How to Buy & Sell Ripple (XRP) in Canada 2018 – Step by Step

In This Guide

A beginner’s guide to buying and trading Ripple in Canada.

The following guide outlines the easiest ways to buy, sell and trade Ripple for Canadian dollars and other cryptocurrencies.

How to Buy Ripple With Canadian Dollars (CAD)

You can get Ripple (XRP) by purchasing it from a cryptocurrency exchange that sells it. There are a number of exchanges available to Canadians that deal in cryptocurrencies, but not all of them accept Canadian dollars (many are crypto only) and even fewer offer Ripple as a trading option.

Based on my experiences, the most cost effective and lowest risk way to exchange Canadian dollars for XRP is in two stages using the following exchanges:

First Stage: QuadrigaCX – Quadriga offers a variety of methods to deposit CAD including Electronic Funds Transfer (EFT) and INTERAC Online for reasonable fees. Once the funds are in your account, they can be exchanged for any of these major cryptocurrencies: Bitcoin, Ether, Litecoin or Bitcoin Cash. These can then be transferred to another exchange such as Binance.

Second Stage: Binance – Binance doesn’t accept deposits of Canadian dollars, but it does support deposits, trading and withdrawals of 100+ cryptocurrencies. Deposits are free, trading fees are very low at 0.1% and withdraw fees are reasonable. Once your digital currency has been deposited at Binance, you can trade it for Ripple for a small fee.

Here’s how to buy Ripple:

Step 1) Register for QuadrigaCX

QuadrigaCX is a digital marketplace for the buying and selling of cryptocurrencies. It is the largest volume Canadian cryptocurrency exchange. They offer a plethora of options for transferring, particularly for Canadians. Those from other countries may encounter limited options.

The exchange has impressive liquidity and has the capability of processing a high volume of transactions. Its security exceeds the industry standard. Some transfer methods may be sluggish and some options may be limited as compared to other sites.

To get started, visit QuadrigaCX to create an account and fill in your name, email address, date of birth and country of residence:

Step 2) Verify Your Account

The next step is to verify your account using one or both of Quadriga’s options: verifying your identity through Equifax and providing your personal ID, bank/utility statement and selfie with a written note.

Step 3) Deposit CAD to QuadrigaCX

On the Member Dashboard, click the FUND button in the “Available Canadian Dollars (CAD)” box:

Once you’re account has been verified, you can use any of the following payment options to deposit Canadian dollars into your account. I use the INTERAC Online option through RBC that has the lowest fee of 1.5% and it works great. Unfortunately, this option is not available to CIBC/Simplii bank accounts or debit cards that double as a Visa or Mastercard.

Step 4) Buy Litecoin (or Bitcoin Cash)

On the Dashboard page, select the LTC/CAD trading pair in the drop down at the top right of the page.

In the center box, click the Buy Litecoin tab and enter the amount of Litecoin you would like to buy in CAD.

Click the Buy button.

The reason for choosing Bitcoin Cash or Litecoin instead of Bitcoin is that their network fees are considerably lower ($0.10 to $0.30) compared to Bitcoin ($5 to $10).

You’re done! For more info, you can read my full review of QuadrigaCX.

Step 5) Register for Binance

Binance is a cryptocurrency exchange. Since Binance is a pure cryptocurrency exchange, you will need to purchase or possess Bitcoin and deposit it. It supports multiple web browsers and mobile platforms. It offers high liquidity and the ability to process 1.4 million trades in a second.

To get started, visit Binance to create an account and fill in your email address and a strong password:

Step 6) Verify Your Email

Click the link in the email they send you to activate your account:

Step 7) Transfer Litecoin (or Bitcoin Cash) from QuadrigaCX to Binance

The next step is to transfer the cryptocurrency you bought through QuadrigaCX over to Binance. Click on Deposits in the Funds menu at the top right:

Select the cryptocurrency you bought on Quadriga from the drop down menu:

Copy the Deposit Address provided by Binance. Be sure it is for the right coin:

Back over on QuadrigaCX, on the Dashboard click the Withdraw button next to your Litecoin (or Bitcoin Cash) balance:

Enter the amount you would like to send to Binance (or simply click Maximum) and paste the Litecoin address given to you by Binance in the previous step and click Submit:

The transfer will take a bit of time as the transaction needs to be confirmed. You can see the status of the transfer on Binance’s Deposit History page.

