I started with using Coinbase for my initial purchase into the cryptocurrency world ! I liked Coinbase because it allowed you to fund your account with credit card ! Fast and simple . Wasn’t a fan of their maximum limit for new customers ( $100 weekly initial limit ) . It increases with additional verification and over time.
If you are based out of Canada you can buy/fund your account but you can’t sell and settle into Canadian dollars ! In order to sell I had to open a Quadriga Account. Quadriga is a cryptocurrency exchange based out of Vancouver ! Once my account was opened I had to transfer my cryptocurrency between Coinbase to Quadriga . The transfer process is easy and fast, read this post if you want to learn more about it.
Once your cryptocurrency is in the Quadriga account you can go to the Dashboard window of the specific cryptocurrency and sell an amount of the cryptocurrency. You can sell and settle it to CAD/USD or convert it to another cryptocurrency. It is very simple to do and doesn’t even require you to validate/verify your ID before you can sell.
Quadriga offers multiple options for transferring money back into your bank account. See the table below for the different options and fees. I choose the Direct Bank Transfer/EFT option since it was free and I could wait for seven days for the money. Really happy with all the options offered by Quadriga !
|Transaction Limits||24hr Limit||Time Frame||Fee|
|Express Bank Transfer||Min $500CAD – Max $100,000CAD||$100,000CAD||Within 3 Business Days||2%|
|Interac e-Transfer||Min $100CAD – Max $5,000CAD||$10,000CAD||Within 2 Business Days||2% + $5CAD|
|Cash Delivery||Min $500CAD – Max $5,000CAD||$10,000CAD||Within 3 Business Days||2% + $20CAD|
|Direct Bank Transfer / EFT||Min $50CAD – Max $100,000CAD||$100,000CAD||Within 7 Business Days||Free|
|Bank Wire||Min $100CAD – Max $500,000CAD||$500,000CAD||Within 10 Business Days||Free|
|Crypto Capital||Min $500CAD – Max $500,000CAD||$500,000CAD||Next Business Day||Free|
|Voucher||Min $10CAD – Max $3,000CAD||$3,000CAD||Instant||Free|
Overall the time it took to transfer my coins from Coinbase to Quadriga , to sell the cryptocurrency and covert it to CAD was under 15 minutes. I was impressed with the speed of the transaction and wasn’t expecting this process to be this efficient. I highly recommend Quadriga for Canadian Cryptocurrency investors for converting your cryptocurrency back into CAD !