🎁 Give the gift of Crypto
Home / Guides / Bitcoin / How to convert Bitcoin to Canadian Dollars (CAD)

How to convert Bitcoin to Canadian Dollars (CAD)

Mario Aguayo - Posted: July 30, 2018

Gimmie Bitcoin!

Remember your first day of buying Bitcoin? It was November 2017, and you have been hearing some interesting things about it, so you decided to pull the trigger. It was new, exciting, and maybe a little adventurous. You heard about Bitcoin from some friends for a while and they got some when it was valued at $15k, so you knew you needed to jump on the train while it was on it's way up. So there you are, with you first purchase, sure you bought in when the value was $18k, but it's still going to climb so you're golden. 

Well at least you were golden until January of 2018. But now it's finally July and you're thinking it's time to sell your Bitcoin. HODL isn't for you and you want your Bitcoin to CAD. Well this guide will help you do just that. 

Converting Bitcoin to CAD

The first step in converting your Bitcoin to CAD is understanding your options. Although there are several options to convert your bitcoin to CAD or another currency I will cover the 2 easiest and more popular ways.

Using an in-person solution such as LocalBitcoins.com, offers you the opportunity to meet with other crypto enthusiasts while at the same time use a third party escrow system that helps facilitate the exchange. The second option is using a cryptocurrency to FIAT based platform like quadrigacx.com, where you have the opportunity to exchange your cryptocurrency to a FIAT or another cryptocurrency

How to Convert Using LocalBitcoins.com

LocalBitcoins.com allows you to easily connect with individuals in your local area who are looking to either buy or sell Bitcoin. To get started you need to first declare your location and what you are wanting to do, either Quick Buy or Quick Sell. Since we are trying to convert our Bitcoin to CAD we are going to choose Quick Sell.
Once you choose to sell click search. You will be presented with a list of individuals who are looking to purchase Bitcoin. You can filter the results based on what you would like your form of payment to be. For FIAT you can choose "Cash In Person", "Cash Deposit", or even "PayPal" which will allow you to transfer the funds to your connected bank account.

Once you select the offer that is most interesting to you, you will be presented with the terms of the purchase. The "Buyer" usually has rules as to how they would like to process the transaction. *It is important to note that this all happens off the localbitcoins.com network, so you need to be sure and safe before processing any transactions.* In our example below we have blurred out the content for privacy reasons, but the two arrows point to the username of the user you are communicating with, as well as the terms of the transaction.

If you agree to the terms of the agreement with the user, then you add how much BTC you want to sell to the buyer. Clicking "Send Trade Request" initiates the transaction, but does not initiate the actual trade. It is only after both parties agree and accept the terms that the trade can be processed. 

The funds you wish to sell now go into an escrow account on LocalBitcoins.com. During this time the buyer needs to complete steps necessary in order to confirm that they have purchased the Bitcoin from you. The steps necessary to complete are dependent on what was agreed upon by both you and the buyer. 

Once the buyer confirms that they have completed the purchase requirements the funds are then moved from the escrow account and delivered to the buyer. 

Converting Bitcoin to CAD Using Quadriga

If you have an online cryptocurrency exchange account on Quadriga, then the process is a little bit simpler and fast. First you need to sign into your account. After you sign in, you are presented with your dashboard, and right dab in the center is the "Buy Bitcoin" and "Sell Bitcoin" options.

Since we are looking to convert Bitcoin to CAD, or any other FIAT currency, choose "Sell Bitcoin". Here you will enter the amount of Bitcoin you wish to sell. You can only sell the amount of Bitcoin that matches the amount in the "Available Bitcoin" section.

Clicking on "Sell Bitcoin" will initiate the sell of your Bitcoin. Your order gets placed on the exchange and when filled the funds end up in your "Available Canadian Dollars" account.

So now we have converted Bitcoin to CAD, but how do we get it into our bank account? Well Quadriga has that all figured out for you. From the dashboard, scroll down and you will see "Balances". When your conversion from Bitcoin to CAD has completed, then you will see the resulting funds on the "Canadian Dollars" row. It may take some time to clear for you to see the available funds from a sell of Bitcoin, so give it some time.
Once you an amount for "Canadian Dollars" click on Withdraw. It should be noted that a transfer does take time, as well most exchanges charge fees to make these transfers happen. You can see the different options and their associated costs for fees by reading the detailed table. Note: The fees may have changed since the posting of this guide.
If you have not withdrawn or funded your account before using a bank account, then you need to follow their identity verification process to be approved. Once you do that then you would be able to continue with your withdraw. 

Key Take-Aways

A couple of key points to consider when making the decisions on which approach you want to take. 

Convenience over Safety

Although Quadriga requires you to follow their strict identification procedures in order to move your money to and from an account, it does offer the layer of protection of not requiring you to physically meet with strangers on the internet. 

Decentralized or Not

If you want to stay true to cryptocurrencies cause then you would probably not use an exchange. The initial purpose of cryptocurrency was to move currency away from a centralized overseeing entity, and it seems that modern day cryptocurrency exchanges are acting as just that. 

Hope this guide helps and look forward to any feedback. If you are interested in learning more about cryptocurrency or have ideas for another guide feel free to reach out to us at support@cblocks.io
Mario Aguayo
Mario has been a developer for the past 3 years and lover of everything tech all his life. He uses his tech skills and natural inquisitiveness to help others learn about tech.

Join our newsletter to learn about crypto