7 Best XRP Wallets in 2023 – Top Ripple Wallets Revealed

Launched in 2012, XRP remains one of the most popular cryptocurrencies to own. But which wallet is best for storing XRP?

This comparison guide reviews the best XRP wallets for 2023. Read on to learn how to choose and create an XRP wallet, and compare top providers with low fees and high security.

What is an XRP Wallet? The Basics Explained

Either way, XRP wallets serve multiple functions.

Crucially, wallets keep the XRP tokens secure and away from hackers. The level of security available will depend on multiple factors, such as:

• Whether the XRP wallet is offered by a custodial or non-custodial provider
• The device that the XRP wallet is stored on

Custodial XRP wallets are provided by third parties, usually exchanges. For example, eToro – which we found to be the best XRP wallet, is a custodial provider. This is because it safeguards the XRP tokens and the user’s private keys. It does this through two-factor authentication, cold storage, and other security practices.

Non-custodial XRP wallets give users control of their private keys. The XRP tokens cannot be frozen, and transactions can not be denied. What’s more, users do not need to go through a custodian to transfer funds. But should the non-custodial XRP wallet get hacked – the user will not be able to recover the tokens.

Another important point is that, unlike other cryptocurrencies, XRP wallets require a ‘non-refundable deposit’. This stands at 10 XRP, amounting to approximately $5 based on current exchange rates. This was installed by Ripple to safeguard its network against remote attacks.

Why You Need an XRP Wallet

After investing in XRP, investors will need to choose a suitable wallet.

Below, we explore the key reasons why a wallet is needed when owning XRP tokens.

Securing XRP Tokens

As noted above, the primary purpose of an XRP wallet is to keep the tokens safe. The cryptocurrency markets are fraught with scams, and hackers are constantly coming up with new ways to remotely steal tokens.

As such, it’s imperative that investors choose a secure XRP wallet. The only way to access the XRP wallet will be via its private keys. This remains in the hands of the investor unless opting for a custodial XRP wallet.

In this instance, the XRP custodian will safeguard the private keys. This means investors can access their wallets simply by logging into the account.

Transferring XRP Tokens

On top of securing XRP, wallets are required to send and receive funds. All XRP transactions go through the Ripple network and are executed wallet-to-wallet.

• In other words, users can transfer XRP by providing the recipient’s wallet address.
• To receive funds, users need to supply their wallet address to the sender.

As we explain later, XRP transactions are super efficient. Each transfer averages just four seconds and costs just 0.00001 XRP (micro cents).

Trade XRP and Other Cryptocurrencies

The best XRP wallets offer access to the broader cryptocurrency markets. This means users can buy and sell XRP, as well as trade it for other utility tokens.

Some wallets even allow users to earn interest on XRP. For example, the Binance wallet is offering an APY of 2.3% on XRP deposits. These are flexible savings accounts, allowing users to withdraw their XRP at any time.

Best Ripple Wallets Reviewed

Now let’s explore the best XRP wallets in much more detail.

In the following sections, we review leading XRP wallets for fees, supported devices, security, usability, and more.

1. eToro – Overall Best XRP Wallet for Investors  

We rank eToro as the overall best XRP wallet – and here’s why. eToro – which was launched in 2007, is a regulated brokerage and wallet provider. While its wallet is licensed by the GFSC, its brokerage arm is regulated by FINRA, FCA, ASIC, and CySEC.

Not only is eToro secure, but it’s ideal for beginners. For example, XRP tokens are instantly transferred to the eToro wallet after completing an investment. The wallet can be accessed from within the eToro dashboard, which is secured by login credentials and two-factor authentication. What’s more, the majority of XRP tokens are kept in cold storage, and eToro operates a 24/7 risk management team.

Investors can sell their XRP tokens for US dollars at any time. From within the eToro wallet, investors simply need to create a sell order, and eToro will execute it instantly. This makes it seamless to store and trade XRP in one safe place. The eToro brokerage supports 90 other cryptocurrencies, including some of the best altcoins.

This includes everything from Cardano, Litecoin, and Solana to Dogecoin, Shiba Inu, and Polygon. The eToro wallet also supports Bitcoin and Bitcoin Cash. That said, we should note that eToro also offers a mobile wallet app. After transferring the XRP tokens from the web wallet to the app, investors will have access to additional tools.

This includes the ability to send and receive XRP. The app also supports ‘Unlosable’ private keys. This means investors can still access their wallets if their login credentials are lost or forgotten. Both XRP wallet options are custodial, so eToro is responsible for keeping the private keys safe. This is ideal for beginners that do not want the added pressure of securing their XRP tokens from hackers.

eToro offers plenty of other features too. For example, investors can gain exposure to smart portfolios. These are baskets of cryptocurrencies that include XRP and other altcoins. Smart portfolios are managed and rebalanced by eToro, so are completely passive. eToro is also popular for its copy-trading feature. Put simply, users can choose their preferred crypto trader and copy their positions automatically.

