Top 3 places to buy XRP in Canada in 2019

With a new altcoin season coming, more and more Canadians are getting interested in alternative projects to invest in. As XRP was one of the most profitable coins in the market for 2017-2018, it is in the limelight now.

So, the first and most important question: “Where to buy?”

There are different ways to do that in Canada, but today we’ll talk about the ones, which are good for new investors, who are probably investing for the first time, trying to “test the waters” with XRP.

So, let’s dive in and go through all the best places in Canada where you can buy XRP today. 

They are divided into:

1.  Peer-to-peer marketplaces

2.  Online exchanges

1. Peer-to-peer marketplace

 P2P marketplace is an online platform that allows two users to make a transaction with no middle man helping to facilitate the transaction. The most popular P2P network to purchase crypto is Localbitcoins.com.

It is a place where you can sell and buy with best prices and no intermediaries wherever you are. People worldwide can exchange their local currency to crypto posting ads where they write exchange rate and payment methods for buying/selling. You respond to these ads and agree to meet the person and purchase crypto with cash, or trade directly with online banking.

Here are some characteristics of the platform:

  •    You deal with people.

You trade directly with another person, which makes the process lean and fast, as there is no corporate overhead.

  •   You get your cryptocurrency instantly.

The duration of a trade process (from the creation of the user account to having bitcoins in your wallet) is a few minutes.

  •    You can use a wide range of payment methods.
  •    It is secure, as it offers escrow or transaction service to protect the buyer of bitcoins.

On the other hand, there some minor drawbacks you should mind while on Localbitcoins:

  •   You should be aware of scams, so follow the rules and double-check the personality you are trading with.
  •   It is more difficult to buy large amounts of crypto compared to large exchanges.
  •   Higher prices than regular exchanges.

2. Online exchanges

Online exchanges are the most popular way to buy crypto for Canadians because they are easy and simple to use. You can use either local Canadian exchanges or worldwide ones.

While choosing the best, pay attention to such factors as:

  • Reputation
  • Fees
  • Payment methods
  • Verification requirements
  • Geographical restrictions
  • Exchange rate
  • Volume

Here are 5 popular exchanges where you can buy XRP in Canada:

  1. Bitbuy
  2. Coinsquare
  3. Kraken
  4. NDAX
  5. Coinfield

Bitbuy

Bitbuy

Bitbuy is one of the best choices to buy and sell crypto in Canada.

Bitbuy delivers quick and complete customer support, comprehensive support guide, and an opportunity for users to speak to a customer support agent directly. The sign-up and verification processes are also quite easy, and it usually takes a few minutes to complete. Bitbuy follows Canadian KYC regulations, so be ready to have your ID and proof of address while signing up. The site has a user-friendly design and is optimized for mobile browsers.

Turnaround times are fast, as most cash deposits and withdrawals are processed within hours. Crypto hold times are minimal too, as only the first crypto withdrawal will be held for about 1-2 days.

Bitbuy has the lowest trading/funding/withdrawal fees in Canada, and it has no fees on crypto deposits and withdrawals.

Pros:

  •     Easy to use
  •     Great customer service
  •     Low fees
  •     Good spot prices
  •     Consistent feature upgrades
  •     Strong banking relationships

Cons:

  •     Verification is quick but not instant
  •     No margin trading

Coinsquare

Image result for coinsquare

Coinsquare is number two, as another established and popular crypto exchange in Canada.

Coinsquare has a user-friendly mobile application in addition to its web-based exchange with many good features. These features include several fiat deposit/withdrawal options and a large variety of coins available. Users also have an opportunity to make credit card deposits; however, transaction fees are rather high – 10%.

Coinsquare’s crypto withdrawals can hold user’s withdrawal for up to 7 days as it verifies the legitimacy of a funding method. The interface is quite easy to use and simple enough for a beginner trader.

Coinsquare has a Wealth program for high net worth individuals that include lower transaction fees and concierge service for larger transactions.

Pros:

  •     Well known brand
  •     Canadian banking partnerships
  •     Good liquidity
  •     Multiple order types
  •     Coinsquare Wealth program for high net-worth individuals

Cons:

  •     Higher than average spot prices
  •     Higher than average fees
  •     Coin withdrawal delays
  •     No margin trading

CLICK HERE TO ENJOY $25 WITH YOUR FIRST DEPOSIT WITH COINSQUARE

Kraken:

Kraken is a well-known world crypto exchange, originally based in San Francisco. Kraken has an office in Halifax, Nova Scotia, that deals with Canadian operations and support. Kraken allows a user to fund his account in Canadian dollars and has Canadian dollar trading pairs.

Kraken has limited funding options in comparison to other Canadian exchanges.

Kraken is a great platform to use for advanced features. Its best feature is that Kraken allows users to margin trade, meaning that users can borrow money to buy digital assets. It is an advanced strategy that can be tricky, but profitable if a user knows how to do it.

Kraken has the benefit of being a top international exchange as it has good support as well as constant upgrades.

Pros:

  •     Low Fees
  •     Margin trading
  •     Advanced trading platform with many features

Cons:

  •     Limited funding options
  •     Low volume for Altcoin/CAD pairings

NDAX

Image result for ndax

NDAX (National Digital Asset Exchange) is situated in Calgary, Alberta.

The platform offers instant verifications, several CAD deposit methods, and some advanced order types. Additionally, to market and limit orders, it also provides more advanced ones:  fill-or-kill, stop, stop-limit, and some trailing stop order types. It would surely be interesting for advanced traders. The problem is that not many people are using the exchange now.

Pros:

  •     Advanced features
  •     Modern design
  •     Unique Altcoin/CAD pairs

Cons:

  •     Low volume
  •     Poor customer service
  •     No margin trading

Coinfield

Coinfield partnered with Ripple in November 2018 and started using XRP as its base currency with multiple XRP trading pairs.  Coinfield has recently added another 61 countries other than Canada, so it is trying to become more international XRP based option, rather than an exchange for Canadians only.

Coinfield has a good reputation online, but some users are complaining about withdrawal fees being too high.

Coinfield does not support volume discounts to frequent traders and does not provide margin trading. These are the features many professional crypto traders are searching for.

Pros:

  •     XRP trading pairs
  •     Sleek interface
  •     Low Fees

Cons:

  •     No margin trading
  •     Less of a focus on the Canadian marketplace
  •     No simple trading

Picking the best crypto exchange may be difficult and time-consuming process. Remember to pay attention to the above-mentioned factors which every good exchange platform has to offer.

Mind that you are not limited to only one crypto exchange.

It is best to try all methods yourself and pick up the most convenient one, which will satisfy your certain needs.

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