Selling XRP for fiat currency
Step 1. Create an account on an exchange that lists XRP alongside CAD
If you want to sell your holdings on the same platform you used to purchase XRP in the first place, skip ahead to step 2.
If you want to use a different exchange, the first step is to find a suitable exchange that lists XRP in a trading pair with the fiat currency you want. Make sure you compare the features of a range of crypto exchanges before deciding which one to use for your trade.
Once you’ve chosen an exchange, sign up for an account by providing your email address and creating a password. Depending on the platform you choose, you may also need to provide your name, address, phone number and proof of ID to satisfy requirements.
Don’t forget to activate 2-factor authentication on your account (if it’s available) before depositing any funds.
Step 2. Deposit XRP into your account
Now it’s time to deposit the XRP you want to sell into your exchange wallet. To do this, you’ll need to log into your account, find the relevant wallet address for XRP, and make sure the tokens you deposit are sent to that address.
For example, Kraken users will need to click on the “Wallets” tab and select their XRP wallet. Then, it’s a matter of clicking “Generate Deposit Address” and using the address provided as the destination for your XRP transfer.
Step 3. Sell XRP
With the XRP you want to sell now in your exchange wallet, it’s time to click through to your exchange’s trading page and search for the pair you want to trade, such as XRP/CAD. Then, you can specify the amount of XRP you want to sell and finalize your transaction.
For example, if you’re using Kraken, you can click the “Sell” tab at the top of the screen and search for XRP in the list of coins . Click “Sell XRP” and on the new screen you’re taken to, type the number of XRP you want to sell in the field provided. Select the currency you want to sell XRP for, such as CAD, and click “Sell”.
Of course, whichever exchange you’re using, don’t forget to review the total cost and all the details of your transaction before finalizing the sale.
Step 4. Withdraw CAD
The final thing you need to do is withdraw your fiat currency into your linked bank account. It’s usually pretty easy to find the “Withdraw” link once you’ve logged into your exchange account, but remember to take a moment to familiarize yourself with the fees, limits and processing times that apply.
For example, on Kraken, you can make a bank account withdrawal by clicking on the “Withdraw CAD” link from your account dashboard.