If you currently hold Ethereum and you want to convert it to Canadian Dollars or another cryptocurrency, this article will tell you everything you need to know.
First, you can send your Ethereum to a Canadian exchange. Then you can either convert the Ethereum into another Cryptocurrency or into Canadian dollars. Once you have Canadian dollars in your account with the crypto exchange you can then withdraw the money into your Canadian bank account.
Before you decide which Canadian crypto exchange you’ll use to sell your Ethereum you should think about the answer to three main questions.
Question 1: What are the fees for the exchange I want to use to convert my Ethereum?
Question 2: Are there any minimums to convert Ethereum on this exchange, or to withdraw Canadian dollars to my bank account?
Question 3: What withdrawal methods does this exchange have? Where can I withdraw my money to?
We’ll look at a few different options that you have to sell your Ethereum in Canada though the lens of these three questions.
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Can You Sell Ethereum On Coinbase In Canada?
You can send your Ethereum to Coinbase, and then convert it to another form of Cryptocurrency. Coinbase has a long list of coins that they allow Canadians to hold and swap for. The one downside of using Coinbase in Canada to sell your Ethereum is that the withdrawal methods are somewhat limited. You can only withdraw money to a PayPal account. If you have a PayPal account in Canada this may not seem like such a big deal, and you’re right, it isn’t! Once the money hits your PayPal account you can simply request a withdrawal of your PayPal balance to your Canadian bank account so the money will end up in your bank account anyways. However, if you don’t have a PayPal account, the fact that PayPal is the only withdrawal method for Canadian users of Coinbase is a roadblock.
How To Withdraw Ethereum In Canada Using Coinbase
Desktop: Click the Buy / Sell blue button in the top right hand side of the page. Then click the “Sell” tab. Finally choose the crypto currency (in this case Ethereum) that you want to sell for Canadian Dollars. You can then click the “Sell all” button to see the max amount of Ethereum you can liquidate, or you enter the amount manually if you prefer!
Withdrawal Options: PayPal only
When you use the PayPal withdrawal option with Coinbase, the funds get credited to your PayPal account instantly.
You likely have a PayPal withdrawal limit of $30,000 CAD daily on your account, but we recommend not liquidating any amount remotely close to this via PayPal.There’s a possibility your PayPal account will get frozen with the funds you withdrew still in it, and it can take a long time to get it unfrozen. If you need to liquidate a lot of Ethereum you’re better off picking an exchange that allows you to withdraw with more options than PayPal.
Sell Ethereum In Canada Using BitBuy
We’ve written in other articles about how great BitBuy is for buying and selling crypto, and selling Ethereum is no exception. Once you are approved for a BitBuy account you can send your Ethereum to a wallet address BitBuy gives you. Once you receive the Ethereum at your BitBuy wallet address you simply convert the Ethereum into Canadian Dollars or another crypto currency of your choosing. If you convert your Ethereum into CAD you can then withdraw the money to your bank account via Interac E-Transfer. It’s super convenient and easy to do!
Convert Ethereum To CAD: 0.5%
Withdrawal: 1.5% to withdraw via Interac E-Transfer
Minimums: Minimum balance of $50 CAD to withdraw to bank account
Withdrawal Options: Interac E-Transfer, Wire Transfer
Conclusion: What’s The Best Way To Sell Ethereum In Canada?
If you only want to withdraw a few hundred dollars worth of Ethereum and you have a PayPal account, Coinbase is a great option to use. You can sell your Ethereum in exchange for Canadian dollars and then withdraw the cash to your PayPal account.
If however you don’t have a PayPal account or you want to withdraw anything over $1,000 CAD to your bank account, you’re probably better off going with BitBuy’s Interac E-Transfer or Wire (if over $25K) withdrawal method. If you withdraw $x,xxx Canadian Dollars to PayPal you risk getting your account frozen for no reason, so we can’t recommend that approach!