The World’s First Distributed Currency Exchange
Ripple users can trade any currency for another without requiring any broker or third-party to facilitate the trades. The process is simple: users submit buy/sell prices to the network and the Ripple protocol automatically finds the best available match and completes the trade.
(NOTE: Ripple is in Beta and the currency exchange is only available to users with active accounts and XRP reserves. To learn how to receive XRP, activate your Ripple account, and other developments, please sign-up for our mailing list.)
1. Login to your Ripple wallet.
2. Click on the “Advanced” tab.
3. Select the “Trade” tab on the left.
4. Select a Currency Pair from the drop-down menu.
(NOTE: Other currency pairs can be entered manually.)
5. Click “Change Issuer” to select an issuer for both currencies.
(An “issuer” is the Ripple Gateway that allows you to withdraw funds from the Ripple network. For example, Bitstamp.net is a major Ripple Gateway. XRP, the native currency of the Ripple network, does not require an issuer.)
6. Enter the Public Address of the issuer and Confirm.
(NOTE: For security purposes, always be sure you have the correct Public Address for your Gateway.)
7. Look at the Bid, Ask, Spread, and Last Price information to learn about the current market for the selected currency pair.
(In the example below, there is an open offer to buy USD for 72.9 XRP and an offer to sell USD for 72.99 XRP.)
8. Select “Order Book” for more detailed information about open currency offers.
(The best available bids and asks are displayed at the top.)
9. Choose to Buy or Sell, select a price and amount, and “Place Order.”
10. You will be asked to Confirm.
11. Your trade offer will be submitted…
12. As orders are fulfilled the details will appear in your Wallet Activity List…
…and your account balances will be updated accordingly.
(NOTE: Depending on the market, orders can be partially filled. In the example below, only 5.7 XRP out of 730 were sold.)
13. Outstanding orders remain open in “My Orders” until they are fulfilled or canceled.
A powerful “side-effect” of Ripple’s distributed exchange is that it allows for automated cross-currency payments at the best available price on a global currency market. Because the Ripple protocol can route payments through its currency exchange, users have the option to make payments in currencies they don’t currently hold.