Exchange

A platform where you convert fiat currency to XRP and back.

Centralised exchanges hold your funds and provide fiat rails, order books and instant-buy products.

Which one is cheapest depends on your country, payment method and order size, not just the advertised fee.

Related terms

Total cost

Deposit fee, trading fee and spread combined — what you actually pay to acquire XRP.

KYC

Know Your Customer — the identity checks a regulated exchange must run before you can trade.

Decentralised exchange (DEX)

The order book built into the XRP Ledger protocol.