Cryptocurrency

How to buy Ripple in Canada

  • 17.04.2018
  • 8

Despite Ripple’s controversial reputation among crypto-enthusiasts, it’s hard to deny that this coin is quite successful and its rate shows good growth. The support of large banks makes up for itself.

At the same time, despite all the support of financial “sharks”, purchasing Ripple for Canadians is much more difficult than purchasing bitcoin or ether. So it’s worth it to talk in detail about this process.

Warning

Because of the cryptocurrencies high volatility, we do not recommend to invest in digital money more than you can not afford to lose. Moreover, it is not recommended to “keep all the eggs in one basket” and to invest only in one coin.

How to buy Ripple in Canada for CAD

Unfortunately, you can not count on buying Ripple in Canadian crypto ATM terminals and also in popular bitcoin ATM Toronto – less than a percent of them work with Ripple. Good luck searching.

In fact, a direct CAD/XRP transaction is almost impossible. Direct trading in a pair of CAD/XRP is only on Kraken (among trustworthy exchanges at least). And in most cases, even on exchanges that accept the Canadian national currency, there is no CAD/XRP pair.

In this regard, the purchase of Ripple occurs usually as follows: for Canadian dollars you need to buy a cryptocurrency (the easiest way is to buy bitcoin or ether), then exchange them for Ripple on the exchange.

Which exchanges are best to use?

Option 1. Direct XRP purchase for CAD

Register on the Kraken.com exchange, verify your identity (unfortunately, the bureaucratic hassle is especially severe for Canadians) – and can safely buy Ripple. The only drawback of this method is a complex and long verification procedure, so you can not even dream about buying crypto quickly.

Option 2. Purchasing XRP via Bitcoin

It is easier to buy cryptocurrency in Canada than in most countries of the world – both ATMs and exchanges are easily available. For example, the popular site Coinsquare.

After that you need to replenish exchange wallet with bitcoins (if you bought it via ATM or exchanger) and exchange BTC for XRP.

Ripple coins can then be withdrawn to your personal wallet or other exchange, if necessary.

Option 3. Purchasing Ripple through Ethereum

You can not buy Ripple in Canada for CAD on the famous QuadrigaCX.com platform, but you can buy Ether for CAD. And the exchange rate on the platform is quite favorable and generally corresponds to the average market rate.

After that, ETH can be transferred to any convenient exchange (Kraken, Binance, etc.) and exchanged for Ripple.

Alternative ways of purchase

As in the case with other cryptocurrencies, you can get Ripple through a peer-to-peer trade.

For example, you can use the LocalBitcoins.com service and find a Ripple seller with the terms that suit you.

You can also try to find a seller on thematic forums, but in the case of Ripple it’s much more difficult than with other big cryptos. Apparently, “Ripple-enthusiasts” do not like the peer-to-peer concept too much.

Well, there is also the option to move to Europe, where in many countries buying Ripple is much easier and straightforward, but changing the country for Ripple is a bit too much.

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