It is quite easy to buy Bitcoin in Canada. If you purchased Bitcoin a while ago and want to sell your Bitcoin for a profit, there are 4 different ways you can sell your crypto tokens. Here is how to sell Bitcoin in Canada.
1. Online exchanges
If you bought Bitcoins at a cryptocurrency exchange, the easiest and most convenient way to sell your Bitcoins is at the same crypto trading platform. That said, it is not that easy to convert Bitcoin to Canadian Dollar (CAD) at some international exchanges.
You may have to trade your Bitcoins for stablecoins and (possibly) sell your crypto tokens at another exchange. Canadian crypto exchanges like Bitbuy and Coinberry offer a straightforward process and are therefore magnificent options.
Find below the best Bitcoin exchanges to sell the cryptocurrency.
To sell Bitcoin at Bitbuy, transfer Bitcoin from your Bitcoin wallet to your Bitbuy wallet address. Once the deposit is confirmed, you can commence the selling process. Click on the ‘Express Trade’ option, locate the cryptocurrency you want to sell (Bitcoin) and click on the ‘Sell’ button. Enter the amount of Bitcoin you want to sell and click on the ‘Sell Bitcoin’ button.
At this stage, you have sold Bitcoin for CAD. To transfer fiat funds to your bank account, click on the ‘Wallets’ option (at the top of your screen) followed by the ‘Withdraw’ button. Several payment methods are on offer, including Interac e-Transfer, bank wire and electronic bank transfer.
Enter the CAD amount you wish to withdraw, choose your preferred withdrawal method, write the name of your Canadian bank and enter your Two-Factor Authentication (2FA) code to complete the transaction. Follow the same process to sell altcoins like Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Stellar (XLM), etc.
The process of selling Bitcoin at Coinberry is as simple as it gets. Once you have transferred Bitcoin to your Coinberry wallet address, click on the Buy/Sell option at the top of your screen. Enter the amount of Bitcoin you want to sell and click on the ‘Preview Order’ button. Click on the ‘Sell Now’ button to complete the transaction.
You can cash out to your bank account by clicking on the ‘Withdraw’ option at the top of your screen. You have two payment options – Interac eTransfer (up to C$10,000) and wire transfer (up to C$100,000).
Transfer the digital currency from your cryptocurrency wallet to your Coinsquare wallet address and select the ‘Quick Trade’ option. Click on the ‘Sell BTC’ button, choose the fiat currency you want to trade your Bitcoin for (Canadian Dollar), enter the Bitcoin amount you want to sell and proceed.
The sale will be completed almost immediately. You can go on to withdraw your funds by clicking on the ‘Withdraw’ option. Canadian Coinbase customers often transfer their cryptocurrencies to their Coinsquare address to sell cryptocurrencies for Canadian dollars.
2. Bitcoin ATMs
While there are over 1,000 Bitcoin ATMs in Canada, not all are two-way ATM machines (offer the capacity to buy Bitcoin and sell the digital asset as well). A Bitcoin ATM is the perfect medium to sell the cryptocurrency if you do not want to register at a cryptocurrency exchange, if you want to stay anonymous or if you prefer the traditional use of ATMs to dispense and deposit cash/digital assets.
You can easily find a Bitcoin ATM near you by visiting coinatmradar.com. Bitcoin ATM vendors like Instacoin and Localcoin are spread all over Canada. To sell the cryptocurrency, visit an ATM near you, enter the amount of Bitcoin you wish to sell (in CAD) and transfer Bitcoin to the ATM’s Bitcoin address (by scanning the QR Bitcoin wallet code).
You will receive cash for your Bitcoin immediately. Keep in mind that the selling price of Bitcoin will be marked down by 4-7% (plus vendor fees). The maximum daily selling limit varies from vendor-to-vendor.
Pros and cons
Here are the pros and cons of selling Bitcoin at a Bitcoin ATM.
-> Anonymous trade.
-> Fairly easy process which does not require you to register at any site.
-> You will receive cash immediately.
-> You will sell the cryptocurrency at a marked-down price.
-> Vendor fees are on the slightly higher side.
-> You may or may not have a Bitcoin ATM near you – availability may be an issue.
3. Peer-to-peer (P2P) networks
To sell Bitcoin at a P2P network like Binance or LocalBitcoins, you must first register at the platform. Complete all the necessary steps of registration and verify your account. To sell Bitcoin via P2P trading at Binance, click on the ‘I Want to Sell’ button.
Enter the amount of Bitcoin you want to sell, the payment method/methods you accept (Interac e-Transfer, PayPal, bank transfer, etc.), the fiat currency you accept (CAD) and proceed accordingly. You can quote the price you want to sell your Bitcoin at. Do not click on the ‘Release Crypto’ button until you receive offline payment from a buyer. You can sell a maximum of 5 BTC per advertisement.
To sell at LocalBitcoins, register and verify your email address, phone number and national ID/passport/driver’s license. Remember, buyers will only trust you if you seem (ARE) authentic – scams are prevalent so verify all necessary details. Click on the ‘QUICK SELL’ option, enter the amount of Bitcoin you want to sell in CAD and choose a payment method you accept.
Search for traders and choose a trader with a good reputation score and a quick response time. Click on the ‘Sell’ button and submit a trade request if you want to sell the cryptocurrency to the trader (after going through all the terms of the trade). You can send a message to the trader as well if you want to. Once the trader has paid you, click on the ‘Release Bitcoins’ button.
Alternatively, you can post an advertisement and wait for a buyer to contact you.
4. Over-the-counter (OTC) solutions
If you want to sell over C$25k worth of Bitcoin, OTC trading is a good option. To sell the cryptocurrency at an OTC Bitcoin desk, choose a legitimate OTC Bitcoin trading platform (like Shakepay) and fund your OTC account with Bitcoin. Contact a broker to get a live quote, negotiate a price and allow the broker to execute the trade.
Once the trade has been executed, you will receive money in your bank account. Alternatively, you can also sell the crypto token at traditional marketplaces like Craigslist and Kijiji. All you have to do is post an advertisement, meet the buyer in person, send the Bitcoin to his wallet address and receive cash from him.
It is easiest to sell the cryptocurrency at an exchange. Of course, if you have a Bitcoin ATM near you and do not wish to register at an exchange, a Bitcoin ATM is a logical avenue to sell your Bitcoin tokens. If you want to sell over C$25k worth of Bitcoins, you can explore OTC trading. While P2P trading is popular, you should avoid selling your Bitcoin through P2P trading.