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How to Buy Ripple in 2023

Last updated 25th Jan 2023
Disclosure

Ripple (XRP) is one of the earliest and most popular payment cryptocurrencies that allows cheap and fast transactions across the globe. This guide will cover everything you need to know about Ripple. From exploring the most popular platforms for buying Ripple to investigating the best wallets to store your Ripple holdings, we have covered everything you need to know in this guide. You’ll also learn some interesting facts and information to help you decide if XRP is worth an investment or not.

Best Exchanges to Buy Ripple in Canada

1
eToro
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$50
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2
Opensea
Minimum Deposit
$
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7
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3
NBA Topshot
Minimum Deposit
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7
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4
Rarible
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SuperRare
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NFT Art Marketplace

NDAX - The Overall Best Way to Buy XRP in Canada

NDAX offers investors the required tools and support options to help them quickly buy and sell Ripple (XRP) in Canada. This platform provides a learning section to educate investors on various cryptocurrencies. NDAX also offers additional features apart from trading, including staking, an OTC desk, recurring purchases, a referral program, and more. Most importantly, this platform has been designed and developed using high-quality security and compliance standards.

💰 Trade Values:Cryptocurrencies
📊 Software:Website and smartphone app.
🏆 Demo Account Available:No
📺 Ease of use:Excellent
⭐ Our rating:5/5
📱 App Available:iOS and Android
🧩 Regulation:FINTRAC and MSB
💰 Fees:$2
🔁 CFDs Available:No
⚽ Social Trading:No

Best Platforms to Buy and Trade Ripple in Canada

This part of the guide uncovers the best platforms for trading, buying, and storing Ripple.

Buy Ripple Using Cryptocurrency Brokers in Canada - The Easiest Way

The most straightforward way to acquire Ripple is via a cryptocurrency broker. These are platforms that facilitate trades between users for a fee. They have simple interfaces and often have an educational section for traders to help them level up their game.

ProviderFee (CAD 1000)
🥇 NDAX$2
🥈 Netcoins$5
🥉 Coinsquare$0.5 to $5

NDAX

NDAX is known for offering a simplistic user interface to make trading easy for beginners. In addition, the platform also offers learning resources, staking, referral program, and more.

Netcoins

Netcoins provide a premium user experience with an intuitive trading interface, multiple deposit options, learning resources, and swap pairs for XRP. This platform also offers rapid transaction times, fast verification, top-notch customer support, and the list goes on.

Coinsquare

Coinsquare is one of the most trusted platforms for buying, selling, and trading cryptocurrencies like Ripple (XRP). This platform offers three core products, i.e. Coinsquare Trade (for trading cryptocurrency), Coinsquare Pro (for the advanced crypto trading platform), and Coinsquare Wealth (to avail personalized service from wealth experts).

Best Wallet to Buy and Store Ripple in Canada - XRP Wallet Comparison

It is recommended to store your Ripple in a cryptocurrency wallet, especially a cold wallet, rather than an exchange. This is important to shield your funds from different kinds of online attacks. Exchanges are often targeted by hackers, risking the security of your funds. Below you’ll find the best hardware and software wallets for storing XRP short or long-term in Canada.

ProviderWallet Type
🥇 Ledger Nano XHardware
🥈 Trezor Model THardware
🥉 Trust WalletSoftware

Buy Ripple Using CFDs in Canada- Best for Trading

An alternative way to invest in Ripple is with CFDs (Contract For Differences) issued by brokers. These are derivative products, so you won’t own the underlying asset while still investing in the coin. This also means you cannot withdraw, transfer, or spend your Ripple. However, crypto brokers often have easy investing methods, perfect for beginners. Here you can find the top two options:

ProviderFee (CAD 1000)
🥇 FP MarketsZero commission
🥈 easyMarketsZero commission

FP Markets

FP Markets is on the top of the list because of its diverse range of features including but not limited to the customizable interface, one-click trading, MarketWatch, customizable alerts, and more. This platform also allows you to discover the benefits of powerful trading platforms like MetaTrader 4 and MetaTrader 5.

easyMarkets

Established in 2001, easyMarkets has been operating in the industry for two decades. This platform offers users an exclusive risk management tool for efficient trading, followed by exceptional customer support service, tight fixed spreads, zero slippage, and negative balance protection.

