Ripple (XRP) launched in 2012 with a bold mission to shake up international remittances by using cryptocurrency to help people move money around the world. XRP has a loyal following which helped it reach an all-time-high price of $4.56 in January 2018.
While this has helped make XRP the #6 crypto by market cap, Ripple is still a highly volatile asset capable of major price swings in a single day.
Today XRP is trading for $0.681122, which is slightly down from yesterday's trading price of $0.6735234087. Ripple's seen an increase of 22% over the past year.
So before you buy Ripple, make sure you understand these unique risks as well as its legal, regulatory and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Ripple in Canada.
How to buy XRP in 4 steps
To buy XRP all you'll need is a smartphone or
computer, an internet connection, photo
identification and a way to pay.
Compare crypto exchanges
The easiest way to buy XRP is from a cryptocurrency exchange. Comparing in the table helps you find a platform with the features you want like 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 deposit
Once verified, you can deposit CAD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
You can now exchange your funds for XRP. On beginner-friendly exchanges, this is as simple as entering the CAD or XRP amount you want to purchase and clicking "buy". If you like, you can then withdraw your XRP to a personal wallet.
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Where to buy XRP in Canada
If this is your first time buying cryptocurrency you'll need to look for a platform that accepts Canadian dollars, like Bitfinex or CEX.IO.
Don't worry too much about extra features or coins for now – you can always sign up with another exchange later.
Use the table to choose a platform that meets your needs and click the Go to site button to get started.
What is XRP?
XRP (XRP) was launched in 2012 by David Schwartz, Jed McCaleb and Arthur Britto. It was designed as a digital payment network to reduce the cost of international payments.
The XRP Ledger is an open-source and peer-to-peer decentralised payment gateway that aims to provide "utility for the new global economy". XRP is an asset on this network and is used by the company Ripple for cross-border settlements.
It acts as an infrastructure layer that supports low-cost, borderless transactions and allows for transferring money and cryptocurrency.
Unlike other cryptos such as BTC and ETH where new blocks are generated via mining or staking, XRP pre-mined 100 billion tokens at its launch.
These tokens were distributed to individuals and companies – which has called into question how decentralised XRP truly is – as a large majority are held by just a few entities.
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not CAD.
If you want to buy XRP with Canadian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Canada and requires you to upload some photo ID, and in some cases a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
What are the best ways to buy XRP?
Once you've set up your account, you'll need to deposit funds to buy XRP with. We've listed out some popular ways to buy XRP and what you should know about each payment method.
Many exchanges support free and instant bank transfers in Canada.
Some offer other options like bank transfer and wire transfers, but make sure you check if you'll be charged a deposit fee first.
How you transact with a debit card will depend on the platform.
Some exchanges let you transfer funds from your debit card to spend as you like.
Others will only let you use a debit card to make instant purchases, which often involves higher fees.
Lots of exchanges accept credit cards as an instant purchase method. But you should think very carefully before buying XRP with a credit card, because:
Credit card fees are higher than using bank transfers.
Some card issuers may block cryptocurrency transactions.
Your purchasing options will be limited and more expensive.
You may end up losing your initial investment and being charged fees and interest by your credit card provider.
Buying XRP with cash isn't common in Canada, but it can still be done.
There are a few ways to buy XRP with cash:
XRP ATMs. You can purchase XRP with cash using a specialised XRP ATM. These can be found in many major cities in Canada. You will still need to hand over some photo ID and pass a Know Your Customer (KYC) check.
Peer-to-peer (P2P). You can use a P2P platform to find someone who will sell you XRP directly in exchange for cash. Beware that this comes with a high risk of fraud if you attempt to settle the transaction in-person or without an escrow service. Look for an established and reputable platform that provides an escrow service and facilitates your trade online.
You can swap any cryptocurrency you already own for XRP using the "swap" or "convert" service on some platforms. This lets you instantly exchange one crypto for another even if there is no trading pair on the spot market.
What is the cheapest way to buy XRP?
Most exchanges let you buy as little as $5 worth of XRP, if not less. Just type in how much you want to spend in CAD and let the exchange work out the rest.
