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How to Cash Out Bitcoin in Canada

If you’ve taken the plunge and purchased bitcoin, you’ll need to know how to cash out and sell it. The best approach to earn the maximum return on your bitcoin investment is to sell it with cheap fees.

Bitcoin exchange for Canadian dollars

It’s a lot easier than you might think to convert Bitcoins to Canadian dollars. You can sell your Bitcoins in a few clicks on a cryptocurrency exchange and have a wire transfer to your bank account in a few days. By pressing a few buttons on a Bitcoin ATM, you can get cold, hard cash.

Exchange Bitcoin for cryptocurrencies

The best way to exchange your Bitcoins for another cryptocurrency is to use cryptocurrency exchanges. There are also other digital currencies accessible, which may provide further investing opportunities.

What is the best way to sell bitcoin in Canada?

In Canada, there are four ways to buy and sell bitcoin:

  • Cryptocurrency exchanges
  • Using peer-to-peer platforms.
  • In-person 
  • Use Bitcoin ATMs 
  • Over the counter

Bitcoin ATMs

The most convenient way to cash out your Bitcoins is through a Bitcoin ATM. It usually takes 10 to 15 minutes to sell Bitcoins. However, when many transactions get executed on the network, transactions might take hours to complete. Consider the minimum and maximum transaction limitations when selecting a Bitcoin machine. The transaction withdrawal limit for certain Bitcoin ATMs is $4,000, whereas it may be $10,000 for others.

Cryptocurrency Brokers

A cryptocurrency broker acts as a go-between for customers and cryptocurrency exchanges. Brokers can help rookie traders or investors because they handle everything. Because you can reach a broker by phone, email, or live chat, selling through a broker is simple and more user-friendly. A broker’s costs are typically higher than those of a bitcoin exchange due to the convenience element.

Sell bitcoin in-person

The procedure of buying or selling bitcoin in person is similar to that of using peer-to-peer networks. You’re probably going to use the same peer-to-peer networks to discover someone who wants to deal with you, such as LocalBitcoins or Paxful.

sell bitcoin via peer-to-peer platforms

You can hunt for individuals and organizations that sell bitcoin directly if you don’t want to use crypto exchanges. 

  • You create an account on a platform.
  • You look for someone or a company that wishes to purchase or sell bitcoin directly using your preferred mode of exchange (PayPal, bank transfer, face-to-face meeting, etc.)
  • You examine their platform reputation (avoid dealing with untrustworthy accounts with poor or no reviews).
  • You text each other and agree on the manner of exchange if you believe the account is trustworthy.
  • You stick to your agreement and close the deal.

LocalBitcoins, LocalCryptos, Paxful, and BitKan are some of the websites that allow for such communication. You can also use a decentralized Bitcoin exchange like BitSquare or Coinffeine as an alternative to these platforms. Decentralized exchanges need less communication with the other party and are ideal if speed, privacy, and anonymity are vital to you.

Any deal requires precise timing, but determining the best time to sell can be difficult.

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