How to Buy XRP In Canada
In recent years, Canadian cryptocurrency exchanges have increased their crypto offerings exponentially. One such popular coin is XRP, from Ripple Labs. But XRP isn’t available everywhere. In this article, I’ll explain what XRP and Ripple are all about, and I’ll let you know where you can buy XRP in Canada.
What Is XRP (Ripple)?
XRP has become synonymous with Ripple, but the two are not the same. XRP is a cryptocurrency – Ripple is an international money transfer network, owned by Ripple Labs, the company that created XRP.
XRP was originally developed as a way for financial institutions to transfer money almost instantly on the XRP Ledger, an open-source blockchain technology featuring record-setting transaction times without the use of an intermediary.
How to Buy XRP
There are several ways you can buy and sell XRP in Canada. Perhaps the easiest and most popular way is to open an account with a Canadian cryptocurrency exchange. If you prefer, you can also trade XRP in any number of foreign exchanges, such as Binance. A third option is to purchase XRP from any number of Biotcoin ATMs available across Canada. Let’s take a closer look at some of the Canadian crypto exchanges that accept XRP.
Canadian Cryptocurrency Exchanges
Several top Canadian crypto exchanges have delisted XRP, while others continue to accept the currency. Here are some of the Canadian exchanges where you can buy or sell XRP.
Netcoins is a popular Canadian cryptocurrency exchange. You can trade dozens of popular coins, including XRP. They offer trading via desktop and mobile app. With Netcoins, there are no funding fees and withdrawals are also free via e-Transfer.
- Trade XRP
- Low purchase minimum ($10)
- No deposit fees
- Free withdrawals via e-Transfer
- Limit orders available
- Price alerts available via SMS and email
- Live chat support available during business hours
National Digital Asset Exchange (NDAX) is a Calgary-based cryptocurrency exchange. They are known for their low fees: there are no fees for deposits and trades are only 0.20%. On the downside, NDAX has a flat withdrawal fee of $25, which is steep when compared to the competition. They have a referral program that pays you in free crypto when you refer friends or family to NDAX. Learn more about NDAX in our full review.
- No fee for deposits
- 0.20% trading fee
- 30+ coins supported, including XRP
- NDAX referral program pays you in free crypto
- A flat withdrawal fee of $25
Foreign Crypto Exchanges that Accept XRP
If you prefer to trade crypto through a foreign-based cryptocurrency exchange, here are two you may want to consider.
Binance is the world’s largest cryptocurrency exchange, with more than 350 coins supported. XRP is included in the list of available currencies you can trade with Binance. Unfortunately, Binance has some limitations for Canadian traders, including one big one; they don’t accept Canadian fiat currency for deposits.
Not only that, but they aren’t available to residents of Ontario. The Ontario Securities Commission (OSC) has not authorized Binance to trade in that province, and has previously accused the company of misleading investors to believe that it was authorized to operate in Ontario.
With that in mind, if you are able to operate a Binance account, here’s what you can expect from the popular crypto exchange.
- World’s largest crypto exchange
- 350+ cryptocurrencies supported
- No fees for crypto deposits
- Low trading fees
- Trust Wallet for dedicated storage
- Margin trading available
Crypto.com is a Singapore-based cryptocurrency exchange founded in 2016. Their service offering includes discounts on trades for high-balance customers and up to 8% cash back on a Crypto.com Visa debit card. You can trade XRP through your Crypto.com account.
- Buy and sell XRP
- Supports more than 250 cryptocurrencies
- Crypto.com Visa Card
- Free ATM withdrawals
- Up to 8% cash back
There are hundreds of Bitcoin ATMs located across Canada, and dozens that support XRP. After a quick internet search, I was able to find machines in every province west of Quebec.
Can I Buy XRP In an ETF?
Two top cryptocurrencies, Bitcoin and Ethereum, are now available for purchase in ETF form. In fact, I’ve shared my list of the top Bitcoin ETFs and top Ethereum ETFs here on the blog. Unfortunately, there’s no such thing as an ETF for XRP.
XRP and Bitbuy
You may be wondering why Bitbuy wasn’t on our list of cryptocurrency exchanges that sell XRP. After all, Bitbuy is our top-rated crypto exchange here at MapleMoney. Well, it’s because Bitbuy was delisted by Bitbuy effective January 13th, 2022.
On that date, Bitbuy users lost the ability to trade XRP and make new deposits into their accounts. Bitbuy posted the following explanation on their website:
“Section 20 of our Ontario Securities Commission exemptive relief decision states that we are required to apply policies and procedures to determine whether a crypto asset is a security or a derivative.
These policies must consider the opinion of international regulators, including the regulator with the most significant connection to a crypto asset. We will continue to monitor the status of XRP and should things change we will act accordingly.
Bitbuy is committed to transparency, compliance, and a fair trading experience and we thank you for your understanding in this matter.”
Other Canadian crypto exchanges have joined Bitbuy in delisting XRP. The list includes Newton, Coinberry, and Coinsmart. The moves are tied to ongoing legal action in the United States by the Securities and Exchange Commission (SEC) against Ripple Labs and two of its executives, Christian Larsen and Bradley Garlinghouse.
The allegation is that Ripple raised funds over several years through the sale of XRP in an unregistered securities offering, among other offences. It’s clear that many crypto exchanges would rather sit on the sidelines with Ripple and XRP until the results of the legal action are clarified.
Final Thoughts on Buying XRP
XRPs low price relative to Bitcoin and Ethereum makes it an attractive proposition for crypto fans. But there are risks involved. I would be concerned with the amount of control Ripple Labs has exerted over XRPs supply, and the ongoing legal action being brought against the company.
If that doesn’t scare you off, and you’re interested in trading XRP, I recommend using a Canadian exchange that accepts Canadian dollar deposits. Binance is not an option for anyone living in Ontario, and you can’t fund your account with Canadian fiat currency.