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.