Monday, March 9, 2020

How To Sell Bitcoin in Canada: 11 Easy Methods

If you are a crypto enthusiast in Canada looking to liquidate your BTC holdings, here is a list of ways of doing that summed up with their pros and cons on how to sell Bitcoin in Canada.
Getting into crypto trading has piqued the interest of the investors given its lucrative returns. However, one problem that crypto enthusiasts face is the difficulty of entry in the market. 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’re going to show you how to sell Bitcoin in Canada, as we break down 11 of the most popular selling methods. 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!

1.  Online Exchanges

2.  Bitcoin ATMs

3.  Peer-to-peer network

4.  Over-the-counter (OTC)

5.  In-person retail location


11 Easy Ways To “How To Sell Bitcoin in Canada”

Bitbuy

A Canadian cryptocurrency exchange based off in Toronto, BitBuy was founded in 2013 and has been operational since. For Canadians, that’s good news since it makes bank-transfers and transactions smooth. It supports Interface e-Transfer facility that costs a mere 1.75% fee on withdrawals. You can directly withdraw your funds into Canadian dollars and save yourself from exchange rate risk.
Apart from BTC, it supports Bitcoin Cash, Ethereum, Litecoin, Ripple, EOS, and a couple more cryptocurrencies. It doesn’t have diverse support for cryptos, however, supports the popular ones in the realm.
Pros:
  • Fast way to buy or sell BTC
  • The sell/buy limits are very high
  • Easy to use and has a trusted reputation
Cons:
  • Wire and conventional bank transfers are costly with almost 3-5% charges.
  • Limited cryptos support

LocalBitcoins

LocalBitcoins is a P2P marketplace for buying and selling cryptocurrencies. Based off in Finland, it was established in 2012. 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.
Pros:
  • Almost all available payment receiving options
  • Easy sign-up
  • Fast selling and private
Cons:
  • Reported scams, therefore, requires extra vigilance while transacting. The platform offers mediation however, best to opt for the highest rating sellers.
  • Customer support is not very responsive. Issues may take a couple of days to get resolved.
  • Higher prices

Ndax.io

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.
It supports a number of popular cryptocurrencies such as BTC, Ripple, ETH, Stellar, EOS and many more. The fees for withdrawal vary from coin to coin usually based on its popularity. BTC costs for withdrawal into bank or wire transfer are a flat rate of $25 and $50 respectively, for any amount ranging from $100 to 1,000,000. This makes it a favorable option for high volume selling and purchasing. Bank transfers take up to 2 days to process.
Pros:
  • Secure exchange
  • Offers a variety of cryptos
Cons 
  • Not very fast in processing payments
  • Fees are high for lower volume.
  • Not suitable for smaller traders

Kraken

Established in 2011, Kraken is among the largest Euro-denominated cryptocurrency exchange that’s based off in the US. It offers very high liquidity to users given its extensive userbase. It is suitable for both beginner traders as well as advanced traders.
It supports a variety of popular Cryptos such as BTC, ETH, Bitcoin cash, EOS, Litecoin, Dash and many more. 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.
Pros:
  • Well-financed and trusted exchange.
  • Low fees for both traders and makers.
  • Very high liquidity.
  • Audited exchange.
Cons:
  • User-interface a little confusing for beginners.
  • Requires ID verification hence not quite private.

Bitcoin ATMs

Bitcoin ATMs or informally known as BTMs are the easiest way to cash out or buy bitcoins. They function like normal ATMs and make it easier for you to cash out your cryptos immediately. However, it supports only Bitcoins so that’s a limitation on its usage.
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.
Pros:
  • Private and secure.
  • Instant withdrawals.
Cons 
  • Limited in number spread across the country.
  •  Very high fees (5-10%). Not suitable for large volumes of selling.
11 Easy Ways To "How Sell Bitcoin in Canada" [Most updated Method]

BitAccess

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. There’s a delay of up to 30 minutes but that’s instant compared to other available options for selling bitcoins.
If you are a small trader, this is the best way to redeem cash for your BTC. It’s also very secure and offers relatively good privacy compared to other options for selling BTC.
Pros:
  •  Instant withdrawal.
  • Fast and secure.
  • It doesn’t require KYC for small transactions.
Cons:
  • Requires KYC for larger transactions usually through ID verification.
  • Very high fees for transactions starting at 10%.

