How To Buy Ripple (XRP) In Canada (Jul 2022)

November 21, 2021
Blog

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.

Bitbuy is our #1-rated crypto trading platform due to its high level of security, ease of use, and low trading fees. If you’re serious about buying and selling crypto in Canada, I can’t recommend Bitbuy highly enough.

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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:

2. CoinSmart

$50 Signup Bonus

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 offer ending soon.

★★★★★

Rated 4.8/5

CoinSmart is a great second option for Canadians seeking a reliable, trustworthy crypto exchange.

Like Bitbuy, CoinSmart’s trading fees are also low, just 0.2%. They offer excellent customer support available 24/7 via phone, live chat and email, and user accounts are verified instantly.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), is registered as a Money Services Business with FINTRAC, and is a member of the anti-money laundering group TRUST, all of which means they’re a highly secure exchange. They maintain a 95% cold storage policy, and as a publicly-traded company, their financials are audited by a third-party firm at least once per year.

As a new CoinSmart user, you’ll receive a $50 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the 16 assets CoinSmart supports. If you’re looking for a highly secure, reputable crypto platform, CoinSmart is an excellent choice.

Features

  • Extremely low trading fees (0.2%)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 16 cryptocurrencies
  • Registered Marketplace by the OSC
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.2%
  • INTERAC Deposit: 0%
  • Bank Wire Deposit: 0%
  • Bank Wire Withdrawal: 1%
  • EFT Withdrawal: 1%

Signup Bonus

$50 bonus when you sign up using this link and our promo code YOREOYSTER.

Best For

Investors looking to trade with low trading fees.

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Offer ends soon.

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.

OPEN FREE ACCOUNT
Extremely secure, 10x leverage

3. Coinberry

Coinberry supports 20+ cryptocurrencies (including XRP) and charges zero fees on CAD deposits and withdrawals. Users can instantly deposit money via credit card and INTERAC e-transfers, and while Coinberry hasn’t reached the mass appeal of the likes of CoinSmart, it’s still a decent exchange.

One of the features Coinberry users appreciate is Coinberry Autopilot, which allows users to purchase cryptocurrencies automatically through the time-tested investing strategy known as dollar cost averaging. Dollar cost averaging is one of the most best-performing investing strategies on the planet, and Coinberry is the only exchange in Canada to offer this functionality.

Features

  • Supports 20+ cryptocurrencies (including XRP)
  • Instant account verification
  • Auto-purchase functionality (dollar cost averaging)
  • Live, helpful customer support
  • Excellent mobile app (rated 4.5/5 on the App Store)
  • Cold storage provided by Gemini

Cost

  • Deposit and withdrawal fees: 0%.
  • Spread: From 0% to 2.5%.

Best For

Investors looking to buy cryptocurrencies through dollar cost averaging.

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 Crypto.com, which is one of the only exchanges that still allows you to buy XRP in Canada.

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.

As someone who’s tried out more than a dozen different wallets over the years, here are my top 3 picks for the best crypto wallet for Canadians:

Most Popular

Supports: 5,500+ crypto assets
Type: Hardware wallet
Cost: $$

Canada’s most popular wallet.

★★★★

Rated 4.3/5

Budget Pick

Supports: 1,000+ crypto assets
Type: Hardware wallet
Cost: $$

The cheapest hardware wallet.

★★★★

Rated 4.1/5

Best For Altcoins

Supports: 5,500+ crypto assets
Type: Hardware wallet
Cost: $$$

An upgraded Nano S.

★★★★

Rated 3.8/5

  1. Ledger Nano S: The Ledger Nano S is a hardware wallet that uses a certified secure chip to protect your private keys. It supports 5,500+ cryptocurrencies and allows users to hold up to 3 different digital assets on the device at any given time.
  2. Trezor Model One: The Trezor Model One is a hardware wallet and password manager that supports 1,000+ cryptocurrencies. Its Trusted Display ensures extremely secure transactions, and its compact design makes it easy to keep your crypto safe.
  3. Ledger Nano X: The Ledger Nano X is a more expensive, more capable version of the Ledger Nano S. It supports 5,500+ cryptocurrencies and allows users to hold 100+ digital assets on the device at any given time.

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.

Bitbuy is our #1-rated crypto trading platform due to its high level of security, ease of use, and low trading fees. If you’re serious about buying and selling crypto in Canada, I can’t recommend Bitbuy highly enough.

CLAIM MY $50 BONUS
Trusted by 400,000+ Canadians.

The Best Crypto Exchanges In Canada

Best Overall

Trading fees: 0.1%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

$50 Signup Bonus

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5