XRP is a cryptocurrency known for its fast and cheap transactions. The company behind XRP, Ripple, is US-based and aims to make XRP the number one currency used by financial institutions for cross-border transactions.
XRP’s all-time high was $4.40 CAD in January 2018, but the price was as low as $0.27 CAD in 2021. XRP has suffered legal action for the past year, with the SEC accusing XRP of being an unregulated security. While not completely resolved, XRP bounced back with the price hitting $2.28 CAD in April, 2021. Today, the price of XRP sits at around $1.
Due to the ongoing legal action in the US, many Canadian cryptocurrency exchanges including Bitbuy, Newton, Coinberry and Coinsmart have delisted XRP because they are not allowed to trade securities. The Ontario Securities Commission (OSC) is cracking down on crypto exchanges offering securities and features such as futures trading to Canadians. Canadian exchanges therefore feel it is safer to delist XRP (Ripple) while its status is uncertain. Unless it is concluded that XRP (Ripple) is not a security, it is unlikely XRP will be listed by these exchanges in the future.
XRP (Ripple) has many fans because it runs on the fast XRP Ledger with extremely low transaction fees. If you’re looking to make fast payments, XRP is the solution and that’s why many Canadians believe XRP is a good investment. If XRP is deemed not a security, the price could go up again.
How to Buy XRP (Ripple) in Canada?
If you would like to buy XRP (Ripple) in Canada you can do so easily by signing up to a crypto exchange that offers it (we will list it later in the article). Getting verified on a crypto exchange is easy and usually you need to provide a photo of a government-issued ID, a selfie, and sometimes a proof of address such as a utility bill. Once you have a verified account, you’ll be able to buy XRP in minutes using your credit or debit card or by transferring money via a bank transfer. The crypto exchanges we have listed below allow you to pay with Canadian dollars so you don’t have to worry about exchange rates. If you’d like to purchase XRP then read on and learn how to buy XRP (Ripple) in Canada below.
Where to Buy XRP (Ripple) in Canada?
There are many crypto exchanges to choose from but we have hand-picked below some of the best Canadian-friendly crypto exchanges that offer XRP (Ripple). These exchanges have low fees, top security, and are suitable for all levels of experience including beginners.
Some of the crypto exchanges listed are still able to offer XRP to its customers because they are not based in the United States and Canada. Therefore, they are not bound by US or Canadian securities regulations. Those that are US-based either have approval to offer securities or do not have approval but still list XRP since the lawsuit has not concluded.
Uphold is regulated by the United States Treasury Department regulator, FinCEN, and is approved by FINRA to offer securities. This is why Uphold is allowed to offer XRP (Ripple) whether it is deemed a security or not.
Uphold is a multi-asset trading platform that allows Canadians to buy, sell, and trade cryptocurrencies, US stocks, and precious metals. With Uphold you can buy crypto and swap it for a US stock or metal in a few clicks. There are free debit card purchases which makes using Uphold cheap. They also have low trading fees and are fully compliant with US regulations. The swap feature is easy to use and with 60+ cryptocurrencies and 50+ US stocks, Uphold is a great place to keep all of your investments in one place. You can also transfer assets from other platforms if you want to use Uphold as your primary investment platform. With Uphold, you can set 50 simultaneous limit orders without putting up capital for each one.
You can sign up here.
Binance Canada headquarters are in the Seychelles. US users can access Binance.us, which does not offer securities trading. Canadians not in Ontario can still access the full Binance platform and purchase XRP (Ripple).
Binance is the biggest and perhaps the most well known crypto exchange in the world. The exchange offers hundreds of cryptocurrencies and many features such as futures trading, margin trading, staking, loans, Visa cards, and much more. Binance has so much going on that it can be confusing for beginners. However, Binance is one of the most trusted exchanges in the world, so it’s a great place to trade XRP. You can buy XRP (Ripple) using your credit or debit card or by using a third party bank transfer.
You can sign up here.
Kucoin has over 500 cryptocurrencies available. While the platform itself can be confusing for beginners, Kucoin offers some of the lowest trading fees around at 0.1%, as well as advanced order types and market data. There are no fiat to crypto pairs, so you will need to first buy USDT and trade that for XRP (Ripple). You can use a third-party bank transfer or credit or debit card to purchase USDT.
Kucoin is based in Singapore. You can sign up here.
While Gate.io is US-based, it is not allowed to offer margin, lending or futures contract trading to residents of the US, Canada or Japan due to regulations. It does not have approval to offer securities to residents of these countries and therefore it may or may not list XRP (Ripple) in future.
Gate.io has low fees, thousands of altcoins available, and a host of features. While not everything is available to Canadians, with Gate.io you can purchase XRP cheaply. Use a debit/credit card using their partner, Coinify, or connect a US bank account. You can swap crypto easily, earn interest in liquidity pools, or buy NFTs on its marketplace. You can also take part in copy trading where you can copy the trading steps of Gate.io’s top traders.
You can sign up here.
Crypto.com is fast becoming one of the world’s most popular crypto exchanges. While its fees are not the cheapest around, crypto.com offers hundreds of cryptocurrencies, cashback Visa cards, staking and lending, and a decent app. You can buy XRP (Ripple) easily via Interac e-transfer, credit/debit card, or via wire transfer. If you hold crypto.com coin (CRO) you can lock it for a set period to earn up to 14% APY and get a crypto Visa card with a host of benefits such as Netflix and Spotify rebates and up to 8% cashback.
Crypto.com is based out of Singapore.
You can sign up here.
How to Keep XRP (Ripple) Safe and Secure in Canada?
While XRP (Ripple) is good for fast transactions and cross-border payments, if you’re looking to hold XRP for the long term, it’s best to move your XRP to a private wallet to keep it safe. It’s fine to leave your XRP coin on an exchange if you plan to trade frequently, but if you have a large amount of XRP the safest place is a crypto wallet. We reviewed the safest crypto wallets in our previous article.
How to Sell XRP (Ripple) in Canada?
To sell an XRP (Ripple) token in Canada you need to do the reverse of buying it. While that may sound complicated, all you need to do is move your XRP from your crypto wallet back to the crypto exchange. Once your XRP is in the XRP coin wallet on the exchange, you can click the sell button and choose to sell it for Canadian dollars. Once you do this, your money will appear in your fiat wallet and from here you can transfer it back to your bank account. Read our full guide on how to sell or cash out crypto in Canada.
XRP (Ripple FAQs)
Can you buy XRP (Ripple) in Canada?
You can buy XRP (Ripple) coins on several crypto exchanges that are Canadian-friendly.
What is the best way and place to buy XRP (Ripple) in Canada?
To buy XRP (Ripple) in Canada you can use your credit or debit card if your bank allows it, or transfer funds via Interac e-Transfer. Sign up to a crypto exchange such as Uphold, Binance, Kucoin, Gate.io or Crypto.com to get started buying your first XRP coin.
How to trade XRP (Ripple) in Canada?
If you would like to trade an XRP token for another cryptocurrency you can do so on a crypto exchange. Click the trade or swap button and you will see all the trading pairs available.
Is XRP (Ripple) a good investment for Canadians?
All cryptocurrency investments are risky but XRP has been around for quite some time and has firmly held its top ten spot. While the ongoing legal action is concerning, if you think XRP will win its case, then XRP could be a good investment. Ripple is trying to make XRP the number one currency used by financial institutions to send payments and there is no other cryptocurrency focussing on the same goal. The fact is XRP (Ripple) is fast, almost free to use, a secure blockchain, and a large, vocal fanbase. XRP could change how payments are made globally, which could mean it’s a good investment.