XRP is one of the most popular cryptocurrencies in the world, with a large market cap. The growth of the coin has been plagued over the years due to Ripple’s never-ending regulatory issues with the SEC, but it is still widely used among individuals and merchants because of its low fees and fast transaction. XRP has been positively welcomed as an innovative way to hasten crypto adoption and execute global financial transactions.
Buying XRP in Canada can be challenging for first-time crypto buyers. You need to find platforms that recognize Canadian Dollars (CAD), create an account, deposit your CAD, and exchange the funds for XRP. However, the issue is finding the platform to purchase XRP in Canada. It used to be convenient until the regulatory battle with the U.S. SEC, which began in 2020. Since then, several crypto exchanges in Canada have delisted the coin until the legal issues are resolved. The Ontario Securities Commission is clamping down on any platform offering unregistered securities to Canadians. The good news is some crypto exchanges are still offering XRP to their customers in Canada. Stick around to see these exchanges.
Getting Started with XRP
XRP is a cryptocurrency developed by Ripple Labs in 2012. It is among the top 10 cryptocurrencies based on market capitalization. Although XRP was for cross-border payments and remittances, merchants are adopting it for goods and services purchases, and individuals use it as an investment to bring in potential returns.
Unlike many others floating the market, XRP wasn’t created to be decentralized like Bitcoin. It operates on RippleNet, a blockchain-based payment system managed by Ripple Labs. RippleNet is an open-source decentralized payment network that provides the infrastructure to support borderless transactions. This cryptocurrency was developed to aid people to move money around the world at a fast, low-cost fee. XRP serves as a bridge currency that enables users to transfer value between various countries, eliminating the need for intermediaries. This has made it attractive for financial institutions looking to ease payment across borders. XRP’s growth hangs in the balance, but Ripple’s legal counsel believes the long-standing case will be resolved this year.
Top 3 Crypto Exchanges to Buy XRP
1. Uphold Crypto
Uphold is a FinCEN-regulated crypto platform that offers securities. That’s why it’s permitted to offer XRP, even though the legal issue remains unresolved. It also complies with the regulatory laws of the Office of Foreign Assets Control (OFAC) and the Bank Secrecy Act (BSA). Founded in 2015, Uphold is more than a crypto platform. It is a multi-asset platform that allows Canadian users to trade over 60 digital currencies, 50 U.S. stocks, and precious metals. You can also access educational resources on the site if you need to get more acquainted with crypto trading.
With this platform, you can purchase digital coins and swap them for a U.S. stock or metal quickly with the “anything to anything” feature. If you sign up, you’ll access a free debit card for purchases, several crypto-assets, stocks, and trading features. You can set up to 50 limit orders at once without investing capital for each one. The spread on crypto, equities, and precious metals differ, but not more than 3%.
Uphold is an excellent place to keep your assets and initiate crypto transfers at a low fee. Canadian users can only buy XRP via credit or debit card, as bank deposits are unavailable. Uphold Crypto recognizes 27 fiat currencies, including the Canadian Dollar. You can get started on Uphold here.
Pros
- Regulated and safe for use
- Offers various cryptocurrencies
- Allows the trading of stocks and metals
- Enables swapping of crypto for equities or metals
- Allows up to 50 limit orders
- Debit card purchases are free
Cons
- High spreads for precious metals
- Bank deposits are unavailable
- Credit card purchases attract a 3.99%
- No search filters for stocks
2. Binance
Binance is the largest crypto exchange based on transaction volume. Created in 2017 by CEO Changpeng Zhao, also known as CZ, the exchange supports arguably the highest number of digital currencies for trading, with more than 500 digital currencies available on the platform. Binance also offers many trading features, such as spot, margin, and futures trading, and trading tools like order books and trading charts to help users make the best market decision.
The exchange offers the lowest trading fees in the industry set at 0.1% for every transaction on the platform. It also boasts a robust security infrastructure that safeguards users’ funds. Users can access the exchange via the website or mobile app. Besides being an exchange, Binance also offers a crypto wallet for secure digital assets storage and Binance Smart Chain for the development of decentralized applications. You can get started on Binance here.
Pros
- Wide selection of digital currencies
- Low trading fees
- Advanced security measures
- Several trading options and tools
Cons
- Limited payment options, as it only accepts crypto payments
3. Crypto.com
Crypto.com was founded in November 2019 by a Hong Kong-based company of the same name. Crypto.com is one of the world’s most popular exchanges, created to provide a safe and secure place to trade cryptocurrencies. The exchange is lawfully operating in several jurisdictions, including the United States. It rose to prominence after signing a $700M deal to purchase the naming rights of two famous basketball teams Los Angeles Clippers and Los Angeles Lakers and inking a $100M sponsorship contract with Formula 1 to become their crypto sponsor.
Before the exchange emerged, Crypto.com was a major player in the decentralized world, with products like crypto wallets and debit cards for users to spend their coins at various merchants worldwide launched. The establishment of the Crypto.com exchange marked a significant milestone, as users would be able to trade crypto-assets directly on the website.
Their trading fees aren’t the most affordable, but you can purchase hundreds of digital currencies, including XRP, and have access to staking and lending, cashback on Visa cards, etc. Canadians can buy XRP via wire transfer and credit/debit card transfer. If you own CRO, the native cryptocurrency of the exchange, you will be entitled to discounted trading fees and higher interest rates on staking. You can earn up to 14% APY when you lock your CRO tokens for a period. You can get started on Crypto.com here.
Pros
- Support over 100 cryptocurrencies
- User-friendly interface for easy navigation
- High liquidity
- com offers competitive fees
- Various security features
Cons
- Limited payment options compared to other exchanges
- Only offers spot trading
- High withdrawal fees for some crypto
Benefits of Owning XRP
XRP emerged to ease cross-border payments at a significantly lower fee, but is this the only benefit of transacting in this digital coin? Below are other benefits of owning this cryptocurrency;
- Fast Transaction: XRP is designed to settle transactions in seconds, making it an ideal method to transfer money across borders. Adding that XRP transactions are lower than traditional banking makes it more suitable for cross-border payments.
- Wide Adoption: Many institutions, including financial institutions and payment service providers like American Express and MoneyGram, have adopted XRP. This will lead to a widespread increase in the future, as demand for XRP will skyrocket. When this happens, the value potentially increases.
- Low Volatility and Diversification: Investing in XRP will expose you to the crypto market. Crypto is not as volatile as BTC, making it a good point of entry into the crypto market for beginners. Investing in this coin can also help you diversify your portfolio and minimize the risks of losses. As with any investment, you must carefully consider the potential rewards before investing.
- Deflationary: XRP is a deflationary token, meaning the supply decreases over time as the number of transactions increases. The number of transactions that occur in the network also affects XRP’s value. Through a burn mechanism, the total supply of XRP is reduced to create scarcity, which increases the value of XRP. The more XRP is burned, the lower the supply, and the higher the value of XRP. XRP can be a quality investment because there’s a potential price increase.
Final Thoughts
Buying XRP in Canada through the above exchanges is straightforward. You have to create an account and fill in the identification form. Once you have verified your email and account, you can buy and trade XRP and other cryptocurrencies.
