Best Practices for Selling Bitcoin in Canada
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Ever since its launch in 2009, Bitcoin has been the leading cryptocurrency in the world. Currently, the value of Bitcoin is $59,244 CAD. Bitcoin has been a way to earn greater wealth and hedge against inflation rates for many investors.
But the Bitcoin market is also extremely volatile. For that reason, maybe you’re ready to cash out Bitcoin in Canada while values are still high.
The question is, how do investors go about selling Bitcoin in Canada? How can you liquidate your assets and claim their full value?
If that’s what you’re wondering, keep reading! We’ll answer this question in the guide below.
Selling Bitcoin in Canada Over a Cryptocurrency Exchange
One of the easiest ways to sell Bitcoin in Canada is through a cryptocurrency exchange. If you’ve invested in Bitcoin over the years, you probably know how these work.
A cryptocurrency exchange allows you to make anonymous, streamlined crypto transactions online. Once you’ve made the transaction, your crypto assets appear in your cryptocurrency wallet of choice.
In the past, you’ve probably used exchanges like https://netcoins.ca/ to purchase bitcoins. Now, all you have to do is reverse the process. You can now use crypto exchanges to sell your Bitcoin and liquidate your assets.
Bitcoin ATMs
Bitcoin ATMs, or BTMs, are one of the fastest ways to cash out or purchase bitcoins. These machines function like standard ATMs, making it convenient to cash out your crypto assets while on the go.
One reason BTMs are so helpful is that the exchange is instant. As soon as you input how much Bitcoin you want to sell, you’ll receive the value in cash.
But BTMs also have a few disadvantages. Currently, there are only a few thousand of them around the world. You can discover if there’s a BTM near you with online trackers.
The other problem is that these machines have a much higher usage fee than standard ATMs. Often, these fees amount to 5%-10% of your transaction value. So using them for high-volume transactions isn’t the best idea.
Over-the-Counter Transactions
Over-the-counter (OTC) transactions have been the norm for much of investing history. It used to be the only viable way to purchase or sell stocks and bonds.
The Internet has made great strides in democratizing this process. But OTC exchanges still exist. In fact, there are even OTC transactions for cryptocurrencies.
In Canada, the largest crypto exchange is Canadian Bitcoins. This exchange is based in Ottawa and allows sellers to receive payments through e-transfers, direct bank deposits, or in-person cash pick-ups.
OTC transactions can be a convenient option since they don’t charge transaction fees. It’s a trustworthy service, although it provides less privacy than Bitcoin ATMs or online exchanges.
Find Your Method for Selling Bitcoin in Canada
As you can see, there are several options for selling Bitcoin in Canada. So browse around to find the best method for your liquidation needs.
Once you find it, don’t hesitate! Seize the opportunity to liquidate your Bitcoin assets today.
We hope you enjoyed this article! If so, check out our other crypto and financial content today. We have several tips to help investors and financiers make the most of their investments.
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