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XRP In Canada - Best Practices

hey all, I am just getting my feet wet with crypto and have a few questions regarding XRP. All signs that I am seeing are pointing to this as a solid bet for 2018.

My main concern is the following.

As a Canadian, what is the most sensible way to go about obtaining XRP and parking it in a cold wallet?

I am pending level 2 verification with EzBtc, but due to their backlog, it is taking longer than I had hoped. I also submitted for BitStamp too, since I had read early on in my research that BitStamp + GateHub = XRP happiness, however, GateHub appears to be an unmitigated disaster right now and I am thinking I would be wise to steer clear of that.

But let's operate on the assumption my level 2 is verified without issues.

Once I fund my ezBtc account, I can purchase XRP. Once it is purchased it will be stored in my EzBtc "hot wallet".

This is not a safe place for a long-term storage solution, so I would like to move it to a "cold" wallet. How is this done?

I have Jaxx.io, but it does not support XRP.

Most posts I read say go to a Leger Nano S, which is fine, and I intend to do so at some point, but is there a Jaxx-type solution for XRP in Canada?

Finally, to ensure I have to process right here, and this would technically apply to any crypto, not just XRP.

1) Fund exchange account in CAD
2) Purchase XRP and hold it online with the exchange
3) Transfer to wallet (something like Jaxx) and hold
4) Hope XRP continues solid rise
5) When it is time to sell, move from wallet to online exchange (EzBtc) and withdraw to CAD

If anything I have listed above is incorrect, please, by all means, correct me. As I said, I am just getting into the game here and want to make the best decisions for storage and security along the way.

Thanks for your help, I have found so much helpful information already on CoinForm to get me going.
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Comments

  • CoinGuyCoinGuy Administrator
    edited December 2017
    I am using ToastWallet for XRP. https://toastwallet.com. As for above you don’t really hold on the exchange. Change and get it to your wallet. Make sure to always use a wallet where you have access to a private key. This means no matter what happens you have access to your coins.
  • Thanks Coin Guy. If I buy on EzBtc I don't have to move it out instantly right? I can take a day or so to move it, yes? I shouldn't, but can right?

    I just discovered Toast about an hour ago and think I will be using it.

    Is there a place or can you share the simplified version of the process you would use, and when you use the toast account key and secret key to go from CAD on EzBtc to ripple to toast wallet back to EzBtc to sell?

    I am pretty sure I understand, but based on what I have read that you have shared on this forum, I'd love a step by step for dummies so to speak of you wouldn't mind.

    Cheers.
  • Barry, I have a "Crypto Guy" that sells me anything I need for 8%. He's in Toronto. All I do is wire him some cash, let him know what i want, send him the right wallet and thats it. All is done within minutes. I'm not to experienced in the crypto industry "yet" so this guy's makes it easy to buy. For any other questions I come here to the forum. The coinguy is amazing, and the forum is very informative.
  • CoinGuyCoinGuy Administrator
    1. You can wait to move off exchange, just don’t leave it for weeks.
    2. Don’t ever give out your secret key... ever.
    3. I have not traded Ripple on EZbtc at one his time.
    4. Steps are as you mentioned. Send cash to exchange (a.k.a Funding). Buy crypto of choice. Move to wallet (a.k.a withdrawal) that is appropriate (i.e. is for the crypto you trade, so don’t send Bitcoin to a Bitcoin Cash wallet.. ) when you want, send back to exchange (a.k.a funding) to sell for CAD should you choose (a.k.a withdrawal).

    Hope that helps @barryweston

    @Johnnyp you’ll want to learn to DIY at some point. It’s really not hard :)
  • Ok got it. One last question.

    Can you tell me when I actually use my secret key? I assume when I withdraw from the exchange it will all my for the wallets address, which is the public address of the wallet. And when I withdraw from my wallet it will all me on the exchange the area from which I have stored the funds (toast). But when do I need to use the secret key in this equation?

    Sorry this may seem a very simple question, but since I have to do the process I am still not sure.

    On a side note. I've been waiting for verification on EzBtc for a week now. My wife submitted her level two documents at 6am this morning (Eastern Time) and was verified by 5pm (Eastern Time). That is great for her, but I'm dying to get moving here.
  • CoinGuyCoinGuy Administrator
    edited December 2017
    The secret key is for you and you only. If you are talking about your recovery key, same deal (its used to recover your wallet on another device). There is also a pass phrase for you to confirm a transaction. Anyway, @barryweston , never give out private key, secret key, passphrase or anything else except to yourself. It’s like your bank password. For your use only :) You only need to share your public address to send and receive from an exchange.


    As for @EZbtc I do know they are trying their best but with volume and holidays they may be a bit behind :)
  • Just checked with compliance, our oldest verification is only 4 hours at the moment. So I'd expect to be verified within 24 hours if you submitted docs correctly now.

    Also we improved our Ripple payment client, we don't yet have a field for a destination tag, however the client advises us if one is required. In this case we will get in touch and ask for it.

    We will be implementing destination tags as soon as possible, but we need more developers. Come work for us.

    Dave
  • I am also pretty new......well extremely new and just purchased xrp on ezbtc, i appreciate all of this information @CoinGuy and thanks for the questions @barryweston . @CoinGuy do you think its necessary to purchase the nano or are you confident with other no cost wallets such as toast?

    Brian
  • CoinGuyCoinGuy Administrator
    edited December 2017
    @Brian84 good question, and glad you asked. I’m using toast for quick trades/in and out. I recommend paper wallets above all else when possible. Here is a great tutorial for you
    https://www.reddit.com/r/Ripple/comments/6f4juz/psa_how_to_make_a_paper_wallet/
    Or https://github.com/droopram/RipplePaperWallet (I prefer this one), just work offline, follow the instructions and don’t forget the 20 XRP requirement,

    Ledger/Trezor can be considered for significant wealth holding and security, but not necessary. A paper wallet for me is still best, because paper is more future proof :p

    Although hardware wallets are really cool, I have a Sony Mini Disc player that was cool one time too :smiley:
  • ezbtc said:

    Just checked with compliance, our oldest verification is only 4 hours at the moment. So I'd expect to be verified within 24 hours if you submitted docs correctly now.

    Also we improved our Ripple payment client, we don't yet have a field for a destination tag, however the client advises us if one is required. In this case we will get in touch and ask for it.

    We will be implementing destination tags as soon as possible, but we need more developers. Come work for us.

    Dave

    So if I've been sitting at level 1 pending level 2 for a week is something wrong?
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