Some platforms only offer 1 way to buy XRP, while others provide several choices. The 2 most common ways to buy XRP are on the spot market or with an "instant buy" feature.
If it's your first time buying XRP this will be the fastest method – but also the least cost-effective.
You'll usually find the instant buy section under a "Buy now" heading on the platform you've chosen.
It should feature a simple interface that lets you enter the amount of XRP you want to buy, or Canadian dollars you want to spend.
This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you've pre-funded your account with a bank transfer.
Be prepared to pay a markup on XRP's market rate in exchange for the convenience.
If you see colourful charts with a range of prices, you're probably in the spot market.
The spot market is where buyers and sellers come together to place bids for XRP on the open market. It's usually the cheapest way to buy XRP because it lets traders set their own price.
You'll find the spot market under a "Trade" or "Spot" heading on the site or app menu of the platform you've chosen to use.
There are several different order types that you can make on the spot market.
Market order. This will buy you the amount of XRP you specify at the lowest possible price available. This makes it like an instant buy order, but with much lower fees.
Limit order. This is the most common order type and lets you purchase XRP at the price you specify. Traders use this to time the market and capitalise on price dips or increases.
How to find the best place to buy XRP in Canada
There are dozens of different trading platforms to choose from when buying XRP in Canada, so to help you find your best option, keep these factors in mind:
Where it's registered. Using a locally registered exchange is a good idea. It's more likely to accept Canadian dollars and local payment methods like , which helps avoid foreign exchange fees. Choosing from Canada-based exchanges also means it's likely to be registered with the Financial Transactions and Reports Analysis Centre (FINTRAC) which means it has to comply with local laws in Canada.
Security. Look at the security features the platform has to offer, like 2-factor authentication and PGP-encrypted emails. Cold storage of user funds is considered industry standard, but insurance funds are less common and indicative of good security practices.
Fees. Check the fine print to find out exactly how much your transaction will cost. Depending on the platform you choose, these could include spreads, trading fees and deposit and withdrawal charges.
Transaction limits. Are there any minimum or maximum limits on the amount of XRP you can purchase? Does the exchange restrict the amount of funds you can withdraw from your account in any 1 transaction or 24-hour period?
Other platform features. Look out for other features that suit your investment or trading needs. For instance, many exchanges now let you earn yield on your holdings, while some issue
crypto debit cards
to help you spend your coins.
Customer support. If you ever have a problem with a transaction, will you be able to quickly and easily get in touch with the customer support team? Are they based in Canada? Check what contact methods are available and find out how quick the team is at responding to enquiries.
Insurance fund. A small number of exchanges now insure user funds. Beware that policies vary greatly between exchanges, so you'll need to research this thoroughly if insurance is important to you.
Reputation. As a young industry, reputation can provide a lot of clues when choosing an exchange. For instance, who are the founders? Have there been any controversies? Are their business practices transparent? If you can't find any of this information, that may be a red flag.
Range of coins. If you're thinking about adding other cryptos to your portfolio in the future, check to see what other coins you can buy through the platform.
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crypto exchange reviews include user feedback, which helps you get a better idea of what the exchange is like to use for other people starting out just like you.
Using FINTRAC-registered exchanges
There are plenty of places to buy XRP, and people in Canada can choose from platforms registered here at home or in locations all around the world. Opting for a locally registered XRP exchange typically offers more convenience, but may have some downsides depending on your goals.
Canada-based exchanges must comply with FINTRAC Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
You can usually buy XRP with CAD.
Exchanges in Canada typically support local payment methods, such as .
You may be able to access local customer support.
Subject to local laws.
You'll need to provide your personal details and proof of ID – a disadvantage if you want to trade anonymously.
Overseas trading platforms may provide better liquidity.
CAD-to-crypto prices are often slightly higher than USD-to-crypto prices, meaning you sometimes pay a premium for buying directly with Canadian dollars.
Some features are simply not available on FINTRAC-registered exchanges. For example, high leverage margin trading, DeFi features and some altcoins.
