Bitcoin Forum

I've been out of the loop for many years now, and have decided to sell some of the bitcoin I've been sitting on for those years.

I've got upwards of 10BTC to sell, and intend to withdraw my proceeds as Canadian dollars. The biggest issues I see for this size of transaction are (a) withdrawal fees, and (b) daily/monthly withdrawal limits.

I don't want to extract my money over the next three months or so, and I also don't want to pay enough in fees to buy a new motorcycle.

Any recommendations on where to start?

The best way is to use P2P exchanges if you are converting the BTC to cash. You might not be affected so much by the withdrawal fees, as most of the traders in those platforms try to offer the best rates.

If you are not a fan of KYC, check this out - https://kycnot.me/?t=exchange&q=&fiat=on but the downside is going to be trading volume. You will require some time to be able to sell off all the Bitcoins you have.

Then there are also Pseudo P2P exchanges like Binance, Okx, HTX, Bybit. There you will find traders of merchants who offer to buy off the Bitcoins at different rates. However, in order to use those platforms, you must first get verified and also ensure that they allow Canadian Citizens.

The problem is if he uses Binance and other exchanges that require KYC he might end up paying taxes I heard that they ask for 50% tax on your capital gains from crypto in Canada. Instead of just paying fees, you'll also have to cover the associated taxes.

If you want to avoid that you don't have any other option but to use p2p exchanges like Bisq or Robosats.

Won't BISQ and robo be too illiquid for 10BTC + if op wants the sale to happen in a relatively short time frame?

Further, it's worth noting that Canada is banned in binance:

No not instant the maximum offer that I could see in Bisq for Canadian dollars is 0.03 in BTC he might need multiple offers to fully sell 10BTC in both Bisq and Robosats.

You can use local exchangers in the country where you live. besides that you can use p2p exchangers such as paxful or binance also has p2p which is definitely trusted and reputable. but you have to choose a trusted buyer.

If you have no problem with KYC, you can use centralized exchanges and after KYC, you will have no issue with limit on withdrawal, it will be bigger than your 10 BTC.

Just remember about risk of KYC and centralized exchanges.

Reminder: do not keep your money in online accounts (https://bitcointalk.org/index.php?topic=5421039.0)
Why KYC is extremely dangerous – and useless (https://bitcointalk.org/index.php?topic=5221497.0)

Check filter from Bestchange https://www.bestchange.com/bitcoin-to-cash-cad.html

10 Bitcoin is not an amount that you can cash out using P2P without raising suspicions.
It is about $700,000, and of course if you start receiving this money from multiple accounts that you have no connection to, your account will most likely be closed or frozen and you will be asked about the source of the money, especially if the total annual deposits to your account are less than $100,000.
The best solution is to search for KYC exchange services and pay your taxes legally, as it is difficult to hide this amount or to trade via cash with small amounts around $10,000 per transaction (70 times).

Woah, spend a night offline and my question is filled with useful advice!


Thanks. I should have been clear that I have no intention of trying to slide this under the radar. Suddenly dumping a million CAD into a bank account will DEFINITELY raise the eyes of the CRA (and probably RCMP), and I'm prepared to own up to it - paying capital gains after maxing out my RRSP. (Also in Canada, anonymous exchanges are very hard to

I just don't think that $15k in withdrawal fees (1.5% at BitBuy) is reasonable; and I don't want to be logging in every day for a third of a year just to withdraw it. (AND I want to avoid scams, since they change frequently, and as I said, I'm out of the loop these days.)

So, given that I'm willing to identify myself to an exchange, are there any specific recommendations on exchanges that meet the above criteria and operate in Canada?

AFAIK, Binance have already dropped their support for Canadian customers since last year and that's why it's not a good choice because he might not be able to use their service.

Have you checked out Coinbase Canada and Kraken Canada? $15000 is fees is certainly big that I will not go with.

If you’re are looking for exchanges that work with your country and probably compare the prices then there is Best_Change (https://www.bestchange.com/bitcoin-to-cash-cad.html) monitor to help you narrow down your search to the best exchanges available.

If you want to convert your bitcoin to your money or want to convert it to the currency of the country you are in, you can use finance because finance you can pay your btc checks through banking very easily through VTV.  But if you don't want to keep your HDT or take your cash, you can trade it to Binance or any other exchange.  But you edit I think you can keep it as long as you see and be patient for a day because the price of bitcoin is increasing, there is a little more chance that bitcoin will cross 80 thousand rupees.  Currently you have 10bits bro you are a millionaire on top of a millionaire best wishes for you invest your money or your profit in the right way thanks.

