Looking to buy Ripple (XRP) in Canada? XRP, the native token of the Ripple network, has been recognized for its innovative approach to enabling instant global financial transactions. Unlike many meme coins, it serves a practical purpose in the financial sector. This guide covers how and where to buy XRP in Canada, storage options, and its investment potential.
How To Purchase XRP in Canada
To buy XRP in Canada, you need to use a cryptocurrency exchange. You can fund your account with Canadian dollars (CAD) or other cryptocurrencies. After account verification, you can purchase XRP directly or trade it against another crypto, like Bitcoin or Tether.
Once acquired, it's advisable to transfer your XRP to a secure hardware wallet for long-term storage. For smaller amounts, leaving it in the exchange's built-in wallet might be acceptable.
Top Platforms To Buy XRP
Several crypto exchanges offer XRP trading in Canada. Here are some of the top options:
Netcoins
Netcoins is a Canadian cryptocurrency broker established in 2014 and based in Vancouver. It is registered as a Money Service Business (MSB) with FINTRAC.
- Available cryptocurrencies: XRP, Bitcoin, Ethereum, Litecoin, and others.
- Fees: 0.50% trading fee; no deposit or withdrawal fees.
- Funding methods: Interac e-Transfer, online bill payment, bank wire, and crypto transfers.
Binance
Binance is one of the largest global cryptocurrency exchanges, although it is exiting the Canadian market in the near future due to regulatory changes.
- Available cryptocurrencies: 300+ coins, including multiple XRP trading pairs.
- Fees: Variable, up to 0.10% based on user tier.
- Funding methods: Bank transfer, credit/debit cards, and more.
Crypto.com
Crypto.com is an international platform offering a wide range of cryptocurrencies and additional services like crypto credit cards and staking.
- Available cryptocurrencies: XRP, Bitcoin, Cardano, and 150+ others.
- Fees: Between 0.04% and 0.40%.
- Funding methods: Bank transfers, credit/debit cards, and multiple fiat currencies.
Other Exchanges To Consider
Some other Canadian platforms that previously offered XRP, like CoinSmart (now Bitbuy), have delisted it. Always check the latest coin listings before signing up.
Storing Your XRP Securely
After purchasing XRP, storing it safely is crucial. Here are the main types of wallets:
- Hardware wallets: Devices like Ledger or Trezor keep your crypto offline, offering high security.
- Desktop/mobile wallets: Applications such as Atomic Wallet provide convenient access.
- Exchange wallets: Built-in custodial wallets on platforms like Binance are handy for active trading but are less secure than self-custody options.
For significant holdings, a hardware wallet is strongly recommended.
Understanding XRP and Ripple
XRP is often confused with Ripple, but they are distinct. Ripple is the company that developed RippleNet, a payment settlement system. XRP is the digital asset native to the XRP Ledger, an open-source blockchain.
RippleNet is used by over 300 financial institutions, including Bank of America and American Express, for fast and low-cost international transactions. The XRP Ledger settles transactions in 3–5 seconds, far quicker than Bitcoin or Ethereum.
XRP can handle up to 1,500 transactions per second, making it highly scalable compared to major alternatives.
Is XRP a Safe Investment?
All cryptocurrencies are speculative investments. Only invest funds you are prepared to lose. XRP has been operational since 2012 and has a track record of resilience.
However, regulatory challenges, such as the ongoing SEC lawsuit against Ripple, could impact its future. Always stay informed about legal developments.
Investment Potential
XRP has real-world utility in cross-border payments, positioning it as a competitor to traditional systems like SWIFT. Its low transaction costs and speed are significant advantages.
As of the time of writing, XRP's price was around $0.46 USD, well above its all-time low but subject to market volatility. Its long-term value will depend on adoption and regulatory clarity.
👉 Explore secure trading platforms
Frequently Asked Questions
Can I buy XRP on Wealthsimple Crypto?
No, Wealthsimple Crypto does not currently support XRP. Consider alternative exchanges like Binance or NDAX.
Is XRP available on Questrade?
Questrade does not support direct cryptocurrency purchases. It offers Bitcoin and Ethereum ETFs but not XRP.
Are there XRP ETFs in Canada?
No, there are no XRP-based exchange-traded funds available in Canada at this time.
Can I buy XRP on Binance?
Yes, Binance offers XRP trading, but be aware that it is exiting the Canadian market soon.
What is the best wallet for XRP?
Hardware wallets like Ledger provide the highest security for storing XRP long-term.
How quickly are XRP transactions processed?
XRP transactions are typically confirmed within 3 to 5 seconds.
Final Thoughts
Buying XRP in Canada is straightforward through several reputable exchanges. Always prioritize security by using strong passwords and considering hardware wallets for storage. Keep abreast of regulatory news, as it can significantly affect XRP's market performance.
Remember, cryptocurrency investments are volatile and risky. Conduct thorough research and consider your financial situation before investing.