Buy XRP Canada – How to Buy XRP in Canada
Did you know that you can buy XRP Canada with just a couple of clicks? To buy Ripple in Canada you’ll need to choose a top-rated cryptocurrency exchange or broker. But with so many quality options out there how do you filter the good from the bad?
In this beginner’s guide, we’ll show you how to buy XRP in Canada while mitigating risks with a trusted Canadian crypto exchange. Keep reading to learn more.
#1 Crypto Exchange to Buy Ripple/XRP Canada – Bitbuy
How to buy XRP in Canada – Pick a Canadian Cryptocurrency Exchange
If you’re looking to buy Ripple in Canada you’ll need to start by choosing a suitable crypto exchange or broker. We’ve compiled a list of the best crypto exchanges that let you buy XRP Canada with low fees and a user-friendly trading platform.
- Bitbuy – Overall Best Cryptocurrency Exchange to Buy XRP with Low Fees
- Capital.com – Best Global CFD Broker to Buy XRP with 0% Commission
- Coinbase – Top-rated Cryptocurrency Exchange Listed on NASDAQ
- Binance – Best Crypto Exchange to Buy XRP with High Liquidity
- Kraken – Trusted Trading Platform to Buy Ripple with Low Costs
For more details on the above-mentioned crypto exchanges keep reading as we dive into thorough reviews of each in just a minute.
How to Buy Ripple in Canada – Quick Guide 2021
- Step 1: Open an Account with Bitbuy – You’ll need to first create a Bitbuy account by entering your personal details and choosing a username and password.
- Step 2: Upload Your ID – This top-rated trading platform is FINTRAC-regulated – meaning you’ll need to upload a copy of your driver’s license or passport for account verification.
- Step 3: Deposit Funds – Choose your preferred payment method (Interac e-Transfer or bank wire) and then fund your account with Canadian dollars or a digital currency.
- Step 4: Buy XRP Canada – Head over to the ‘Express Trade’ section of your trading account. Find XRP from the drop-down menu. The next step involves specifying the Canadian dollar amount that you want to invest. When you’re ready to move on, tap on ‘Buy’ to complete the transaction.
Where to Buy XRP in Canada
Ever wondered where to buy XRP in Canada? If so, you’re not alone. Thousands of crypto-hungry investors are trying to get their hands on the next best upcoming cryptocurrency. These include Bitcoin (BTC), Ethereum (ETH), Dogecoin, and Litecoin just to name a few.
Here are the best brokers and crypto exchanges to buy Ripple Canada right now.
1. Bitbuy – Overall Best Cryptocurrency Exchange to Buy XRP with Low Fees
Bitbuy is a popular crypto currency exchange with years of expertise in the market. The founders of InstaBT (now Bitbuy), Adam Goldman and Ademar Gonzalez launched the company in 2016. At the time, it had a lot of digital assets and an OTC desk for high-volume traders. In 2018, the trading site was upgraded and renamed, making it easier to buy Bitcoin and other altcoins like XRP in Canada.
It is also licensed by Canadian federal authorities because it is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and operates as a Money Services Business.
The crypto trading platform is likely to expand internationally in the future, even though its services are now limited to the Canadian market.
Bitbuy lets you buy Bitcoin and eight other popular digital currencies including:
- Bitcoin Cash – BCH
- Ethereum – ETH
- Litecoin – LTC
- XRP – Ripple
- Stellar Lumens – XLM
- Eos – EOS
- Chainlink – LINK
Bitbuy charges fees when you buy and sell cryptos, for fiat currency deposits, and when you withdraw both cryptos and fiat from the trading platform. Crypto deposits are free with processing times depending on the network. Nevertheless, XRP deposits are almost instant.
Deposits of Canadian Dollars (CAD) will cost between 0.5% and 1.5% depending on the payment method. For example, a bank wire transfer incurs a fixed 0.5% fee, whereas a quicker Interac e-Transfer costs 1.5% of the total deposit amount.
