How to sell Bitcoin in Canada
Canada is one of the most crypto-friendly countries in the world. However, even here the possibility to use cryptocurrency as payment of goods and services has limits. So the need to sell bitcoin in Canada arises regularly. Fortunately, we have a fairly wide range of tools at our disposal to do this.
It is difficult to find a person interested in cryptocurrencies, who hasn’t tried his hand at cryptocurrency exchange in Canada at least once.
You can sell bitcoins for US dollars on many different exchanges, for example, on Coinbase or Kraken. This is perhaps the simplest way to get fiat money for crypto. After that, you will only need to exchange USD for CAD in a traditional bank. The main drawback of this method is the loss on the difference in rates when exchanging fiat currencies. Or did you think that banks will change your money for free?
Therefore, exchanges where cryptocurrencies are traded in pairs with Canadian dollar and the withdrawal of the national currency is available are much more attractive. For a long time the leading position in Canada was occupied by QuadrigaCX.com platform.
Platform offers to receive Canadian dollars in exchange for crypto, but also has the lowest fees among all Canadian cryptoexchanges. In addition, the withdrawal of funds from QuadrigaCX occurs within a day. Except for a wire transfer, which takes up to 5 days, as usual.
Instant exchange services
In addition to traditional exchanges, there are also services for instant cryptocurrency exchange, for example, Changelly.com or ShapeShift.io.
These services allow not to waste time on identification. Which also will appeal to those who do not want to be spotted with the cryptocurrency once again.
This type of services is by far the easiest one. It is enough to enter the address of your wallet, the amount of coins you want to sell and choose the payment system through which you want to get your money.
However, international systems face the same problem as exchanges, where the bitcoins can be sold for US dollars – then they will have to lose a lot on exchange for the national currency.
In order to sell bitcoin in Canada, however, there is a very convenient platform with the “creative” name “Canadian Bitcoins”. It allows you to transfer CAD to your account or to pick up cash. And cash you can either pick up personally (in Ottawa) or receive by mail. And if you sold bitcoins for more than 1000 CAD – the service will take over the cost of sending cash via mail service,
As a result, an amusing cycle has formed in Canada – the Canadians buy Cryptocurrency mainly on Coinbase.com or Coinsquare.com, and sell on CanadianBitcoins.com.
Some Bitcoin-ATMs allow not only to purchase bitcoins, but also to sell them, getting cash “here and now.” However, they are installed only in large cities, e.g. bitcoin-ATM in Toronto, and so far only one-third among them works in both directions.
Many cryptoenthusiasts prefer to trade directly with each other, without intermediaries. For this, there are a number of services that bring potential sellers and buyers together. The most famous of them is LocalBitcoins.com, which gathered a lot of sellers and buyers of cryptocurrency in one place. Moreover, the functionality of the service allows you to limit the search for potential buyers to residents of Canada or even your city, after which it will be possible to agree on the arrangement that suits you both. You can even agree to meet in person.
However, you can find a person ready to buy your coins, on the other side of the globe and make a deal online.
Search for buyers on thematic forums
You can also find a buyer on thematic cryptocurrency forums. You can try using large international sites like Bitcointalk.org. But there are much more chances to find a counterparty for the deal in local communities, such as Coinforum.ca site. Here, in the Buying / Selling Bitcoins section, both issues of work on exchanges and transactions between forum users are discussed.
Well, of course, there is also an option to go out and shout “Sell bitcoins!”, But the effectiveness of this method we do not guarantee.
When making P2P transactions, there is a risk of fraud – you take all risks associated with the transaction. If you are planning a personal meeting with the buyer, then there is a danger of an assault and robbery attempt. The probability is very small, but such precedents have already been recorded, so it’s better to make appointments in crowded places.
Canada is one of the easiest countries in terms of selling Bitcoin for national currency. This is partly explained by the fact that the legislation on cryptocurrency has long been working here, partly – by the widespread adoption of Bitcoin, and partly by well-developed Bitcoin infrastructure.
Due to this, you have a wide choice of methods for selling cryptocurrencies – from cryptoexchanges to a personal meeting with the buyer in a cafe. Generally, to sell bitcoins in Canada is not much more difficult than to sell some foreign fiat currency.
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