How to Buy Ripple (XRP) in Canada

One of the more popular altcoins on the market not named Bitcoin is Ripple. This well-known altcoin can almost always be found in the five of all cryptocurrencies. That means its fairly easy to buy Ripple in Canada. Sometimes though, the challenge is knowing where to go. That’s why we made a primer for you. We’ll guide you through where to go to buy Ripple in Canada.

The first thing you need to find is an exchange that offers Ripple for purchase. If you don’t know what a crypto exchange is, it’s a platform on which you can buy, sell, and trade digital coins. Keep in mind, however, that many exchanges request that you register on the site prior to buying any cryptocurrencies. Some might even want documentation so they can validate your identity.

Coinmama is the exchange we prefer when it comes to buying Ripple in Canada. This excellent exchange will provide its users with a way to gain exposure to cryptocurrencies, even if they don’t have much experience. Coinmama is easy to use and makes the process of buying Ripple quick and simple no matter what your knowledge level about cryptocurrencies.

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
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How to Buy Ripple in Canada

Ripple XRP graphic

Using a Standard Exchange

When you use a standard exchange, you get cryptocurrency in exchange for your fiat currency. Some people prefer this route because it feels like they’re getting something in exchange for their money. If you want to buy cryptocurrency and keep it in a digital wallet, then using a standard exchange is the way to go.

Coinmama is our favorite standard exchange. This platform lets you buy as much Ripple in Canada as you can hold. The site does have a minimum purchase about, but using Coinmama makes buying Ripple quick and hassle-free.


Buy Ripple in Canada Using Coinmama

How to buy Ripple XRP in Canada with Coinmama

When you’re ready to buy Ripple in Canada, we highly recommend using Coinmama. Something to keep in mind before you get started is that Coinmama does not currently offer a mobile application. That means you don’t have a way to buy Ripple while you’re on the go. However, you can always access the web platform from your PC.

On Coinmama’s home page, there is a menu in the right corner at the top of the page. Click on the blue button labeled “Sign Up” to start the registration process.

How to sign up to Coinmama exchange

The next page has a form which you’ll need to fill out. Provide Coinmama with your country of residence, first name, last name, your email address, and a password. When you have all the information filled in, click on “Create Account.” You’ll receive an email from Coinmama asking you to verify your email address.

How to create Coinmama account

Click on the verification link in your email to head back to Coinmama. Now the platform asks for some personal information to validate your identity. Providing this type of information creates an additional security layer on the platform. As a result, Coinmama knows who is on the platform if an attack happens.

Most standard exchanges ask for this kind of info, so don’t think something fishy is going on when Coinmama makes this request.

Create coinmama account

When you’re ready to send over your documentation, Coinmama will accept your passport, driver’s license, or another form of government ID. You’ll get approval to use the platform after Coinmama receives all the necessary paperwork. Coinmama is typically quick when it comes to providing users approval, so don’t expect to wait more than a couple of hours.

After you get confirmation from Coinmama, you can start buying Ripple.

Buying Ripple Through Coinmama

When you start to buy Ripple through Coinmama, something to remember is that the site does not keep your payment information on file. Some users don’t like this since it means they have to enter their info every time they want to buy Ripple in Canada. Others like it since it gives them a sense of privacy and protects them in the event of a hack.

We’ve covered all the prerequisites, so now it’s time to buy some Ripple. When you’re ready, click on the “Buy” link, which you’ll find in the upper right corner of the site. This will take you to a page that has a list of cryptocurrencies Coinmama offers. Choose “XRP” since you want to buy Ripple. You can also set your rates preference to either EUR or USD on this page.

Now you can tell Coinmama the amount of Ripple you want to purchase, then click on “Buy XRP.” This will result in Coinmama asking you for your Ripple wallet address. The platform does not provide a local wallet, so you’ll need to find one for yourself. Find one you’re comfortable with, then copy the receiving address and paste it into the Coinmama site.

Type in your payment information, click on “Buy XRP” again, and you’re all set!

How to buy Ripple XRP in Canada with Coinmama

Coinmama will validate your payment information, then send your Ripple to your digital wallet. That’s all there is to it. You can now buy Ripple in Canada anytime you want through the Coinmama exchange.