Express trades cost 0.2% per fiat or crypto trade. When it comes to withdrawal fees these also depend on the withdrawal method and the type of cryptocurrency you want to withdraw. For example, the minimum withdrawal of Ripple (XRP) is 25 XRP and it will set you back 0.02 XRP.
|Fee Type||Fee Amount|
|Commission||Variable Fixed Fees|
|Deposit Fee||Bank Wire – 0.50%. Interac e-Transfer – 1.50%.|
|Withdrawal Fee||Bank wire – 1.00%. Interac e-Transfer – 1.50%.|
|Trading fees||Express trade – flat 0.20% fee on all buys and sells|
|Pro Trade / API Client||Maker – 0.10% Taker 0.20%|
2. Capital.com – Best Global CFD Broker to Buy XRP with 0% Commission
Another reputable CFD broker to consider is Capital.com. This internationally recognized CFD broker is particularly popular with Canadian traders due to its commission-free trading structure and broad selection of tradable assets and markets. Capital.com is regulated by several financial regulatory bodies, including the FCA, ASIC, and CySEC, as well as being MiFID-registered.
When it comes to trading cryptocurrencies CFDs, Capital.com has a lot to offer. There are over 200 different crypto and currency crosses to choose from. The average spread when trading XRP/USD CFDs, for example, is 0.02300.
The key selling point of Capital.com is that all tradable CFD assets can be purchased and sold commission-free. You can get low-cost access to a wide range of markets, from stock CFDs to cryptocurrency CFDs, which is ideal for new traders. Capital.com is also popular with day traders because they can choose between long and short orders, apply leverage, and speculate on the price movements of underlying assets such as Ripple, Bitcoin, and Ethereum.
When it comes to non-trading fees, there are no deposit or withdrawal fees. There are no account or inactivity fees, either.
Deposits and withdrawals are both free, and you can utilize a variety of payment options, as previously stated. To fund your CFD brokerage account, you can use bank transfers, credit cards, debit cards (Visa), and e-wallets.
The US dollar, the euro, the Polish zloty, the British pound, and the Australian dollar are the only five base currencies available. Other fiat currencies will incur conversion charges.
|Fee Type||Fee Amount|
|Spread Fee||Competitive Spreads|
|Cost of trading XRP/USD CFD||Typical Spread: 0.02300|
76.72% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.
3. Coinbase – Top-rated Cryptocurrency Exchange Listed on NASDAQ
Coinbase is one of the world’s most well-known crypto exchanges. It’s a publicly-traded company based in the United States that trades on the NASDAQ exchange. Coinbase beats its main competitors, Kraken and Binance, in terms of trading volumes and client base.
After creating an account with Coinbase, we found that you’ll have access to a large variety of cryptocurrencies. Bitcoin (BTC), Ripple (XRP), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin, and Litecoin are among a portfolio of over 40 digital assets available on the Coinbase trading platform.
Coinbase is one of the most costly cryptocurrency exchanges across the board. ‘Instant Buy’ is what you get when you use your debit card to buy cryptocurrency on Coinbase. Simply put, you will be buying your preferred digital assets instantly.
You’ll be charged a 3.99 percent fee when you buy cryptos using a debit card. If you buy $500 of XRP with a debit card, for example, the total commission will be $19.95. In addition, Coinbase’s standard trade cost is 1.49 percent. In other words, when you buy Ripple in Canada, you’ll pay 1.49 percent, and when you sell XRP, you’ll pay 1.49 percent again. The aggregate value of your position is used to calculate this variable trading commission.
|Debit Card Instant Buy||Debit Card Withdrawal||UK Bank Transfer||Trading Commission|
Debit cards, bank transfers, and PayPal (for withdrawals only) are all accepted by Coinbase. When it comes to minimum deposits, when using SWIFT transfers, the crypto exchange requires a $1,000 investment. Otherwise, Coinbase’s minimum deposit is $0.
