If you're in Canada and have recently decided to cash out some or all of your Bitcoin, you may be wondering how to do it as easily as possible. Choosing a trusted Canadian trading platform, like Coinberry, is the key to cashing out Bitcoin easily and securely. If you’re wondering how to cash out Bitcoin in Canada, you’re in the right place.
Here is an overview of how to cash out Bitcoin in Canada instantly (through e-transfer):
- Transfer Bitcoin from wallet to trading platform
- Log into your trading account
- Click on the "Buy/Sell" tab and follow the instructions
- Click on the "Withdraw" tab
- Enter Amount in CAD and Complete the withdrawal
Below, you will learn how to cash out Bitcoin in Canada in a bit more detail. Without further ado, let's get right into it!
1. Transfer Bitcoin from Wallet to Trading Platform
If you’re wondering how to cash out Bitcoin in Canada, and if you’re using an external wallet, you'll need to transfer it to a trading platform before you can cash out. However, if your Bitcoin is already in your trading account, you can skip this step.
The best trading platform in Canada is Coinberry because it allows you to trade Bitcoin easily and quickly. It’s also a secure, FINTRAC-registered company, which is highly important when it comes to investments.
The following steps will show you how to withdraw Bitcoin in Canada (from your wallet to a trading platform):
- Login to your trading platform and go to the "Fund" page. Once you're on the "fund" page, you'll have the option of funding with fiat or crypto. In this instance, you should choose crypto.
- Choose Bitcoin. Coinberry offers a number of cryptocurrencies to buy and sell. However, when funding your account, you'll only need to choose between Ethereum and Bitcoin. Make sure you select Bitcoin when you want to fund your account in this instance.
- Copy your wallet address. If you use Coinberry, it will display your Bitcoin address. You'll need to copy this address or scan the QR code.
- Paste wallet address. Once you have copied your Bitcoin address, you can paste it into your wallet. Most wallets have a "Send/Receive" tab, and this is where you'll paste the address.
- Complete the transfer. Follow the wallet instructions to complete the transfer. You'll need to input the amount of Bitcoin you're sending.
Now that you know how to withdraw crypto in Canada from your external wallet into your trading account, you can move on to the next step.
2. Log in to your Trading Account
The next step is logging into the trading platform you use. In this case, let’s use Coinberry as an example. You can log into your account by going to the website's home page on your desktop.
If you’re wondering how to cash out crypto in Canada using your phone, you can opt to use the Coinberry app (available on IOS and Android devices). It’s super easy to use and a great choice if you’re on the go.
3. Click on the "Buy/Sell" Tab and Follow the Instructions
Once you're logged into your Coinberry account, you should see the "Buy/Sell" tab at the top of the screen (bottom of the screen if you're using the phone app). Once you click on this, you should follow the instructions to sell your Bitcoin.
You will be required to input the amount you'd like to sell. Rather than entering the amount in CAD, you'll need to enter the number of Bitcoins you want to sell. Continue following the instructions until the process is completed successfully.
4. Click on the "Withdraw" Tab
Once you have successfully sold your Bitcoin for CAD, you can click on the "Withdraw" tab at the top of the screen. You'll have the option of choosing an e-transfer or wire transfer, but if you're selling anything below $10,000, it's best to go with the Interac e-transfer.
Interac e-transfers are quick and easy, which is one of the reasons why withdrawing money from Coinberry is so hassle-free!
5. Enter Amount in CAD and Complete the Withdrawal
Next, you can input the amount of CAD you'd like to withdraw. Make sure the email address is correct. Otherwise, the e-transfer won't be successful.
Follow the remaining instructions on-screen until you have completed the process. Once completed, you’ll no longer be wondering how to cash out Bitcoin in Canada, and you’ll be able to cash out more easily in the future!
What is the Best Platform for Cashing out Bitcoin in Canada?
If you’re wondering how to cash out Bitcoin in Canada, the best platform to use is Coinberry. There are no funding fees and no withdrawal fees, making it a cost-effective choice. Additionally, Coinberry trading is open 24/7, so you can sell and cash out no matter the time of day.
When cashing out crypto in Canada, you’ll likely want to trade in CAD. Since Coinberry is a Canadian platform, you won’t have to worry about any extra exchange rate fees or figure out how much money you'll actually end up receiving in your Canadian bank account.
And, of course, Coinberry is a fintrac-registered company, making it a highly safe Canadian platform to use and trust.
Some Helpful Tips
- Be cautious if you need to send Bitcoin from an external wallet to a trading platform before cashing out. Make sure you copy and paste the correct Bitcoin address. If you don't, you may lose your Bitcoin.
To make sure you're sending it to the right place, you may want to send a small amount to your trading account first. That way, you won't risk losing all your crypto at once.
- Set up price alerts for help with cashing out. It's a good idea to use a trading platform that also offers a smartphone app. The Coinberry app has many useful functions, including price alerts. So, if the market value of Bitcoin reaches below or above a specific figure, you can get notified by the app instantly.
This feature can help you cash out at the right time without having to pay close attention to the market value of Bitcoin.
Not only will it notify you of the market price, but you will also be able to cash out directly within the app. So, if you're in a hurry to cash out, you won't have to worry about finding a desktop when you're out and about.
Next Steps
By following the steps in this article, you should be able to cash out Bitcoin quickly and easily.
Be sure to check out Coinberry if you're looking for a quick, easy, and cost-effective way to cash out your Bitcoin in Canada!
