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New to IG: +35 318 009 95362
Existing clients: +35 318 009 95364
Email: newaccounts.uk@ig.com
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Options and turbo warrants are complex financial instruments. Trading these financial instruments involves the high risk of losing money rapidly.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Options and turbo warrants are complex financial instruments. Trading these financial instruments involves the high risk of losing money rapidly.
Ripple
Take advantage of ripple (XRP) price movement with the world’s No.1 CFD provider, 1 and you’ll never need to own any cryptocurrency.
Key benefits
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Go short as well as long
Trade if you think ripple’s price is headed up or down
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No exchange account
We deal with multiple exchanges to find you the best price
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Improved liquidity
So there’s more chance of executing your full trade at your chosen price
What is ripple?
Ripple is two things:
- A payment network (RippleNet) that enables the transfer of any currency – including other cryptocurrencies – around the world
- The cryptocurrency (XRP) which underpins that network
Unlike other cryptocurrencies such as bitcoin or litecoin, ripple wasn’t invented to replace fiat currency. Instead, it uses the principles of the blockchain to facilitate faster, cheaper global payments for banks and other major institutions – acting as a competitor to existing systems like SWIFT. However, like its rivals, you can speculate on the price movements of XRP.
Ripple product details
You have three ways to trade ripple with us. Find out details for each here.
Ripple leveraged trading
When you buy ripple with IG, you aren’t actually taking ownership of any cryptocurrency: you’re speculating on the price movements of XRP against the US dollar. But your exposure to XRP’s price movements is the same as if you’d bought it outright.
On an exchange, you’d usually sell USD to buy XRP. If ripple’s price rises, then you can sell your XRP for more USD than you paid for it, earning a profit. If you buy ripple with IG, then you’re opening a position that will increase in value as XRP’s price rises against dollar. With both, you’ll make a loss if its price goes down.
When you deal ripple using leverage, however, you only have to put down a fraction of your position’s full size as a deposit to start trading. That makes leveraged trading a powerful tool, but it also makes it risky – including the risk that your losses could exceed that original deposit.
With IG, you can trade ripple via CFDs. It allows you to go short on ripple as well as long, which means that your position will increase in value if ripple goes down against the dollar. If you go short and ripple’s price goes up, you’d make a loss.
You open a CFD position when XRP is trading at $3.00, and our price is 3.04 to buy and 2.96 to sell.
You think that ripple is headed down in price, so you sell ten CFDs at 2.96. This is the equivalent of selling 1000 ripple coins for $2.96 each.
Ripple enters into a bear market, dropping 25 points to $2.75. Our price is now 2.79 to buy and 2.71 to sell. You buy ten CFDs at 2.79 to close your position.
$2.79 – $2.96 = $0.17 or 17 points. 0.17 x 1000 is 170, giving you a gross profit of $170.
If you’d bought ripple instead of selling it, then you would have lost $330 (25 points plus eight points from the spread).2
FAQs
No. When you trade ripple with IG, you are speculating on the price movements of XRP against the dollar, without buying or selling any actual cryptocurrency. So you don’t need a wallet, an exchange account, or any specialist technology to get started.
Our ripple market opens at 4am on Saturday and closes at 10pm on Friday (London time). Please note that holidays may affect these hours.
1 Based on revenue (published financial statements, 2022).
2 Excludes any daily funding charges.