Step 8) Buy Ripple

Once the transaction is complete and the funds are available in your Binance account, you can now trade them for Bitcoin and then for Ripple. The reason you have to convert to Bitcoin first is that Binance offers all trading through Bitcoin as the central currency.

Click on Basic in the Exchange menu at the top left:

Don’t be overwhelmed! There is lot going on on this page, but the steps are simple and we’ll go through them here.

In the top right hand box, search for LTC if you bought Litecoin or BCC if you bought Bitcoin Cash and click on the Pair shown:

At the bottom of the screen, click the Market tab and enter the Amount of LTC or BCC you would like to trade for Bitcoin into the Sell box and click the Sell button:

Next, search for XRP in the box on the top right and click the XRP/BTC pair:

And finally, enter the amount of XRP you would like to buy in the Buy box on the Market tab and click the Buy button:

And that’s it! You can see your Ripple on the Balances page under the Funds menu. You can read my full review of Binance here.

How to Sell Ripple for Canadian Dollars (CAD)

Selling Ripple is the same process as buying it – just in reverse.

Here’s how to do it:

Sell on Exchanges: Binance and then QuadrigaCX

In addition to buying Ripple, you can also sell it using the 2 stage process above – just in reverse.

Step 1) Sell XRP for Bitcoin on Binance


Step 2) Trade Bitcoin for LTC or BCC

It’s recommended to convert the Bitcoin to Litecoin or Bitcoin Cash as they both have considerably lower withdrawal and network fees than Bitcoin.

Select the LTC/BTC trading pair:

Enter amount on the Market tab and click the Buy button:

Step 3) Transfer LTC or BCH From Binance to QuadrigaCX

Click Withdrawals option under the Funds menu:

Select the digital currency you want to send to Quadriga:

Step 4) Sell LTC or BCH on QuadrigaCX

On the Dashboard page, select the LTC/CAD (or BCH/CAD) trading pair from the drop down at the top right and on the Sell Litecoin tab, enter the amount and click the SELL button:

Step 5) Withdraw CAD to Your Bank Account

Here are all of the options available to withdraw Canadian dollars as well as their limits, timeframes and fees:

Pay for Goods & Services

You can also use your Ripple to pay for goods and services. This has the same effect as selling your Ripple since you are giving it up in return for something of value to you. There aren’t currently as many retailers that accept Ripple as there are for Bitcoin, but you can find a list of them on Reddit here.

Where to Buy and Trade Ripple in Canada

NameDescriptionCurrenciesDeposit Methods & FreesTrading FeesTop Trading PairsWithdrawal Methods & Fees 

Canada's largest digital currency exchange. Next day and free deposit and withdrawal options available.BTC, LTC, ETH, BCH, BTGCAD, USD free to 2.5%. Free for supported crypto.0.2-0.5% on completed tradesClick HereCAD, USD free to 2%. Free for supported crypto.

One of the most popular, trusted and secure cryptocurrency exchanges and wallet platforms.BTC, LTC, ETH, BCHCAD Debit/Credit 3.99%Not AvailableNot AvailableFree crypto transfers to other exchanges/wallets only. Cannot withdraw CAD.

