FAQ

Selling Cryptocurrency

  1. How do I sell my cryptocurrency?
  2. What cryptocurrencies can I sell?
  3. How do I get paid for the cryptocurrency I sell?
  4. What is the minimum / maximum I can sell?
  5. What happens if when I reload the proceeds from my sale of crypto cause me to exceed the maximum balance of my TruCash Prepaid Visa® card1,2?
  6. What do I need to provide to start selling cryptocurrency?

Prepaid Cards

  1. What is a TruCash Prepaid Visa® card1,2?
  2. What is the maximum balance of the TruCash Prepaid Visa® card1,2?
  3. Can I get more than one prepaid card at the same address?
  4. Is my prepaid card1,2 a credit card?
  5. When can I expect to receive my physical TruCash Prepaid Visa® card1,2?
  6. How do I reload my TruCash Prepaid Visa® card1,2?
  7. How do I check my TruCash Prepaid Visa® card1,2 balance / activity?
  8. How do I setup my PIN?
  9. Where can I use my prepaid card1,2?
  10. Can I withdraw cash using my TruCash Prepaid Visa® card1,2?
  11. What fees are associated with my TruCash Prepaid Visa® card1,2?
  12. What happens if I lose my TruCash Prepaid Visa® card1,2?
  13. What is a virtual prepaid card?
  14. Where do I get my virtual card?

Selling Cryptocurrency

How do I sell my cryptocurrency?

Select the cryptocurrency you would like to sell. Choose how you would like to receive your payment: TruCash Prepaid Visa® card1,2 (currently the only option for new users) or, if you are a returning Instacoin Direct user with an existing TruCash Prepaid Visa® card1,2, a reload of your prepaid card1,2 (requires you to be signed in). Enter the amount in Canadian dollars you would like to sell (new users are limited to sales of $100 and reloads have a minimum of $100 and a maximum of $2,500, based on a 24-hour rolling period) then press Sell Now.

If you already have an account and are logged in, you'll be directed to the confirmation page. If you don't have an account, you'll be redirected to our quick and easy signup page.

Once you've confirmed your order, a request to send your cryptocurrency will appear on the screen. Scan the QR code, copy the code or click to open your wallet and initiate the transaction.

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What cryptocurrencies can I sell?

We currently purchase the following cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Tether
  • Litecoin
  • USD Coin
  • DAI (Multi-Collateral Dai)
  • TrueUSD
  • Paxos Standard
  • Bitcoin Cash
  • Dash
  • Ethereum Classic

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How do I get paid for the cryptocurrency I sell?

We settle the payment for your cryptocurrency sale with a reloadable TruCash Prepaid Visa® card1,2.

If you are already an Instacoin Direct user and have received a prepaid card, you can have your payment settled as a reload of that same prepaid card. We are working on many other ways to allow you to settle your cryptocurrency sales. Check back regularly for new options.

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What is the minimum / maximum I can sell?

The minimum you can sell is $100 CAD. The maximum you can sell is $2,500 CAD per day (based on a 24-hour rolling period). First-time users are restricted to a sale of $100 CAD.

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What happens if when I reload the proceeds from my sale of crypto cause me to exceed the maximum balance of my TruCash Prepaid Visa® card1,2?

When you reload your card, if the current balance of your prepaid card combined with the proceeds from your sale of crypto exceed the maximum balance allowed, your prepaid card will be topped up to the maximum balance ($7,500 CAD) and the excess will be put into a reserve managed by the card issuer. Your prepaid card will be topped up automatically as you spend at a maximum rate of $2,500 per business day until the reserve is exhausted. Instacoin Direct cannot provide you with any information regarding the reserve. Please contact the card issuer as needed.

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What do I need to provide to start selling cryptocurrency?

To create an account, sell cryptocurrency and receive a prepaid card1,2, you'll need to provide the following:

  • Your full name
  • Your phone number
  • Your date of birth
  • A valid piece of ID from one of the following:
    • Social Insurance Number (SIN)
    • Canadian driver's license number
    • Canadian passport number
  • Your home/shipping address (must be in Canada)

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Prepaid Cards

What is a TruCash Prepaid Visa® card1,2?

A TruCash Prepaid Visa® card1,2 is a re-loadable debit card that can be used for most online and in-person purchases.

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What is the maximum balance of the TruCash Prepaid Visa® card1,2?

While you may sell up to a maximum of $2,500 / day, the TruCash Prepaid Visa® card1,2 has a maximum funding limit of $7,500. You can only have up to $7,500 at any one time on the card.

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Can I get more than one prepaid card at the same address?

Currently you may only have one (1) TruCash Prepaid Visa® card1,2 as evidenced by your address. In the future, you may also be able to obtain an additional prepaid card.

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Is my prepaid card1,2 a credit card?

No. The TruCash Prepaid Visa® card1,2 provided is a reloadable debit card. They are provided to you as a form of settlement for selling us your cryptocurrency.

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When can I expect to receive my physical TruCash Prepaid Visa® card1,2?

Usually, we will mail you your new card or reload your existing card within 24hrs, however, processing time—including shipping—may range from 2–5 business days depending on where you are located. Cards are shipped using Purolator Express or equivalent trackable means that require signature. You will be emailed a tracking number so that you can follow shipping progress.

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How do I reload my TruCash Prepaid Visa® card1,2?

Logon on to your dashboard on Instacoin Direct and select Sell Crypto. Select the crypto and the amount you'd like to sell us and we will provide you with an address to send the crypto to. Once your transaction confirms, we will proceed to reloading your prepaid card and advise you via email/SMS once complete. Note that there can be a delay of up to 24 business hours.

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How do I check my TruCash Prepaid Visa® card1,2 balance / activity?

Visit https://ic.trucash.com and register your card. You'll be able to track your balance and all your transactions. You can also download the TruCash app.

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How do I setup my PIN?

Visit https://ic.trucash.com and register your card. From your account homepage, click on PIN REQUEST to setup your PIN.

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Where can I use my prepaid card1,2?

The TruCash Prepaid Visa® card1,2 can be used online or in-person anywhere displaying the Visa® or Visa® brand mark.

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Can I withdraw cash using my TruCash Prepaid Visa® card1,2?

You can withdraw funds from ATMs where Visa® or Plus® is accepted.

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What fees are associated with my TruCash Prepaid Visa® card1,2?

Instacoin Direct does not charge for nor sell the TruCash Prepaid Visa® card1,2 to its customers. TruCash Prepaid Visa® card1,2 is simply a means of settlement for selling us your cryptocurrency. There may however be fees set forth by the card issuer. These fees can be reviewed in the cardholder agreement by logging into your TruCash account.

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What happens if I lose my TruCash Prepaid Visa® card1,2?

Lost or stolen prepaid cards should be reported immediately to TruCash Customer Service at 1-800-624-6171, Monday to Friday 9:00AM to 5:00PM Eastern Standard.

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What is a virtual prepaid card?

A virtual prepaid card works just like a physical prepaid card except that it can only be used for online purchases. Virtual prepaid cards may be available as a settlement option in the future.

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Where do I get my virtual card?

This option is not yet available. Check back for updates.

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Additional Details

  1. This card is owned and issued by DirectCash Bank pursuant to license by Visa International.
  2. See Cardholder Agreement for Terms and Conditions by logging into your TruCash account.
  3. The maximum sale is based on a 24-hour rolling period.
  4. The maximum balance of the TruCash Prepaid Visa® card is $7,500. Any settlement amount that exceeds the maximum balance of the card is kept on reserve by the prepaid card issuer and released at a maximum rate of $2,500 per business day as your card balance decreases below $7,500.