How to Buy XRP / Ripple Without Paying Fees at Lykke

This article is a step-by-step guide on how to buy XRP / Ripple without paying fees. By registering on the no fee crypto exchange Lykke, you can buy 20+ cryptocurrencies with zero trading fees, XRP included. Moreover, considering that under the current special offer we also cover the bank deposit fees for our clients (the fees of our bank, but not the fees your bank may charge or not), you can buy XRP completely without paying any fee at all, isn’t it amazing?

What is XRP - the Ripple cryptocurrency?

XRP is one of the top cryptocurrencies in terms of market capitalization, ranking within the top ten at the moment of writing. However, understanding XRP is not an easy task because of lots of debate that it provokes in the crypto world. First of all, there’s a debate on whether XRP is a cryptocurrency at all. A cryptocurrency by definition is decentralized and secured by cryptography. If XRP is clearly secured by cryptography, there have always been doubts about whether it’s truly decentralized.

According to the website of Ripple, XRP was launched in 2012 as the native cryptocurrency of the XRP ledger. This is a blockchain where the XRP transactions are stored. However, unlike in the case of “classic” cryptocurrencies, XRP cannot be mined, it was premined at its inception by Ripple Labs. Therefore, some cryptocurrency enthusiasts consider that it’s a proprietary digital currency and not a cryptocurrency. Moreover, the consensus algorithm used by the XRP ledger is also somewhat untraditional: whereas most cryptocurrencies use proof-of-work or proof-of-state validation systems, XRP has its own consensus mechanism which depends on the agreement about each transaction between 36 independent validators, of which 6 belong to Ripple.

Secondly, the XRP ledger and cryptocurrency should not be confused with the RippleNet payment system, which is a product by Ripple designed for financial institutions such as banks and payment providers. It’s a system for banking information exchange, similar to SEPA or SWIFT. While this network can use XRP for payment processing, XRP is not the only currency that can be used by the network.

Another doubt with regards to the XRP cryptocurrency is whether it’s a security or not. It surges from the accusation of the SEC, a US regulator, which filed a lawsuit against Ripple Labs on December 22, 2020 claiming it’s a security. The reason for considering it a security is that the currency was issued by a company with the expectation of its growth. However, as Ripple Labs stated, earlier, Ethereum, a blockchain that functions in a similar way, was passed by the SEC as not a security given that the blockchain is decentralized. In the case of XRP, at the moment of writing, the parties are gathering more evidence for further trials and there’s no expectation that the case will be closed any time soon. 

At the same time, the trading of the currency was seriously affected by the lawsuit and most exchanges suspended it. Lykke was among one of the first crypto exchanges that made the decision to renew the XRP trading. Moreover, at Lykke, it’s possible to trade XRP completely without fees (zero taker and maker fees and zero deposit fees apply). See below how!

How to buy XRP with no fees:

  1. Get registered and KYC-approved on Lykke exchange. This is very easy. You can use the web terminal or download a mobile app for Android, iOS or Huawei AG. Once you've been approved, you can deposit your funds.

  1. Make a deposit:
  • Fiat by bank transfer (we cover the banking fees of our bank, but your bank may charge a fee on your side)
  • Crypto from another crypto trading platform (we don’t charge any fees for receiving a deposit)

To make a deposit just click on the "deposit" button in the trading platform or in the app and choose the type of deposit you would like to make. Then follow the instructions, they are very intuitive. If you're making a banking deposit, remember to insert your transaction ID as the purpose of payment.

  1. Exchange your funds to XRP with no taker or maker fees, even if you use a trading bot. XRP is available in pairs with BTC, ETH, USDC, USDT, EUR, USD, CHF.

 

About Lykke

Lykke is an umbrella name for a group of companies that operate on B2B and B2C levels on the blockchain market. The core business of the company is the homonymous zero-fee crypto exchange. The trading venue has been on the market since 2015 and it differentiates itself from the competition thanks to its trading conditions, reputation of a transparent company, human support and high standards of security. The exchange serves all kinds of traders and investors: retail, API, and corporate offering the same trading conditions, namely zero trading fees, regardless of the volume a trader generates.

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