Coinbase won't let Canadians withdraw money into their bank account. This was never brought to my attention when I was signing up and depositing money. This is a pain in the ass. I'm going to have to transfer my funds to a site that will let me withdraw.
Fellow canadians, do you have any suggestions for a bitcoin exchange I should switch to?
quadrigacx? That's the one I use, but I haven't cashed out yet because I lose like a sucker.
QuadrigaCX. Works for Canadians, is a Canadian exchange, based in Vancouver and Toronto. Lots of withdrawal options, and easy to work with.
Another option is Coinsquare, but never used them personally, their UI is shit.
I had the same issue as you, so now I just buy using Coinbase and xFer to QCX when I want to cash out, otherwise my stuff is all on Bittrex or in cold storage (Exodus).
>PRO TIP: ETH is set to go to 0.14 BTC tonight.
>buy in now, and enjoy the free pump.
if they take in your looney funny money, why won't they pay it out as well?
some shitty canuck law?
its not canuck law, coinbase is just cuckbase. they dont let us deposit using bank accounts either, we can only buy using debit or credit, and pretty much all credit card companies block CB payments so you have to call your company and get them to unblock CB and allow transactions, we also pay like 4% in CC/Debit fees. I think the FEE is in USD but we get charged in CAD, and i think we pay an exchange rate. We can't even add a USDollar bank account.
coinsquare is really fast transaction and verification wise but their UI is indeed shit
whats this XBT shit? Never seen that ticker before.
reported this thread to the CRA.
hope you are filing your taxes OP
Don't use coinsquare, their ui isn't just shit the whole thing is a scam. You don't actually control the coins you buy, you have no wallets, and to top it off you cannot withdraw for 7 days after you fund your account until you have funded at least 3k and only the funds after the 3k are available for withdrawal before the 7 days have passed. Withdrawal does not just mean you can't get your fiat currency out of the exchange. It means you can't move anything out of the exchange, so "your" coins are trapped there
FUCK COINSQUARE
you don't deserve a (you) but here's your (you) anyway, idiot.
no fr
why is it XBT instead of BTC
I have never come across this
Lmao, do you even read kid?
If you deposit $300, you can withdraw that $300 after 7 days.
If you deposit $3000 total and have 5 or more deposits, you can withdraw your funds immediately after depositing them.
Yes, but the not being able to move coins and not even having a wallet is 100% a scam
>open coinsquare account
>try to fund using Flexepin code
>please provide your SSN to fund our exchange with a fucking game card
waddafug?
Who says you can't move coins?
And what exchange actually has a "wallet."
If you're moving to Poloniex, do you consider that as having a "wallet?"
No you don't, so I have no clue what you're talking about.
>inb4 coinsquare employee
I cannot move any of these coins
Ah yea I see.
Looks like they say that if you fund with Interac-E Transfer this is what happens.
You can apparently move them after 7 days.
It's not like they're locked there permanently.
Are you legitimately getting paid to shill for them? Because if not you should send them a quick email showing your work and ask for some compensation. Not being allowed to move coins to a different exchange is absolute bullshit
kraken.
I'm waiting for tier 3 verification, they won't let me deposit $CAD at tier 2 :( good thing i applied till tier 4 all the way at once
Fund it a different way then goy.
Yea but in all honesty it is pretty bullshit.
Is it normal I can't withdraw from bittrex?
The withdrawal as been pending for 1 entire day. I tried many times and never work
The only way to fund your Kraken account is to wire money into their bank account in Japan. That shit takes forever and you get fucked by fees.
I've withdrawn btc from coinsquare several times, sounds like you're just an impatient kid, the withholding thing is only for new accounts
I store most of my bitcoins on a ledger nano S. I use coinbase as a gateway to alt coins. I use gemini if i want fast fiat money (usually takes 2 days tops and the limits are awsome).
That said, as canadians, whats the best way to cash out? And how the fuck do taxes work on our cucked country?
We all knew the Day Of The Rake would come.
hehehe
*teleports behind you*
no refunds, kiddo
Check out QuadrigaCX if you are trying to withdraw CAD. Also, taxes in Canada are great because you only get taxed at your marginal tax rate for half of your capital gains. The other half is tax free.
> feels good to not be a burger
you get taxed on 50% of any realized capital gains at your income tax bracket
can you avoid paying capital gains tax? for example opening a bank account in hong kong and sending all your fiat there? i've heard feng shang bank has no transaction fees for online banking.
%50? Those sons of bitches.
You can but I believe it works more as a tax diversion than exemption, you have to pay taxes on any money that comes into Canada, but it would cost more to do it that way than to just pay the tax on 50% of your gains that you realize.
I could be wrong, haven't looked into it much
That's a good thing
It's 50% of your gains taxes at your income level's bracket.
Eg. If you realized $20k at your income bracket of 20%, you would only pay tax on 50% of the 20k (10k) at 20%.
20% of 10k = $2k
Therefore cashing out $20k of capital gains would net you $18k at 20%.
>tried cashing out 1 month ago.
> says it takes 7-10 business days
> no updates, so contact them
> no one picks up the phone. and 5 days no email reply
DO NO FALL FOR QUADRIGA SCAM. ITS A 1 MAN SHOW.
>shilling garbage quadrigacx
>feeling good about paying taxes
cuck
Anyone have experience with canadianbitcoins.com? Looks kinda sketchy.
i just read some of the replies and i didn't realize it was 50% of another tax at my bracket. i thought it was straight up 50%.
how are you guys reporting this to the cra then when you cash out? how do i make gains without fucking up taxes?
looks legit, but apparently fees are high
You have to report gains to the cra, there is no way around it without eventually going to jail. You only have to report what you cash out.
>>shilling garbage quadrigacx
What do you use to cash out then m8?
idk there isn't many options. I guess kraken works fine. atleast they have support that replies.