In this post, i will show you the best way on how to buy ripple in Canada with the best detailed guide that will help you a lot.
What is Ripple
Ripple is the name for both a digital currency (XRP) and an open payment network within which that currency is transferred. It is a distributed, open-source payments system that’s still in beta.
RippleNet is a network of institutional payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience to send money globally.
The goal of the ripple system, according to its website, is to enable people to break free of the “walled gardens” of financial networks – ie, credit cards, banks, PayPal and other institutions that restrict access with fees, charges for currency exchanges and processing delays.
How to buy Ripple in Canada
- Create an account on a Canadian exchange.
- Create an account on a global exchange.
- First buy ETH or BTC on the Canadian exchange.
- Next trade that ETH or BTC for Ripple on the global exchange.
- Send your Ripple to a wallet, to store it.
Below is a detailed guide on how to do buy ripple in Canada.
1. Create Account on Exchanges
In order to buy Ripple in Canada we will first need to create an account on a Canadian exchange to buy Ethereum or Bitcoin. Then you will need to create an account on a global exchange to trade the Ethereum or Bitcoin for Ripple.
Create Canadian Exchange Account
The first step in this process is to gain the ability to buy Bitcoin or Ethereum with CAD dollars. For this you will need a Canadian exchange.
We recommend QuadrigaCX as your main Canadian exchange. However, if you want to buy Ripple right now, and if you want to buy only a small amount ($250 CAD or less) use Coinbase it will be the fastest method but more expensive.
Create Global Exchange Account
Next, you will need to create an account on a global exchange. This will allow you to trade the Bitcoin or Ethereum for Ripple. Unfortunately, it’s not possible yet to do it all on the same exchange. Which is why you need to use multiple exchanges.We recommend using Binance
Verify and Fund
In order to fund your Canadian exchange accounts you will need to verify your identity. This often involves sending in copies of your drivers license, a utility bill, and in many cases a selfie of you holding your ID. This is normal for Canadian exchanges.
As for verification on global exchanges, the verification is usually faster and less intense. For example on Binance you do not need to verify if you are withdrawing 2 BTC or less.
2. Buy Cryptocurrencies
Now that you have both a Canadian exchange account and a global exchange account it’s time to make your purchases. You need to buy BTC or ETH, transfer it to the Global exchange, and then place an order to trade it for Ripple.
Buy Bitcoin or Ethereum
The first step is buy one of the main cryptocurrencies that you can trade for alt coins. Right now the two main cryptocurrencies you can use to trade are Bitcoin and Ethereum.
If you are not using Binance, it is a important to verify that your global exchange will trade the cryptocurrency you are buying in this step, for Ripple.
Login to your Canadian exchange and buy your desired amount of Ripple in Bitcoin or Ethereum. We currently recommend buying with Ethereum as it provides a faster and cheaper transaction than Bitcoin, as long as your exchange supports it.
Transfer BTC or ETH to a Global Exchange
The next step is to transfer your BTC or ETH from your Canadian exchange account to a global exchange. For example, from yourQuadrigaCX account to your Binance account.
This involves getting the funding wallet address from Binance account and withdrawing to it from your QuadrigaCX account.
You will need to wait for the transaction to complete. Once you see the funds appear in your global exchange account you are ready to proceed to the next step.
Trade for Ripple
The next step is to actually buy Ripple. On your global exchange place an order to trade Ethereum or Bitcoin for Ripple. Here is a direct link to the Binance Ripple/Ethereum trading page.
The fastest way is to place a market order which buys Ripple for the current market price on the exchange.
3. Store your Ripple in a wallet
It is best practice to transfer your cryptocurrencies in a wallet that is not hosted with the exchange. If you have more then $1000 in cryptocurrencies you should strongly consider storing the funds in a wallet that is not connected to the internet, a cold wallet (hardware). Each crypto currency has it’s own wallet.
If you are just getting started you will probably want to use a software wallet. They are typically free and are considered more secure than leaving Ripple on the exchanges.
Based on our research the most common software wallet for Ripple is currently Toast Wallet
Feel free to do a google search to research what wallets are available and know what the options are.
Download and install your software wallet. Then withdraw your Ripple from your exchange account. It is common for a small fee to be associted with the withdrawal.
The safest way to store Ripple, or any cryptocurrency, is with a hardware wallet that is not connected to the internet. This is to prevent it being stolen or hacked from a exchange or a wallet connected to the internet.
The only supported hardware wallet for Ripple, that we were able to confirm, was the Ledger Nano S. Let us know if you can find another hardware wallet.
Leaving it on an Exchange
This is generally not recommended. However, you might want to do this if you are actively trading Ripple. Be aware you are taking an extra risk. Exchanges have been known to get hacked or disappear.
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The advantage of doing this is instant access to your Ripple, and saving the fees associated with transactions and withdrawing.
If you are going to be doing this, make sure you have 2 factor authentication enabled and that you are using a reputable exchange.
That’s my detailed guidance on hoe to buy ripple in Canada.