Looking for a way to invest in Ripple (XRP) in Canada? You’ve landed in the right place! XRP has been one of the most in-demand crypto tokens in Canada. Interestingly, it is also one of the most accessible crypto tokens, thanks to its availability across multiple crypto exchanges.
One of the primary reasons behind the token’s success is the Ripple platform’s innovation. Therefore, to help solve your question of ‘how to buy Ripple in Canada?’ We’ve listed some of the top exchanges to help you get started. Continue reading to explore the different factors concerning your investments and understand if Ripple is a safe investment to invest in for 2022.
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Ripple: What’s The Token All About?
Ripple is an open, decentralized, gross settlement payment platform often called ‘XRP .’Interestingly, XRP is another name for the native digital currency that provides a means for free, instant, anywhere transfers of value. The currency pair that works best for buying Ripple is XRP/USD. While Ripple is still relatively new, many are bullish on it, leading to its price surpassing the US dollar.
The world’s third-largest cryptocurrency by market capitalization has been on a tear this year. Ripple has increased over 1,400% this year, making it the second-best performing cryptocurrency in the world by market capitalization.
But cryptocurrency is difficult to purchase. That’s because most exchanges don’t trade in Ripple, making it difficult for investors to purchase this digital coin.
Things to Consider Before Buying Ripple in Canada
Before you decide to invest your money behind the ownership of the token, there are a few things to consider when planning on buying Ripple in Canada. Here, we have listed a few factors that’ll help you determine your ideal entry position in the market and select the ideal service to help you make your Ripple purchase.
- Market Position: The market’s current position is one of the dominating factors when you buy XRP in Canada. Given the volatility that concerns the markets, you should always determine your ideal entry position, depending on the market position.
- Trading Fees or Limits: Let’s face it, every crypto exchange comes with its price structure, some with lower fees and others with relatively high charges. Since your overall profits will vary greatly, depending on the service you choose, always ensure you check all the related charges before signing up for any XRP-offering exchange.
- Legality & Reputation: Everybody wants to ensure that their investments remain safe and sound when it comes to money. Similarly, when buying XRP in Canada, ensure that you’ve chosen the most reliable and trustworthy exchange. One of the best ways to ensure that your platform is to check for regulatory bodies backing them.
No matter the primary factors, people continue to be confused about which exchanges are reputable and which are not. Therefore, let’s now look at the different platforms for buying Ripple in Canada in the following section.
Top Exchanges To Buy Ripple In Canada
One of the easiest ways to buy XRP in Canada is through the Bitbuy exchange. The company operates across Canada and has a solid reputation for delivering a safe and straightforward experience when buying and trading cryptocurrency.
When buying Ripple, you’ll need to use a Canadian bank account or Interac transfer. This will enable you to buy Ripple instantly, with no extra verification required.
The benefits of Bitbuy to buying Ripple in Canada are many. First, buying Ripple on Bitbuy is cheaper than buying on other exchanges. Second, Bitbuy has a good track record of delivering excellent customer service. Third, Bitbuy offers clients a safe and transparent environment to trade XRP.
BitBuy’s purchase of Ripple’s XRP in Canada was among the most straightforward ways to get hold of the digital currency. The company’s acquisition of XRP saw it pay $0.48 for each unit of the coin. It was the culmination of a year-long process in which it had met many regulatory hurdles on its way to buying XRP.
Throughout its year-long process in which it battled regulatory hurdles, Bitbuy had repeatedly argued that it was among the top exchanges in Canada to buy XRP. However, the company’s purchase of XRP was not without controversy.
CoinSmart is a cryptocurrency exchange that is focused on serving the Canadian community. CoinSmart is proud to be an innovator in this space.
CoinSmart has long been touted as one of the best places to buy and sell Ripple, but is it? The company says it is, claiming that it was one of the first exchanges to offer Ripple funding. It built its business model on helping people get in and out of the digital coin quickly while providing a safe and straightforward experience.
The CoinSmart exchange, introduced by Ripple Labs–creators of crypto-currency XRP–in 2019, touts itself as the “first blockchain-based digital asset exchange with a fully integrated XRP exchange and XRP trading pair” and as “a bridge between the digital and physical worlds.”
