How to Sell Bitcoin in Canada: 11 Best Exchanges with Pros & Cons

Last Updated on 9 months by Anoob P T

Do you want to know how to sell Bitcoin in Canada? Here are 11 Best Exchanges to sell Bitcoin in Canada with Pros & Cons.

I have also written a detailed post on How to be DogeCoin in Canada–you can read it if you are interested.

Here are 11 Best Bitcoin Exchanges you can consider with pros and cons of each Bitcoin exchange and precuations you should take when selling your bitcoins through these exchanges or any other Bitcoin Exchange.

How to Sell Bitcoin in Canada: 11 Best Exchanges with Pros & Cons

Bitbuy

Founded by Jordan Anderson, Bitbuy is a Canadian cryptocurrency exchange based in Toronto. It has been operational since 2013 and helps Canadians in making bank-transfers and transactions smooth.

The Inter-face facility provided by Bitbuy only costs 1.75& fee on withdrawals. Moreover, you can withdraw your funds to Canadian dollars which saves you from exchange risk.

Bitbuy supports the popular cryptocurrencies like Bitcoin Cash, Ethereum, Litecoin, Ripple, EOS, and a couple more cryptocurrencies.

Pros:

• The reputation of Bitbuy makes it trustworthy.
• The sell/but limits are very high.
• Bitbuy is an easy wat to buy or sell Bitcoin.
• Good customer support service.

Cons:

• It supports only the popular cryptocurrencies.
• Wire and conventional bank transfers costs 3-5% charges.
• No longer supports Flexepin.

Link: https://bitbuy.ca/

Kraken

Kraken is one of the world’s largest cryptocurrency exchanges. Its daily average trading volume makes Kraken the largest in Europe.

It has presence in almost all the countries in the world. It supports a variety of popular Cryptos such as BTC, ETH, Bitcoin cash, EOS, Litecoin, Dash and many more.

Kraken offers extensive userbase and hence, has high liquidity to its users.

It only needs very low cash for withdrawals and cashing out coins. Kraken is suitable for beginners and advance users.

It supports Canadian dollars making it easier for Canadian citizens in transactions. 

Pros:

• Very low trader and maker fee.
• Very high liquidity
• Trusted exchange
• Audited exchange
• Supports many countries

Cons:

• ID Verification disturbs user privacy.
• Interface confusing for beginners.

Link: https://www.kraken.com/

Coinsquare

Coinsquare is a popular cryptocurrency exchange among Canadians. It was founded in 2015 with easy buy and sell options for bitcoins.

This exchange has become an affordable way for Canadian traders as well as others to buy and sell bitcoin and ether. You can use Interac e-Transfers, bank transfers and SWIFT.

It has a mobile application for immediate trades. The withdrawal is low at the rate of 2% and also depends on the amount traded. Over all, a good liquid market for bitcoins.

Pros:

• Fast and secure transactions.
• Mobile application
• Many payment methods are accepted

Cons:

• Confusing orderbook
• Centralised exchange
• Few options for trading

Link: https://coinsquare.com/

Bitcoin ATMs

They are normal ATMs for cashing out your cryptocurrencies without much fuss. Also known as BTMs, they are faster and easiest way of selling Bitcoins.

In addition, this cryptocurrency exchange is well-trusted for privacy and security. However, the withdrawal rates are at 5-10%.

Pros:

• Easy and fast withdrawal.
• Private and secure.

Cons:

• High rate of withdrawal.
• Supports only Bitcoins and no other cryptocurrencies.

Link: https://coinatmradar.com/country/38/bitcoin-atm-canada/

Local Bitcoins

This is a peer-to-peer market place that connects you with sellers in your region. There will not be any currency exchange fluctuations.

The cryptos will be cashed out through local payment options. Multiple options are available to sell your cryptos. It has better privacy and requires KYC verification.

Pros:

• Multiple payment selling options are available.
• Fast, easy and secure.
• Easy sign up

Cons:

• Scams have been reported. Make sure to follow the rules.
• High prices.
• Poor or no Customer support.

Link: https://localbitcoins.com/places/468415902/canada/

Quebex Canadian Bitcoin Exchange

You can buy and sell bitcoins from local seller in Quebex. It is a Canada based cryptocurrency exchange, which is fast and secure.

You can see available trade advertisements from buyers and choose a suitable option to redeem payments. 

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 Interace e-transfer. After payment, BTC is released to the trader and trade is closed.

Pros:

• Fast and secure.
• Low withdrawal fees for Bitcoins
• Supports CAD

Cons:

• Chances of scam

Link: https://quebex.com/

Ndax.io

Ndax.io supports different types of withdrawal and purchase of cryptocurrency. The currency trade is in full cooperation with bank, irrespective of individual or institutional traders. Ndax.io is preferred for high volume selling and purchasing. 

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.