Quebex Canadian Bitcoin Exchange

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 Interface e-transfer. Once you receive your payment, your BTC is released to the buyer and the trade is closed.
Pros:
  • Fast and secure
  • Supports CAD
  • Withdrawal fees are flat at 0.001-0.005 BTC based on the size of the transaction.
Cons: 
  • Prone to scams from low-rating sellers

Coinsquare

Coinsquare is a Canadian exchange founded in 2015. It is an affordable option for Canadian traders to simply use to buy and sell bitcoins. It has a limited range of supported cryptos however, a very liquid market for bitcoins.
The customer service is spot on and the minimum trading range starts from $20. The withdrawal fee is comparatively low and varies from amount traded however, it is capped at 2%. Immediate trades can be executed and comes with a mobile application as well.
Pros:
  • Mobile application
  • Fast and secure
  • Easy to use
  • Relatively low withdrawal fees
Cons:
  • Centralized exchange
  • Limited features for trading

Shakepay

ShakePay was founded in 2015 and currently has over 70,000 customers. It has currently accumulated more than $200 million dollars in exchanges. It is based in Montreal, Canada. You can buy and sell bitcoins easily as a Canadian resident. You can also transfer to your friends through the Shakepay platform.
It comes with a mobile application supported by both Android and iPhone. It has a unique feature that allows you to invest your change of transactions into BTC helping you grow your holdings over time. Its fee structure is affordable at almost free withdrawals. It supports Interface e-transfers along with wire transfers. However, the minimum transaction limit for the latter is quite higher.
Pros:
  • Secure and reliable.
  • Mobile application support.
  • Free withdrawals.
Cons:
  • Bank transfers take up to 2 days.
  • The minimum withdrawal for wire transfer is $1000.
  • Maximum withdrawal via interace is capped at $10,000.

Paxful

Paxful is another cryptocurrency P2P exchange marketplace. It accepts cash, credit and more than 300 payment methods to sell and buy bitcoins through its platform. It has no withdrawal fees and offers varying rates from sellers and buyers of bitcoins on its platform.
The most flexible feature is through the availability of a multitude of withdrawal options that allow you to receive payments for your bitcoins in the option of your choice and almost instantly.
Pros:
  • Easy and fast selling
  • A mere 1% fee for sellers
  • Discounts on gift cards for purchases through Paxful
  • Hundreds of payment methods
Cons:
  • Prone to scammers
  • Limits on ranges of purchases by buyers
  • The exchange rate varies and may be very different from other exchanges

Canadian Bitcoins

A crypto exchange based in Canada, Canadian bitcoin offers a variety of payment options for sellers to receive payments in exchange for their bitcoins. You can receive payments through Interace e-transfer, direct bank deposit or in-person cash pick-up if you reside in Ottawa.
There is virtually no transaction fee for larger transactions greater than $1000. Privacy is average and doesn’t require an extensive KYC process to go through to sell BTCs. It is trusted in its reputation and works well for Canadians looking to sell or purchase bitcoins for an affordable cost.
Pros:
  • Variety of withdrawal methods
  • Virtually no fees
  • Easy to use for beginners
Cons 
  • Payment methods are not quite private (In-person pickup, debit).

Conclusion: How To Sell Bitcoin in Canada

We as Canadians are lucky to have so many options and payment methods to sell Bitcoin, whether it’s in-person or online. Hopefully, you found this article helpful and it provided you with some great options for selling Bitcoin in Canada! 
Let us know in the comments your favorite ways to sell Bitcoin.
Prashant Rawal
Prashant Rawal

I’m a freelance full-stack web developer having over 8 years of experience in WordPress development. I am also Blogger and Affiliate Manager to help people starting their money making blogs using largest affiliate networks.

No comments:

Post a Comment