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XRP (XRP) is a digital currency that was created by Ripple Labs Inc. in 2012. It is both a cryptocurrency and a technology protocol designed to enable fast and low-cost international money transfers.
Ripple, the company behind XRP, aims to facilitate seamless cross-border transactions by providing financial institutions with a decentralized platform for instant and secure settlements.
XRP operates on a distributed ledger technology called the XRP Ledger, which is an open-source blockchain. Unlike other cryptocurrencies like Bitcoin and Ethereum, XRP does not rely on proof-of-work mining.
Instead, a predetermined supply of XRP tokens was created at its inception, with no new XRP being mined or created over time.
The primary use case for XRP is to serve as a bridge currency for facilitating cross-border transactions. It can be used to represent value and enable the transfer of funds between different fiat currencies or cryptocurrencies quickly and efficiently.
Ripple’s payment protocol, called RippleNet, utilizes XRP as a liquidity tool to facilitate on-demand liquidity for financial institutions.
It’s important to note that while Ripple, the company, is closely associated with XRP, the cryptocurrency itself is separate from the company.
XRP can be bought, sold, and traded on various cryptocurrency exchanges, and its value fluctuates based on market demand and other factors.
5 Best Ways to buy/sell XRP in Canada:
1. Newton – Low fees and easy-to-use crypto exchange.
Read: Newton Review
Newton Fees
- Deposits and withdrawals: $0
- Spread: ~0.75% to 1.5%
- Crypto withdrawal: Free up to $5 of network fees
Funding & Withdrawal Options
- Interac E-Transfer
- Wire Transfer
- Bank Transfer
- Connect your bank account with Plaid
Cryptocurrencies: 70+
Newton Pros
- Low spread fee on trades.
- Easy to use and nice design.
- Lots of altcoins to trade and more are always being added.
- Multi-network support
Newton Cons
- Verifying an account when signing up can take time.
- Can have difficulty at peak times.
- Customer service can be overwhelmed and take time to respond or you need to post on the Newton subreddit to get help.
2. Netcoins
Netcoins Fees
- Deposits and withdrawals: $0
- Spread: 0.5%
- Crypto withdrawal: 0.00025 BTC ($15)
Funding & Withdrawal Options
- Interac E-Transfer
- Wire Transfer
- Online Bill Payment
Cryptocurrencies: 30+
Netcoins Pros
- Easy to use
- Transparent fees
- US dollar deposits and withdrawals from a Canadian bank account
- Netcoins Pay – Get 1% back in Bitcoin (Visa Prepaid Card)
Nestcoins Cons
- Average withdrawal fee on crypto
- Average spread fee on trades
3. NDAX
Read: NDAX Review
NDAX Fees
- Deposits and withdrawals: $0
- Spread: 0.2%
- Crypto withdrawal: 0.000399 BTC (~$13)
Funding & Withdrawal Options
- Interac E-Transfer – Funding only
- Bank Draft
Cryptocurrencies: 30+
NDAX Pros
- Dark mode
- Full exchange for traders
- Low spread fee
- Option to send coins on the Ethereum (ERC20) or the Binance Smart Chain (BEP20) networks
- Staking – Earn staking rewards from your crypto
NDAX Cons
- You can only make deposits with Interac E-transfer. Can’t withdraw $ CAD funds with Interac E-transfer.
- Crypto withdrawal fee is high
4. Coinberry
UPDATE: On July 31, 2023 Coinberry users will be upgraded to Bitbuy.
Coinberry Fees
- Deposits and withdrawals: $0
- Spread: 0% to 2.5% (Depends on asset)
- Crypto withdrawal: Dynamic
Funding & Withdrawal Options
- Interac e-Transfer
- Wire Transfer
Cryptocurrencies: 35+
Coinberry Pros
- Coinberry pay
Coinberry Cons
- Only accepts Bitcoin and Ethereum for crypto funding/deposits
- Limited options for withdrawing crypto
- High fees
5. Wealthsimple – Trade stock and crypto in one exchange.
Wealthsimple Fees
- Spread: ~1.5 to 2%
Funding & Withdrawal Options
- Link bank account
Cryptocurrencies: 49+
Wealthsimple Pros
- Super easy to use
- UI design
- Staking
Wealthsimple Cons
- High fees
- No limit orders
- Takes 3-5 days to transfer and settle funds
How to Buy XRP in Canada
- Set up and verify an account at a Canadian crypto exchange.
- Send funds to exchange. Interac e-Transfer is the easiest, fastest way.
- Trade CAD for SHIB.
- Send SHIB to your wallet.
XRP Wallets
- Exodus
- Trust Wallet
- Atomic Wallet
- Ledger (Hardware Wallet)
HowToBuyBitcoin101.com is basic how-to crypto guides, reviews, and information for beginners to get started with cryptocurrency in Canada. NOT investment advice. Investing in cryptocurrency is risky. Do your own research.
Seen in: Finbold, CoinMarketCap, and TheBitTimes.com