Best Apps to Buy Ripple in Canada- Most Convenient

Exchange smartphone apps are the most convenient investment method if you can’t access a desktop device. They allow you to trade, stake, withdraw, and deposit coins as long as you have an internet connection. Take a look at the top three options:

ProviderFee (CAD 1000)
🥇 NDAX$2
🥈 Netcoins$5
🥉 Coinsquare$0.5 to $5

Buy Ripple on NDAX: Step-By-Step Guide

Step 1: Complete the Registration
Step 2: Funding the Account
Step 3: Buy Ripple (XRP)

Note: You can also buy Ripple (XRP) using the Quick Trade option.

Buy Ripple With Exchanges in Canada- The Cheapest Way

You can experience affordable trading with cryptocurrency exchanges because these platforms follow a low fee structure. Also, having a high 30-day trading volume will place you in a different fee bracket with better terms regarding the trading fee. These options were selected for providing a premium service along with low platform costs.

ProviderFee (CAD 1000)
🥇 Binance$0.2 to $1
🥈 KuCoin$0.05 to $1
🥉 Kraken$0 to $0.5

Buy Ripple on Binance: Step-by-Step Guide

Step 1: Open Binance and Register
Step 2: Deposit
Step 3: Open the Trading Interface
Step 4: Complete the Trade
Additional Step: Confirm the Transaction Using the Blockchain Explorer

Buy Ripple On Binance

Buy Ripple Using Decentralized Exchanges (DEX) in Canada- The New Way

DEXs (Decentralized exchanges) are dApps built on top of a blockchain network and facilitate trade orders using a liquidity pool system. You can start using a DEX by connecting your decentralized wallet like MetaMask to the Dapp. Also, DEXs are unregulated and allow you to purchase coins anonymously.

ProviderFee (CAD 1000)
🥇 SologenicVaries
🥈 onXRPVaries

Can You Buy Ripple Using P2P Services in Canada?

There are no worthwhile platforms to use that offer P2P services for buying Ripple. Instead, you can search for local crypto forum groups and facilitate trades in person. However, when trading in person, wait until the transfer is complete to avoid getting scammed.

Can You Buy Ripple Using Other Trading Platforms in Canada?

Due to Ripple’s SEC lawsuit controversy, a few crypto platforms have de-listed the token. Here you can examine which exchanges or brokers still offer buying opportunities in XRP.

Cryptocurrency PlatformCan You Buy XRP?Fee (CAD 1000)Review
BinanceYes$0.2 to $1Binance review
BitstampYes$0 to $4.Bitstamp review
Bittrex GlobalYes$0 to $3.5Bittrex review
CoinbaseYes$0 to $6Coinbase review
NewtonNo$0N/A
NDAXYes$2N/A
Crypto.comYes$0 to $0.75N/A
NetcoinsYes$5N/A
Gate.ioNo$0.55 to $2N/A
HotbitYesUpto $2N/A
KrakenYes$0 to $0.5Kraken review
KuCoinYes$0.05 to $1KuCoin review
CoinberryNo$0 to $25N/A
VirgoCXNo$0 to $25N/A
CoinsquareYes$0.5 to $5N/A
CoinSmartNo$2 to $3N/A
BitbuyNo$0 to $15N/A
GeminiNo$1.49 to $4.99N/A
Bit2MeYes$9.5N/A

What Is the Difference Between Buying Ripple and CFDs?

Cryptocurrency brokers issue CFDs (Contract For Differences), which are derivative products. This means you will not own the underlying asset while speculating its future value. Also, with Ripple CFDs, you cannot transfer them from the broker and spend them. Below you can learn about some advantages and negatives of investing in CFDs.

Pros

Contract For Differences are issued by regulated brokers.
Most brokers have no commission and deposit fees.
CFDs have easy buying processes for beginners.
Great for those who are less tech-savvy as you don’t need to set up a crypto wallet for storing XRP.

Cons

Cannot utilize the coin as you are buying a derivative product.
CFD brokers (apart from eToro) do not let you withdraw to a private crypto wallet.
No option to receive airdrops.
Cannot lend XRP to earn passive income.

Best Ways to Buy Ripple in Canada

Here are the top crypto platforms for buying Ripple using different payment methods and what they’re best for.

Buy Ripple Instantly With Online Banking in Canada- The Fastest Way

NDAX is one of the best platforms that accept online banking as a deposit method with a fast transfer. Also, the exchange will remember your information, making future deposits convenient.

Buy Ripple With PayPal in Canada- The Safest Way

We couldn't find exchanges and brokers accepting PayPal as the deposit method in Canada to buy cryptocurrencies like Ripple (XRP).

