The easiest way for Canadians to buy and sell bitcoin. Buy bitcoin in minutes with Interac e-Transfer®. Cash out to your bank account instantly. Customer service that cares. Feb 03, · BitAccess is a Canadian Bitcoin broker and ATM operator. Funded by the Canadian government itself, through BitAccess you can sell bitcoins almost instantly. You can process a request for selling through their website and redeem cash for your BTC through the closest BTC ATM. Coinbase only allows you to sell directly into your Coinbase fiat wallet. However, there is no limit on the amount you can sell to your wallet. After selling to your Coinbase fiat wallet, you can opt to either withdraw funds to your US bank account or repurchase cryptocurrency on the platform.
Sell bitcoin canada for cashHow to Cash Out Bitcoin: Complete Guide
With the rigorous KYC processes and strict regulatory policies, foreign headquartered exchanges find it difficult to offer their services within Canada. However, Canada has its own local crypto exchanges that are compliant with the local regulatory measures.
We also focus on speed, for the user who has no time to waste. In fact… With some of the options below, you will be able to go from never having sold Bitcoin to selling Bitcoin in less than an HOUR!
A Canadian cryptocurrency exchange based off in Toronto, BitBuy was founded in and has been operational since. It supports Interace e-Transfer facility that costs a mere 1. You can directly withdraw your funds into Canadian dollars and save yourself from exchange rate risk. LocalBitcoins is a P2P marketplace for buying and selling cryptocurrencies.
Based off in Finland, it was established in The USP for localBitcoins is the fact that it connects you to local sellers in your region to save you from the trouble of currency exchange rate fluctuations as well as offer local payment options to cash out cryptos. There are various ways to sell your cryptos since it supports almost all local payment methods to receive payment through. However, for frequent sellers, it requires KYC verifications which sequentially increase your volume traded limits.
Prices on LocalBitcoins can be significantly higher from other exchanges. However, it is usually taken as a premium for better privacy.
National Digital Asset Exchange is a Canada-based exchange for cryptocurrency trading. It supports various methods of withdrawal and purchase and fully integrated with bank support. It offers solutions for trading for both individual and institutional traders. The fees for withdrawal vary from coin to coin usually based on its popularity. This makes it a favourable option for high volume selling and purchasing. Bank transfers take up to 2 days to process. It offers very high liquidity to users given its extensive userbase.
It is suitable for both beginner traders as well as advanced traders. The fees for withdrawals and cashing out your coins are very low plus it supports Canadian dollars, making it easier for Canadian residents to cash out their cryptos to their banks. They function like normal ATMs and make it easier for you to cash out your cryptos immediately. The exchange is immediate hence making it a great way of selling your BTC for fiat.
However, their fee structure is very high and can be costly for higher volume withdrawals. Funded by the Canadian government itself, through BitAccess you can sell bitcoins almost instantly.
If you are a small trader, this is the best way to redeem cash for your BTC. Quebex is a Canada-based cryptocurrency exchange. It is a P2P platform where you can buy and sell bitcoins from local sellers. It is easy to set up and get started. To redeem payments from Quebex, you can see available trade advertisements from buyers and choose a suitable option to sell to. The exchange also shows available prices from other P2P marketplaces.
Once you select a trader to sell your BTC to, your BTC are held in escrow until the buyer sends you fiat to your designated bank account through Interace e-transfer. Once you receive your payment, your BTC is released to the buyer and the trade is closed.
The next step on how to cash out Bitcoin is in the wallet. Assuming you have now sent your Bitcoin to your Coinbase wallet, you should see your Bitcoin wallet and your default fiat currency here.
This will change depending on where you are located. For example, U. You will also see your withdrawal limit. If you have already verified your account, your limits will be quite high. However, if you need to increase this, click on See Limits and follow the additional verification instructions! Before you can withdraw, you need to exchange your Bitcoin to your local currency.
