I have Bitcoin, how do I sell it and send the money to my bank account?

Article author
Bitbuy Support (Brandon S.)
  • Updated

Turning your Bitcoin, or another cryptocurrency, into Canadian dollars and sending it to your bank account 

 

Website (instructions for the mobile app below)

Step 1 - Sending the cryptocurrency to your Bitbuy account

a) Navigate to the 'Wallets' section of your account

Click on 'Wallets', located at the top of the page

CAD_Withdrawal_1.png

 

b) Select the cryptocurrency you are depositing 

Locate the digital currency you want to send to your Bitbuy account, and click on the 'Deposit' button that is located directly across from it. Your Bitbuy wallet address for the cryptocurrency you selected will be displayed on the next screen.

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c) Send cryptocurrency to your Bitbuy wallet address

Send your cryptocurrency to the wallet address that is displayed. 

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d) Wait for your cryptocurrency deposit to confirm

Cryptocurrency deposits made to your wallet address will be automatically credited to your account after a certain number of confirmations on the blockchain. For more information on how long this may take, please click here.

 

Step 2 - Selling your cryptocurrency for Canadian dollars

a) Start your sale

Click 'Express Trade' at the top of the page, then locate the digital currency you wish to sell and click the 'Sell' button. 

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b) Complete your transaction

Enter the amount of cryptocurrency you are looking to sell, and the amount of Canadian dollars you will receive will be displayed below under 'Transaction summary'. When you are ready to continue, click the 'Sell' button to complete the process.

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Step 3 - Sending your Canadian dollars to your bank account

a) Start your withdrawal request

Click on the 'Wallets' button, located at the top of the page

CAD_Withdrawal_1.png

 

b) Start your withdrawal request

To the right of 'Canadian Dollars', click on the 'Withdraw' button. Please note that you must have a minimum Canadian dollar balance of $50 to do so.

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c) Select your withdrawal method

Choose your withdrawal method and enter the dollar amount you are looking to withdraw, and the name of your bank. Click 'Next' when you are ready and enter your two-factor authentication code to complete your withdrawal request.

If you are withdrawing via e-Transfer, we will send it to the email address linked to your Bitbuy account.

If you are withdrawing via Bank Wire or Electronic Bank Transfer, a Bitbuy representative will reach out to you for your banking details after your withdrawal request has been made.

CAD_Withdrawals_3.png

 

Mobile App

Step 1 - Sending the cryptocurrency to your Bitbuy account

a) Navigate to the 'Wallets' section of your account

Sign in to your Bitbuy account and you will be automatically directed to the 'Wallets' section of your account. If you are already logged in, click on 'Wallets' in the bottom right corner of the navigation bar. 

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b) Locate the cryptocurrency you are depositing

Locate the cryptocurrency you want to send to your Bitbuy account and click on the 'Deposit' button.

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c) Send to your Bitbuy wallet address

Your cryptocurrency wallet address will be displayed here. You can share your wallet address by clicking on 'Click To Copy' and pasting it in an email or message.

Any deposits made to that wallet address will be automatically credited to your account after the required number of confirmations on the blockchain. 

IMG_1488.jpg

 

d) Wait for your cryptocurrency deposit to confirm

Cryptocurrency deposits made to your wallet address will be automatically credited to your account after a certain number of confirmations on the blockchain. For more information on how long this may take, please click here.

 

Step 2 - Selling your cryptocurrency for Canadian dollars

a) Start your sale

Click on the 'Wallets' in the bottom right corner of the navigation bar. If you are not signed in to your Bitbuy account, you will be automatically directed to the 'Wallets' section of your account when you sign in. 

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b) Complete your transaction

Enter the amount of cryptocurrency you are looking to sell, and the amount of Canadian dollars you will receive will be displayed below. When you are ready to continue, click the 'Place Sell Order' button to complete the process.

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Step 3 - Sending your Canadian dollars to your bank account

a) Start your withdrawal request

Under 'CAD', click on the 'Withdraw' button.

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a) Select your withdrawal method and submit your request

Choose your withdrawal method and enter the dollar amount you are looking to withdraw, and the name of your bank. Click 'Next' when you are ready and enter your two-factor authentication code to complete your withdrawal request.

If you are withdrawing via e-Transfer, we will send it to the email address linked to your Bitbuy account.

If you are withdrawing via Bank Wire or Electronic Bank Transfer, a Bitbuy representative will reach out to you for your banking details after your withdrawal request has been made.

CAD_withdrawals_5-1.png

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