How to Buy XRP in Canada

Try our simple calculator to get real-time pricing for XRP.

XRP

$0.00

CAD

How to Buy XRP

If you want to know how to buy XRP in Canada, or any other type of cryptocurrency, the process is simple, with Bitvo! We are a reliable and swift option to consider. Bitvo enables users to buy, sell, and trade cryptocurrencies securely and efficiently. To get started, sign up for an account on the Bitvo website and complete the identity verification process. Once you’ve set up your account, you can easily deposit Canadian dollars through bank wire or electronic fund transfer (EFT).

From there, you can purchase XRP and other cryptocurrencies through Bitvo’s user-friendly platform. With 24/7 support, competitive pricing, and an easy-to-use interface, Bitvo can be a great option for those just starting out with cryptocurrency investments in Canada.

Start an account using all of your information

Add funds

You can add funds in several ways, including Interac e-transfer

Start trading

Once the funds are confirmed, open your trading screen and get started!

What to know before buying XRP in Canada

What is XRP?

XRP is an open-source, decentralized blockchain-based payment system. It was founded by Schwartz, Britto and McCaleb in 2012. Jeb McCaleb left XRP to found Stellar Lumens (XLM). XRP is the native token on the XRP blockchain.

The founders of XRP went on to create another project which became known as Ripple. Ripple holds 60 billion XRP, granted to it when XRP was founded.

Ripple, now called RippleNet, is a payment network created by the team from XRP. RippleNet is an international network designed for cross-border financial transfers between intermediaries. It is essentially a B2B payment system for real-time transfers built using the XRP ledger.

Founded

In 2012 by D. Schwartz, J. McCaleb, and A. Britto

Coin Limit

100 Billion

Purpose

Cryptocurrency, payment system

Supply Cap

Because XRP has a supply cap, this makes the investment more stable and valuable.

Fast Transaction Speeds

Compared to other cryptocurrencies, XRP has lightening-fast transaction speeds

Recognised Worldwide

All across the world, major financial institutions recognize XRP and have adopted it as a form of payment

Why Purchase XRP?

If you're looking for a unique cryptocurrency that could potentially be a great investment, XRP should be on your radar. One of the benefits of XRP is its fast transaction speed - it can process up to 1,500 transactions per second, which is much quicker than some other cryptocurrencies on the market. This efficiency is partly due to XRP's use of a consensus algorithm, which verifies transactions without relying on power-hungry mining.

XRP also boasts low transaction fees and a cap on its supply, making it a potentially valuable asset in the long run. Not to mention, XRP has been adopted by several major financial institutions, including Santander and American Express, which is impressive for a relatively young cryptocurrency. All of these factors make XRP a unique and intriguing cryptocurrency to consider for investment purposes.

How Does it Work?

XRP is a digital currency that's designed to work as a bridge between different currencies. It was originally created by Ripple Labs in 2012, and is now one of the top five cryptocurrencies in terms of market capitalization. XRP works by allowing you to send and receive transfers of value in different currencies using set exchange rates. This makes it ideal for international money transfers or for those who need to exchange currencies frequently.

But XRP isn't just a currency—it's also a technology that can be used to power fast and secure payments. With XRP, it's possible to process transactions in just a few seconds, making it one of the fastest payment systems out there. Whether you're a business owner looking to streamline your payments or an individual looking to send money abroad, XRP is definitely worth keeping in mind.

Invest

Explore the possibilities of this innovative currency now and into the future by investing in XRP!

Store

Unlike traditional currencies, you can store XRP as you please, and keep it as an asset for future opportunities!

Purchase

Buy, sell, or trade XRP how you want, when you want - it can be owned or traded by anyone, giving users flexibility with their investments!

Before you buy XRP in Canada...

XRP Limits

Although it is a highly popular and well-recognised form of cryptocurrency, there are limits to what XRP can do. One such limit is the fact that it is not fully decentralized, meaning that it operates on a trusted network of validators. Additionally, XRP cannot be used for smart contracts or other advanced blockchain features like Ethereum can.

XRP Security

XRP is still a secure and useful cryptocurrency with its own set of benefits. For example, it has incredibly fast transaction times and low fees, making it a great choice for those who want to quickly and easily send small amounts of money. Overall, while XRP does have its limits, it is still a secure choice for those looking to invest in cryptocurrency.

Trading XRP

The currency is designed to facilitate cross-border payments and reduce the cost of international transactions. It has gained popularity among traders because it does not require energy-intensive mining to generate new tokens, making it a more eco-friendly option.

XRP & Taxes

According to Canadian regulations, XRP is considered a commodity. The exchange of XRP for products, services, or other forms of cryptocurrencies is considered a barter transaction for tax purposes. Users should be wary that this is considered like any other monetary gain, and transactions may be subject to capital gains.

FAQs About How to Buy XRP in Canada

What makes XRP different from other types of cryptocurrency?

XRP is a type of cryptocurrency by Ripple, and acts as a joiner between itself and other types of cryptocurrency. For example, when comparing XRP vs. Cardano or XRP vs. Bitcoin, XRP is an easier option because it doesn’t discriminate between any types of cryptocurrency, making it easy to be exchanged.

What are the pros and cons of XRP?

When considering XRP, there are plenty of pros and cons to consider. Among the pros is that XRP is an inexpensive cryptocurrency option, making it appealing to the masses. However, on the cons side, Ripple is known for having less secure protocols for processing its cryptocurrency transactions, which leads to a less appealing investment.

Where can I buy XRP in Canada?

If you’re wondering how to buy XRP in Canada, don’t worry, the answer is simple. To get XRP, you can go online or in person to any verified cryptocurrency exchange to purchase it. Most of these places will show you the details of any cryptocurrency they offer, including their fees, ease of use, or support systems.

Buy, sell and hold XRP with Bitvo

How to Buy XRP

What to know before buying XRP in Canada

Looking For Another Cryptocurrency?

Questions? We're here 24/7.

Chat with us

Email Us

Call Us

How to Buy XRP in Canada

Buy, sell and hold XRP with Bitvo

How to Buy XRP

Start Investing

What to know before buying XRP in Canada

Ready to Get Started? Start Trading Today

Looking For Another Cryptocurrency?

Questions? We're here 24/7.

Chat with us

Email Us

Call Us