How To Sell Bitcoin In Canada (Sep 2022)

July 21, 2022
Blog

There are three primary ways to sell Bitcoin in Canada, with the best of the three being a cryptocurrency exchange. Crypto exchanges offer lower fees, accept a variety of payment options, and sell Bitcoin at fair rates so that you keep most of your hard-earned money.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $50 signup bonus (available until September 31, 2022), I can't recommend CoinSmart highly enough.

CLAIM MY $50 BONUS
Offer ends September 31, 2022.

How To Sell Bitcoin 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 – $50 Signup Bonus

Best Overall

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

$50 bonus ends September 31, 2022.

★★★★★

Rated 4.9/5

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

For starters, CoinSmart has the lowest trading fees in Canada at just 0.2%. It supports 16 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), is registered as a Money Services Business with FINTRAC, and is a member of the anti-money laundering group TRUST, all of which means they're a highly secure exchange. They maintain a 95% cold storage policy, and as a publicly-traded company, their financials are audited by a third-party firm at least once per year.

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 live chat and 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 to trade with low trading fees.

CLAIM MY $50 BONUS
Offer ends September 31, 2022.

2. Bitbuy — $50 Signup Bonus

$50 Signup Bonus

Trading fees: 0% – 1.5%
Security: 99% cold storage
Signup bonus: $50

$50 bonus ends soon.

★★★★★

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 also low, ranging from 0% – 1.5% depending on how much you trade. They offer excellent customer support available 24/7, and user accounts are verified instantly.

To date, Bitbuy has processed more than $4 billion in trades across its 400,000+ 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 on all order sizes.

I've personally used Bitbuy for over a year, so I've seen them consistently improve their platform over time. For example, Bitbuy recently removed its fees on deposits and withdrawals, making the overall trading experience significantly cheaper for users. Those fees were Bitbuy's main drawback before, but now I'm very confident calling it the best crypto exchange in Canada.

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 exchange that offers the lowest fees in Canada, excellent customer service, and a slick mobile app, open a Bitbuy account today.

Features

  • Low trading fees (0% – 1.5%)
  • Easy to use for both beginners and more advanced traders
  • Supports 25+ cryptocurrencies
  • Excellent customer support via live chat and email
  • 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%
  • INTERAC Deposits/Withdrawals: Free
  • Bank Wire Deposit: Free
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 bonus when you deposit $250 using this link.

Best For

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

CLAIM MY $50 BONUS
Offer ends soon.

3. VirgoCX – $30 Signup Bonus

Best For Fringe Coins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5

Based in Toronto, VirgoCX is another one of the best Canadian crypto exchanges. Its users appreciate that it offers 50+ cryptocurrencies, one of the widest selections of any exchange on this list. 

VirgoCX’s trading platform and mobile app are intuitive and easy to use, even for beginners. It offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.

VirgoCX charges no deposit or withdrawal fees on fiat and covers the first $6 in mining fees on ERC20 withdrawals. It requires 2-factor authentication on all accounts, and maintains a 95% cold storage policy to keep your assets safe at all times.

Features

  • Supports 50+ cryptocurrencies
  • Free fiat deposits and withdrawals
  • Free deposits and withdrawals on most cryptocurrencies
  • 24/7 support available via live chat and email
  • User-friendly for both beginners and more advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Cash Deposits: Free
  • Cash Withdrawals: Free
  • Crypto Deposits: Free
  • Crypto Withdrawals: Free for all major coins
  • Spreads on trades: Around 1%

Signup Bonus

$30 when you fund your account with $100 or more using this link.

Best For

Investors looking to buy altcoins before everyone else.

CLAIM MY $30 BONUS
Free account, instant verification

In Summary

There are three primary ways to sell Bitcoin in Canada, with the best of the three being a cryptocurrency exchange. Crypto exchanges offer lower fees, accept a variety of payment options, and sell Bitcoin at fair rates so that you keep most of your hard-earned money.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $50 signup bonus (available until September 31, 2022), I can't recommend CoinSmart highly enough.

CLAIM MY $50 BONUS
Offer ends September 31, 2022.

How To Sell Bitcoin 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 like 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. CoinSmart is the most secure crypto wallet on the market, and it's also really simple to use.

Want to earn $50 in the next 6 minutes?

CoinSmart is a highly-rated, fully regulated Canadian crypto platform that’s giving new users $50 for depositing $200 or more. Trade with low fees and withdraw your money at any time.

Click below to claim your $50 bonus today. Offer ends October 1, 2022.
CLAIM MY $50 BONUS
Offer ends October 1, 2022.