How to Make Ripple Payments (XRP) in Canada
In Canada, you can use various payment options to pay for products and services, including cryptocurrencies. One of them is Ripple. It is essential to consider all pros and cons of this crypto coin before you decide to purchase and use it. Find out comprehensive information on that by reading this review.
What Is Ripple Payment?
XRP is a cryptocurrency that is ranked fourth among digital currencies by market cap. It is also often called Ripple, which is not totally correct because that is the name of the company that released this coin. The main advantages of XRP are quick transactions and low costs. It is less popular than some coins like Bitcoin, but the number of its users keeps growing day by day as well as the number of merchants accepting it.
Is Ripple Legal in Canada?
Cryptocurrencies can be used in Canada without any problems. This is also applied to Ripple (XRP). You will have no problems due to the use, purchase, mining, storing, or conducting any other actions with this cryptocurrency. Moreover, Canada's tax laws and rules also apply to transactions conducted in cryptocurrencies.
How to Buy Crypto?
If you decide to purchase Ripple, this will not take you a long time. In particular, you will need to do the following:
- Register with an exchange;
- Verify your account;
- Make a deposit;
- Convert your money to Ripple XRP;
- Withdraw your funds to your wallet.
Let's have a look at each of these stages one by one.
Register an Account with a Cryptocurrency Exchange
There is a range of exchanges that you can register with. You can compare the conditions of different ones and then pick the best option. In particular, you should pay attention to its design, fees, availability of payment options, and other factors.
Verify Your Account
Some exchanges will want you to verify your account before you can use their services. In this case, you will need to undergo the KYC procedure, which means that you will be asked to provide your identification documents. However, this can be avoided at some exchanges, such as Wall of Coins, which operates in a range of countries, including Canada.
Go to the Deposits Section
Once logged in to your account, you can make your first deposit. You will find the Deposit section at any exchange that you use. It may be called in different ways, so you should be looking for something similar.
Select Your Preferred Payment Method and Confirm
This is where you will find a range of payment options that you can use for replenishing your account. You need to pick the one that you like the most. When making such a transaction, you will be asked to enter the amount of money that you wish to deposit. Enter it depending on how much XRP you want to purchase and the conversion rate.
Go to the Buy Section and Select the cryptocurrency
Now you can purchase the XRP currency for the money that you have just deposited. Go to the Buy section and select the XRP currency that you wish to purchase. Remember to specify how much you wish to buy and complete the conversion. You will get XRP in your account, which you can now send to the address of your wallet. The transaction will be completed shortly.
What's the Ripple Hardware Wallet
It is a type of wallet hat allows storing your private keys. It comes as a secure hardware device. Such wallets have a range of advantages over other types of wallets. For instance, you will not register them on the Internet, which means that cyber thieves will not be able to steal your funds. As for the disadvantages, there is a higher risk to lose your wallet. Also, you need to have a computer to insert this device, which may be inconvenient.
Best Ripple Wallet Options
It may be challenging to pick the right Ripple wallet because there is a large range of options that you can choose from. Check out the list of the recommended products that have a good reputation on the market.
This wallet allows storing and trading more than 100 cryptocurrencies, and XRP is one of them. In order to use this wallet, you will need to download the application to manage all of the transactions right on your mobile device.
This wallet allows working with more than 60 crypto pairs. Users can also benefit from cashback for exchange. This software wallet is integrated with two exchanges ShapeShift and Changelly. You can consider downloading it if you are looking for a wallet with great customization opportunities.
It is one of the best Ripple XRP wallets. It allows storing your XRP tokens securely and conveniently. This wallet is available for free. All the funds in your wallet are protected by a passphrase and a pin code.
This wallet came with a simple design, great performance, and top-notch security measures. It was generally taken well by its users. Unfortunately, the announcement of its shutdown was published on February 2nd, 2018, and since then it has been impossible to use it.
It is another XRP web wallet that provides direct interaction with the Ripple payment network. You will need to use a user-friendly application. To access your account, you will enter a secure PIN. The Ripple transfer fee will be 0.025 XRP.
Where Can I Spend XRP?
Ripple can be used for various purposes. Find out where you can use this crypto coin:
- Paying in an online shop. You can use XRP to pay for various items, such as t-shirts, hardware wallets, and more. There is a range of merchants accepting this payment option;
- Online payments for services. On the Internet, you will find service providers allowing make payments with XRP, such as hosting, domain, gaming, and more;
- Buying a physical coin. You can use Ripple to purchase physical coins with different cryptocurrency's logo;
- Buying gift cards with Ripple. This cryptocurrency can be used to purchase various gift cards, such as Uber, Macy's, AMC Theaters, Lowe's, and others.
Canadian Companies that Accept Ripple
There is a range of online and land-based stores suitable for Canadians and accepting payments in XRP.
Check out the list of online stores that you can use to purchase clothing, apparels, and jewelry:
- XRP Merchandise;
- Triton Aquariums;
- Crypto Superstore.
Domains/Hosting/and Other Digital Services
Here is the list of companies offering domains, hosting, and other digital services:
- Earth VPN;
- TorGuard VPN;
- Boleh VPN.
Gold and Silver
It is also possible to purchase gold and silver using Ripple:
- eMetals platform;
- Suisse Gold;
- The GBI Platform;
- Crypto Jeweler.
More options are available for customers, including:
- Digitec Galaxus.
Alternative Payment Methods
XRP is not the only cryptocurrency that can be used for online payments or other transactions. Check out the list of its alternatives to decide, which option you should choose.
Speed per transaction
Cost per transaction
Scalability transactions per second
Ripple vs BitcoinCash
This cryptocurrency is a fork of Bitcoin. It has been proven great for investment. By market capitalization, it was ranked 5th by Coinmarketcap.
Ripple vs Bitcoin
Bitcoin is the earliest cryptocurrency and the leader in the ranking among other coins available on the market. Most merchants and customers prefer using this digital currency over others.
Ripple vs BitConnect
Bitconnect was a cryptocurrency that was shut down in 2018 due to a 92% crash in prices. It was still possible to exchange Bitconnect coins for Bitcoin for some time later.
Is Ripple payment legal in Canada?
No one is going to arrest you for using Ripple to pay for products and services or making transactions in Canada. You can use it for different purposes, such as sending coins to your friends or relatives, make payments at online stores, deposit to your accounts on various platforms, and more.
How do you buy something with Ripple?
In order to purchase with Ripple, you will need to set up a wallet first. Then you can add some money using the services of an exchange. Once the coins hit your wallet, you can send them to the wallet address of the merchant. The transaction will take no more than a few minutes.
What can you use Ripple for?
Ripple can be used for a variety of purposes, such as making online payments, sending/receiving funds from individuals, investment, purchasing physical coins, and more. Also, you can make deposits and withdrawals from online gambling venues.
How do I withdraw money from Ripple?
You should be able to find the Withdraw button in your wallet. You can click on it to choose from the payment options available for you. Also, you can use the services of third-party exchanges. In this case, you can convert XRP to another cryptocurrency or fiat currency and withdraw using the preferred payment option.
What stores accept Ripple?
There is a decent range of stores that allow making payments with Ripple. In particular, you can purchase gold, clothes, hosting services, and more. Depending on what exactly you need, search the Internet to find a range of stores that allows making payments with this crypto.
What companies accept Ripple as Payment?
There are more than 40 merchants that accept this cryptocurrency. Among them, you will find some companies as CryptoMercado, DrApis Honey, PexPeppers (dining and glossary), Cryptos Dice, GameServers Today (Gaming), HempUSA, ThaiBam (health and beauty), and others.