Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Ribbon Finance (RBN) is the 93rd largest cryptocurrency by market cap, valued at US$1,024,059,589.
Ribbon Finance is a highly volatile asset capable of major price swings in a single day. Today RBN is trading for $1.072 USD, which is higher than yesterday's trading price of $0.9881394689 USD. Over the past year, Ribbon Finance's price has seen an increase of 590%.
So before you buy Ribbon Finance, make sure you understand these unique risks as well as its legal and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions on how you can buy Ribbon Finance.
How to buy Ribbon Finance in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy Ribbon Finance is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit CAD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
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Buy Ribbon Finance
You can now exchange your funds for Ribbon Finance. On beginner-friendly exchanges, this is as simple as entering the CAD or RBN amount you want to purchase and clicking "buy".
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Secure your Ribbon Finance
Consider transferring your RBN to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Ribbon Finance in Canada
Find an exchange to buy, sell and trade RBN by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How do I find the best places to buy Ribbon Finance?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Canada to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Ribbon Finance?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Ribbon Finance.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing RBN with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Ribbon Finance?
Once you've created an account, you will need to deposit funds to buy RBN with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy RBN:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase RBN by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for RBN on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Ribbon Finance?
The easiest way to buy RBN is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying RBN, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Ribbon Finance has been performing recently.
Best Ribbon Finance wallets to store your RBN
You can keep your RBN on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your RBN below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Is Ribbon Finance a good investment?
Altcoin investments can be extremely risky. That is why it is crucial to evaluate both the token and the associated platform. Here are a few factors to consider before investing in RBN:
- RBN's value is derived from the public's view of the Ribbon platform. Therefore, if any hacks or attacks manage to penetrate the platform or drain its funds, it would most likely result in a plunge in the price of RBN. While its smart contracts are audited by top security firms, this doesn't guarantee that exploits won't occur in the future.
- Tokenomics:The Ribbonomics (tokenomics) implemented by Ribbon Finance fuse “some of the best ideas from other DeFi projects” to ensure RBN's long-term utility and sustainability. Developers recognised some of the shortcomings of previous DeFi platforms, especially the lack of value given back to governance token holders. While this doesn't guarantee anything, at the very least, it gives an assurance that the team is working on novel ways for RBN to sustainably increase in value over time.
- Competition: Ribbon Finance faces steep competition among yield-generating DeFi platforms, such as Yearn, Alpha Finance, and Curve. The fact that Ribbon launched on Ethereum, the most congested blockchain, makes its journey an uphill battle considering that other chains like Solana and Fantom already have native projects that offer similar products at significantly lower fees. Ribbon Finance does plan to compete in other blockchains in the future.
- Scalability: The platform hasn't announced any scalability plans, which forces us to assume that they are relying on Ethereum's forthcoming “sharding” feature - which isn't expected to come out until 2023. This will allow it to scale operations within the Ethereum network.
- Multi-chain future: The platform intends to be chain-agnostic and has made its first step in this direction by deploying on the Avalance blockchain in December 2021. Thankfully, Avalanche has a higher transaction throughput, which gives users an option to participate in Ribbon without needing to deal with the high gas fees offered by Ethereum.
Today's Ribbon Finance price versus ATH
Compare today's price of Ribbon Finance ($1.072 USD) against its all-time-high price of $5.54 USD on 07 October 2021. The closer the bar is to 100%, the closer RBN is to reaching its ATH again.
Ribbon Finance's price: $1.072
ATH date: October 07, 2021
ATH date: October 07, 2021
19.35%
Ribbon Finance ATH: $5.54
How to trade, convert or sell Ribbon Finance
You can convert or sell your RBN with the same exchange you bought it through:- Sign in to the exchange you have RBN on.
- If you store your Ribbon Finance in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of RBN you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Ribbon Finance.
- Complete your transaction and move your RBN to a wallet for storage.
Disclaimer: Cryptocurrencies, including Ribbon Finance, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of RBN is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Ribbon Finance or any other cryptocurrency discussed.
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