Selling Litecoin (LTC) for Canadian Dollars (CAD) has become increasingly straightforward thanks to regulated cryptocurrency exchanges operating within Canada. Whether you're cashing out after an investment gain or simply converting digital assets into spendable fiat currency, this guide walks you through the entire process—from account setup to bank withdrawal—with clarity and precision.
The focus is on Bitbuy, a trusted Canadian-based exchange that supports LTC/CAD trading pairs and offers seamless integration with local banking systems. By following this step-by-step walkthrough, you'll be able to convert your Litecoin into CAD securely and efficiently.
Why Choose a Canadian Cryptocurrency Exchange?
When selling cryptocurrencies like Litecoin, selecting a domestic exchange comes with several advantages:
- Regulatory compliance: Canadian exchanges follow strict anti-money laundering (AML) and know-your-customer (KYC) regulations, ensuring secure transactions.
- Local currency support: Direct CAD deposits and withdrawals eliminate unnecessary conversion fees.
- Faster bank transfers: Integration with Interac e-Transfer and major financial institutions allows quick fund movement.
- Customer support in English and French: Localized service improves user experience.
Among these platforms, Bitbuy stands out as one of the most reliable options for Canadians looking to sell Litecoin.
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Step-by-Step Guide: How to Sell Litecoin for CAD
Follow these four clear steps to successfully sell your Litecoin and receive Canadian Dollars directly in your bank account.
Step 1: Create a Bitbuy Account
To begin, you’ll need an account on Bitbuy.ca, a leading Canadian crypto exchange licensed under provincial securities regulations.
👉 Get started securely on a trusted Canadian platform today.
Visit the official website and click "Sign Up" to register. You’ll be prompted to provide basic personal information, including your email address and phone number. Both must be verified before proceeding.
Next, complete the identity verification process by submitting:
- Full legal name
- Date of birth
- Occupation
- Residential address
This step typically takes just minutes, with most users gaining full access immediately after submission. Bitbuy uses advanced encryption and two-factor authentication (2FA) to protect user data and funds.
Note: Regulatory requirements mandate identity verification for all Canadian crypto traders. This ensures platform security and legal compliance.
Step 2: Deposit Your Litecoin
Once your account is active, navigate to the "Accounts" section and select Litecoin (LTC) from the dropdown menu. Click "Deposit" to reveal your unique LTC wallet address.
Send your Litecoin from your external wallet or another exchange to this address. Transactions require 6 network confirmations before funds appear in your Bitbuy balance—usually within 10–20 minutes, depending on blockchain congestion.
You can monitor progress via the "History" tab in your dashboard. Avoid sending other cryptocurrencies (like Bitcoin or Ethereum) to this address, as they cannot be recovered.
Step 3: Sell Litecoin for Canadian Dollars
After your deposit confirms, it’s time to convert LTC to CAD.
Locate your Litecoin balance and click the "Sell" button. You’ll be directed to the Express Trade interface, where you can:
- Enter the amount of LTC to sell
- Preview the estimated CAD return
- Review transaction fees
The platform displays real-time market pricing based on current LTC/CAD exchange rates. If the quote meets your expectations, confirm the trade by clicking "Sell Litecoin."
No manual order book trading is required—Bitbuy handles execution instantly at competitive rates.
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Step 4: Withdraw CAD to Your Bank Account
With CAD now available in your Bitbuy account, proceed to withdraw funds to your linked bank account.
Click "Withdraw Funds" next to your CAD balance. Bitbuy offers two withdrawal methods:
- Interac e-Transfer (minimum $50, 1.5% fee)
- Wire Transfer (higher minimums, suitable for large amounts)
For most users, Interac e-Transfer is the preferred option due to its speed and convenience. After initiating the transfer:
- Two-factor authentication (2FA) will be required
- The e-Transfer is sent to your registered email within 24 hours (often much faster)
- The security question answer is found under Settings > Withdrawal Settings
Once received, deposit the funds directly into your bank account using your online banking portal.
Frequently Asked Questions (FAQ)
Can I sell Litecoin for cash in Canada?
Yes, you can legally sell Litecoin for Canadian Dollars through regulated exchanges like Bitbuy. After selling, you can withdraw CAD via Interac e-Transfer or wire transfer directly to your bank.
How long does it take to sell Litecoin and receive CAD?
The entire process typically takes:
- 10–20 minutes for LTC deposit confirmation
- Instant execution when selling via Express Trade
- Up to 24 hours for Interac e-Transfer delivery (usually faster)
Total time: under a few hours in most cases.
Are there fees for selling Litecoin on Bitbuy?
Yes. Bitbuy charges:
- A small trading fee when selling LTC (included in the spread)
- 1.5% fee for Interac e-Transfer withdrawals
Fees are transparently displayed before confirming each transaction.
Is it safe to sell Litecoin on Bitbuy?
Absolutely. Bitbuy is a FinTRAC-regulated exchange based in Toronto, employs cold storage for most assets, and uses enterprise-grade security protocols. It has been operational since 2013 and serves hundreds of thousands of Canadian users.
Do I need to pay taxes when selling Litecoin?
Yes. In Canada, cryptocurrency sales are considered taxable events. The Canada Revenue Agency (CRA) treats crypto gains as capital income. Keep detailed records of all transactions for tax reporting purposes.
Can I use another exchange to sell LTC?
While alternatives exist (such as Newton or Shakepay), Bitbuy remains one of the most feature-rich platforms offering direct LTC/CAD trading and fast fiat withdrawals. Always ensure any exchange supports the specific coin and withdrawal method you need.
Final Thoughts
Selling Litecoin in Canada doesn’t have to be complicated. With a compliant platform like Bitbuy, you can convert LTC to CAD quickly, securely, and with minimal friction. From registration and deposit to final withdrawal, every step is designed with Canadian users in mind.
Whether you're new to crypto or an experienced trader, understanding how to cash out digital assets safely is essential. By following this guide, you ensure a smooth transition from blockchain-based value to usable national currency—right in your local bank account.
👉 Start converting your digital assets today on a global platform built for security and speed.
Remember: Always double-check addresses, enable 2FA, keep records for tax season, and never share login credentials. Smart habits make all the difference in the world of digital finance.