How To Sell Bitcoin In Canada (Jan 2023)

July 21, 2022
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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.

VirgoCX 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 $20 signup bonus (available until January 30, 2023), I can't recommend VirgoCX highly enough.

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. VirgoCX – $20 Signup Bonus

Best In Canada

Trading Fees: 0%
Security: 95% cold storage
Signup bonus: $20

Lowest fees + excellent platform.

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★★★★★

Rated 4.9/5

VirgoCX is, without a doubt, the best crypto exchange in Canada. VirgoCX offers 50+ cryptocurrencies, charges zero trading fees, and only charges spreads between 0.5% – 0.95%, making it a cost-effective exchange.

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.

As a new VirgoCX user, you'll receive a $20 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the dozens of assets VirgoCX supports.

If maximizing your investment potential is important to you, VirgoCX is a great choice.

Features

  • Lowest fees in all of Canada
  • 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: 0.5% – 0.95%

Signup Bonus

$20 when you fund your account with $100 or more using this link.

Best For

Investors looking for the lowest fees in Canada.

2. ZenGo – Most Secure

#2 In Canada

Trading Fees: 0% up to $200
Security: Best in class
Customer Support: Excellent

Top-notch security + low fees.

★★★★★

Rated 4.5/5

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

As a new ZenGo user, you won't pay any trading fees on trades up to $200. ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.

Features

  • Supports 75+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.7/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Account Opening: Free
  • Trading Fees: 0% on trades up to $200

Best For

Crypto investors looking for the most secure trading experience + low fees.

SECURE MY CRYPTO FOR FREE
Sign up by January 30, 2023.

3. CoinSmart – $50 Signup Bonus

Good All-Around

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

Average fees, good platform.

★★★★

Rated 4.4/5

CoinSmart 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.

CoinSmart maintains 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.

If you're looking for a solid all-around crypto trading platform, CoinSmart is a fine choice.

Features

  • Average spreads on trades
  • 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: 1.5%
  • 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.

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.

VirgoCX 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 $20 signup bonus (available until January 30, 2023), I can't recommend VirgoCX highly enough.

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. VirgoCX is the most secure crypto wallet on the market, and it's also really simple to use.

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