More about Ripple

Many people don’t know that Ripple is both the name of the cryptocurrency as well as its payment system. That’s because Ripple aims to offer an easy way to perform payment transactions using is decentralized network. The platform itself focuses on using Ripple’s network for payments.

Leadership Team

Ripple is a global company which has offices all over the world. You’ll find these offices places like London, New York, Luxembourg, San Francisco, India, and Singapore. The Ripple leadership team has experience in the markets you would expect for a blockchain company. This includes areas such as finance, technology, and compliance.

Some of the more prominent members of Ripple’s team are Brad Garlinghouse, CEO, Antoinette O’Groman, CCO, Stefan Thomas, CTO, John Mitchell, SVP of Global Sales, David Schartz, Chief Cryptographer, Patrick Griffin, SVP of Business Development, Cameron Kinloch, VP of Finance, and Marcus Treacher, Global Head of Strategic Accounts.

Who Should Use Ripple?

To the surprise of many, Ripple does not consider itself to be a direct rival of Bitcoin. Instead, it views itself as a way for those new to cryptocurrency to learn more while gaining valuable experience. Ripple is an excellent method through which those interested in crypto can discover the ins and outs of how the community works. This digital currency believes that it is the perfect option for a new portfolio.

How Does Ripple Work?

The main purpose of Ripple is to give its users a means to move currency through any type of decentralized network. For instance, users can use the ripple system to send and receive Bitcoin, Litecoin, USD, and EUR. This coin wants to be the primary source through which all currencies are moved or exchanged.

If needed, Ripple can handle individuals transactions or large batches for financial institutions. Ripple is a reliable way for both companies and individuals to send and receive money no matter where they are in the world. These transactions can be performed at any time and the fees users incur are only a fraction of what they’ll see with banks and credit card companies.

Not only do Ripple users see lower fees, but they also get faster transfers and transactions. Ripple’s average time to complete a transaction comes in just under four seconds. That means you’re able to send or receive money faster than ever.


Pros and Cons of Ripple XRP

Ripple CRP logo

Pros
  • Provides a stagnating industry an elegant and sophisticated solution
  • Growth and adoption rates continue to climb
  • Transaction confirmations are quick
  • Moving banks away from large financial behemoths and toward blockchain networks
  • Constantly in the top 5 of all cryptos for market capitalization
Cons
  • Focusing on banks early on in the project caused some in the crypto world to move to option projects
  • Ripple is not 100% decentralized since there are only a few nodes on the blockchain
  • Susceptible to the sudden increases and decreases associated with cryptocurrency
  • Needs validation from financial companies, which crypto seeks to move away from
  • The project owns a large amount of its own crypto which means the public does not have majority ownership

Is Ripple a Good Investment?

No one knows how well Ripple will perform in the coming months and years, which means we can’t tell you whether or not it’s a smart investment. However, there are some things you can think about as you decide on buying Ripple:

  • Since it is consistently in the top 5 of market capitalization for digital coins, Ripple is not as big of a risk as other cryptocurrencies
  • RippleNet is in use by people from all around the globe
  • The project is starting to feel pressure from other coins in the finance sector such as Stellar
  • Available on most cryptocurrency platforms to buy, sell, and trade
  • Ripple has strong ties to many financial institutions and payment providers

Always keep in mind that Ripple is a cryptocurrency, so be sure to treat it as one. It is a volatile asset and can experience sudden highs and lows with little or no warning. Therefore, only invest the amount you’re willing to lose. If you want to know more about how Ripple has done in the past or do your own research, visit Trading View or CoinMarketCap.

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
  • 🎧 Support: Email Form & Facebook

Did you know you can also buy other major cryptocurrencies in Canada like Bitcoin or Ethereum?

Further Reading At TotalCrypto.io
1) Keep Your Finger On The Pulse Of The Cryptoverse With A Crypto News App. We Explore The Top Crypto News App Options Out There.

2) Finding The Next Big Crypto is Challenging. However, We Share Our Top Tips To Finding The Next Big Coin.

3) Unfortunately, There Are Plenty Of Scams In Crypto. Read Our Bitconnect Editorial & Learn What To Look Out For.

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DISCLAIMER: Be aware that the activity of cryptoassets mentioned in this article is unregulated. This article must not be construed as investment advice. Always do your own research.

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