How to buy Ripple with an OTC broker in Australia
Ripple has seen a rise to prominence over the past few months, thanks to a massive surge in price at the end of December.
Currently its trading volume makes up over 4% of the total cryptocurrency space, with an average of more than $600 million traded over a 24 hour period in the last month. But despite this, it can be a massive pain to actually trade large amounts of Ripple.
When compared to forex, Ripple’s trading volume is still almost 6000x less, which means markets can move much easier when you are trading in volume with Ripple.
As a result, you’ll often come across what’s known as slippage on the exchange.
The price you see on an exchange isn’t actually the value of your Ripple, but rather, it’s simply just the last price that someone bought XRP for.
Of course, not everyone wants to sell their Ripple for the same price, with some people looking for more than others.
This difference is how slippage is created. Slippage is the price difference between the top of the book (the cheapest price you see) and the subsequent prices for XRP after that. When you have relatively low volume across an exchange, this is becomes even more apparent.
You could trade as little 350,000 XRP and still see slippage of around 1.4% on a good day, and closer to 2% on a bad day.
As you look to buy even more, the slippage can significantly increase. On Australia’s largest exchanges, you can often see slippage of around 21% when you look to buy 1,000,000 XRP. This means you could end up paying over $170,000 or more extra for the exact same amount of Ripple.
This is where OTC desks such as HiveEx come in, who match large buyers and large sellers directly, eliminating slippage.
When you buy through an OTC desk, you get quoted the one price, usually around the top of the best order books, sometimes even cheaper and we get you your funds in the same day.
You can get a lot more XRP for your cash.
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Signup to HiveEx and one of our traders will get back to you within 24 hours to confirm and complete your account set-up.