Buy Ripple Using a Debit Card in Canada - The Cheapest Way

Use your debit card to deposit funds on Coinbase and navigate to the spot trading tab to purchase Ripple. You can also use Bit2Me to buy Ripple using a debit card.

Buy Ripple Using a Credit Card in Canada

Investors can top up their accounts on Bit2Me via credit card. This platform is brilliant for its educational resources, multiple Ripple trading pairs, and low fees.

Best Platforms to Buy Ripple in Other Countries

The best providers vary between nations due to licenses, laws, and crypto regulations. Below you can analyze the top cryptocurrency platforms in each country for buying Ripple.

Country to Buy XRP inBest ProviderProvider TypeFee
UKCoinbaseExchange$0 to $6
BangladesheToroBroker$10
AustraliaKuCoinExchange$0.05 to $1
HawaiiCEX.ioExchange$0 to $2.5
IndiaWazirXExchange$2
JapanBitFlyerExchange$0.1 to $1.5
NepalKrakenExchange$0 to $0.5
New ZealandBinanceExchange$0.2 to $1
PakistanCoinbaseExchange$0 to $6
PhilippinesBinanceExchange$0.2 to $1
SingaporeCrypto.comExchange$0 to $0.75
South AfricaeToroExchange$10
UAEBinanceExchange$0.2 to $1

What Are the Fees When Buying Ripple in Canada?

This table discloses the fees you’ll pay for buying 1000 CAD worth of Ripple and holding 30-days.

PlatformNDAXNetcoinsCoinsquare
Deposit fees$0$0$0
Purchase fees$2$5$0.5 to $5
Holding fees$0$0$0
Selling Fees$2$5$0.5 to $5
Payout fees3 XRP$0$0
Total fees$4$10$1 to $10

Cheapest Way to Buy XRP in Canada

Binance, KuCoin, and Kraken Pro have adopted a tier system for calculating fees. Based on your trading volume amount, you can potentially enter a different bracket with better fee rates. The listed options below observe a huge trading volume for XRP and offers the cheapest trading fee structure.

ProviderFee (CAD 1000)
🥇 Coinsquare$0.5 to $5
🥈 KuCoin$0.05 to $1
🥉 Kraken$0 to $0.5

Fastest Way to Buy XRP in Canada

These crypto platforms were selected for their quick sign-up processes and instant deposit methods. Also, they all offer excellent trading tools and order types for buying XRP.

ProviderFee (CAD 1000)
🥇 Netcoins$2
🥈 Crypto.com$0 to $0.75
🥉 Kraken$0 to $0.5

How to Buy Ripple Anonymously in Canada?

The following section covers how to buy Ripple without revealing your identity.

How to Buy Ripple Without Registration or KYC in Canada?

You can avoid the registration and KYC process if you use a decentralized exchange. These applications require connecting to a crypto wallet, allowing you to remain anonymous.

How to Buy Ripple Without Verification in Canada?

Most cryptocurrency exchanges (centralized) require the users to complete the KYC verification to start trading cryptocurrencies like Ripple, depositing fiat currency, and executing withdrawals. However, some exchanges like Kucoin allow P2P crypto trading without KYC verification. Alternatively, you can use a Ripple DEX.

Can You Buy Ripple Offline in Canada?

Ripple cannot be bought offline as you need an internet connection to use brokers, exchanges, and P2P platforms.

Should You Buy or Sell Ripple?

Ripple might be a risky investment as it’s in the final stages of a lawsuit with the SEC. Nevertheless, the coin is being utilized by hundreds of financial institutions, including UBS, Bank of America, and Santander Group, giving it value and utility. Here are some pros and cons if you want to learn more about the coin:

Pros

Transactions are fast and cheap.
Ripple’s payment network is already being utilized by financial institutions.
Ripple can be used by individuals and business owners for secure transfers.
Ripple has been one of the top-performing cryptocurrencies.
Supported on most crypto wallet apps.

Cons

Ripple has gained negative attention due to the SEC lawsuit.
Centralized.
XRP’s value is volatile and heavily depends on how the overall market is doing.
Disliked by the community for being centralized.

Do You Need to Pay Tax on Ripple in Canada?

According to CRA (Canada Revenue Agency), earnings from cryptocurrency are treated as a taxable event in Canada. Any type of gains you make from commercial events involving crypto is taxed as a business income or capital gain, based on the circumstances.