Recent XRP developments
April 27, 2023: SEC Commissioner Hester Pierce has criticised her own agency’s handling of its lawsuit against Ripple and the tactics used. April 05, 2023: The lawsuit between the SEC and Ripple is nearing conclusion, with both sides having presented their case and now awaiting a summary ruling by the judge. The market appears to anticipate a favourable outcome for Ripple, with XRP rising 35% over the past month. March 2023: After a solid start to 2023, XRP has retraced and is trading below US$0.35; close to a 2-year low. There is still considerable uncertainty surrounding the ongoing lawsuit, and many traders may be opting for less risky long-term investments. January 30, 2023: Ripple CEO Brad Garlinghouse has predicted that the long-running lawsuit between Ripple and the SEC will conclude in 2023. The lawsuit concerns whether Ripple's sale of XRP constitutes an unregistered securities offering. XRP started 2023 green, gaining about 25% in January. December 28, 2022: Due to the ongoing lawsuit with the SEC, Coinbase announced that as of January 19, 2023, the company would be suspending XRP trading on its platform. Coinbase stated that any customers holding XRP at this time would not be impacted, and deposits and withdrawals of XRP would still be permitted.
Is XRP safe to invest in?
You shouldn't invest in any asset, including XRP without doing plenty of research first. Before you buy XRP, make sure you understand and weigh up these risks:
Price volatility. XRP's price is largely based on speculation, which means it can rise or fall in a short time. It's not uncommon for XRP to lose more than 10% of its value in a single day.
Perceived value. XRP is a unique asset that does not have any tangible value. It derives most of its value from utility and speculation.
Exchange vulnerabilities. Leaving your XRP on a crypto platform exposes you to several counterparty risks, including:
Scams. Scammers frequently try to trick exchange users into handing over their username and password, often by phishing with malicious emails or fake website links. Use 2FA and encrypted emails to help protect your funds.
Hacks and theft. Exchanges are vulnerable to hacks and theft, so choose one with good security practices and a track record of safety.
Fiscal mismanagement. In mid-2022 a number of crypto platforms froze user funds after it was revealed they had engaged in irresponsible funds management.
Insurance. Unlike stocks, only a small handful of exchanges provide insurance on your cash deposits.
Regulatory uncertainty. The regulatory environment for XRP and other cryptos is constantly changing. It's important to understand how international rulings have the potential to impact XRP's future – for better or worse.
Novel technology. XRP was created in 2013 which makes it relatively new as a form of technology and as a currency. XRP doesn't yet have the same track record or performance history as some other asset classes.
Technical learning curve. Evaluating the tech behind XRP before you invest is important, but requires a deep understanding of the blockchain and other aspects of decentralised finance. You should be prepared to do plenty of research.
XRP vs Ripple Labs. Although the XRP asset is considered independent from Ripple Labs as a company, the 2 projects are still closely related and often confused for one another. Despite this close link, the success of Ripple does not necessarily guarantee that the price of XRP will appreciate. Ripple Labs has several technologies and services that do not incorporate XRP.
SEC lawsuit. The US Securities and Exchange Commission (SEC) is arguing that due to how XRP was issued to investors, it should be considered an (illegally) registered security. Although this lawsuit has been developing since 2020, it is yet to conclude and still has the potential to negatively impact XRP prices.
Majority owned supply. As the creators of XRP, Ripple Labs and its founders received 80% of the 100 billion total XRP supply after its token generation event. Although there are now precautionary measures in place – including a max distribution of 1 billion XRP per month – this makes the issuance of XRP centralised and the volume of tokens released each month may negatively impact prices.
Where could XRP's price be heading?
Finder's panel expects the XRP price to trade as high as $0.90 by the end of December 2022 from the current price of $0.53. However, should XRP lose its case with the SEC the panel expects its value to drop to $0.24. Unfortunately for investors, we won't know the outcome of the case until 2023.
Looking further down the road, the panel estimates XRP's value to hit $3.81 by the end of 2025 if XRP wins the lawsuit or $0.98 if it doesn't win.
Once you own some XRP, you have 2 options – keep it on an exchange, or move it to a personal wallet. Each comes with its own set of pros and cons.
Keeping your XRP on an exchange
Convenience. Keeping your XRP on an exchange is convenient because you can buy and sell at any time.
