Purchasing XRP on FTX (now defunct) was once a straightforward process for crypto investors. This guide walks you through the exact steps that were previously used to acquire XRP on the platform, serving as a historical reference for cryptocurrency trading practices.
Understanding XRP and FTX
XRP is a digital asset designed for fast, low-cost international payments, while FTX was a major cryptocurrency exchange before its 2022 collapse. Key features included:
- Liquidity Pools: Deep order books for major trading pairs
- Trading Tools: Advanced charting and order types
- Fiat On-Ramps: USD deposits via bank transfer
👉 Explore modern alternatives for XRP trading
Step-by-Step Purchase Process (Historical)
Account Setup
- Create an FTX account with email verification
- Complete KYC identity checks
- Enable two-factor authentication
Funding Your Account
- Deposit USD via wire transfer
- Convert to USD Coin (USDC) stablecoin
- Alternative: Direct crypto deposits
Executing Your XRP Trade
- Navigate to XRP/USD trading pair
- Enter purchase amount in USD value
- Select market or limit order
- Confirm transaction details
Security Best Practices for Crypto Trading
When engaging with any exchange:
- Use unique, complex passwords
- Enable all available security features
- Never share authentication codes
- Verify wallet addresses carefully
Frequently Asked Questions
Is FTX still operational for XRP trading?
No, FTX ceased operations in November 2022 following bankruptcy proceedings. All trading was permanently suspended.
Where can I buy XRP now?
Several regulated exchanges currently support XRP trading with proper liquidity. Always research platforms thoroughly before depositing funds.
What was FTX's trading fee structure?
FTX previously offered:
- 0.02% maker fees
- 0.07% taker fees
- Discounts for high-volume traders
How long did XRP withdrawals take on FTX?
Processing times varied:
- Instant for small amounts
- Up to 24 hours for large withdrawals
- Subject to security reviews
Lessons from FTX's History
The FTX collapse taught valuable lessons about:
- Exchange risk management
- The importance of self-custody
- Regulatory oversight in crypto markets
👉 Secure platforms for digital asset trading
This historical guide serves educational purposes only. Always conduct thorough research before engaging with any cryptocurrency platform, as market conditions and exchange statuses change frequently.