One of the most compelling reasons to buy Ripple on the CoinSmart exchange is the benefits it provides its users. For example, users can use their XRP on the platform’s XRP-to-XRP instant exchange, which means they don’t have to wait for their XRP to be converted into Canadian dollars.
This feature alone is enough to make the platform a standout amongst XRP exchanges, and it’s another reason to consider the CoinSmart exchange when buying Ripple in Canada.
The company has a simple and intuitive user interface, and users have praised it for its prompt customer service. However, some users have complained about delays in deposits and withdrawals.
One can buy Ripple in Canada through Crypto.com, a cryptocurrency exchange based in Vancouver, British Columbia. The company has been operating since 2017 and has raised more than $200 million in funding.
It’s currently one of the top exchanges to buy Ripple in Canada. It has a user-friendly interface and accepts credit card payments, bank transfers, and digital currency deposits.
The exchange has a strong reputation for providing a secure platform for users to buy and sell digital currencies. One of the most significant benefits of buying Ripple on Crypto.com is that the platform offers a ‘Zero Fee Policy’ for all transactions.
The platform is also developing a range of new products and services to provide more access to digital currency for Canadian users, including remittance solutions and a cryptocurrency portfolio management tool.
The exchange announced that it would enable XRP purchases for Quebec, Ontario, and British Columbia users. The move comes as Crypto.com continues to expand its presence in Canada, where it is one of the largest cryptocurrency exchanges by trading volume.
Another option to buy Ripple in Canada is VirgoCX. It offers a wide range of digital currency trading options, including XRP/CAD, XRP/USD, and XRP/EUR.
It offers a secure platform for users to buy and sell digital currencies without worrying about their funds getting stolen. In addition, it is a well-known platform for its advanced security features, such as a 24/7 customer support team, and SSL-encrypted server environment, and state-of-the-art IT security protocols.
The Virgo Group operates the platform and has over 1 million users worldwide. It offers a wide range of digital currencies, including Ripple, for trading.
The platform is also developing a range of new products and services aimed to provide more access to digital currency for Canadian users, including remittance solutions and a cryptocurrency portfolio management tool. It also offers a range of advanced trading tools, such as custom orders, detailed analytics, and social trading.
Canada-based Coinberry Holdings Inc., a digital currency exchange, is among the top exchanges to buy Ripple in Canada.
Coinberry is headquartered in Toronto, Ontario, and has offices in eight other countries, including the US, the UK, the Netherlands, Japan, and Australia.
Coinberry provides a platform for both the purchase and sale of XRP. In addition, they connect buyers and sellers, predominantly from Canada, through our peer-to-peer platform. Coinberry’s focus on Canada is a strategic decision, which is evidenced because they have one of the largest domestic user bases in the world.
Coinberry is currently trading between $0.26-$0.27, with a current market capitalization of almost $1.3 billion. The company says that it is one of the largest cryptocurrency exchanges in Canada and that it has more trading pairs than any other Canadian cryptocurrency exchange.
Netcoins is a digital currency exchange headquartered in Canada that allows users to buy and sell the digital currency, XRP, with CAD and USD.
Netcoins is a top exchange in Canada for buying Ripple that provides users instant peer-to-peer transactions by matching buy and sell orders.
The company continues to build and innovate on the DDE platform, creating a globally trusted exchange for digital assets. The Netcoins platform is another step in the evolution of the Binance platform, providing users with a platform to buy and sell the world’s leading digital currency, XRP, with CAD and USD.
User experience is one of the most significant factors in determining whether people consider a platform among the best in the industry. That is the case with our platform for buying Ripple in Canada.
The UI and convenience have always been at the forefront of their priorities, and they have dedicated considerable resources to continually improving the platform in that regard.
The company’s vision is to provide users with the best experience possible, including offering the best opportunities to buy and sell digital currencies.
NDAX is a Canadian crypto exchange that provides services to institutional traders, retail traders, and merchants based in Canada.
NDAX is one of the most popular crypto exchanges in Canada, with a user base of over 800,000 people and an average daily volume of over $20 million.
NDAX is the leading cryptocurrency exchange in Canada. NDAX is committed to the security and privacy of our customers and provides a safe, and convenient trading platform for our users.
