One of the most popular altcoins in the crypto market is Ripple (XRP). Its popularity comes from its unique function which enables almost instant cross-border, international money transfers.
Ripple has already been adopted by 300+ financial institutions across 40+ countries worldwide including; AMEX, MoneyGram, PNC, Interbank, Akbank, CIBC, BMO Financial Group, SBI Remit, and many others. This makes Ripple the first digital currency to be adopted by mainstream financial institutions. In this guide, you will learn what’s Ripple (XRP), and how to easily buy Ripple in Canada.
What’s Ripple (XRP)?
Ripple is the name for both a digital currency XRP and an open payment network within which that currency is transferred. Ripple is a peer-to-peer centralized cryptocurrency that takes its own approach to facilitate finance and is designed to make transactions more seamless in the real world.
Ripple is the only corporate blockchain solution in the world for global payments, which makes Ripple quite popular in the crypto world. Ripple makes their transactions at lightning speed which makes Ripple the ideal digital currency for making purchases in the offline world as well.
There are two ways to purchase Ripple in Canada:
Using an Online Exchange or Platform
The most convenient way of buying Ripple (XRP) is on an online platform such as Coinberry. People usually prefer this due to simplicity, ease of use, speed, and safety.
Coinberry offers the most affordable fees and great customer support that answers all your cryptocurrency-related questions. Coinberry is the only FINTRAC registered & PIPEDA compliant digital currency platform trusted by Canadian Government municipalities. You can use a debit card, credit card or wire transfer to buy Ripple (XRP) on Coinberry.
Using a Bitcoin ATM
Bitcoin ATMs also offer to buy and sell Ripple options. As of early 2020, there are 757 Bitcoin ATMs in Canada according to CoinAtmRadar. You can find the nearest location you prefer and buy your ripples from there. However, we don’t recommend buying Ripple from Bitcoin ATMs because they usually charge higher fees compared to online exchanges.
Frequent Asked Questions About Ripple
Is Ripple (XRP) legal in Canada?
It is completely legal to hold and trade XRP in Canada.
How to get a Ripple wallet?
If you are interested to learn more about XRP/Ripple you can check out these resources;
Main Dev Portal
Official Technical FAQ