How to Buy Ripple (XRP) in Canada
In this article, we will tell you how to buy Ripple in Canada. Despite having a small population compared to other countries, Canada is an important market for Ripple users.
Indeed, Ripple has properly expanded in this country, and it could continue to do so in the future. Those who are looking to buy Ripple in Canada will not encounter difficulties, as there are many options for them. It is worth mentioning that the country has some crypto-related regulations in place, which is very useful for companies to offer better solutions and services.
Canadians have been very interested in cryptocurrencies, especially Ripple (XRP), which is one of the largest and most popular cryptos on the market. This is the main reason why this guide will be advantageous for you. Moreover, we will show you how to buy Ripple in Canada and how you can store these funds. In the first instance, we will give you a brief introduction to what is Ripple.
What Is Ripple?
XRP is currently one of the most popular and valuable virtual currencies in the market. Indeed, in terms of market valuation, XRP is currently the fourth-largest digital asset. Only Bitcoin (BTC) and Ethereum (ETH) have higher market capitalization than XRP.
Ripple is the company that is working in order to expand XRP as well as its financial services and products. Nowadays, it is very difficult and expensive to send and receive money across borders. This is why Ripple is working in order to make it easier for companies to perform international transfers.
It can take up to several days to send funds from Los Angeles to London. However, by using XRP and Ripple’s services, this can be done in a few seconds. This is possible thanks to the liquidity tool provided by Ripple.
Users can buy XRP with local currency, send XRP abroad, and sell them to receive another currency. This can take up to a few minutes, but it is certainly much faster than traditional systems.
In this way, Ripple is working so as to improve financial efficiency around the world. Through its RippleNet network and XRP, transfers can be processed in just some minutes.
How to Buy Ripple in Canada?
If you are Canadian, this is perhaps one of the most important questions as an investor. Ripple is growing and reaching new markets. Thus, it could be a good time to acquire some XRP even now. The process of buying Ripple in Canada may not be difficult if you know about virtual currencies. Nonetheless, it can become somehow complicated for newcomers.
We will show you the best ways to purchase this crypto in Canada. One of the easiest methods to do so is by using crypto exchanges. There are a lot of websites where you can find several trading platforms, so you can even check out Coin Companion’s Canada guide to the best exchanges.
These exchanges are crypto platforms that offer trading services to users. At the same time, they can be used to have exposure to the market – buying and selling digital assets. Here are some of the most popular exchanges you should take a look at:
Coinberry is a growing crypto exchange that allows traders and investors to acquire XRP. This platform accepts Canadian dollars more precise the XRP / CAD pair, and it is possible to deposit them on the exchange. Users can handle their funds through a bank transfer, credit cards, cryptocurrencies, and more.
Getting registered is a very straightforward process that you will be able to do in a few minutes. By using this platform, you will also be able to trade other virtual currencies, such as Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH).
The platform is very easy and straightforward if you are only interested in acquiring XRP as an investment. You should always take into account that this is just a user-friendly exchange. If you want other crypto-related services, there are other exchanges that would suit better to you.
Binance is perhaps one of the largest and most popular exchanges in the world. This platform is very useful for individuals who want to acquire virtual currencies in the market. With Binance, you will not only be able to buy Ripple but also more than 180 virtual currencies.
In a similar way as Coinberry, Binance offers users the possibility to handle Canadian Dollars (CAD). This is certainly useful if you want to acquire Ripple with fiat currencies. Moreover, Binance supports other fiat currencies. Some of them include GBP (XRP / GBP), USD (XRP / USD), UAH (XRP / UAH), RUB (XRP / RUB), and EUR (XRP / EUR), among others. However, if you want to use these fiat currencies, you may need to use a subsidiary of the exchange.
This platform is not as simple as the one mentioned before. Indeed, Binance has been expanding as a very complex crypto services provider. Nowadays, it offers a wide range of virtual currencies, solutions, and products.
For example, Binance users can participate in Initial Exchange Offerings (IEOs) through the Binance Launchpad. At the same time, traders can lend their funds and get some interest in them. Furthermore, the exchange is also offering staking services for some digital assets.
Binance has very large liquidity in a wide range of trading pairs, which is one of the reasons why it is a great solution for traders.
Kraken is a recognized and well-established crypto exchange in the market. This platform offers a wide range of deposit methods. Individuals can fund their accounts with electronic funds, bank transfers, wire transfers, and more.
Some of the currencies accepted by the platform include CAD, GBP, CHF, JPY, USD, and EUR. In the future, they may add other fiat currencies. They are now offering traders 32 different virtual currencies to exchange, with XRP, LTC, BTC, and ETH among them.
With Kraken, users will have more advanced services than with Coinberry, but not as many as those offered by Binance. This means that it is an intermediate platform in terms of functionalities and features. Nonetheless, it has been operating in the market for a long time and is also in constant contact with regulators.
Regulatory issues are now starting to grow around the world. It is always important to have a close relationship with governmental organizations. Basically, with this platform, users will easily find an answer to how to buy Ripple in Canada.
Coinbase is also a large and recognized crypto exchange in the market. Launched many years ago, this is a very good option for newcomers. It is considered to be very easy to use and to have a user-friendly interface.
In addition to wire transfers, Coinbase accepts bank transfers for ACH and SEPA. Moreover, users can fund their accounts by sending digital assets if they are already invested in cryptos.
This is going to be one of the best solutions on how to buy Ripple in Canada. It is worth mentioning that this exchange handles only USD, EUR, and GBP according to the place the user is located in. This is a disadvantage if you want to buy Ripple using CAD (XRP / CAD) as a fiat currency.
Coinbase is also offering a wide range of services. Users can stake some virtual currencies to earn some rewards. There is a pro version that works very efficiently for investors. Expert traders tend to use Coinbase Pro services. Meanwhile, newcomers to the crypto space would prefer to utilize the traditional Coinbase platform.
Ledger Wallet to Store XRP
Handling cryptocurrencies can be a tricky thing. Several crypto exchanges have been hacked in the past, and this has affected a large number of users. Hackers and attackers tend to target crypto exchanges because they handle several digital currencies from users.
One of the best ways to reduce your exposure to hackers and attacks is by using Ledger hardware wallets. This company became a respected player in the market. Indeed, its Ledger Nano S and Ledger Nano X solutions are now the best crypto hardware wallets. With these two solutions, users will be protected from attackers and hackers.
Now that you know what some of the most popular and safe ways to buy Ripple in Canada are, you are able to enter the crypto market. Due to the fact that there are lots of cryptocurrency exchanges that offer this possibility, it will not be difficult to find one which suits all your preferences.