Now that you’ve owned bitcoins and ethereum for the past few years, and you’d like to take some profits, how do you transfer your gains back to Canadian dollars? This post will review a few different ways to make withdrawals from QuadrigaCX bitcoin and ethereum exchange.
One of the best methods for Canadians to trade cryto currencies is to use QuadrigaCX, which is a crypto currency exchange that offers btc/eth/cad/usd pairs. If you want a guide on how to open a QuadrigaCX account, please read my previous post for step by step instructions.
To make a withdrawal, transfer your bitcoins or ethereum to your QuadrigaCX account. Then you’ll will need to use the exchange to trade your crypto currency for Canadian dollars, and once your trades are complete, make a request to withdraw the funds.
Once you have Canadian dollars in your QuadrigaCX account, as the image below shows, click on the Canadian dollar balance drop down menu, and select “withdrawal”. You will be taken to a page that lists the difference withdrawal methods that QuadrigaCX offers.
QuadrigaCX offers a number of different withdrawal methods. Express bank transfers and Rapid bank transfers are types of electronic payment methods available with some Canadian banks. These two methods are expensive compared to the other methods, so I suggest not using them.
A friend of mine recently requested a withdrawal using the bank wire method. Its now been a few weeks and he still hasn’t received his funds. This might be related to how the wire is transferred, since they travel thru a few different international channels. I wouldn’t suggest using a bank wire from QuadrigaCX for this reason.
The EFT method works with Canadian banks and happens quickly. QuadrigaCX doesn’t change any additional fees for this method, it was used by another friend of mine recently and his withdrawal happened quickly without any problems.
I recently requested a cheque from QuadrigaCX and the process worked ok. It was a bit strange though, since I received a cheque in the mail a few days after my request, the address on the envelope was written by hand, and the cheque was also filled-out by hand and drawn on a numbered company with an account at CIBC in Grimsby (a town in Ontario). I deposited the cheque in my bank and so far no problems. I suspect what QuadrigaCX is doing is matching withdrawal requests with a network of partners who want to purchase bitcoins, so in fact the cheque I received might actually be in exchange for bitcoin or ethereum from QuadrigaCX.
The final method I suggest using is the PayPal method, this will happen just like an e-transfer (e-mail money transfer). You’ll be able to login to your PayPal account associated with that e-mail account to complete the transaction.
To the RiskingTime.com site.. how much did QuadrigaCX pay you guys to hold up this article? Also, who is the author/owner of this article, why is there no picture at the bottom of the writer and why is there no description of the authors professional qualifications?
You want to know how horrible the withrdawing Fiat currency from QuadrigaCX can get??
read this please:
https://bitcointalk.org/index.php?topic=1758392.0
This is a personal blog that is my hobby, I provide information about QuadrigaCX because I think its currently the best place for Canadians to buy and sell bitcoins and other crypto currencies. I am an affiliate for QuadrigaCX and receive 10% of the commission generated from the accounts I refer, so my goal is to provide useful information to users that will help them navigate QuadrigaCX and crypto-currencies in general. I provide this content in good faith and with honesty.
I do not recommend wiring funds to QuadrigaCX since the process is likely to experience delays being that the funds are routed thru a Polish Bank in Hong Kong. A better way to get funds into your QuadrigaCX account is to use the Interac method, yes the amounts you can transfer will be much smaller, but they will show up quickly and stay within the Canadian banking system.
If using international wires is making you stressed (and it makes me nervous as well) then avoid them and stick to plain vanilla investments based in Canada dealing with regulated entities.
Hello,
I was wondering if there were any other fees besides the 2.5% charged by Quadriga for a EFT funding (ex. bank charges).
Thanks
It depends on your bank. If you are with a major bank (rbc, cibc, td, bns, bmo) and you have a premium account plan (usually requires a balance over 10k) then you won’t likely be charged any additional fees to receive an eft or wire. If you have an account plan with transaction fees, then you should contact your bank and get the details of the fees you may be charged. For me, i’ve been able to receive EFTs from Quadrigacx many times without incurring any fees.
There are so many websites that offers services to help you exchange your bitcoins for cash but in all, cryptoexmart.com stands out! They pay fast and have lower fees and they can pay directly to your bank account without you having issues with your account at the long run.
not sure about this platform, I’ll have to do more research and try it out before posting an opinion