Selling Crypto in Canada

If you're looking to cash out your crypto in Canada, you may be wondering where the best place to do that is. The video below explains the best method. I've also written out what the process is. In addition, I've included a video on cashing out USDT as that's a frequently asked question. Watch the second half of it as the first half talks about buying USDT in Canada.

From my experience, the best place to do so would be with NDAX assuming that they support the coin that you want to cash out. If you're cashing out less than roughly $100 or if NDAX doesn't support the coin you want to cash out, then Newton would be the better place to cash out from. This is because both NDAX and Newton have their own fee structure.

NDAX

If you're looking to cash out with NDAX, you'll first want to see if they support the coin. You can see if they support the coin here. If they do, you'll want to create an account with them. Now to find your wallet address, select the "Wallet" tab. Then, select the coin that you're wanting to cash out. Select "Receive." When you do, it may prompt you to choose a network. Select the network you wish to send your coins on. If it doesn't prompt you, then nothing needs to be done. After it should give you your wallet address that you should send your coins to.

In terms of the fees, you would incur a trade fee and a cash withdrawal fee. NDAX's trade fees are 0.2% at near market value. As for cashing out, they have 2 methods: e-transfer and electronic funds transfer (EFT). E-transfers are $1.50 per transfer and you can send a maximum of $3,000 per transfer per day. Their EFTs are $4.99 and have no limits. An important thing to note about EFTs though is that they can only be processed during bank business hours. This means no weekends and holidays. When EFTs are processed though, you typically receive the funds within 24 hours.

Given NDAX's cash withdrawal fee structure, if you plan on cashing out more than $9,000 in a single go, the EFT option would be cheaper than through several e-transfers ($4.99 V.S. $6 minimum) assuming that you don't need the money somewhat immediately.

Newton

If NDAX doesn't support the coin you're wanting to cash out, check to see if Newton supports the coin. You can see if they support the coin here. If they do, you'll want to create an account with them. Now to find your wallet address, select the "Add Funds" tab. Then, select the "Crypto from wallet" option. In the drop down menu, select the coin that you're wanting to cash out. A prompt to "Generate Address" may appear. If it doesn't prompt you, then nothing needs to be done. After it should give you your wallet address that you should send your coins to.

As for Newton's fee structure, it is relatively simple and straight forward as they don't charge anything to withdraw your coins. However just because Newton doesn't charge for cash withdrawals, that doesn't automatically make them the cheaper place to cash out from. This is because they charge more in their coins' spread. I've seen their spread to be as low as 0.84% and as high as 1.71%. Their spread is dynamic so these rates change all the time; their spread can be lower or higher. Essentially with Newton, the price that you see is the price that you get. Just keep in mind that their prices are higher than NDAX's.

As a side note, there may be a cheaper way to cash your coins out than going through Newton but this would require a few extra steps. This may not be ideal for beginners.

If you would like to check to see if NDAX or Newton is better to cash out from, I've created a calculator to help you determine which is the better place. The picture above is an example of what it looks like. You can download it here.

NDAX and Newton Doesn't Support The Coin I Want To Sell

If NDAX and Newton doesn't support the coin that you want to cash out, then there are a couple of workarounds for that.

The first would be to see if Bitget has it. Check here to see if they have it. If they do, then send your coins to Bitget and sell it for USDC. If Bitget doesn't have a USDC trade pair for that coin, you can sell it for USDT. After with the USDT, you can buy USDC. Once you have USDC, send it off to either NDAX or Newton to cash out based on the information above. In terms of the network to send the USDC on, choose the cheapest assuming that the platform that you will be sending it to supports it.

Save 20% on your trade fees on Bitget

If however Bitget is restricted in your region or doesn't support the coin, check to see if Crypto.com Exchange has. Check here to see if they have it. If they do, send your coins there and sell it for USDC. After you've sold your coins for USDC, send it off to either NDAX or Newton to cash out based on the information above. In terms of the network to send the USDC on, choose the cheapest assuming that it is supported by the platform that you plan on sending it to.

Sign up with Crypto.com Exchange

If neither Bitget nor Crypto.com Exchange has what you're looking to cash out, check out changeNOW as they're a swap service that supports a number of coins. You would send the coins you're looking to cash out for USDC. Once you have the USDC, send it off to either NDAX or Newton to cash out based on the information above. In terms of the network to send the USDC on, choose the cheapest assuming that it is supported by the platform that you plan on sending it to. Watch the video below to get an idea of how to make a swap on changeNOW.

Use changeNOW

Nothing Works

If none of what I've just suggested above works, I may be able to help you find an alternative method. Check out the consultations page as I can work with you 1 on 1 to turn your coins into cash.

This flow diagram is a summary of what I've written above and should better help you better decide.