Largest Euro volume Bitcoin exchange founded in 2011.BTC, BCH, DASH, EOS, GNO, ETH, ETC, ICN, LTC, MLN, REP, DOGE, XMR, XRP, ZECCAD, USD, EUR, GBP, JPY. Free CAD wire deposit. Free for crypto.0.16% to 0.26% for less than $50,000 volume.BTC/EUR, BTC/USD, ETH/EURCAD EFT $10 flat fee. 18 cryptos, fees vary

Crypto to crypto exchange based in the US founded in 2014. 14th largest by volume.60+ cryptocurrencies including XRP, STR, XMR, ZEC, NEM, DOGE, LSKAny of the 60+ supported digital currencies for free.0.15% to 0.25% for less than 600 BTC volume.BTC/USDT, XRP/BTC, ETC/BTCAny of the 60+ supported digital currencies fees depend on coin (0.0001 for BTC)

Fastest growing crypto exchange in the world and second largest by volume.100+ digital currencies including NEO, XRP, NANO, BNBAny of the 100+ supported cryptocurrencies for free.0.1% on completed trades.Click HereAny of the 100+ supported cryptocurrencies for free.

Canadian owned & operated based in Toronto. 72nd largest by volume.BTC, ETH, LTC, BCH2.5% for Interac online, e-transfer, bank draft, money order of CAD.0.1% maker (providing liquidity) to 0.2% taker (removing liquidity).BTC/CAD, ETH/BTC, LTC/BTC1% for bank deposit, 0.5% for wire transfer (min. $10,000) of CAD.

Fast to list new cryptocurrencies. Founded in 2014 built and operated in the US. 10th largest by volume.190+ digital currencies including OMG, BNT, POWR, ADADoes not support CAD. Network transaction fee only (varies by coin)0.25% on completed tradesETC/BTC, BTC/USDT, ADA/BTCNetwork transfer fee only (varies by coin).

Advanced trading features including margin trading. 5th largest by volume.38 cryptocurrencies including IOTA, EOS, ZEC, TRX, ZRX, USDTDoes not support CAD. Fee varies by coin deposited (eg. 0.0027 ETH) Free for >$1000 USD worth.0.1% maker (providing liquidity) to 0.2% taker (removing liquidity) for less than $500,000 per month.BTC/USD, ETH/USD, XRP/USDDoes not support CAD. Fee varies by coin withdrawn (eg. 0.0008 BTC).

Robot that finds the best price on the largest exchanges including Bittrex and Poloniex founded in 2013.USD, EUR & 90+ digital currencies including SALT, FUN, POT, STEEM, GAMEDoes not accept deposits. Trades are between two wallet addresses directly.0.5% on completed tradesN/AFunds are not held on the platform.

Founded in 2017. 27th largest by volume.100+ cryptos including REQ, NANO, DENT, FLIXXFree to deposit any supported currency.0.1% on completed tradesR/BTC, R/ETH, ETH/BTC70+ supported digital currencies fees depend on coin (0.001 for BTC)

Peer to peer Bitcoin trading with 1 million users in 248 countries.BTCCash, e-transfer, Moneygram, PayPal, Vanilla, etc. Fees vary by user.BTC with dozens of fiat currencies.Cash, e-transfer, Gift Cards, Paypal, etc.

Top 10 exchange by volume founded in 2011.BTC, ETH, XRP, BCH, LTCUSD, EUR 0.05% for international wire. (min. $7.5) Free for crypto.0.25% for less than $20,000 trade volume per month USD to BTC, XRP, ETH, LTC, BCH, EUR to BTC, LTC, XRPUSD, EUR 0.09% for international wire. (min. $15) Free for crypto.

Private & fast exchange - no account needed.70+ digital currencies including DASH, FUN, MAID & BNT45+ cryptocurrencies to trade between. No deposits/accounts.~0.5% + network fees45+ cryptocurrencies including BTC, ETH, LTC, EOS & XMR45+ cryptocurrencies to trade between. No deposits/accounts.

What is Ripple?

Ripple is a digital payment protocol operating a peer-to-peer decentralized platform that enables the easy transfer of money in any form. It was introduced in May 2011 to be a faster, greener and more decentralized alternative to Bitcoin.

How Does XRP Work?