The company operates under the EBC rule, which requires Canadian exchanges to have at least a 1.25% capital adequacy ratio. NDAQ was also the first centralized cryptocurrency platform to achieve the 1,000,000 Bitcoin transaction mark.
NDAX takes great pride in providing a secure trading experience and an enjoyable one.
Coinsquare is your way to go if you’ve been thinking of how do I buy Ripple in Canada! One of the best places to buy and sell Ripple. Moreover, Coinsquare has recently launched a two-way service that allows Canadians to buy Ripple with a credit card. This has given Canadians the ability to buy Ripple with additional fiat currency, such as the Canadian dollar, instantly, and on-the-fly without ever revealing personal information.
As the first-ever cryptocurrency exchange to receive the e-money license, Coinsquare has built a reputation for offering the highest security and security that it can deliver to its clients.
The company’s headquarters are in Toronto, Ontario, Canada. The company is led by CEO Martin Piszel and is currently traded on the Toronto Stock Exchange under the ticker symbol “XSU.”
The company is known for having well-developed security and KYC measures and has been recognized by global watchdog groups for its security and high level of customer service.
To help you grasp better, here’s a thorough chart comparison:[table “53” not found /]
XRP Performance Vs. Broader Crypto Market
To begin with, investors should be aware that XRP has done badly concerning the larger crypto markets. More specifically, we’re talking about XRP’s price movement from its peak in late 2017. For example, between Dec 2017 and Jan 2018, nearly all cryptos saw a massive rise, with several breaking all-time highs. Bitcoin, for instance, moved past the $20,000 per token, creating a new high at the moment.
On the other hand, most digital assets experienced a degrading market facing a long period of decline. As a result, the value of the large significant projects, including the likes of XRP, has fallen.
Ultimately, we can say that XRP is currently facing a downtrend, in comparison to the other performing crypto projects in the market. However, it won’t be wrong to say that the project has potential and might break its all-time high records soon again!
Is XRP Ripple Safe?
No matter which token you invest in, it won’t be wrong to say that all cryptos fall under the “speculative” investment category. Therefore, no matter the return, only try investing in crypto projects you truly understand and have confidence in. The XRP token has been around the market for over a decade now and has been a part of several highs and lows since its inception.
Now that we’ve explored the different platforms for buying Ripple in Canada let’s have a look at how the XRP token has performed in the open marketplace. We hope to give you a better idea from the investment perspective. Talking of the time since its inception in 2010, XRP has come a long way since its launch at $0.0056.
While the token’s value continued to be flat with no significant movement in the price charts, it hit its all-time high of $3.40 during the crypto boom in 2017. This signifies that the investors of the token holding their position since its inception were able to secure significant gains at 60,000%.
For instance, users who’d have invested $500 at XRP’s launch would have their wallets worth over $300,000. However, since its all-time high performance at $3.40, XRP has dropped considerably over the years.
Currently, the token is sold at $0.84, marking a decline of over 75% since its 2017 high. Given the volatility of the market, the shift can be considered normal. Believers of the project might still find XRP a reliable investment. Being a beginner investor, we’d suggest you first do your research and only then invest in the token.
Q1. Should I buy XRP?
XRP provides banks and financial organizations with a rapid, cost-effective, and highly efficient payments network for cross-border transactions. However, it’s worth noting that since it last achieved an all-time high in late 2017, XRP has lagged the rest of the cryptocurrency market. Given these considerations, it is recommended that you conduct your own research prior to purchasing XRP.
Q2. What should I invest in Bitcoin or XRP?
In terms of comparison, XRP and Bitcoin are not directly in competition with one another. While Bitcoin serves as a reliable store of value and payment system, XRP provides banks and financial institutions with access to its cross-border transaction network. As a result, if you want to diversify and have done your homework, you might want to consider investing in both cryptocurrencies.
Q3. How many XRP tokens are still available?
In terms of its availability, the total XRP tokens available for mining is 100 billion. Talking of the calculation, nearly 48 billion XRP tokens are already being circulated (calculations per early 2022). As per the news, the community management team at Ripple currently holds 52 billion XRP tokens.
Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.