XRP is the fourth-biggest cryptocurrency by market cap, and has consistently been one of the most popular altcoins since its launch in 2013.
Its serves as the native token of XRPLedger, a distributed ledger created by Ripple that has attracted growing adoption for cross-border payments and the tokenization of real-world assets.
As such, it’s likely to remain one of the biggest cryptos in the market for the foreseeable future.
This article explains how to buy XRP in Canada. It details the exchanges through which Canadian residents can buy XRP, covering local and international trading platforms.
It also provides explanations of the key things investors will need to know before and after they acquire some XRP holdings, such as how to store their tokens, how to sell them, and what the tax implications may be.
Before You Buy: What is XRP?
As noted above, XRP is the native token of the Ripple-launched blockchain, XRPLedger. It’s a major cryptocurrency, and has been more or less since its launch.
It and its blockchain have been designed for use by institutions and enterprises, with its unique consensus protocol allowing for a maximum of 1,500 transactions per second (without the use of layer-two networks or side channels).
While Ripple faced a challenging legal case with the U.S. Securities and Exchange Commission between 2020 and 2025, this case has since ended.
The winding down of this case has enabled Ripple to expand into new territories (e.g. Africa, the Middle East) and to sign new partnerships (e.g. Mastercard, SBI Holdings).
The ending of this case has also coincided with a considerable rise in the XRP price, as we can see from the chart below.
XRP’s price rose by nearly 600% between November 2024 and the end of July 2025, around the time the Ripple-SEC case finally ended.
Late 2025 has also witnessed the arrival of numerous spot-based XRP exchange-traded funds, which began launching in November and which have attracted institutional money to the XRP market.
How to Buy XRP in Canada: Sign Up to a Crypto-Exchange
While there are a variety of more advanced ways to buy XRP in Canada (e.g. DeFi, atomic swaps, over-the-counter brokerages), the best and safest way for most investors is to use a regulated crypto-exchange.
We will detail the best exchanges available to Canadians in the next section, but for now we will list some of the things you will need to have and to do in order to sign up for an account with any of them.
Proof of Identity and Address:
Canada, like most developed nations, has anti-money laundering and know-your customer laws, which apply to cryptocurrency transactions just as they apply to traditional banking transactions.
This means that one of the first things you’ll have to do when signing up for a trading account is provide proof of ID (e.g. passport, diving license) and proof of address (e.g. utility bill, bank statement).
Funding and withdrawal method:
in order to buy XRP, you will need to be able to send money to your exchange account.
This often means providing your bank account details, and/or bank card details.
However, investors based in Canada should note that there have been reports of some Canadian banks (e.g. RBC, CIBC) blocking transfers of Canadian dollars to crypto-exchanges, so they should check with their bank and chosen exchange first.
Finalise a budget and investment plan:
before buying XRP or any other crypto, investors should decide on a budget that works for them.
All responsible exchanges warn you that your cryptocurrency holdings could fall in value dramatically (or completely), so new traders should form a clear idea of what they can afford to lose.
They should also consider their investment strategy, with dollar-cost averaging being one of the most sensible approaches.
The Best XRP Crypto-Exchanges Available in Canada
Here’s our pick of the best crypto-exchanges accessible to investors in Canada. While these may vary in their particular features, pros and cons, they all list XRP. These are all geared more towards retail investors and are all centralised exchanges, meaning that legally registered companies are responsible for operating them (as opposed to decentralised platforms).
Also, you can check out our “10 Best Crypto Exchange Or Apps in 2025” article for a more in-depth look at some of these exchanges.
Kraken
Kraken is a platform that’s great for trading XRP. It’s based in the United States and has been operating since 2013 and recently was ranked Number 1 crypto exchange by Forbes.
It lists XRP, and over 500 other cryptocurrencies, making it one of the most comprehensive major exchanges.
It also supports multiple CAD pairs, making it easy to buy coins using Canadian dollars without having to swap back and forth with other currencies.
Possibly Kraken’s biggest advantage is its reputation for security. Unlike even Coinbase, it has never suffered a major hack, so users can feel confident that their funds are secure with the exchange.
Its fees are also reasonable relative to some other big platforms (e.g. Coinbase, Crypto.com), while its website and app have improved significantly after undergoing a revamp in early 2025.
Pros
- Highly secure and safe exchange; no history of hacks
- Registered with the Ontario Securities Commission and the Canadian Securities Administrators
- Reasonable fees
- New website/app design is beginner-friendly
Cons
- Some more advanced/institutional features not available to Canadian residents
- Has suffered a hack within the past year
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Coinbase
Launched in 2012 and available in Canada, Coinbase is one of the oldest, biggest and most reputable exchanges in the cryptocurrency industry.
It’s a great place to buy XRP, while it also lists over 150 cryptocurrencies in total, so you have the option of trading out of XRP into something else quickly and easily.
Coinbase serves more than 108 million users and currently holds around $328 billion in assets as of Q1 2025, which includes around 12% of all Bitcoin and 11% of all staked Ethereum internationally.
In terms of buying XRP, Coinbase makes things easy for new investors. Signup is straightforward, while its user interface is cleanly designed and laid out.
Importantly, it also has some of the best customer service in the business, so if traders ever have any issues the exchange is usually very quick to respond.
Pros
- Compliant with regulations; registered as a Restricted Dealer with the Canadian Securities Administrators
- Generally very secure and safe exchange
- User-friendly interface and website/app design
- Wide variety of cryptos supported, not just XRP
Cons
- Higher fees than average for retail investors
- Has suffered a hack within the past year
VirgoCX
A local Canadian exchange launched in 2018, VirgoCX is a very good place to buy XRP. It lists over 90 cryptocurrencies in addition to XRP, while it charges 0% trading and deposit fees, making it a more affordable option for some traders.
