The positive sentiment around Bitcoin waxes stronger as users trade the asset to meet short- or long-term goals. Its potential to make a profitable trade has made crypto trading one of the best ways to make money online. So, while Canada is one of the popular places to trade BTC, you should know how to sell Bitcoin in Canada.
Ways To Sell Bitcoin For Cash In Canada
1. Sell Your Bitcoin On An Exchange
You can sell your BTC for cash on exchange, an online marketplace that receives buy and sell orders for crypto pairs like Bitcoin to Canadian dollar (BTC/CAD).
There are many exchanges in Canada, including major names like Coinbase, Kraken, and Gemini. The exchanges provide an easy and convenient way to sell your Bitcoin quickly.
Some of these exchanges also offer the option to enter a minimum sell value (limit order) to guide you from being short-changed on your Bitcoin. Therefore, selling on a major exchange is often the best move to get an excellent rate for your BTC in Canada.
However, trading fees on these exchanges vary widely and are quite high. So, you must always double-check the fees before you confirm a sell order.
2. Sell Bitcoin On Peer-to-Peer (P2P) Platform
A P2P platform connects buyers and sellers to trade directly with each other. This makes it different from exchanges, where the exchange operates as an intermediary between buyers and sellers.
There are several P2P platforms that enable you to sell Bitcoin for cash in Canada, including Paxful. LocalBitcoins, Remitano, Bybit, etc. Each platform offers its respective features, pros, and cons. Therefore, you must research before choosing a preferred P2P platform to trade your BTC.
3. Sell Bitcoin Using An ATM
Bitcoin ATMs are a new way to cash out of your Bitcoin. Although uncommon, you can use them to get cash from your BTC holding. You must enter your BTC wallet address or scan a QR code. Then, you will enter how much BTC you want to sell, including your preferred payment method.
While some Bitcoin ATMs can give you physical cash, others send the funds to a digital wallet supporting Canadian dollars.
It should be noted that receiving cash using a Bitcoin ATM service can take some time. This is due to transactions that can take 1 minute and a few hours to process on the blockchain.
You should also know that the fee for using Bitcoin ATMs to sell your Bitcoin in Canada can be as high as 10%. But it is the best for accessing physical cash.
Steps To Sell Bitcoin On Exchanges In Canada
1. Choose Your Preferred Exchange
Choosing a preferred exchange depends on trading fees, payment options, trading pairs, and security. So go for an exchange that meets your best preference.
2. Create An Account
To sell your Bitcoin, you must create an account on your preferred exchange and complete the know-your-customer (KYC) procedure to verify your identity.
3. Deposit Bitcoin
Deposit BTC in exchange for selling your asset. This usually involves sending your BTC to the wallet address provided by the exchange for your deposit. Wait for the confirmation of the BTC deposit, and you can then sell.
4. Sell Bitcoin
You can proceed to sell Bitcoin after the exchange has confirmed its deposit. There are different ways to sell BTC in Canada, such as through an exchange. These include instant sell, market orders, and limit orders.
Alternative Way To Sell Bitcoin
If you do not want to sell Bitcoin for the Canadian dollar, you can sell it for other fiat currencies like the Nigerian naira or Ghanaian cedi. Where and how can you do that? This is through Prestmit, a credible and reliable over-the-counter (OTC) trading platform that enables crypto-to-fiat, crypto-to-crypto, and crypto-to-gift card transactions.
How To Sell Bitcoin On Prestmit
Here are the quick steps to convert your Bitcoin to cash on Prestmit:
- Visit the official Prestmit website or download the Prestmit app on the Google Play Store or Apple Store.
- Create a Prestmit account and log in.
- Click “Buy & Sell Cryptocurrency” and choose “Sell Cryptocurrency.”
- Select “Sell Bitcoin” and generate a BTC wallet.
- Follow the prompts to sell your Bitcoin.
- You will receive payment immediately after confirming your transaction.
Frequently Asked Questions (FAQs) About Selling Bitcoin For Cash in Canada
Where Can I Sell My Bitcoin For Cash In Canada?
You can sell Bitcoin on exchanges, P2P platforms, or Bitcoin ATMs in Canada. They enable you to receive Canadian dollars after a successful trade.
Will I Pay Crypto Tax After Selling My Bitcoin In Canada?
Cryptocurrency is treated as a commodity in Canada. Therefore, there is a crypto tax on the buying and selling of Bitcoin and other crypto activities that are deemed a business.
Is It Safe To Sell Bitcoin In Canada?
It is safe to sell Bitcoin if you are trading on a reliable exchange or P2P platform. However, you must research before choosing a platform.
Conclusion
There is an ample opportunity to explore different ways to sell Bitcoin in Canada. From exchanges to P2P platforms and Bitcoin ATMs, you can choose the best option for you.
However, before using any crypto trading platform in Canada, it is essential to consider factors like trading fees, security, and payment options.
