What Are the Fees for Buying and Selling Ripple on eToro?

Written by Nadav Zelver

Reviewed by Wikitoro Team

When you buy or sell Ripple (XRP) on eToro, a 1% fee is charged. This fee is already factored into the price you see on the platform at the time you open or close your position. Essentially, this fee is the cost for acquiring ownership of the XRP asset, so the total amount you pay for the transaction will include this 1% charge.

In my quest to understand the fees associated with buying and selling XRP on the platform, I conducted a practical experiment by placing both buy and sell orders for this crypto through my verified account. I meticulously analyzed the charges incurred during these transactions. To ensure the accuracy of my findings, I cross-referenced them with information provided by the eToro support team and their official website.

The 1% Transaction Fee

When you buy or sell Ripple (XRP) via their app or website, a fee of 1% is applied to both the opening and closing of your position. Here's a simple breakdown to understand this better:

1. Opening a Position: When you start a new eToro Ripple trade, it adds a 1% fee to the current market price. For example, if XRP's market price is $1, the trading window will show a price of $1.01 for your purchase. This extra $0.01 is the 1% fee.
2. Initial "Loss" Display: Right after you open your position, you might notice your trade showing a small loss. This isn't an actual loss in the market value of Ripple but reflects the 1% buying fee you've just paid. So, if you bought XRP worth $100, your position might start at $99, showing a $1 'loss' which is actually the fee.
3. Closing a Position: When you decide to sell your crypto, another 1% fee is applied. This fee is based on Ripple's market price at the time of selling. So, if its price has changed since you bought it, the 1% selling fee will be calculated on this new price.

In summary, this broker's 1% fee for XRP transactions is straightforward but affects both your buying and selling prices. It's important to factor in this fee when planning your trades.

Afterthoughts

The key takeaway from my research is that eToro charges a straightforward fee of 1% for both buying and selling Ripple. This fee is conveniently included in the price shown on the platform at the moment you initiate or close a position.

This means that the total cost of any transaction involving XRP will inherently include this 1% fee. My investigation confirms that this fee structure is transparent and consistently applied across all Ripple transactions on the platform.