4. Binance – Best Crypto Exchange to Buy XRP with High Liquidity
In terms of market cap and trading volume, Binance is one of the major cryptocurrency exchanges. In reality, the site facilitates crypto trades worth billions of dollars every day. Binance was founded in 2017 and is a cryptocurrency exchange. Millions of traders use this famous platform every day. Along with Coinbase, Huobi, Bithumb, and Kraken, it is one of the largest in the industry.
Binance also has extremely low trading commissions, starting at 0.10 percent per trade. As a result, the platform is appropriate for both short-term investors and high-stake traders.
Binance also allows Canadian residents to purchase a limited amount of cryptocurrencies with a debit or credit card. You’ll pay 2% for the convenience, and most credit cards are accepted. Binance’s trading platform is extremely user-friendly and is even a great option for experienced crypto traders.
If you’re looking to buy XRP Canada you’ll be using Binance’s brokerage service. This means you’ll have access to a limited number of digital currencies that you can buy with a range of payment methods. Binance also gives traders access to futures markets.
The futures derivatives market at Binance is mainly focused on the crypto cross pair USDT/BTC. This means you can speculate on the future value of Bitcoin (BTC) against the stablecoin Tether (USDT).
|Debit/Credit Card Deposit||Trading Commission||Futures Fee||Options Fee|
5. Kraken – Trusted Trading Platform to Buy Ripple with Low Costs
With over 4 million users, Kraken is one of the world’s oldest and most popular cryptocurrency exchanges. This cryptocurrency exchange based in the United States is ideal for active, experienced traders, as well as newcomers to the cryptocurrency world.
Kraken offers 56 cryptocurrency pairs for trading, including major digital assets such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Tether (USDT), as well as Polkadot (DOT). The exchange accepts the following fiat currencies: USD, EUR, GBP, CAD, JPY, CHF, and AUD. As a result, Kraken, along with Bithumb, is one of the largest cryptocurrency exchanges, supporting both crypto-to-crypto and fiat-to-crypto trading pairs.
Kraken provides two deposit options: the first is to deposit funds in cryptocurrency, and the second is to deposit funds by bank wire transfer. Importantly, Kraken does not charge a fee if you fund your account using one of the most popularly used cryptocurrencies. Furthermore, there are no costs imposed by Kraken while using FPS/BACS (ClearJunction) and SWIFT (Etana Custody). If you use CHAPS (ClearJunction) or SWIFT (Bank Frick), you will be charged a deposit fee of £21 or £3, respectively.
Trading costs are, without a doubt, the most significant factor when selecting a crypto exchange. These fees vary depending on the type of purchase as well as the trading volume/liquidity, just like any other crypto exchange.
For example, if you want to buy something right now with your account balance, you’ll have to pay a charge of 0.9 percent for stablecoin and FX pairs and 1.5 percent for any other cryptocurrency. There is a cost of 1.7 percent + $0.10 when utilizing an online banking option.
Kraken implements a maker-taker fee structure for high-volume trading:
|30- Day Volume (USD)||Maker||Taker|
|$0 – $50,000||0.20%||0.20%|
|$50,001 – $100,000||0.16%||0.16%|
|$100,001 – $250,000||0.12%||0.12%|
|$250,001 – $500,000||0.08%||0.08%|
|$500,001 – $1,000,000||0.04%||0.04%|
How to Buy XRP in Canada – Detailed & Explained in Full
If you’re thinking about buying Ripple in Canada but have never done so before, we’ll help you through the process. We’ll show you how to buy Ripple Canada with Bitbuy in our detailed tutorial. We recommend Bitbuy not only because it’s regulated and authorized by FINTRAC, but it also has some of the lowest trading fees in the cryptocurrency sector.
Step 1 – Open an account with Bitbuy
To open a new trading account, go to bitbuy.ca and tap on ‘Get Started.’ You must provide some personal information as well as create a username and password.
Accept the terms and conditions and click ‘Create account’ once you’ve completed the form.
