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Do you need to urgently sell your Bitcoin to cover some significant expenses or just reinvest the money at a bigger profit? Then, our review of the most common methods will come in handy. We will explain both their advantages and disadvantages and help you make the safest choice.
First of all, we want to highlight right away that the best variant is to sell this crypto via an online exchange. This method provides the highest prices, security, and liquidity. As for the names of exact platforms, we recommend you turn to Binance, Coinbase, Kraken, or Gemini. Why? They offer the lowest fees on the market along with decent safety measures and a large selection of altcoins. Besides, most of them accept Canadian dollars, which allows saving on exchange commissions.
If you do not have much experience in using such services, follow our step-by-step guidelines on how to sell Bitcoin Canada:
- Create an account on Binance or another crypto exchange or log into it.
- Transfer the coins to the wallet on the exchange chosen.
- Open the menu of the website and find BTC (on Binance, you should go to “Wallet” ― “Fiat and Spot”).
- Now, you can either trade the crypto at the current rate via the “Spot Trading” function or just convert it into Canadian dollars directly.
- Withdraw the sum needed to your bank account or card (on Binance, open “Wallet” ― “Fiat and Spot” ― “Withdraw” ― “Fiat”).
- Confirm the request via phone or email verification.
Yet, to be objective, we must also mention other available methods:
- Peer-to-peer platforms. The scheme is pretty simple: you get an account on such a service, then, you add your listing with the details of your sale and wait until someone gets interested in it. Such platforms are not as well-protected against scams as standard exchanges, but they often allow finding crypto at more attractive prices and saving on fees.
- ATMs. They look and operate similarly to standard ATMs and allow selling Bitcoin for fiat money. To perform such an operation, a client is usually requested to scan a QR code to his wallet. The biggest benefit is that your transaction will be processed instantly, but be ready that the fee will be higher than, for example, on a crypto exchange.
- Face-to-face deals. As a rule, that involves meeting a buyer in person, that can be your colleague or acquaintance, as well as a stranger, whom you can find via a special online source. It is a bit time-consuming, but it provides a significant economy on fees. At the same time, you must keep in mind that it is the riskiest.
In sum, we insist that it is safer to sell BTC and other altcoins on the online crypto exchange, so we advise you to opt for this method.