Canadian bought BTC on cex.io in USD - how do I deal with them to not lose money with CAD-USD exchange rate?

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I'm a single mom and was gifted some cash that I decided to try and "invest" haha, in bitcoin and other coins.

In my haste to purchase, I signed up for cex.io and funded with my credit card - so I got $300 USD but paid $409 CAD --- I used that USD to buy Bitcoin.

Then I realized the exchange rate killed me - or did it?

I am now using QuadrigaCX (duh, it's Canadian!) but I still have the coins I bought in USD on cex.io ($900 worth but paid like $1230 CAD)

My question is - do I transfer my BTC to my Canadian exchange...

  • do I hold them in the USD cex.io until I want to sell them,

  • or what??

I feel so silly, like I paid an extra $100 by forgetting about the CAD to USD exchange rate.

Any help or advice greatly appreciated!

JanerT453

Posted 2017-12-14T17:37:18.947

Reputation: 41

Off-topic: Did you paid 399CAD for 300USD, or 1300CAD for 900USD on cex.io? ........................................ On-topic: If you are not in need for money, your best bet would be to hold until you want to sell. Cex.io have a fixed 0.001BTC withdrawal fee for BTC. Withdrawing USD directly to your bank will cost you 50USD. – Chak – 2017-12-14T18:21:00.820

Off-topic : haha yeah I was estimating. I spent about $1230 CAD to get a total of $900 USD on cex.io - I had to check my bank statement. It was $300 US at a time, because there are those daily limits. Yes, it took me 3 days to realize what I was doing! lol. On-topic : thanks for the reply :) I considered it "extra free money" so I'm pretending I don't have it and am willing to leave it sit there and hope the prices go up and I can make a little extra off it. Is that a usual withdrawal fee? 0.0001BTC? – JanerT453 – 2017-12-14T19:12:54.860

So if I transferred the BTC to the QuadrigaCX exchange, which runs in Canadian dollars, would I be 'losing' money ??? You can tell currencies are new to me! – JanerT453 – 2017-12-14T19:17:27.987

0.001BTC is about average now.I know is outrageous(about 17USD). Withdrawal fees for some exchanges are listed here

– Chak – 2017-12-14T21:34:33.893

You have to pay Cex.io 0.001BTC for the transfer, so you will have a little less BTC than what you started with. The BTC price differences between Cex.io and QuadrigaCX is about 400USD right now. So if you transfer 1000 USD worth of BTC from Cex.io to QuadrigaCX right now, your BTC would be worth around 973 USD on QuadrigaCX. In a sense you will lose -27 USD in plain market value and also deduct -17 USD for the fee. But over time the differences are marginal. – Chak – 2017-12-14T21:34:40.377

Answers

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Even the Canadian exchange places like quadrigacx or Einstein deal in US funds for the sake of trading. You spend CDN to get US so you can buy and trade. If I could give you a piece of advive... trade your bitcoin for LITECOIN before sending it to a different exchange place. Bitcoin will cost about $40 in network fees to send. Litecoin is pennies. After that you send from your litecoin wallet on cex to your litecoin wallet on Quadriga. Only ever send lite to lite , btc to btc etc... Go to quadriga and fund your account. Select litecoin. It will show your wallet address. Copy exactly. Go to cex litecoin waller. Hit "send litecoin" put the litecoin address that you copied from quadriga. And send funds. You may get an email asking you to confirm. Every site is different. It will take about 20 minutes. (6 confirmations) It will then show up in quadriga.

Jay F

Posted 2017-12-14T17:37:18.947

Reputation: 11

Okay so, that is why LTC is valuable, so you can send your BTC. – Willtech – 2018-03-03T09:51:35.210

Asked: 2017-12-14T17:37:18.947

Viewed: 633 times

Active: 2018-10-21T02:00:35.323