The taxable event is triggered when you make gains or generate returns while gifting crypto, selling crypto, exchanging/trading crypto, conversion of crypto into CAD, crypto mining pursued commercially, and other events as listed by CRA on its official website.

You do not need to pay taxes for holding cryptocurrency in Canada. No need to pay the tax, even if you are just moving your crypto from one wallet address to another wallet address. Other non-taxable events include using CAD to buy cryptocurrencies and creating a DAO.

Ripple Price Prediction: What Is the Future of XRP?

No matter what experts say, predicting Ripple’s future value is near impossible due to the ongoing legal battle with the SEC. This part of the guide will analyze what can impact XRP’s value.

What Impacts Ripple Price?

The five main factors impacting Ripple’s value are

  • Adoption: Ripple is doing a great job of getting more banks on board with their payment system. Currently, they have over 100 financial institutions and are increasing that number every quarter.

  • Market status: Ripple’s value closely follows how the overall market performs. For example, during bull runs, when all altcoins are rising, Ripple will spike in value. However, during bear markets, XRP will bottom out.

  • News: Bad news like SEC suing Ripple negatively affected its price as investors pulled out funds. Similar news can have the same impact.

  • Laws: Countries implying stricter laws can make cryptocurrencies less accessible, resulting in fewer people investing. Also, unfriendly-crypto laws can make it harder for Ripple to become more adopted by institutions.

  • Demand: As demand increases and fewer people sell, Ripple’s value grows. This is because investors are willing to pay more for each coin.

Historical Ripple Course: Major Milestones in the History of Ripple

Below, you can learn about a few major milestones Ripple went through since it was launched.

Current Price Prediction News

If you find price prediction content interesting, here are some news sources you may enjoy reading:

Other Ways to Make Money With Ripple in 2023

Now, you’ll learn about alternative ways you can make money with XRP.

Stake Ripple Using DeFi or CeFi

Ripple cannot be staked because it uses a consensus protocol other than the POS (Proof-Of-Stake) system. Nevertheless, Binance has a flexible saving product for Ripple with approximately 0.45% APR. Therefore, you can still earn passive income, regardless if the coin does not support staking.

Buy Ripple Using ETPs (ETFs & ETNs) in Canada

3iQ is one of the first regulated fund managers in Canada offering Bitcoin and Ether ETF, but it doesn’t currently offer XRP ETF. Other organizations like Purpose Investments, Evolve ETFs, and CI Global Asset Management also offers Bitcoin and Ether ETFs only.

Buy and Sell NFTs Using XRP in Canada

NFTs (non-fungible tokens) are unique digital data stored in the blockchain that allows people to represent ownership over assets like tickets and art. Ripple has committed $250 million to the Creator’s Fund to bring artists’ NFTs to the XRP Ledger. However, currently, there is no marketplace for trading NFTs with XRP.

Buy Stocks and Shares in Companies Owning Ripple

Bank of America (BAC) is one of the largest entities having an investment in Ripple. You can buy the BAC stock from a stock brokerage in Canada.

Ripple Mining

Ripple cannot be mined because it doesn’t use a POW (Proof-Of-Work) system.

Use Ripple Faucets

Some cryptocurrency exchanges offer faucets to clients, which are rewards for participating in courses and quizzes. Coinbase is the ideal option for this activity since they offer many promotions. Also, you can track specific courses, and Coinbase will email you when it’s available to complete for rewards.

What Cryptocurrencies Are Similar to Ripple?

Underneath, you’ll find similar payment cryptocurrencies that you may want to research.

CoinSymbolLearn how to buy
StellarXLMBuy Stellar
TetherUSDTBuy Tether
Bitcoin CashBCHBuy Bitcoin Cash
EthereumETHBuy Ethereum
MoneroXMRBuy Monero

Is It Still Worth Investing in Ripple or Not?

Ripple is not worth investing in right now, mainly because of the SEC lawsuit. This event has caused XRP to experience multiple price drops and negative news coverage. Moreover, Ripple is a centralized cryptocurrency, defeating the purpose of creating a decentralized economy. Note: Not a Financial Advice (NFA).

FAQs

What Is the Best Provider to Buy Ripple Canada?
What Is the Cheapest Provider to Buy Ripple in Canada?
Is It Worth Investing in Ripple Right Now?
Is There a Limit to How Many XRP I Can Buy in Canada?
Can You Buy Ripple on the Blockchain?
What Can You Buy With Ripple in Canada?

David Hany