Hi, I am a newbie in bitcoins. This is completely new for me and I am interested in starting to invest, but I would like to experience the whole process of buying and selling. I have been reading your blogs. I live in Canada and I opened an account in Coinbase. Now I am trying to sell but from Coinbase you can\’t sell from Canada. How you recommend me to do it? Do I need to transfer the bitcoins to another exchange company to be able to sell it? How about VirWox?Also I have another question my brother has an account in a bank of USA, am I able to deposit the money of selling the bitcoins directly into his account? Does he need to open a bitcoin account? How will be this process?Any help or pointing me in the correct direction will be very appreciated.
Hello Araceli, I’ll try to answer to the best of my knowledge.
In order to sell your Bitcoins you will need to find an exchange that allows selling (I wasn’t aware that Coinbase doesn’t allow you to sell your coins in Canada). Virwox isn’t a good exchange for selling since it has super high fees. It’s only good if you want to buy Bitcoins with Paypal (but that’s still very expensive).
What you can do is find an exchange that works with people from Canada (shouldn’t be very hard), open an account in your name (or in your brother’s name) and transfer the Bitcoins to that exchange. Then sell the Bitcoins on that exchange and withdraw the money into the requested bank account.
I advise you to take a look at Kraken, GDAX and maybe even CEX.io.
Hope this helped.
Hi, I\’m trying to figure out the same thing. I live in Florida and have a Canadian student loan I need to pay each month with BMO. I was hoping Coinbase could just let me sell bitcoins into my BMO account, and I could then pay my loan each month- but no such luck. Canadian banks are too good for bitcoin I guess.
If your brother has a US bank account, you can sell it into that easily with Coinbase, just FYI.