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With the growth of bitcoin (BTC) and other cryptocurrencies, there are more and more exchanges to trade, especially in Latin America, an attractive market for many. One of the options available in the region is Ripio. It is a platform where you can exchange crypto assets for Argentine pesos 24 hours a day.
Before you decide if it is a good idea or not to operate in Ripio, it is convenient that you know all the details about this popular cryptocurrency platform in Argentina. Here we will tell you what you really need to know about Ripio Exchange.
What is Ripio?
Ripio is a platform designed to trade bitcoin and other cryptocurrencies. It allows the sale of digital assets, so, apart from exchange, it is also considered a broker. Being an exchange house of Argentine origin, you can exchange cryptocurrencies for Argentine pesos. When it comes to Ripio, the first thing many think of is their Ripio Wallet mobile app, but You should know that there is a difference between the exchange and this app, which is actually a broker.
The broker has a fixed purchase and sale price for each asset, and users cannot modify it. Instead, in the exchange it is the people who decide the price at which they will buy or sell. Once the two parties involved in the operation agree, the exchange takes place. Thus, users are in control.
The exchang e was launched on the market in 2019 and, at the time of writing From this article, its 24-hour trading volume is roughly $ 200,000, according to CoinMarketCap. Although at the moment it is only available in Argentina, the company plans to continue expanding throughout Latin America. Proof of this is the acquisition of the Brazilian exchange house BitcoinTrade, one of the main in the country. In this way, Ripio has managed to enter the Brazilian market.
What do you need to trade bitcoin on Ripio?
We liked how simple the registration process at Ripio was. To create an account we only had to enter an email, select a password, indicate our country of residence, and read and accept the terms and conditions of the company. In a few seconds, we received an email to verify our email.
To start trading, we had to activate our account first, which consists of complete a KYC verification ( Know Your Customer ). Some personal data such as name, date of birth, gender and nationality are requested. Then, we must verify our phone number, for which we receive a text message with a code.
It is important that Please have your ID at hand, since a photo of this document and a selfie your face while holding your ID. for the platform to confirm if we completed the process successfully, which represents an average waiting time for these types of exchanges.
Characteristics of the Ripio exchange
Let us know in detail the main features of Ripio so that you can decide if it is your best option to trade with bitcoin.
Can you trust that your money will be safe in Ripio? The exchange has standard security measures such as double factor authentication, fraud prevention and data integrity. The company claims that most of the funds are stored offline, and that it does not share funds under any circumstances. data of your customers with third parties. To prevent crime and financial fraud, the verification Know Your Customer (KYC) is required.
Ripio’s interface is simple , but at the same time has many of the necessary tools for most traders. If you have already used this type of platform, then you should not have a problem operating, as its interface is similar to others. It has several panels in which we are provided with information about the type of asset, our orders, the history of operations, the order book and charts that are based on the market data provided by TradingView.
The platform offers us three types of orders: limit
Your mobile application is available for iOS and Android devices. From it we can operate in a similar way to the desktop version of the broker. It allows us buy cryptocurrencies, deposit, withdraw, receive and send funds. And all from the comfort of our mobile device. Today, the app has more than a million downloads, and most users express satisfaction with its design. In the Play Store it has a rating of 4.3 / 5 and in the Apple Store of 4.1 / 5. We found it functional and practical, although it wouldn’t hurt to add advanced features, such as more detailed graphics.
Support and customer service
Ripio has a chat box from which we can make general inquiries. The bot of this chat was not very useful in our case. Therefore, we decided to contact the support team directly with a ticket entering our name, email, reason for the inquiry and attachments. that we needed, so we are satisfied with the customer service.
In fact, on sites like Trustpilot, this exchange receives a score of 4/5, with most users rating it as “excellent” and highlighting the quality of its customer service. Ripio also has a help center that we found useful to clarify doubts about the use of the platform.
You have different payment methods to operate. In the case of withdrawals, you can make a bank transfer , for which you need an account in your name. The transaction will be validated within 24 to 48 hours, a bit slow if we need the funds immediately. Another alternative is MercadoPago. The accreditation period is instantaneous and there are no commissions. What may be a negative point is that you must have an account in your name, third-party accounts are not allowed.
The third withdrawal option is Rapipago. With this system you must go to any Rapipago establishment with the transaction ID and your customer number to obtain the funds in cash. Keep in mind that, for this method, the commission is 1.2%. If you’re wondering, this exchange does not operate with US dollars, only with Argentine pesos, which is a disadvantage compared to other options like Buenbit.
And what about the deposit methods ? Something that we found positive is the variety of options available. We can deposit in Argentine pesos with a credit card or media nte bank transfer, and it is a fairly easy and practical process. You can also deposit in cash by going to the Rapipago or Easy Payment branches. It is possible to deposit directly into cryptocurrencies through a wallet.
Currently, Ripio has eight cryptocurrencies. These are: bitcoin (BTC), ether (ETH), DAI, litecoin (LTC), zcash (ZEC ), Ripio Credit Network (RCN), USD Coin (USDC) and bitcoin cash (BCH). Although are some of the most popular digital currencies, we think that it is a limited amount if we compare them with other exchanges such as Kraken or Coinbase.
The pairs available to trade are BTC / USDC, BTC / ARS, ETH / USDC, ETH / ARS, USDC / ARS, DAI / ARS, BCH / ARS, ZEC / ARS, ETH / BTC and RCN / BTC.
Ripio Exchange’s liquidity for all its trading pairs is quite low. That means, if you want to trade large orders, then this platform will not be your best choice. In addition, its volume in 24 hours is also low. Please note that this is an important aspect when trading bitcoin and other digital assets.
In which countries is it available
Here’s some bad news: for the moment, Ripio is only available in Argentina. However, as we mentioned earlier, the company has plans to expand to all of Latin America, starting with Brazil. If you do not live in Argentina, then it is better that you look for other exchanges that do operate in your country.
What are the fees and Ripio commissions?
Ripio does not charge trading commissions , since exchanges are made directly between users. So where do the profits come from? Del spread or the difference between the prices of buying or selling assets in your broker. This difference is established automatically by the platform. In addition, when making withdrawals you must pay the network commissions.
On the other hand, Deposit fees are 2.5% for cash, 3% for MercadoPago and 0% when making bank transfers. Commissions for withdrawals are 1.2% in cash and 0% for transfers and MercadoPago. If you want to buy or sell cryptocurrencies, the fee is 1%. To transfer cryptocurrencies from a wallet, the platform does not charge a fee.
Conclusion: Should you trade bitcoin on Ripio?
What is our verdict for Ripio Exchange? We appreciated your customer service, the response was quick and it helped solve our problem. Something that caught our attention is that we can make deposits or withdrawals in cash and there are multiple payment methods, so you will surely find one that suits your needs. The bad news: you cannot operate with dollars, only with Argentine pesos when it comes to fiat money.
At the moment, the exchange is only available in Argentina , the KYC verification is mandatory and there are few cryptocurrencies to trade. But, despite these disadvantages, Ripio can be considered a good option for trading bitcoin thanks to its intuitive interface, its various security measures and the quality of its support and customer service.
Ripio Exchange Review
Ripio is an exchange of Argentine origin in which it is possible to exchange bitcoin and other cryptocurrencies for national currency. It also serves as a broker for the sale of crypto assets.
- Good customer service.
- Cash deposits and withdrawals.
- Simple interface.
- Ripio does not operate with US dollars.
- Security 0%