Enter the amount of Bitcoin that you wish to sell, and the fiat currency equivalent will update. Once you click on Sell Bitcoin Instantly , your funds will now be in your fiat currency wallet. Ok, so we are at the final step on how to cash out Bitcoin to your bank account. Your bank account details will already be saved from when you set it up earlier. Another popular choice for Bitcoin sellers is Kraken! Kraken is another popular exchange that allows fiat currency deposits and withdrawals.
It has been around since , and processes the most Bitcoin to Euro transactions. Now that you know how to cash out Bitcoin using a broker, let me show you how to do it using a peer-to-peer exchange. There are a few to choose from, however, the one I most recommend is Local Bitcoins. LocalBitcoins was created in and now supports almost every country in the world. So, no matter where you are from, you should be able to find buyers to sell your Bitcoin to.
The great thing about P2P is that you can request any payment method you want. Here are some examples of the different payment methods available on LocalBitcoins:. Sellers who know how to cash out Bitcoin can also choose the price they would like to sell their Bitcoin for.
However, if you sell to a buyer that has listed the price they want to pay, there are no fees. There is also a rating system like eBay, where you can leave feedback for the buyer or seller. This helps you to remain safe when choosing a buyer. Local Bitcoins allows you to stay anonymous, too when choosing such payment methods as web money or gift vouchers , especially if you also use a reliable and safe VPN to secure your connection.
However, some sellers decide to ask new buyers those who have no feedback to supply identification. First, you will need to open an account at Local Bitcoins. You can do this by clicking here. Choose a username and a strong password.
You also need to enter and confirm your email address. Then you need to choose the country where your ideal buyers are located. I recommend using your own country of course , however, this is up to you. In this example, I have selected the UK. You also need to enter the amount of Bitcoin you wish to sell. In this example, I will show you how to cash out Bitcoin using PayPal.
This is a sign of a serious, legitimate buyer. Confirm the amount of Bitcoin you want to sell and enter your PayPal email address. Then click on Send Trade Request. Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them.
Once they accept, you will then send your Bitcoins to the LocalBitcoins escrow I explained an escrow earlier, remember? So, the buyer will not receive your Bitcoins until they have paid you, and you confirm they have done so. The buyer should contact you to let you know that the funds have been sent. Check that the funds have arrived in your PayPal, then click on Payment Received , and you're finished. Once you become more experienced with Local Bitcoins , you can practice selling using different payment methods.
It is also a good idea to set up an advertisement. In this case, you will receive a notification from buyers when they want to buy from you. LocalBitcoins is just one of the P2P exchanges that allow you to cash out your Bitcoin — there are many others. The important thing to remember is that the exchange has an escrow, and NEVER send your Bitcoin to a buyer before they have paid!
If you have read this guide from start to finish, you should now know how to cash out Bitcoin! We have shown you two different methods — the broker exchange way Coinbase , and also the peer-to-peer way.
They both have their advantages and disadvantages. Coinbase can be more convenient and safe for beginners , whilst LocalBitcoins allows you to remain anonymous and sell at a higher price. So, which did you prefer? Are you going to use a broker for cashing out Bitcoin, or a P2P exchange?
We do not publish biased feedback or spam. So if you want to share your experience, opinion or give advice - the scene is yours! Reading up on how to cash out Bitcoin, you'll quickly notice that there are quite a few different ways of going about it. The general opinion, however, is that utilizing a cryptocurrency broker or an exchange is still the best way to go about it. In general - yes. While cashing out Bitcoin might not always be a good idea at some specific point in time for example, when Bitcoin's prices are low , if you're doing it safely , then you might actually make a pretty decent profit!
When I say " safely ", naturally, I'm talking about utilizing a highly-rated crypto exchange , i. Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. That said, many users believe that Coinbase is one of the simpler exchanges on the current market.
The exchange platform i. Binance acts as a middleman - it connects you your offer or request with that other person the seller or the buyer. When considering cryptocurrency exchange rankings, though, both of these types of businesses exchanges and brokerages are usually just thrown under the umbrella term - exchange. This is done for the sake of simplicity. No, definitely not!
While some of the top cryptocurrency exchanges are, indeed, based in the United States i. Coinbase or Kraken , there are other very well-known industry leaders that are located all over the world.
While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.