How To Buy XRP In Canada (Nov 2021)

November 21, 2021
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There are two main methods to buy XRP in Canada: the first would be to use a cryptocurrency exchange to buy XRP using fiat currencies (such as CAD or USD). You could also use a crypto exchange to buy other cryptocurrencies like Bitcoin (BTC) and then trade them for XRP on a different trading platform. The second method would be to use a cryptocurrency broker, which allows you to trade between cryptocurrencies in as little as a single click.

CoinSmart is the favourite crypto exchange among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has the lowest trading fees of any exchange in Canada, so if you’re looking for a secure, cost-effective way to buy and sell crypto, I can’t recommend CoinSmart highly enough.

How To Buy XRP In Canada

There are two main ways that you can go about buying XRP in Canada.

The first involves using a cryptocurrency exchange. These platforms allow you to buy XRP using fiat currencies (such as CAD or USD) or by buying other cryptocurrencies like Bitcoin (BTC), Ethereum (BTC), and Bitcoin Cash (BCH) and then trading them for an equal amount of XRP.

The second way involves using cryptocurrency brokers. These platforms allow you to trade between cryptocurrencies in as little as a single click, making them an ideal platform for beginner crypto investors.

Top 3 Crypto Exchanges To Buy XRP In Canada

Here are our top crypto exchange picks for buying XRP in Canada:

1. CoinSmart

CoinSmart: best crypto exchange Canada

CoinSmart is, without a doubt, the best crypto exchange in Canada in 2021. If you haven’t heard of them, that’s because they’ve been pouring money into improving their trading experience, not marketing. Still, if you ask any experienced Canadian crypto trader, they’ll tell you the same thing: CoinSmart is the best in the business.

Trading with CoinSmart costs just 0.20%, the lowest trading fees of any exchange in Canada. They offer excellent customer support via phone, live chat and email, and user accounts are verified instantly.

Most exchanges require users to trade every altcoin first with a stablecoin (eg. Chainklink with Bitcoin, and then Bitcoin with Shiba Inu), but CoinSmart allows users to trade altcoins directly (eg. Chainlink with Shiba Inu), minimizing fees and boosting your profits. And you’re buying real crypto with CoinSmart, which means you can move it on and off the exchange whenever you want.

I’ve personally used CoinSmart for more than a year now and have had nothing but excellent experiences with them. I’ve tried out many of the other exchanges on this list, so I’m confident in recommending CoinSmart as the best place to buy crypto in Canada.

Features

  • Supports 13 cryptocurrencies
  • Lowest trading fees in the industry (just 0.20% per trade)
  • Instant account verification
  • Trade all altcoins directly
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure
  • 24/7 customer support available via phone, live chat or email

Cost

  • Trading Fees: 0.20%

Best For

Investors looking to trade stablecoins and altcoins with the industry’s lowest fees.

2. Crypto.com

Crypto.com: best crypto exchange Canada

Crypto.com is a major global player as far as exchanges go, and it’s recently been having a major impact on the Canadian crypto market. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com also offers some unique features that no other Canadian exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is also lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Features

  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Reasonable trading fees (0.4% per trade)
  • Free deposits from all cryptocurrencies

Cost

  • Trading Fees: 0.4%

Signup Bonus

$10 of CRO when you stake $1,000 of CRO using this link

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

3. Bitbuy

While CoinSmart is undoubtedly the best crypto app in Canada and Crypto.com takes second place, Bitbuy is a great third option. It supports 9 cryptocurrencies, prides itself on its helpful customer service reps, and has a beautiful, well-rated app. You can fund your Bitbuy account directly from your bank account via INTERAC e-transfer or bank wire, with all account deposits and withdrawals executed quickly.

Just like CoinSmart, Bitbuy verifies accounts instantly. Bitbuy is also gearing up to add 6 new altcoins in late November: PolkadotDogecoin, Polygon, Cardano, SushiSwap and Solana.

If you’re looking for a well-respected exchange that offers altcoin trading, great customer service, and a slick mobile app, Bitbuy is a good choice.

