How To Sell Bitcoin In Canada (May 2022)

February 21, 2022
Blog

Selling Bitcoin (BTC) in Canada is quite simple. There are three primary ways to sell your Bitcoins, but the ideal option is to use a cryptocurrency exchange platform to do so, as these platforms offer lower fees, accept a variety of payment options, and sell Bitcoin tokens at fair rates.

CoinSmart is our top-rated exchange for its exceptional security, ease of use, and low trading costs. I can’t recommend CoinSmart highly enough if you’re seeking to buy and sell cryptocurrency in Canada.

CLAIM MY $50 BONUS
Offer ends May 19.

How To Sell Bitcoins In Canada

Selling Bitcoin (BTC) in Canada is just as easy as buying it. You’ll have three main methods to do so: you can either sell your Bitcoin tokens through a cryptocurrency exchange, through a cryptocurrency broker or through a Bitcoin ATM.

Each of these methods has its pros and cons, but we can safely say that using cryptocurrency exchanges is one of the best methods. This is mainly because most cryptocurrency exchange platforms sell Bitcoin tokens at fair rates, support a wide range of payment methods, and have lower fees.

Top Crypto Exchanges To Sell Bitcoin (BTC) In Canada

Here are some of the top cryptocurrency exchanges to sell your Bitcoin tokens in Canada:

1. CoinSmart

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 offer ends May 19.

★★★★★

Rated 4.9/5

CoinSmart is, without a doubt, the best crypto platform in Canada in 2022.

For starters, CoinSmart’s trading fees are an incredibly low 0.2%. They offer excellent customer support available 24/7 via phone, live chat and email, and user accounts are verified instantly.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), and as a publicly-traded company, their financials are audited by a third-party firm at least once per year. They also maintain a 95% cold storage policy, which ensures your crypto is kept extra safe and secure across all circumstances.

As a new CoinSmart user, you’ll receive a $50 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the 16 assets CoinSmart supports. If you’re looking for a highly secure, reputable crypto platform, CoinSmart is an excellent choice.

Features

  • Extremely low trading fees (0.2%)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 16 cryptocurrencies
  • Registered Marketplace by the OSC
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.2%
  • INTERAC Deposit: 0%
  • Bank Wire Deposit: 0%
  • Bank Wire Withdrawal: 1%
  • EFT Withdrawal: 1%

Signup Bonus

$50 bonus when you sign up using this link and our promo code YOREOYSTER.

Best For

Investors looking for low fees and the best overall trading experience.

CLAIM MY $50 BONUS
Offer ends May 19.

2. Bitbuy

Lowest Fees

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.8/5

Bitbuy is a great second option for Canadians seeking a reliable, trustworthy crypto exchange.

Like CoinSmart, Bitbuy’s trading fees are just 0.2%, and go as low as 0.1% for transactions made using their advanced trading platform. It supports 17 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

Bitbuy has processed more than $4 billion in trades across its 350,000+ Canadian users. It’s a Registered Marketplace and Investment Dealer as recognized by the Ontario Securities Commission (OSC), which means it’s a highly safe and secure exchange that offers deep liquidity for all order sizes.

For a limited time, Bitbuy is offering a $50 bonus to Yore Oyster readers who fund their account with $250 or more. If you’re looking for a highly-respected Canadian crypto exchange that offers altcoin trading, excellent customer service, and a slick mobile app, open a Bitbuy account today.

Features

  • Extremely low trading fees (0.1% – 0.2%)
  • Easy to use for both beginners and more advanced traders
  • Supports 17 cryptocurrencies
  • Excellent customer support
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 99% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.1% to 0.2%
  • INTERAC Deposits/Withdrawals: 1.5%
  • Bank Wire Deposit: 0.5%
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 when you deposit $250 using this link.

Best For

Investors looking to trade with extremely low trading fees.

CLAIM MY $50 BONUS
Free account, instant verification

3. Crypto.com

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5

Crypto.com is a major global player that brings a mature, proven exchange to Canadian crypto investors. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com offers some unique features that no other Canadian cryptocurrency exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com also has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Overall, Crypto.com is a solid crypto exchange for investors looking to cash in on brand new altcoins. If you’re just looking to buy more mainstream coins like Bitcoin and Ethereum, though, I suggest either Bitbuy or CoinSmart instead.

Features

  • Average trading fees (0.4%)
  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Free deposits from all cryptocurrencies

Cost

  • Account Opening: Free
  • Trading Fees: 0.4%

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

OPEN FREE ACCOUNT
Extremely secure, 10x leverage

In Summary

Selling Bitcoin (BTC) in Canada is quite easy. There are three main methods to sell your Bitcoins, but the best method is by far using a cryptocurrency exchange platform. This is because cryptocurrency exchanges have lower fees, support a wide range of payment methods and sell Bitcoin tokens at fair prices.

CoinSmart is our top-rated exchange for its excellent security, simplicity of use, and low trading costs. I can’t recommend CoinSmart highly enough if you’re serious about buying and selling cryptocurrency in Canada.

CLAIM MY $50 BONUS
Offer ends May 19.

Sell Bitcoins In Canada FAQs

What Is Bitcoin?

Bitcoin is a form of electronic money that allows you to transfer and receive funds quickly, without the need for a central bank or financial institution. Satoshi Nakamoto, a mysterious individual (or group of people) who designed Bitcoin in 2008, was the currency’s inventor.

Bitcoin has a limited supply of 21 million coins in circulation, which means there will never be more than that amount. This makes Bitcoin a limited resource, like gold, and deflationary in nature as a result.

Bitcoin miners solve complex problems using extremely fast, powerful computers to generate new Bitcoins. Every time a new entry is added to the public ledger and transactions are verified in the Bitcoin network, Bitcoin miners are rewarded with new Bitcoin tokens. The smallest amount that can be mined is known as 1 Satoshi, or 0.00000001 BTC.

Bitcoin’s value can fluctuate wildly over the course of a single day. On November 10, 2021, Bitcoin hit its all-time high price of $68,790 USD.

Can I Sell Bitcoin In Canada?

Yes, you can sell Bitcoin in Canada through cryptocurrency exchanges such as Bitbuy, CoinSmart and Crypto.com. You can also sell your Bitcoins at a Bitcoin ATM or sell them to someone via a peer-to-peer platform such as LocalBitcoins.

What Is A Bitcoin ATM?

Bitcoin ATMs are ATMs that cater to the cryptocurrency market. The primary advantage of Bitcoin ATMs is convenience: you may buy or sell Bitcoin whenever you like using a Bitcoin ATM, even if you aren’t already signed up with a crypto exchange.

The disadvantage of Bitcoin ATMs is that they usually charge greater fees compared to crypto exchanges. As platforms like Bitbuy and CoinSmart improve their instant account verification services while competing for cheaper pricing, cryptocurrency ATMs may soon become a less popular alternative.

To use a Bitcoin ATM, you’ll need to create a crypto wallet where you can send your Bitcoins. ZenGo is the most secure crypto wallet on the market, and it’s also really simple to use.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5