Hello, we can convert your bitcoins into cash with a 4% commission. If you want, I can have it delivered face to face in Canada.

It's a significant amount so I think only centralized exchanges can give you full liquidity, I don't think decentralized exchanges will give you enough liquidity. Many investors do not want to pay taxes and each country has different regulations on cryptocurrencies, so it is difficult to give advice in this case. But if you are in my country then I'm pretty sure it will be easy for you to use centralized exchanges without paying taxes. Since there is no specific cryptocurrency regulation in my country so far, we hardly need to pay taxes but we also don't disclose our investments.

Just discovered this Bisq service, https://bisq.wiki/Face-to-face_(payment_method)
Tbh I haven't learned more about the mechanism and security side of it.
Light advice, you don't have to offer a large amount at once. Let's say you wanna sell 5 BTC, then make up to 15 separate offers so that it is possible to find 15 different buyers.

Kraken Canada states the following withdrawal fees on its homepage:

https://i.postimg.cc/Y0CkNJBc/screenshot-455.png (https://postimages.org/)
Source (https://support.kraken.com/hc/en-us/articles/360000423043-Cash-withdrawal-options-fees-minimums-and-processing-times-)

So you would be far away from the 1.5% that BISQ charges. But you also have to factor in trading fees for selling the BTC. You can find an overview of the trading fees at Kraken here: https://www.kraken.com/features/fee-schedule

I'm sure the motorcycle dont cost 10 Bitcoins and the daily withdrawal fees on the centralized exchanges are <2 BTC which is more than enough it will take 5 days to withdraw from an exchange like finance, but at the same time for the P2P there's no limit you can try P2P for processing the large transaction. Also you can increase the transaction limit and withdrawal limit by getting KYC verification which is not recommended if you feel so concerned about your privacy.

At the same time withdrawal fees are not so high even if you are withdrawing the 100s it will cost around 10 to 15 in network costs and the rest may be even lower depending on the approach you utilize for the transaction.

The withdrawal fees are not significant, as these are normally only the fees for the network (Bitcoin, Ethereum, ...), with a small processing surcharge at most. However, the trading fees in the respective FIAT currency should certainly be taken into account, as some exchanges charge up to 2% in fees, which is a considerable amount of money for this sum.

In addition, some exchanges also charge additional fees for the FIAT transfer, often up to 1% of the amount.

All in all, you pay quite a lot of fees to the exchange if you are not careful.

10BTC conversation will required large liquidity, I'm not sure if you are going to get a good rate in a decentralized exchange, that's more than $700k worth of Bitcoin and that will even raise suspicion from your bank if you have a deposit worth of $10k above but if you want to do it the centralized way, you can sell it in any of the centralized exchanges but you know that it comes with a risk of KYC. If you are ready for that, then you are eligible to withdraw maximum of United state dollar of 100k, which you can convert through your bank withdrawal but if you want to use kyc and your bank account can take such amount with out any problem, theb use any of the centralized exchanges and he fees are low.

In 7 days, you should be able to liquidated 10BTC without any issue but it will be better if you leave atleast 2BTC on your wallet, you never can tell you know ajd you don't know what tomorrow holds just like the way you had the opportunity today to see Bitcoin trading above $70.

So that means you live in Canada now. I'm not familiar with that country, and I don't know if you can access Binance in that country, because if you can access Binance there in Canada, it's good that you open an account on the Binance platform and use the P2P features of this platform to withdraw the bitcoin you have.

Now, if there are other crypto exchanges that you can access, that is also possible, but if Binance is okay there in Canada, I recommend that you use it, in my opinion.

uhh what? Of course he has to pay taxes no matter what exchange he uses. Unless you're literally telling him to break the law lol



OP,
Not sure why people are recommending decentralized exchanges considering their volume is very low, it'd probably take a while to offload 10 BTC on one of them.

Just look up whatever popular centralized exchanges operate in Canada and use one of them. No idea what withdrawal limits different exchanges have. You'll just have to look that up. Usually you can increase the standard daily/weekly withdrawal limit.

The traditional exchanges are the cheapest and fastest way to convert your BTC to CAD and you already said you have no issues with paying the tax but the only concern is the 1.5% withdrawal fee. Well, exchanges usually charge a fixed rate for withdrawals in most cases so you would be paying a lot less than that 1.5%.