How to Convert BTC USD Trading in CAD

Author: 
 Updated: 
July 28, 2020
 / 3 minutes

Bitcoin (BTC) is one of the most popular cryptocurrencies. As such, you can buy this crypto from an online exchange without any problems. You can also convert BTC to fiat money such as the US dollar (USD), Canadian dollar (CAD), Euro, etc. The best way to perform this operation is through a reliable BTC converter like Switchere.

You can use that site to buy or sell other popular cryptocurrencies like Ethereum (ETH) and Ripple (XRP). It is very easy since you can pay using a bank card issued by Visa, Mastercard, or Maestro. Thus, it is like any purchase from an online retail store. Unfortunately, less popular crypto like EST cannot be purchased on that website.

Hence, if you have USD funds, you can convert USD to BTC with such an online converter. The operation is fast and secure. You need a digital wallet (e-wallet) to hold your crypto funds. The exchange (Switchere.com, for example) must know your e-wallet address to send your BTC funds instantly.

Cashing Out Your Cryptocurrency

As an investor, you must know the right moment to sell and cash out your BTC. The preferred fiat money currencies are USD, CAD, and Euro. Independently of the USD to Bitcoin exchange you used, the general steps to sell your crypto for fiat money are:

  • Register on an exchange that allows trading Bitcoin for fiat money. For instance, look for the BTC/CAD trading pair if you want to get CAD. Since BTC is one of the cryptocurrencies with the lowest risk, most exchanges offer BTC to fiat money transactions. To comply with government regulations, you must complete a full registration and verification process. Common information you must provide includes your full name, address, and a copy of your official ID (passport, for example). Most exchanges do not allow users to trade anonymously on their platforms;
  • Then, you need to transfer BTC into the exchange’s e-wallet. You must transfer these assets from your wallet address. The exchange will indicate which wallet address to transfer to. In most cases, transfers between e-wallets do not generate any fees;
  •  After completing the transfer, you go back to the trading page and choose the transaction you want to perform. In this example, you choose BTC/CAD and sell your Bitcoin by providing your bank account. In an instant, the fiat money will be sent to your account.

This process is generally quick. Take into account that the exchange (Switchere.com, for example) will charge you a fee for the use of its platform. You can pay with a credit, debit, or prepaid card.

The method described above is the easiest way to sell your crypto assets. Remember, first you must convert dollar to BTC via an online exchange like Switchere.com. Then, you can proceed to convert to fiat money again when you deem convenient. It is convenient to select an exchange that allows all these operations in a single place. This way you avoid confusion.

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