If you’re like many people, you’re at least a little curious about cryptocurrency, especially the most familiar crypto – bitcoin. If the process seems complicated, not to worry because once you know what you need to do to buy and sell cryptocurrency, it will all come together and will make sense. Learning how to sell bitcoin in Canada is easier than you think, especially once you become more familiar with cryptocurrency in general. Below are some steps to take if you want to sell bitcoin in Canada.
Decide Where You’re Going to Sell
The bottom line is, it is almost impossible to sell bitcoin unless you’re registered on a cryptocurrency exchange, of which there are many. You also have to make sure the asset is listed on the platform, and comparing different exchanges is recommended because their deposit, trading, and withdrawal fees are all different. Withdrawal fees, in particular, should be very low if you intend to do any selling of this type of currency, and make sure you try to find an exchange that offers zero withdrawal fees because this will make you the most money in the long run.
The best trading fees range from 0% to 0.5% per trade. Fees for depositing assets should also be considered, but keep in mind that depositing bitcoin is free with many exchanges. When you consider either buying or selling any type of crypto, including bitcoin, all of these fees have to be researched first because they can add up after a while. And while this next tip should be obvious, you should also check to make sure you can buy and sell using your country’s type of cash. After all, not all exchanges accept all countries’ cash methods.
You Have to Create an Account
When learning how to sell bitcoin in Canada, or any other type of cryptocurrency, it’s important that you go ahead and create an account. While some people feel this is too much of a “commitment” or too time-consuming, most exchanges won’t let you buy or sell without this step. For this, you’ll have to locate the “register” button on the homepage and then follow these steps:
- Enter either a phone number or your email address
- Create your password
- Enter the verification code they send to your phone or email
- Check “agree” to the terms and conditions
- Click on “sign up” or “register:
Keep in mind that every exchange is different, so some of the steps may vary, and some of the terminology used may be different as well. Regardless of which exchange you use, it should be easy to figure out how to set up your account, especially since most of the instructions are self-explanatory. Having said this, when you’re done with that part, you’ll have to verify your identity by going through the “know your customer” (KYC) process. The basics of this process include the following:
- Entering your personal information (name, ID, etc.)
- Uploading documents such as a utility bills or bank statement
- Uploading a selfie
- Activating 2-factor authentication (2FA) – optional but highly recommended
The registration process is simple but involves a few uploads, so it might take a while to complete it. Nevertheless, once you complete the process, you’re ready to take the next step because you only have to register once.
You Have to Deposit Your Bitcoin
Just like a bank, you have to have money – in this case, cryptocurrency – already in your online “wallet” before conducting any transactions. Most exchanges will have a section called Wallets or Balances that you’ll have to go to in order to make your deposit of bitcoin. Here are the basic steps to do this:
- Go to Wallets or Balances.
- Locate Bitcoin.
- Click on Deposit.
- When you find the address that the exchange provides for your bitcoin deposit, highlight and copy it.
- Go to your internal bitcoin wallet and “paste” the address there (make sure to double-check the address, so no mistakes are made.
- Press Send so the transaction goes through; when you do this, make sure you choose the network feet – faster processing usually means higher fees.
- To make sure you’ve done everything right, make sure you wait for confirmation of your deposit.
At this point, you’ll be all set to sell your bitcoin cryptocurrency. If there are any problems with the registration and setup process, you can contact the exchange, and they’ll be able to help you move forward.
Selling Your Bitcoin
Learning how to sell bitcoin in Canada is fairly easy and fast, and when you get to the actual selling phase, there are a few things you need to know. First of all, there are several different ways to sell bitcoin, and the three most common are:
- Instant sell: This option is available to you if you’ve already connected a bank account or a withdrawal destination. You’ll net less with this type of sale simply because instant sells have the highest fees of all the transaction types.
- Market/limit orders: Market orders allow bitcoin to be sold immediately at the market price, while limit orders allow it to be sold only if it reaches a certain price that you set yourself. If you wish to sell bitcoin at a certain price, limit orders are the way to go.
- Maker/taker fees: Both of these fees are charged when you use a spot trade. Maker fees get charged to whatever doesn’t add liquidity to the exchange, while taker fees get charged to those who take liquidity off the exchange.
Conclusion
While some exchanges will have slightly different rules and instructions than these, most will have very explicit instructions on their website, which means the process is easy as long as you follow those directions to the letter. Selling bitcoin in Canada does not have to be complex, but it requires a few simple steps before you start the actual selling process. According to many experts, cryptocurrency is the wave of the future, and if you pay attention, you’ll be buying and selling it in no time.