The main drawback with eToro is that users must hand over control of their XRP tokens. This is because eToro does not share the wallet’s private keys with investors. That said, this will suit XRP investors seeking convenience, regulation, and institutional-grade security. Finally, eToro also supports fiat money payments, including debit/credit cards and PayPal. While USD payments are processed fee-free, other currencies are charged 0.5%.

Cryptoassets are a highly volatile unregulated investment product.

2. Binance – Convenient XRP Wallet That Connects to the Binance Exchange    

Binance is one of the best XRP wallets for active investors. It offers a web and mobile wallet that connects to the Binance exchange. Both options are custodial, so Binance keeps the private keys and XRP tokens safe.

Although some investors have concerns with custodial wallets backed by exchanges, Binance offers many security tools. For example, logging into the account requires two-factor authentication. This requires confirmation via email and/or SMS, depending on the device being used. Binance also requires verification when logging in from a new device or IP address.

Internally, Binance operates a fully-fledged risk management team, cold storage, and an insurance fund called SAFU. The latter takes a percentage of trading commissions earned and is used to compensate users if their account is hacked. But SAFU may not cover all investors if Binance witnesses a large-scale hack, so bear this in mind.

In addition to convenience and security, Binance is the best XRP wallet for trading. Its exchange attracts the largest trading volume in the industry and offers commissions of just 0.1% per slide. On top of XRP, Binance supports some of the best cryptocurrencies to buy.

This covers Bitcoin, Ethereum, Cardano, Litecoin, and hundreds more. Finally, Binance also offers XRP savings accounts. Currently, XRP deposits yield an APY of 2.3% and come without withdrawal restrictions.

Cryptoassets are a highly volatile unregulated investment product.

3. Trezor – Most Secure XRP Wallet for Large-Scale Investors   

While hardware wallets like Trezor make it inconvenient to actively trade XRP, it’s one of the best crypto wallets for safety. As a hardware wallet, the Trezor device is always offline. This offers a cold storage solution that removes the threat of a remote hack.

Even if the Trezor device was stolen, hackers would have a hard time accessing the XRP tokens. This is because of a requirement to enter a PIN to authorize outgoing transactions. The PIN must be entered on the device itself, and each incorrect attempt doubles the time delay. Most importantly, the XRP tokens can be recovered remotely on another device.

This is achieved by importing the wallet’s private keys, which are provided when setting Trezor up. Trezor has two models to choose from. The basic model costs $69 and provides all necessary security features. The advanced model retails for $219. Either way, investors should only purchase Trezor from the official website or through verified partners like Amazon.

4. Trust Wallet – Convenient Mobile Wallet Supporting dApps 

Trust Wallet is one of the best Ripple wallet apps. It’s available on both iOS and Android, as well as Chrome browsers. Setting up the wallet is simple and fast, with users needing to choose a PIN and write down their 12-word passphrase.

There are no fees to use Trust Wallet, although GAS applies when transacting. Trust Wallet makes no markups on GAS fees. Moreover, Trust Wallet does not charge any fees when swapping tokens. Trust Wallet is also ideal for connecting to dApps like Uniswap.

In addition to XRP, Trust Wallet supports over 70 other blockchain networks. This includes everything from Bitcoin and Ethereum to Cardano and Dogecoin. We also like that Trust Wallet offers a safe way to store NFTs. The main drawback with Trust Wallet is customer service is only offered via support tickets.

5. Coinomi –  Multi-Device XRP Wallet Supporting Over 125 Blockchains

Coinomi will appeal to XRP investors that also hold other cryptocurrencies. This is because the wallet is compatible with over 125 blockchains. This includes Bitcoin, Ethereum, Litecoin, Zcash, Tron, and Binance Smart Chain. We also like that Coinomi is a multi-device wallet.

Not only does it come as a mobile app but also as desktop software. Supported operating systems include iOS, Android, Windows, Mac, and Linux. All supported wallet types are non-custodial, so Coinomi never has access to the private keys. Another feature of Coinomi is that it’s ideal for keeping tabs on market prices.

For instance, users can view their portfolio values in over 168 fiat currencies. This makes it simple to assess how XRP and other cryptocurrencies are performing. Moreover, Coinomi is completely anonymous and fee-free. We also like that GAS fees are forwarded directly to miners. As such, Coinomi does not make any money from outgoing transactions.

6. XRP Paper Wallet – Free Paper Wallets With Printable QR Codes 

While XRP paper wallets are underutilized, they offer unprecedented security. This is because paper wallets are kept offline at all times, so it’s a fee-free cold storage alternative to Trezor. A popular provider to consider is XRP Paper Wallet.