Security. Holding XRP on an exchange does come with significant counterparty risks, but reputable platforms also invest heavily in security so you don't have to worry about the pitfalls of self-custody.
Insurance. A small handful of exchanges now operate insurance schemes. These can range from insuring user deposits held in cold storage to reimbursing customers if a hack occurs.
Earn yield. Many exchanges now let you earn yield on your XRP. This is achieved by lending your XRP so carries its own set of risks. Do your research before deciding if it's the right option for you.
Phishing. Exchange users are frequently targeted by scammers trying to steal login information through malicious emails and fake website links.
Hacking. Exchanges are major targets for hackers. While security practices have improved substantially, hacks still occur from time to time.
Account freezing. Exchanges have been known to occasionally freeze user accounts, whether due to security concerns, technical issues or market turbulence. This could see you temporarily lose access to your crypto.
Moving your XRP to a non-custodial wallet
Self-custody. A mantra repeated by crypto investors is "Not your keys, not your coins." This comes from the idea that the only way to guarantee ownership of your XRP is to own the private key — which isn't the case when you hold on an exchange.
Security. XRP and cryptocurrency wallets vary greatly in their features and security. For the most secure experience, consider purchasing a hardware wallet, which is usually a small USB device that keeps your private keys offline at all times for an extra layer of security.
Utility. If you plan to use your XRP for transactions, daily spending or decentralised finance (DeFi), then storing it in a wallet rather than an exchange will be more convenient.
Remittance. At its core, XRP Ledger is a payment gateway that can be used in the development of dapps, exchanges or cryptocurrency wallets where currency plays a role. By storing your XRP in a non-custodial wallet, you're able to interact directly on-chain and perform swaps and trades on DeFi exchanges.
Learning curve. It's no secret that learning how to use a crypto wallet takes some time and effort. Spend some time learning how XRP wallets work before transferring any of your funds.
Personal responsibility. Owning your own money can be liberating, but it also means the responsibility is all yours. If you lose your private key, the only way to regain access to your wallet is through the seed phrase. Make sure to store both of these privately and securely.
Inheritance. A challenge presented by crypto wallets is how to pass access on in the event of death or disability. Several companies are experimenting with ways to solve this problem, like the Trezor Model T wallet's Shamir backup feature.
Web3 risks. Web3 "hot wallets" are connected to the internet at all times and their use with web applications makes them more susceptible to hacks and scams. Consider only transferring the amount you need and keeping the remainder of your XRP in cold storage with a hardware wallet.
If you want to buy XRP, start by comparing a range of crypto brokers and exchanges available in Canada. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you. Consider an exchange registered with FINTRAC for added peace of mind.
Remember that owning and using XRP is not without its risks. Carefully consider investing in XRP as part of a wider strategy, and talk to a financial advisor if you have any questions.
Once you've bought some XRP, think about what your short and long-term goals are. This will help you decide whether to keep it on an exchange, or move it to your own wallet.
How do I buy XRP right now?
You can buy XRP on more than 10 trading platforms in Canada, many of which offer instant buy options.
Create an account with one of the exchanges in our table like Bitfinex, complete the KYC verification process and deposit funds using CAD or cryptocurrency.
How do I buy shares in Ripple?
Shares in Ripple Labs are not publicly traded, which means you can't purchase them on traditional stock trading platforms. Instead, you'll need to qualify as an accredited investor and hold certain certifications.
What is the easiest way to buy XRP?
If you don't already own crypto, the easiest way to buy XRP is with Canadian dollar.
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Disclaimer: Cryptocurrencies, including Ripple, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of XRP 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 Ripple or any other cryptocurrency discussed.
James Edwards is the global cryptocurrency editor at Finder. He coordinates a distributed team of journalists to help further Finder's mission of helping people make better financial decisions.
He has been using Bitcoin since 2013 and began working in the industry in 2017. He takes pride in boiling down complex topics into language his parents can understand.
His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think and has coordinated a vast number of high-profile interviews with the industry's brightest minds.
He is a regular contributor to Nasdaq, The Street and is frequently called upon for market commentary in Australia and abroad.
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