How to Sell Bitcoin in Canada: A Guide for Beginners

Bitcoin is the most popular and valuable cryptocurrency in the world, but how do you sell it in Canada? Whether you want to cash out your profits, diversify your portfolio, or simply need some fiat currency, there are different ways to convert your Bitcoin to Canadian dollars (CAD).

In this article, we will explain how to sell Bitcoin in Canada using Bitcoin4U, a top-rated, registered Canadian virtual asset provider that offers fast and secure Interac e-Transfer payouts for your Bitcoin.

What is Bitcoin4U?

Bitcoin4U is a top-rated, registered Canadian virtual asset provider that lets you buy cryptocurrency online or with cash at one of its Bitcoin ATMs, and sell Bitcoin online with the payout sent by Interac e-Transfer. The ATMs are for buying only — selling is always handled online. You can use various payment methods, such as credit cards, e-transfers, or vouchers. Rates and fees are quoted to you before you confirm, and payouts are sent on a single confirmation when you sell your Bitcoin with e-Transfer. You can check current rates, fees and limits on the fees and rates page.

How to Sell Bitcoin with e-Transfer on Bitcoin4U?

To sell Bitcoin with e-Transfer on Bitcoin4U, you will need to follow these simple steps:

Verify your ID — there is no account to create. Verification runs on your phone, usually takes less than a minute, and is generally needed only on your first transaction. Your privacy in the verification process is very important to Bitcoin4U and the protection of this information is outlined in the Privacy Policy.
Provide your mobile phone number and the amount of Bitcoin you want to sell. You will see the current exchange rate and the amount of CAD you will receive.
Send your Bitcoin to the wallet address provided by Bitcoin4U. You can scan the QR code or copy and paste the address.
Wait for one confirmation of your Bitcoin transaction. This may take 10 minutes or more, depending on the network activity.
Receive an Interac e-Transfer directly to your bank account. Interac e-Transfer is a fast, secure and convenient way to send money to anyone in Canada using online banking. The participating bank or credit union transfers the funds using established and secure banking procedures.

That's it! You have successfully sold your Bitcoin for an e-Transfer on Bitcoin4U. You can also check the status of your transaction by contacting the customer service agents via email at [email protected] .

What You Need Before Selling

A mobile phone — you cannot buy or sell through Bitcoin4U without one
Bitcoin held in a wallet you personally own and control. Do not sell coins on behalf of anyone else
A Canadian bank account that can receive an Interac e-Transfer
Valid government-issued photo ID for your first verification. See the documents we accept
Canadian residency — Bitcoin4U buys only from residents of Canada

How Long Does a Payout Take?

Once you send your Bitcoin, we wait for one network confirmation, which usually takes about 10 to 20 minutes and can be longer when the network is busy. The Interac e-Transfer is sent after that confirmation. Delivery into your account then depends on your bank or credit union, and is normally fast but can take up to 30 minutes.

Can I Sell Bitcoin at a Bitcoin ATM?

Not at ours. Bitcoin4U's Bitcoin ATMs are for buying cryptocurrency with cash — selling is handled online only, with the payout sent by Interac e-Transfer. Wire transfer is also a buying method only; it is not offered for sell payouts.

What About Tax?

Selling Bitcoin is a taxable event in Canada. The Canada Revenue Agency treats cryptocurrency as a commodity, so a sale generally produces either a capital gain or business income depending on the nature of your activity. There is no separate short-term or long-term rate. Keep a record of the date, the amount and the Canadian-dollar value of every sale, and speak to a tax professional about your own situation.

Selling Safely

Only sell Bitcoin that is yours. If someone has asked you to sell coins on their behalf, or has sent you Bitcoin and asked you to forward the cash, stop — that is a common way of laundering the proceeds of fraud, and you would be the one on the hook. Read our guide to common cryptocurrency scams if any part of a request feels unusual.

Bitcoin4U never makes outbound phone calls. Our emails only come from addresses ending in @bitcoin4u.ca or @bitcoin4u.zendesk.com.