Features

  • Very low trading fees
  • Easy to use for both beginners and advanced traders
  • Supports 9 cryptocurrencies (with 6 more coming in late November)
  • Excellent customer support
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Express Trading Fees: 0.20%
  • Pro Trading Fees: 0.10% to 0.20%
  • INTERAC Deposits/Withdrawals: 1.50%
  • Bank Wire Deposit Fee: 0.50%
  • Bank Wire Withdrawal Fee: 1.00%

Signup Bonus

$20 when you deposit at least $250 using this link

Best For

Investors looking for top-level security and fast verification, deposits and withdrawals.

How To Buy XRP In Canada FAQs

What Is XRP?

Before talking about what XRP is, it’s important to distinguish XRP from Ripple: these two terms are used interchangeably, but they are not the same.

Ripple is a company that was founded in 2012 by Chris Larsen, Arthur Britto, Jed McCaleb, Ryan Fugger, and David Schwartz. XRP, on the other hand, is a cryptocurrency belonging to the XRP Ledger, an open-source blockchain technology that sorts out transactions extremely quickly.

XRP transactions only take 5 seconds to complete, which is a massive difference compared to Bitcoin transactions, which tend to take up to 1 hour to complete because of its validation system.

Can I Buy XRP In Canada?

Absolutely. All you need to do so is to find a cryptocurrency exchange or cryptocurrency broker that supports this digital asset.

For this purpose, I recommend using any of the following exchanges: CoinSmartBitbuy, or Crypto.com. These are currently our three top-rated exchanges in Canada, and each of them allows you to buy XRP with relatively low fees.

Where Do I Store My XRP Tokens?

There’s a wide variety of ways you could store your XRP tokens once you have them. For example, you could leave your XRP tokens in your crypto exchange account.

This might be safer than storing it in a software (or hot) wallet, considering crypto platforms tend to keep 95% of the coins they hold in cold storage. However, there’s still a small chance that your XRP could be hacked or stolen if you do this, so it’s not guaranteed safety.

Another way to store your XRP tokens would be to use a personal crypto wallet to secure your private keys and digital assets. Once again, it’s not guaranteed safety, but a cold wallet is safer than leaving your funds in the exchange you originally purchased your coins in.

Here are our top 3 cold storage wallet picks:

  1. Ledger Nano X: The Ledger Nano X is the best cold storage crypto wallet on the market today. It’s a hardware wallet that uses a certified secure chip to protect your private keys and it supports more than 1,800 crypto assets.
  2. Ledger Nano S: Similar to the Nano X, the Ledger Nano S is a hardware wallet with extremely positive reviews from its users. It supports 1,500+ cryptocurrencies and allows users to hold up to 20 digital assets on the device at any given time.
  3. Trezor Model T: The Trezor Model T is a hardware wallet and password manager designed and created by the SatoshiLabs team. It supports 1,000+ cryptocurrencies including Bitcoin, EthereumLitecoinDogecoin, Bitcoin CashZcash (ZEC), and many others.

Is XRP A Good Investment?

Considering the speed of XRP transactions and how it has real use cases in the financial sector, XRP could actually be a great investment, especially in the future.

However, XRP, like any altcoin, is subject to wild fluctuations in price, making it a volatile investment. If you’re not sure whether or not you can handle these investing conditions, XRP might not be the ideal investment for you.

In Summary

XRP is now easier to buy, sell and trade than ever in Canada. There are plenty of cryptocurrency exchanges and cryptocurrency brokers that support it, and all you’d need to do is buy it using fiat currencies or trading other cryptocurrencies for XRP tokens.

If you want to buy XRP in Canada, I recommend you use CoinSmart, both for its high level of security and for its ease of use. It also has the lowest trading fees of any exchange in Canada, so if you’re looking for a secure, cost-effective way to buy and sell crypto, CoinSmart is the way to go.

The Best Crypto Exchanges In Canada

#1 CoinSmart

  • Supports 13 cryptocurrencies
  • Lowest trading fees in the industry
  • 24/7 customer support

Signup Bonus: $20 when you deposit at least $100

#2 Crypto.com

  • Supports 100+ cryptocurrencies
  • Trade with up to 10x leverage
  • Earn daily interest by staking your coins

Signup Bonus: $10 of CRO when you stake $1,000 of CRO

#3 Bitbuy

  • Supports 9 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

Signup Bonus: $20 bonus when you deposit $250 or more