Although XRP is a very popular digital currency, it has been the subject of some controversy, primarily due to U.S. securities regulator SEC alleging that XRP is a security and suing Ripple, the leading player in the XRP ecosystem. As a result of the lawsuit, some cryptocurrency exchanges stopped offering XRP trading, particularly in more tightly-regulated jurisdictions such as the state of New York.
Despite the limited availability, the good news is that you can still buy XRP even if you live in New York. In this article, we will show you how to buy XRP in New York and outline the pros and cons of each exchange that serves New York customers and offers XRP trading.
Key highlights:
The availability of XRP is limited in some jurisdictions due to regulatory controversy.
You can buy XRP in NY on Coinbase, Bitstamp or Gemini.
Of these three exchanges, Coinbase currently has the highest XRP trading volume.
How to buy XRP in New York?
If you live in the state of New York, there are three cryptocurrency exchanges you can use to buy and sell XRP – Coinbase, Gemini and Bitstamp.
All three exchanges are regulated in New York and have a BitLicense from the NYDFS (New York State Department of Financial Services). Please keep in mind that you will need to go through an identity verification process if you want to buy and sell cryptocurrency on any of these exchanges.
1. Coinbase
Coinbase is a cryptocurrency exchange that was established in 2012. In more than a decade of operation, Coinbase has established itself as a pillar of the crypto industry and earned a good reputation for keeping its customers’ crypto assets safe. In addition, Coinbase became the first crypto exchange to go public when it was listed on the NASDAQ stock exchange in April of 2021.
Coinbase is a popular platform for new users to enter the crypto market, offering a smooth user experience straightforward way to deposit money from a bank account. This user-friendly approach makes Coinbase one of the best exchanges for beginners. The exchange provides several fiat currency-denominated trading pairs, allowing you to trade digital assets directly against currencies like USD and EUR.
While Coinbase temporarily delisted XRP from its exchange after the SEC alleged XRP was a security and sued Ripple, the exchange has since reintroduced XRP trading, including for New York residents.
You can trade XRP on Coinbase using the XRP/USD, XRP/USDT and XRP/EUR. When it comes to trading pairs, we would like to see Coinbase add an XRP trading pair against BTC for more flexibility.
Coinbase is a good choice if you want to trade other cryptocurrencies in addition to XRP, as it lists more than 200 different crypto assets. If you are a very active trader, Coinbase might not be the best fit for you, as the exchange has some of the highest trading fees in the crypto industry. Still, you can avoid some of the fees if you play it smart – we provide a guide on how to avoid Coinbase fees if you’re interested in learning more.
Deposit options Available XRP trading pairs 24-hour XRP trading volume*
ACH
Wire transfer
PayPal
XRP/USD
XRP/USDT
XRP/EUR
$63 million
*As of August 2, 2024
Buy XRP on Coinbase
2. Bitstamp
Bitstamp is a cryptocurrency exchange based in Luxembourg. However, it serves customers in many different countries, including the United States (and also the state of New York).
Over the years, Bitstamp has earned a reputation for being a reliable and secure platform for trading and investing in cryptocurrencies, although it adopts a more conservative approach regarding cryptocurrency listings. The exchange offers around 80 different cryptocurrencies, which is fewer than most of its competitors.
When it comes to XRP, Bitstamp provides a solid range of trading pairs, allowing customers to trade XRP against the US dollar, Bitcoin, the euro and the British pound.
To ensure the security of its customers crypto holdings, Bitstamp keeps 95% of its cryptocurrencies in cold storage and uses bank-level custody solutions. Additionally, the custody services employed by Bitstamp are insured, providing an extra layer of protection for the assets they manage.
Deposit options Available XRP trading pairs 24-hour XRP trading volume*
ACH
Wire transfer
PayPal
XRP/USD
XRP/BTC
XRP/EUR
XRP/GBP
$24.5 million
*As of August 2, 2024
Buy XRP on Bitstamp
3. Gemini
Gemini is a cryptocurrency exchange that was founded in 2014 and has since established an impressive track record on regulatory compliance and security. The Gemini exchange caters to both beginners and advanced cryptocurrency traders.
When you’re trading cryptocurrency on Gemini, you can either use the Gemini Exchange for a straightforward experience, or use the exchange’s high-performance Gemini ActiveTraderplatform. For most users, the basic exchange should suffice, but it’s nice to have the option for advanced traders.
While Gemini is a solid cryptocurrency exchange overall, it doesn’t offer as many cryptocurrencies for trading as some of its main competitors. If you are primarily looking to trade major cryptos such as Bitcoin, Ethereum and XRP, Gemini is a good choice. On the other hand, we suggest you look elsewhere if you’re also interested in trading low market cap altcoins.
You can use Gemini to buy and sell XRP if you’re a New York state resident. However, the only XRP trading pair supported by the exchange at the moment is XRP/USD.
Deposit options Available XRP trading pairs 24-hour XRP trading volume*
ACH
Wire transfer
PayPal
XRP/USD $950,000
*As of August 2, 2024
Buy XRP on Gemini
The bottom line
Although it would be nice if there were more options to buy XRP in New York, you still get to pick between three high-quality crypto exchanges that offer XRP trading for customers in New York. We think that Coinbase is the best option overall, although Bitstamp and Gemini also have some compelling perks.
After you buy XRP on an exchange, you might want to send it to a wallet that’s under your control instead of keeping it on the exchange. If you’re interested in learning more, check out our selection of the best XRP wallets.
