in the UK
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How to buy Ripple in United Kingdom
Is XRP a good investment in United Kingdom?
One thing you should check to find out if XRP is a good investment is checking its value over the years. In August of 2013, the first year after its release, each XRP was sold at 0.01 USD. Later in December 2017, it reached its highest price of 2.28 USD per unit. It shows the price of XRP rose more than 70,000 percent in only five years. Therefore, it was a great investment for people who bought even the minimum amount of this cryptocurrency. However, XRP had many ups and downs until it reached 0.42 USD in October 2022. Some investors believe that XRP may reach 100 USD per unit in the next 10 years, which is not impossible! The more the banks and financial institutions accept XRP in their transactions, the higher its price will get.
*Remember, the world of cryptocurrencies is so volatile, the price of a coin changes each day. Nothing is 100% guaranteed in this world. However, most of the analysts recommend thinking about a long-term investment while buying XRP. But you should still know that you are stepping into a risky world. As the price history shows, XRP had many ups and downs that shows the volatility of the cryptocurrency world. One day you may win and one incident in the world may affect the price of crypto and make you lose your investment. It is better to define an exit point for yourself. If the price of XRP went lower than that amount, sell your tokens.
What is Ripple ?
XRP – also known as Ripple- is a cryptocurrency built on a global payments network called Ripple. In fact, Ripple is the company that was created as a replacement for SWIFT (a leading money transfer network). It is designed to provide a secure and decentralized communication and payment network for financial institutions around the world. As a company, Ripple is a trusted agent that can facilitate transactions between two parties. It is located in San Francisco, USA, and makes decentralized financial products for banks and financial institutions.
Is Ripple legal to buy in United Kingdom
Yes. According to the definition of crypto assets provided by FCA (Financial Conduct Authority), crypto assets are cryptographically secured digital representations of value or contractual rights that use some type of distributed ledger technology (DLT) and can be transferred, stored or traded electronically. According to the consumers’ investment definition by FCA, buying, selling, investing and making payments through cryptocurrency is legal in the UK. But remember to check before you make a purchase, receive a payment or pay using crypto assets if the deployed crypto assets or services are regulated in the UK. An extensive report on UK’s crypto assets regulations is issued by the HM Treasury, Financial Conduct Authority and the Bank of England.
Is Ripple taxed in United Kingdom
Yes. According to the tax authority of the U.K. government (HMRC) Crypto Assets Manual, cryptocurrency is taxable in the UK. HMRC are clear that crypto may be subject to both Capital Gains Tax and Income Tax depending on the specific transaction. According to the above-mentioned manual, if you’ve sold your crypto for more than you bought it, you’ll likely pay capital gains tax on the profit. For capital gains from crypto tax-free allowance, you'll pay 10% or 20% tax. If you’re trading huge amounts of crypto, HMRC will think you are a trader and ask you to pay income tax on trading, rather than capital gains taxes. For additional income from crypto over the personal allowance, you'll pay between 20% to 45% in tax. The exact amount you'll pay will depend on the transaction you've made, the tax that applies and the Income Tax band you fall into. See UK’s Crypto Assets Manual for Individuals for more information.
After you've bought Ripple in United Kingdom
You may wonder what happens after buying XRP and how you can use it. XRP is used like any other digital currency. It means, you can use it as an investment or to buy something. You can also exchange XRP with other currencies, the process should be done on the Ripple network. Moreover, Western Union, Travala, and Red Cross are among the most popular businesses that accept XRP. You can also use Ripple (XRP) for products you want to purchase from Microsoft, Amazon and many other major businesses. Therefore, sometimes there is no difference between your money and XRP.
As mentioned, one thing you can do after buying cryptocurrency is holding it as an investment until its price rises and selling it to profit. But you should know, that’s not the only benefit you can get from buying XRP. You can use this coin to trade with other currencies, such as USD or EUR, or spend it like money to buy an online product. You should also know that like other cryptocurrencies, XRP or Ripple can be stored in a wallet. XRP ledger is one of the safest wallets for you to store this coin.
Who can buy Ripple in United Kingdom
Anyone can easily purchase cryptocurrencies in the UK through exchanges. There are different payment methods available in the United Kingdom. Some popular payment services are: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. Our exchange allows cryptocurrency handling through the mentioned services via secure, fast and free of charge transactions.
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Frequently asked questions
Some experts predict that the price of this coin will get higher when more banks and financial institutes accept and start working with XRP and Ripple networks. If you are thinking about investing in a cryptocurrency, XRP can be a good choice. However, before buying XRP you should do more analysis and read more reviews to make sure it is worth buying.
Yes. You won't always pay tax on crypto in the UK. According to the UK government Tax Manual, transactions that are tax free include: When your total gains are under annual tax-free
allowance (£12,300), Gifting crypto-assets to your spouse, transferring cryptocurrency between your own wallets and donating cryptocurrency to charity.
According to HMRC guidelines, when you dispose of crypto-asset exchange tokens (known as cryptocurrency), you may need to pay Capital Gains Tax. Note that you pay Capital Gains Tax when your gains from selling certain assets go over the tax-free allowance.
No. You should buy at least 20 ripples to activate the XRP wallet.
According to HMRC tax record guide, crypto investors must declare the following: Type of tokens, date you disposed of them, number of tokens you’ve disposed of, number of tokens you have left, value of the tokens in pound sterling, bank statements and wallet addresses, and records of the pooled costs before and after you disposed of them.
Chris Larsen and Jed McCaleb are the founders of Ripple network and its token “XRP”.