Bitcoin, ETH, LTC, XLM, USDT, or any other Altcoin.
So, where can you sell your XRP for GBP?
European crypto exchanges are not under the SEC jurisdiction, buying or selling the coin in the old continent is still a fairly easy operation. Also, some of the big exchanges didn’t budge and still offer it.
Let’s look at the ones we recommend from both of those groups:
BitBay is the largest digital currency exchange and trading platform in Central and Eastern Europe and the third in Europe, which debuted in 2014 in Poland. Currently, the platform already has over 1 000 000 unique users from around the world and 547,000 BTC of the annual volume.Visit Exchange
One of the largest crypto exchanges in Europe, Bitbay is an excellent option if you need to sell it for GBP directly, with no currency conversion of any kind needed. You’ll need a completely verified account to do it, so go through the KYC (Know Your Customer) authentication process a few days early.
Another Bitbay peculiarity is that you can only withdraw money from a bank account from which you already deposited with them. So, if you haven’t or need to change accounts, you’ll need to make a verification deposit of at least £5.
Step by step withdrawing guide:
- Go to “Wallets.”
- Look for GBP in red (under EUR and USD.)
- Click on “Withdrawal.”
- Fill in the Bank Transfer details. Bitbay makes payments in FPS format.
The commission for withdrawing directly to a bank account in the UK is £2 regardless of the amount.
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Using this London-based exchange you can buy/sell XRP without a problem. If you’re looking to sell crypto, though, you should be aware that they have a daily 1.000 US Dollar limit for withdrawals for the first three months. And that, of course, you need a fully verified account to do so. Remember to go through the KYC protocols a few days in advance, just in case.
After those three months, your limit goes to 10.000 USD, and you can get rid of it by enhancing your account or by using the most convenient payment methods.
For example, if you use Sepa there’s no limit and no fees. If you use Faster Payments you can withdraw up to £250,000 without fees or commissions. On the other hand, if you use Skrill, your limit is £10,000 and you have to pay a 1% fee. With SWIFT, there’s no limit but the fee is 0.3% + £25.
The good thing is, using Cex.io, you have all those options and more.
Kraken is probably one of the most well-known and well-respected exchanges for buying, selling, and trading digital currencies. They offer funding options, staking, margin trading, liquidity, and 24/7 support for beginners and experienced traders alike.
If you want a trusted exchange that offers plenty of features, you can get started on the Kraken website or download the Android or iOS app today.Visit Kraken
The mighty Kraken might have stopped selling XRP inside the US, but that doesn’t affect you. From the UK you can still use a credit card or a debit card to buy any cryptocurrency, but you’ll have to use other payment solutions if selling is what you need.
You could use FPS with a £1.95 fee, CHAPS with a £21 fee, or SWIFT with a £13 fee.
Of course, you’ll need a fully verified account for this. And the name on your bank account must match your name in Kraken.
Step by step withdrawing guide:
- Go to “Funding.”
- Use the Search Bar to look for Pound Sterling.
- Click “Withdraw.”
- Select the payment solution you want to use.
- Click “Add Account” and fill in all the details.
- Repeat steps 1, 2, and 3. Look for the account in the drop-down menu and request a withdrawal.
- Check that the information is correct and confirm.
Binance is the exchange to use if you’re new to the world of cryptocurrency. It’s intuitive, easy to use, and supports all the most popular cryptocurrencies. It makes buying, selling, and trading simple and even the most novice users will enjoy the pleasant user interface Binance has to offer.
When it comes to buying and selling crypto, there are few exchanges better than Binance.Visit Binance
Binance‘s decision to have a separate exchange for the US market was genius. While Binance US stopped dealing with XRP, the main exchange is still at it. And there, besides all the other methods, you can withdraw your Pounds directly to your credit card or debit card as long as you enable Visa Fast Funds. The commission for this is 1%.
Even though Binance’s KYC policy is more relaxed, you’ll still need a fully verified account to do this.
Step by step withdrawing guide:
- Go to “Wallet” and select “Fiat and Spot.”
- Click on “Withdraw.”
- Select GBP under “Currency.”
- Select the payment method of your choice. If you see an “Instant to your card” option, Visa Fast Funds is enabled. You can also choose a bank transfer or cash balance.
- Enter the required information and Confirm.
- Enter the verification code and you’re done.
For a crypto-whale in the making like you, it’s a good time to be living in the UK. Options abound and the path ahead is clear. Happy trading!