XRP is designed to be a bridge currency to connect all the different currencies that are exchanged on the Ripple network. However, in essence, XRP is completely independent of the Ripple network. Banks don’t actually need to own any XRP to transfer between fiat currencies. They had even planned to phase out XRP before the cryptocurrency craze began in 2016.

The Ripple network itself is where the true value lies as a real-time gross settlement system (RTGS). The network is composed of a common ledger that is shared by a network of servers which continuously validate transactions. It uses credit intermediaries known as gateways. These gateways receive and send currencies to public addresses on the Ripple network. Any individual or business can register and set up a gateway. This authorizes them to act as an intermediary for the exchange of currencies and transfer payments.

Benefits of Ripple

Fast and cheap

Since Ripple doesn’t have the transaction load, mining or validation overhead of Bitcoin, Ripple transaction take only 4 seconds. This also results in lower fees.

Bank acceptance

Banks and financial institutions feel much more comfortable with Ripple than with other cryptocurrencies. Part of this is because converting money between different foreign currencies is currently an expensive and cumbersome proposition. Ripple is built for enterprise and for moving money, a practical task that these institutions need.

Cons of Ripple

Privacy concerns

Ripple’s emphasis on banks and financial institutions puts it at odds with much of the cryptocurrency ethic. This leads those in the cryptocurrency community to question whether these banks who use Ripple have users’ best interest at heart when it comes to privacy. Since Ripple keeps track of all transaction flows that happen between Ripple wallets and this is publicly available on the consensus ledger, there is concern that information about transactions can be de-anonymized.


Ripple owns the overwhelming majority of coins on its platform. No mining takes place on the platform and the coins are distributed however Ripple sees fit. Catering to banks puts them in control to a large extent and these institutions are heavily centralized.

What’s the difference between Bitcoin and Ripple?

Bitcoin verifies transactions through a proof of work scheme, which uses a lot of CPU. Ripple has none of this and ensures integrity by sharing its public database among validating servers, which make use of a consensus process to establish consensus. This makes transactions faster and cheaper.

Bitcoin is produced by miners. Ripple has no miners. The 100 billion XRP tokens were created by the Ripple project at inception. 20 billion of these tokens were retained by the creators. Concerns about inflation forced the project to pledge to freeze 55 billion XRP in smart contracts in order to release 1 billion per month into the market. Investors feared that Ripple would flood the market with these coins and cause the value of their coins to lose value.

What Factors Affect the Price of XRP?

XRP prices are susceptible to the same forces that impact other cryptocurrencies.

  • General interest
  • Functionality
  • Popularity

Adopting XRP will not just put you in a position where you can benefit from cryptoassets that are sitting in your wallet, but you will be aiding the currency in gaining legitimacy and wider use.

Where Can I Use Ripple?

XRP is still far from being accepted as widely as coins such as Bitcoin or Ethereum. The goal of XRP has always been to increase the ease, speed and security of fiat transfers, so using XRP as a payment method was never part of the original plan.

There are a significant number of merchants who accept Ripple. Companies including hosting providers and vaping product merchants predominate the list.

Roadmap: What’s next for Ripple?

The company behind Ripple has plans to improve the lack of decentralization that is currently afflicting the platform. The company hopes to shake off its image that its control over the Ripple currency is just like that of a central bank over a national fiat currency. It plans to do this by adding more validator nodes.

The future of Ripple hinges completed upon the adoption of the platform by financial institutions. There is indeed serious interest among big players in the financial system. If this interest turns into commitment, there is no telling where Ripple can go. It is unclear how that would affect the price of XRP, since it is not required to use the Ripple network for moving money.

Since the platform is so focused on financial institutions, if the financial system does not come on board, the platform will inevitably dwindle as will the investors who have supported it.

Learn More:

If you want to learn more about Ripple, we recommend the following resources:

Disclaimer: Investing in cryptocurrency is always a risk and there is no guarantee of returns. Nothing on this page should be taken as financial advice of any kind.

Over to You

How do you buy Ripple? What do you think of the digital currency? Is it worth investing in?

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