After visiting the XRP Paper Wallet website, users simply need to click on the ‘Generate a Paper Wallet’ button. Within seconds, the platform will generate a new XRP wallet address and the respective private keys. Both are shown as QR codes that can be printed.

Then, the user will keep the printout somewhere safe. To transfer XRP to the paper wallet, users simply need to scan the QR code. This is also the case when it comes to transferring the XRP out of the paper wallet. Just remember that paper wallets will not suit active XRP traders.

7. Ledger Nano – Keep XRP in Cold Storage for Just $79        

The final option to consider is Ledger Nano, which is also one of the best XRP wallets for cold storage. While there is also a $279 model, the basic Ledger Nano costs just $79. This offers great value for those investing large amounts into XRP.

Ledger Nano is also suitable for diversified portfolios. It supports over 5,000 cryptocurrencies across many blockchain standards. This includes everything from Binance Smart Chain and Bitcoin to Ethereum and Polkadot. Moreover, we like that Ledger Nano comes with a mobile app and desktop software.

This enables users to swap tokens, buy cryptocurrencies with fiat money, and keep tabs on market prices. However, users still need to verify outgoing transactions via the Ledger Nano device itself. Just like Trezor, transactions are confirmed via a PIN. Ledger Nano is secure by a backup passphrase that is displayed to the user when setting the wallet up.

In this section, we explain how we ranked the best XRP wallets reviewed above.

Security

The first step is to evaluate how secure the chosen XRP wallet is. As noted earlier, security will often depend on the type of XRP wallet selected.

For instance, hardware wallets are the most secure, but also the least convenient. This is because XRP tokens cannot be transferred unless the user is with the device.

Mobile and browser extension wallets are secure, but not as safe as their hardware counterparts. This is also the case with Ripple desktop wallets. But equally, mobile, browser, and desktop wallets make it easy to send, receive, and trade XRP.

Support for Additional Networks

Many XRP investors also own other cryptocurrencies, such as Bitcoin and Ethereum. In this instance, it’s wise to choose an XRP wallet that supports all cryptocurrencies currently held.

For example, eToro supports XRP and 90 other cryptocurrencies. This makes eToro ideal for diversified portfolios.

Custodianship

XRP investors also need to think about custodianship.

• Those looking to control their private keys will need to opt for a non-custodial wallet.
• Those that do not want the responsibility of looking after their private keys should opt for a custodial wallet.

The best custodial wallet that we reviewed is eToro, considering its strong regulatory framework and security controls.

Those preferring a non-custodial wallet consider MetaMask (software) or Trezor (hardware).

Features

Looking to store XRP while trading other cryptocurrencies? Consider an XRP that offers access to exchange services.

eToro and Binance are good options here, with the platforms supporting over 90 and 350 cryptocurrencies, respectively. Users can easily fund their trading endeavors directly from their wallets.

We also like Trust Wallet for its in-built staking and token swap tools. These tools are also offered by MetaMask.

Check out our Trust Wallet review and MetaMask review here.

Fees

All of the software and paper wallets discussed today are fee-free. This means no fees are charged to store XRP tokens.

However, hardware wallets like Trezor and Ledger Nano must be purchased. These providers charge $69 and $79, respectively, for their most basic models.

Also, be sure to check what fees apply for other features, like trading and fiat money deposits.

How do XRP Wallets Work?

All XRP wallets come with a public address. This enables users to receive funds from another person.

Here’s an example of an XRP wallet address:

rf1BiGeXwwQoi8Z2ueFYTEXSwuJYfV2Jpn

So, the owner of the above address would forward this to the sender when receiving XRP in their wallet.

Similarly, to transfer XRP to the above wallet, the sender would specify the specific address. Wallet-to-wallet XRP transfers take just four seconds to process. Moreover, fees are super low. As noted earlier, each transaction costs just 10 XRP.

Based on current prices, this amounts to approximately $0.000005. This is the case regardless of the transfer size. In addition to a public address, XRP wallets come with a unique private key. This is like the password to the wallet, so it should never be shared.

XRP wallets are unique in that they come with a 10 XRP activation fee. This means that wallet addresses are not activated on the blockchain until 10 XRP is added. Moreover, this is non-refundable. For example, depositing 60 XRP into a wallet would leave the user with 50 XRP in withdrawable funds.

Types of XRP Wallets

There are many types of XRP wallets to choose from. This includes mobile, web, desktop, and hardware wallets. Read on to learn more about each wallet type.

Software Wallet

Unless a life-changing amount of XRP is owned, software wallets are the best option. These are convenient but also come with adequate security features.

For example, the eToro web wallet is protected by two-factor authentication, cold storage, and a regulated framework.

The Binance web wallet also comes with two-factor authentication, not to mention IP address and device whitelisting.

