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

  • 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) While logged in, navigate to your Accounts page

Click on 'Accounts', located at the top of the page.

 

b) Select the cryptocurrency you are depositing 

Locate the cryptocurrency you want to send to your Bitbuy account, and click on it. This will bring up a new page with chart details for that coin! 

 

c) Click the 'Transfer' button, and select 'Deposit' from the pop-up that appears

 

d) Send cryptocurrency to your Bitbuy wallet address

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

 

IMPORTANT: The wallet addresses in your account will change periodically for security reasons, however, once a wallet address has been used it will be associated with your Bitbuy account from that point onwards.

 

d) Wait for your cryptocurrency deposit to be confirmed!

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!

While logged in, navigate to the 'Express Trade' page of your account.

 

b) Complete your transaction

Select the cryptocurrency and the amount you would like to sell. The amount of Canadian dollars you will receive will appear below 'Transaction summary'.

When you are ready to continue, click the 'Sell' button to complete your sale!

For more details about selling via Limit order using our Pro Trade feature, please see here.

 

Step 3 - Sending your Canadian dollars to your bank account

a) Start your withdrawal request

Once logged in, navigate to your 'Accounts' page.

 

b) Start your withdrawal request

At the top of the page, click on the 'Withdraw' button.

Please note that you must have a minimum Canadian dollar balance of $50 to do so. If you are not holding enough to meet the minimum, this button will appear inactive.

 

c) Select your withdrawal method

Choose your withdrawal method (e-transfer or wire) 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 on the next page 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.

 

Mobile App

Step 1 - Sending the cryptocurrency to your Bitbuy account

a) Locate the cryptocurrency you want to deposit

Once logged in, you should be brought to the 'Wallets' section of your account. From here, locate the cryptocurrency you want to deposit and tap on it.

 

b) Locate your Bitbuy deposit wallet address

On the next page, tap on the 'Deposit' button.

 

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 into 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. 

 

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

Once logged in, tap on 'Trade' at the bottom of your screen.

 

b) Complete your transaction

Select the cryptocurrency and the amount you would like to sell. 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 your sale.

To learn how to sell via limit order on the mobile app, please see here.

 

Step 3 - Sending your Canadian dollars to your bank account

a) Start your withdrawal request

Once logged in, tap on the 'Withdraw' button next to your CAD balance. 

Please note that you must have a minimum Canadian dollar balance of $50 to do so. If you are not holding enough to meet the minimum, this button will appear inactive.

 

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.

 

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