Step 2 – Verify your Identity
You’ll be asked to verify your account and confirm your email address and phone number. Because Bitbuy is FINTRAC regulated, you’ll have to go through all of the relevant processes and KYC requirements.
Step 3 – Deposit funds
You can deposit funds into your Bitbuy account via a bank wire transfer or a cryptocurrency Interac e-Transfer once your account has been verified. When using Interac e-Transfer, the minimum deposit is only $50.
Sign in to your Bitbuy account and click ‘Add Funds’, then either ‘Use e-Transfer’ or ‘Use Wire Transfer’ to fund your account. Then, using the online banking portal of your financial institution, send your e-Transfer. Alternatively, you can do this step with ease via the Bitbuy mobile trading app.
Step 4 – Buy XRP Canada
Buying XRP and other altcoins with Bitbuy is straightforward and quick. Visit the ‘Express Trade’ section of your Bitbuy account, locate Ripple from the drop-down menu, enter the amount you want to invest in Canadian dollars, and tap ‘Buy’ to open the trade.
Buy XRP Canada – Where to Buy XRP in Canada
According to coinmarketcap.com, Ripple has a market capitalization of $52,040,770,849.49. With this in mind, many trading platforms allow you to buy Ripple in Canada from the convenience of your own home. Other solutions, such as cryptocurrency ATMs, are also available.
To help you pick the best option for your trading needs and risk tolerance, let’s discuss the best place to buy XRP in Canada right now.
Online Cryptocurrency Broker
Crypto brokers are similar to traditional stock trading platforms. Centralized crypto brokers are required to hold licenses with top-tier financial authorities such as ASIC, FINTRAC, FCA, and more.
Platforms like Capital.com are heavily regulated, offering a safe and secure online trading environment. This makes the investing process simpler and faster, allowing buyers and sellers to exchange cryptos 24/7.
Decentralized crypto exchanges are not regulated by a centralized financial institution. This means you’ll be trusting your hard-earned money with an unregulated cryptocurrency exchange. Decentralized crypto exchanges offer peer-to-peer anonymity but this comes at the cost of security and investor protections.
On the other hand, you have regulated crypto exchanges such as Bitbuy and Coinbase which are fully regulated and offer a safe and secure trading platform.
According to coinatmradar.com, there are 2,203 Bitcoin ATMs in Canada. Some of these also offer Ripple (XRP) in areas including Edmonton and Vancouver.
Therefore, if you happen to have a cryptocurrency ATM in your vicinity that offers Ripple you can buy XRP Canada instantly.
- Enter the amount of XRP you want to purchase.
- The Crypto ATM will inform you how much XRP you’ll get in exchange for your fiat currency
- Insert your CAD amount into the ATM
- Take the receipt.
The receipt will include a unique QR code for you to scan and transfer your XRP coins to your best bitcoin wallet.
How to Buy Ripple in Canada
Let’s look at how to buy XRP in Canada with different payment methods.
Buy Ripple With Debit Card or Credit Card
Arguably one of the most convenient ways to buy XRP Canada is with a debit card or credit card. A popular example of such a trading platform is Capital.com. Moreover, you’ll need to check if there are any deposit fees and commissions when using a debit card, as some providers such as Coinbase, charge high fees for debit card purchases.
Buy Ripple With PayPal
Coinbase is one of the most convenient crypto exchanges that allow you to buy altcoins and Bitcoin with PayPal. Having said that, there are other options such as Interac e-Transfer that allow you to deposit cryptocurrencies and buy crypto crosses with the click of a button.
Buy Ripple With Bitcoin
If you’re looking to buy XRP with Bitcoin you’ll need to use a crypto exchange. Firstly, set up an account with a top-rated Canadian crypto exchange such as Coinbase or Binance and deposit funds.
Then simply search for the crypto cross pair XRP/BTC, enter how much you want to invest, and click ‘buy’.
Should I buy XRP Canada?
If you’ve been searching for prime crypto trading opportunities beyond Bitcoin and Ethereum, you may have already stumbled upon XRP. XRP is the native cryptocurrency on the XRP Ledger, an open-source blockchain technology that processes transactions in a matter of seconds.
