Ways You Can Turn Your Bitcoin Into CAD
Everyone aims to make a profit when they invest in Bitcoin. If you’re holding BTC in Canada, you might want to convert your holdings into cash. Surprisingly, whether trading in small or large amounts, most Canadian crypto investors need help transforming their BTC into CAD.
But how do you go about this? Be sure to check the charts to stay updated on the latest BTC moves against the Canadian dollar, and keep reading to see a few of the many choices when converting BTC into Canadian cash.
3 Ways You Can Convert Your BTC to CAD
When cashing out Bitcoin, there is a trade-off between cost-effectiveness and convenience. Thus, Choosing a cash-out method that’s more convenient means extra cost, and you will undoubtedly get less for your BTC. On the other hand, a less suitable cash-out procedure means better exchange rates.
With this in mind, there are three common ways to convert BTC to CAD. Let's look at how you can go about it.
The first way to cash out your Bitcoin in Canada is by selling your holdings on a BTC exchange. A typical exchange will let you sell BTC at spot prices. When you want to sell your Bitcoin, you have plenty of exchanges to pick from, but fees vary on most platforms. Exchanges like MyBTC.ca allow you to sell at the best price possible.
Most crypto trading platforms in Canada allow you to cash out your CAD to your bank through Interac e-Transfer , credit/debit card, or bank wire transfer. Withdrawals via Interac e-Transfer and bank cards are instant, while receiving your cash from a bank wire transfer may take a few business days.
Selling BTC through an ATM is probably the fastest way to turn crypto into cash in Canada. Bitcoin ATMs work differently from regular cash ATMs as they facilitate crypto transactions via a QR code. These stand-alone kiosks allow you to sell BTC for CAD.
You first need to load the Bitcoin amount you want to sell and select how you wish to receive your CAD. Some crypto teller machines allow you to receive the amount in physical cash, while others allow you to receive the amount via digital wallets. Selling through this method can be very expensive, and you may receive less than the market value. Finding a convenient ATM location might also be a barrier.
Thinking about how to sell BTC for CAD? Peer-to-peer marketplaces are another excellent way to cash out cryptocurrencies. P2P platforms connect you to buyers who want to buy BTC with CAD, or vice-versa. Most peer-to-peer platforms incorporate escrow to ensure that users' funds are safe. Here you set the terms of trade as you decide the price for offloading your BTC. Ensure you don't exaggerate your selling price to land a potential buyer. P2P marketplaces offer the cheapest way to convert crypto to cash, thanks to low fees.
Bitcoin to CAD Conversion Rates
Now that you have a baseline regarding how to sell BTC for CAD, let’s take a look at some numbers. The first step in getting the figures right is knowing the conversion rate between BTC and CAD. This will help you see the amount you will get when selling your Bitcoin holdings.
At the time of writing this piece, 1 BTC exchanges at $28,256 CAD. BTC price action has recently increased as the number one digital asset is up 7.08% in the last 30 days. This comes when Bitcoin has been on a downward trend for nearly one year.
Buy and Sell Bitcoin at the Best Rates
Are you looking for a crypto exchange with the best prices? MyBTC.ca operates around the clock to meet your buying and selling needs. Their simplified navigation makes buying Bitcoin with CAD faster and easier than anywhere else in Canada. You can also convert your BTC into cash and get your fiat through various payment methods, including Interac e-Transfer, Bank Transfer and prepaid visa card.
To get started, you need to sign up for an account and get verified through a speedy one-time online verification process. Afterward, your BTC will be instantly transferred to the wallet address you provide. MyBTC.ca is non-custodial so they never hold onto your bitcoin for you, leaving you in the driver’s seat to be your own bitcoin bank!
It's easier than ever for Canadians to cash out Bitcoin for fiat. You’re now in an excellent position to turn your BTC profits into cash and keep trading so you can keep building that nest egg or live a little and spend. Start buying BTC and Ether now to get started. See you around!