Those opting for a mobile wallet like MetaMask or Trust Wallet will protect XRP with a PIN or fingerprint ID.

Either way, software wallets are not only secure, user-friendly, and fee-free, but they also provide access to other features. For example, being able to earn interest on XRP or swap tokens without leaving the wallet.

Hardware Wallet

Large-scale XRP investors should consider a hardware wallet. This is the most secure way of storing XRP and other cryptocurrencies.

• The private keys are encrypted onto the hardware device – which is always offline
• XRP can only leave the hardware wallet after entering a PIN onto the device
• Lost, damaged, and stolen hardware wallets can be recovered remotely with the backup passphrase

The downside of hardware wallets is convenience. For instance, users will not be able to transfer funds unless they are with the device. This could be problematic if the user is away from the device for prolonged periods and they urgently need to trade.

Paper Wallet

Paper wallets are also secure and ideal for long-term investors. They follow a similar function to hardware wallets, insofar as they are always offline.

But unlike hardware wallets, paper wallets are free. For example, XRP Paper Wallet allows users to instantly generate a new wallet address and private keys. The user can then print the QR codes generated and store the paper somewhere safe.

To move the XRP to another location, users need to scan the QR code from an alternative wallet.

Are Ripple Wallets Safe?

The safety of an XRP wallet will vary from one provider to the next.

At the top of the security rankings are hardware wallets like Trezor and Ledger Nano. These keep the XRP tokens away from live servers, removing the threat of the wallet being remotely hacked. Moreover, transactions cannot be authorized unless the user enters the wallet PIN on the device.

Software wallets are also safe, but reduced security makes way for increased convenience. For example, software wallets make it simple to send and receive funds, not to mention buy, sell, and swap XRP.

That said, XRP investors also need to consider the custodianship of the wallet to make an informed decision. For example, eToro is a custodial wallet, meaning it keeps the user’s funds safe. But equally, users do not have access to their private keys.

Non-custodial wallets like MetaMask and Trust Wallet give users full control of their XRP tokens. This is because only the user has access to their private keys. Note that if a non-custodial wallet is hacked, the XRP will be gone forever.

Ultimately, investors should do their own research when selecting the best XRP wallet for their needs.

How to Get & Use an XRP Wallet

Ready to get a free, secure, and highly convenient XRP wallet?

Read on to learn how to download and manage the eToro wallet in just five minutes.

Step 1: Open an eToro Account

The first requirement is to open an eToro account. This is because all eToro users are verified, ensuring a safe and regulated space for everyone.

It takes just minutes to register. After clicking ‘Sign Up’, fill out the account opening form. This requires some personal information, contact details, and a government-issued ID.

Step 2: Download eToro Wallet App

Next, download the eToro wallet app. This is free to download and is compatible with iOS and Android.

Importantly, be sure to download the wallet app directly from the eToro website. This will ensure that wallet is legitimate.

Step 3: Transfer or Buy XRP

Next, the user can open the eToro wallet app and log in with their username and password.

Click on ‘XRP’ to reveal the wallet address. Then, transfer XRP tokens to this address. Once the transaction is verified, eToro will add the XRP tokens to the wallet.

Don’t have any XRP tokens yet? eToro allows users to buy XRP directly from the wallet. Fiat payment methods like debit/credit cards, PayPal, and Neteller are supported.

What’s more, USD and non-USD deposits cost 0% and 0.5%, respectively. The minimum XRP purchase is just $10, and the tokens will automatically be added to the eToro wallet upon completing the payment.

Cryptoassets are a highly volatile unregulated investment product.

Conclusion

In summary, we have presented a selection of XRP wallets for investors to choose from. From mobile and desktop wallets to hardware devices – there is an option to suit all requirements.

That said, we found that eToro stands out as the best XRP wallet. In addition to XRP, eToro supports over 90 other cryptocurrencies – including Bitcoin and Ethereum.

The eToro wallet – available online or via an app, is backed by a heavily regulated brokerage. Not only does this keep the XRP tokens safe, but users can buy and sell cryptocurrencies without leaving their wallet.

Cryptoassets are a highly volatile unregulated investment product.

References

https://trezor.io/compare

https://xrpl.org/transaction-cost.html

https://xrpl.org/direct-xrp-payments.html

https://www.fsc.gi/

https://brokercheck.finra.org/firm/summary/298361

https://coinmarketcap.com/rankings/exchanges/

https://www.cnn.com/2022/12/02/business/binance-withdrawals-hnk-intl/index.html

https://ethereum.org/en/developers/docs/gas/

https://support.simplex.com/hc/en-gb/articles/360014078420-What-fees-do-you-charge-for-card-payments-

FAQs

Kane Pepi

• 

Kane Pepi

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…

All Posts by Kane Pepi