Ripple Labs was created back in 2012 by a group of crypto enthusiasts including Chris Larsen, Jed McCaleb, Arthur Britto, David Schwartz, and Ryan Fugger. According to CoinMarketCap, XRP has a 1.97% market dominance, ranking it in the number seven position of all major cryptocurrencies.
XRP Price – Past performance
XRP recorded an all-time high market price of $3.84 on January 4th 2018. Since then it has fallen by -71.28% to its current market price of $1.12.
Why was XRP designed?
Ripple designed XRP to replace SWIFT and become the default option for international money transfers. SWIFT’s sheer market dominance indicates that this won’t happen overnight, but several factors could help XRP gain some of SWIFT’s share of the market.
Ripple as a Payment Technology
Let’s cover some of the key advantages of using Ripple as a payment technology.
- Low transaction costs. The cost per transaction costs 0.0001 XRP which is considerably inexpensive.
- Fast processing times, with the average transaction taking less than five seconds from start to finish.
- Banks can use XRP to simplify the exchange of one currency for another. They could keep XRP instead of other fiat currencies and swap currencies at a cheaper cost.
Ripple has set lofty goals for itself, and it has been working to achieve them since its inception. The RippleNet payments network, according to the company’s website, includes over 300 financial institutions in over 40 countries. That’s a start, but SWIFT still has a strong position over Ripple. SWIFT has over 11,000 financial institutions in over 200 countries as partners.
It’s also worth mentioning that many of Ripple’s affiliate financial institutions use RippleNet but not XRP. The network can handle transactions in a wide range of currencies and commodities. Banks that use it aren’t obligated to do so, and many don’t due to the volatility.
Risks Involved when you Buy XRP Canada
Ongoing SEC Lawsuit
Right now, the biggest hurdle for Ripple and XRP is an ongoing SEC case. The SEC filed a lawsuit on Dec. 21, 2020, saying that Ripple marketed $1.3 billion in unregistered securities via its XRP cryptocurrency.
XRP, according to Ripple, is not a security. It also claims that the SEC failed to provide it with adequate notice that selling XRP would be deemed a securities offering.
The SEC lawsuit will be a spanner in the works until both parties can come to an agreement or a verdict. The ongoing legal case has put some crypto exchanges off from offering XRP altogether.
Some market analysts argue that while other altcoins like Ether and Bitcoin continue to climb to new heights, XRP could be left with a lot of catching up to do.
Ripple Holds Over 50% of XRP Total Supply
The total supply of XRP is 99,990,145,360. Of this number, 47,158,974,920 XRP is circulating. In other words, Ripple owns over 50% of the total supply prompting many analysts and crypto traders to question Ripple’s decentralized existence.
Selling Ripple in Canada
When you buy Ripple in Canada, you’ll most likely want to know how to sell it. Bitbuy makes the process of purchasing and selling cryptocurrencies in Canada as simple as possible.
The following is how you would sell XRP with a Bitbuy account:
- Go to your trading account’s ‘Express Trade’ area. Then, click on the red ‘Sell’ button.
- Using the drop-down menu, select the coin you want to sell which in this case is XRP
- When you enter the amount you want to sell, the CAD value of your trade will appear in the ‘Transaction summary.’ When you’re satisfied with your choices, use the ‘Sell’ button to complete the trade.
Buy XRP Canada – Conclusion
All in all, we’ve covered everything you need to know about how to buy XRP in Canada. We’ve explored five of the most popular and trusted crypto exchanges out there, as well as the risks and benefits of investing in this digital currency.
Bitbuy offers a user-friendly trading platform, nine of the most popular cryptos, and a range of payment methods. Opening an account takes a matter of minutes and you’ll be set to start buying XRP in Canada in no time. With that said, will you be investing in Ripple any time soon?
Bitbuy – Best Cryptocurrency Exchange to Buy XRP Canada
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