It also supports other popular cryptocurrencies like Ripple, ETH, Stellar, EOS and many more. Bank transfer can take up to 2 days.

Pros:

• Supports a lot of popular cryptos.
• Secure Exchange

Cons:

• Takes time for transfer.
• High fees for small volume.
• Not preferred by small traders.

Link: https://ndax.io/

BitAcess

BitAcess is funded by Canadian government to sell your coins instantly. It is secure and offers better privacy options.

You can request through the website for the sale and redeem cash for your BTC through the closest BTC ATM. It takes 30 minutes to get your cash after the request.

This is one of the best ways for selling your bitcoin; particularly, if you are a small trader.

Pros:

• Fast and secure
• No KYC for small transactions.
• Instant withdrawal.

Cons:

• High fees for transaction starting at 10%
• Requires KYC for large transactions through ID verification.

Link: https://bitaccess.ca/

Canadian Bitcoins

This cryptocurrency exchange has a lot of options in payment for its users.

The bitcoins you sell can be exchanged for money through various payment options like Interace e-transfer, direct bank deposit or in-person cash pick-up if you reside in Ottawa. 

No KYC is required for transactions which ensures privacy. With Canadian Bitcoins, larger transactions above $1000 do not require transaction fee.

Pros:

• Multiple payment options are available.
• No transaction fees.
• Easy to use for beginners.

Cons:

• Some payment options have privacy issues.

Link: https://www.canadianbitcoins.com/

Shakepay

Shakepay offers easy buy and sell of bitcoins for Canadian residents. You can also transfer to your friends through the Shakepay platform.

The mobile application is supported in both Android and iOS. It has affordable free structure with no fees for certain transactions. It supports Interface e-transfers along with wire transfers.

Shakepay also allows you to invest your change of transactions into BTC helping you grow your holdings over time. The minimum transaction limit from which there is no fee is quite high.

Pros:

• Free transactions
• Available as a mobile application.
• Secure and popular

Cons:

• The minimum transaction amount is high.
• Bank transfer takes up to 2 days.

Link: https://shakepay.co/

Paxful

Paxful is a P2P cryptocurrency exchange platform to buy and sell bitcoins. It accepts and offers more than 300 payment options.

You will get instant money for your bitcoins through payment options of your choice. There is no transaction or withdrawal fees in Paxful. 

Pros:

• Only 1% fee for sellers.
• Easy and fast
• Multiple payment methods are available.
• You can get gift cards through Paxful

Cons:

• Limit on ranges of purchases by buyers.
• Prone to scams.
• Exchange rate varies and may be different from other exchanges.

Link: https://paxful.com/buy/bitcoin/canada

Precautions to Take while Selling Bitcoins

• Before selling the bitcoins, check the exchange rates to prevent any loss. Make sure that this is the best time to sell the coins for a profit.
• It is preferred to look at the various transaction and withdrawal fees applicable in the case of each selling way. Try to go with a secure and yet minimum transaction fee exchange.
• Gather information about the trading and selling limits of the cryptocurrency exchanges you choose.
• You have to understand and ensure about the security and privacy associated with each cryptocurrency exchange. Always choose a secure way which needs minimum privacy information like an ID verification or KYC.
• It is better to choose an exchange with customer service and support. You can look for some help with these if something goes wrong.
• Finally, look up for reviews and details regarding any cryptocurrency exchange you choose. You can find about any scams related to these platforms and alike through this way. 

Frequently Asked Questions about How to Sell Bitcoin in Canada

How can I sell Bitcoins for cash in Canada?

You need to join any Bitcoin Exchange to sell Bitcoin in Canada

How do you sell Bitcoins for cash?

You can cash out your Bitcoins for cash using any Bitcoin Exchanges listed in this post.

Is selling Bitcoin legal in Canada?

Bitcoin is not legal tender, but you can sell Bitcoin using Bitcoin Exchanges listed in this post.

Can you sell crypto in Canada?

Yes, you can sell crypto in Canada through crypto exchanges.

How do I cash out my Bitcoins?

Bitcoin is not legal tender, but you can sell Bitcoin using Bitcoin Exchanges listed in this post.

How many dollars is $200 Bitcoins?

As of October 2021, cost of $200 bitcoins is $12,106,919.35.

Are Bitcoins a good investment?

Bitcoins are considered a good investment for now, but the value of bitcoin can also fluctuate widely.

Do you need a license to sell Bitcoin?

You need to join any Bitcoin Exchanges listed in this post to sell your Bitcoin in Canada.

Is Bitcoin taxable in Canada?

As of November 2021, Bitcoin is not taxable in Canada.

Why is Binance banned Canada?

Due to Regulatory Action.

In which country is Bitcoin illegal?

Bitcoin is illegal in many countries including China

Can I transfer Bitcoin to my bank account?

Bitcoin cannot be transferred to bank account directly.

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