It may lack the stature of some major exchanges, but it is fully registered and regulated. It has also adopted best-practice security measures such as using cold (offline) storage of funds, 2FA, and proof-of-reserves.
Pros
- Low fees
- Fully registered and compliant with regulations
- Good selection of coins to trade
- Secure exchange with no history of hacks
Cons
- Low liquidity compared to major exchanges
- Available only in Canada
Bitbuy
Another Canada-based exchange, Bitbuy is also the biggest in terms of trading volume and trading options. It has processed over $7 billion in trading volume to date, and now serves more than 900,000 registered users.
Its selection of cryptocurrencies and trading pairs isn’t as varied as with other exchanges, but in addition to XRP it does support trading with over 30 tokens.
Launched in 2016, Bitbuy is registered with the Ontario Securities Commission, the Canadian Securities Administrators and FINTRAC, making it one of the most compliant exchanges in Canada.
Its fees are reasonable, based around a spread fee that ranges from 0.5% to 1.85%, depending on what you’re trading.
Pros
- Very compliant and secure exchange
- Reasonable fees
- Cash funds are covered up to CAD $1 million by the Canadian Investment Protection Fund
Cons
- Not a massive selection of coins
- Customer support is limited to online contact forms
Honourable Mentions
While reviewing every single exchange that lists XRP and is available in Canada would be beyond the scope of this article, here’s a quick rundown of other trading platforms that fit both descriptions:
- Crypto.com
- Coinmama
- Paybis
- Coinsquare
- Ndax
How to Store XRP Once You’ve Bought It
Signing up to an exchange and buying XRP is one thing, but then comes the question of what to do with your XRP once it’s yours. There are basically two answers, assuming that you want to hold your XRP for the longer term.
Hold XRP on the exchange you bought it on
This is the easiest or most convenient option, at least in terms of avoiding any withdrawal fees.
Rather than sending your XRP to an external wallet, keeping it on the exchange means that you can sell it more quickly should you decide to offload it.
You may need to do this if the market rises suddenly and you want to take profits, or it plunges and you want to avoid steep losses.
However, the drawback of this is that crypto-exchanges as a group have been known to suffer hacks, and sometimes quite bad ones.
Even big exchanges such as Binance and Coinbase have witnessed high-profile hacks in recent years, so keeping large sums of XRP (or anything else) on exchanges for long periods isn’t particularly safe.
Hold XRP in a Cryptocurrency Wallet
The safest option is to buy XRP on an exchange and then transfer it to your own external crypto wallet. There are two types of wallet, hardware and software.
Basically, the difference is that a hardware wallet stores the private keys to your crypto offline, so that they can’t be accessed (unless someone directly gains access to the physical hardware wallet).
On the other hand, software wallets are online wallet apps that store your keys on a server.
And while the best software wallets are generally safer than holding lots of crypto on an exchange, they aren’t as secure as hardware wallets.
The best hardware wallets are made by two companies: Ledger and Trezor.
Each company offers different models of wallet, with features varying according to how many coins you want to store at one time, Bluetooth vs USB connectivity, and so on.
They start in price at around CAD $79 (e.g. Trezor Safe 3) and can rise as high as $369 (e.g. Ledger Flex).
Frequently Asked Questions
What is XRP?
XRP is a crypto-currency launched by Ripple in 2013. It’s currently the fourth-biggest cryptocurrency in the market, with a market capitalization of $122.4 billion.
It’s the native token of the XRPLedger blockchain, which is primarily used for cross-border transfers, the RLUSD stablecoin, and the tokenization of real-world assets.
It has a max supply of 100 billion XRP, although only 60.3 billion XRP tokens are currently circulating.
What’s the difference between XRP and Ripple?
The XRP token is sometimes unofficially referred to as Ripple, which is also the name of the company that launched it.
However, XRP and Ripple are distinct, with the company Ripple Labs being only one of numerous validators that operate XRPLedger, XRP’s blockchain. XRP and XRPLedger are therefore decentralised in the sense of being run by more than one entity.
Is Ripple Still Having Legal Troubles?
The U.S. Securities and Exchange sued Ripple Labs and some of its executives in December 2020 for securities violations in relation to the sale of XRP.
While the case that followed did last for several years, the presiding judge issued a ruling in July 2023 which was largely positive for Ripple, declaring that XRP in itself is not a security.
The case came to a final end in August 2025, when both parties agreed to drop appeals they lodged following the 2023 ruling, with Ripple accepting to pay a $125 million fine.
Is Buying XRP a Good Idea? How High Can the XRP Price Go?
Not only is XRP one of the biggest tokens in the market, but it has some of the best fundamentals.
Ripple Labs has grown considerably as a business in recent years, signing partnerships with major companies (e.g. Mastercard, SBI Holdings), launching its own RLUSD stablecoin, and expanding into new territories (e.g. Africa, the UAE).
Given the adoption and use XRPLedger and XRP have attracted, there’s good reason to believe that its price will rise (on average) over time.
Late 2025 also witnessed the launch of several spot-based XRP exchange-traded funds, including offerings from Franklin Templeton and Canary Capital. This should boost institutional investment in the coin.
Based on such factors, and assuming that interest in crypto more generally will continue to grow, XRP has a good chance of rising in price steadily over time.
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