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One of the oldest cryptocurrency exchanges in Canada which was established in 2016 and has served thousands of Canadians is MyBTC.ca. In this review, we examine the exchange to determine if it's a safe and secure place to buy Bitcoin.
MyBTC is a non-custodial exchange that offers a secure environment to buy Bitcoin. The exchange is best known for its wide selection of payment methods such as a bank wire, bank cards, Interac e-Transfers and cash deposits. The convenience of instant funding methods comes with higher than usual deposit fees. However, the fees are high and make it unusable compared to other exchanges available in Canada.
What Is MyBTC.ca?
MyBTC.ca is a popular Canadian cryptocurrency exchange that was launched in 2016 to provide a safe and easy way for Canadians to purchase Bitcoin. A benefit of using MyBTC is the variety of common payment methods available such as credit/debit cards, Interac E-transfer, bank wire, and Flexepin cash vouchers.
The broker is non-custodial by design which allows a secure transfer of BTC directly to the user's wallet. MyBTC is a good exchange for individuals who want to invest in Bitcoin in a fast and secure manner with excellent customer service.
|Payment Type||Bank wire, credit card, debit card, Interac e-Transfer, Flexepin voucher, cash and in-person payment|
|Trading Fee||Included within deposit fee|
|Deposit Fee||Bank wire: 4.75% Interac e-Transfer: 7.75% Flexepin: 9.75% Cash or Debit: 9.75% Credit Card: ~9.75%|
|Withdrawal Fee||Interac e-Transfer: $5 Bank Transfer: $50|
Is MyBTC Legit?
MyBTC.ca appears to be a trustworthy and legitimate crypto exchange in Canada that has been successfully operating since 2016. The platform is non-custodial by design and does not hold any customer funds within their digital wallet which greatly reduces the risk of hackers.
Is MyBTC.ca Safe?
Since the exchange was launched in 2016, MyBTC has never been hacked or compromised. It appears to be a safe and reputable provider to buy Bitcoin directly. Furthermore, MyBTC.ca is a non-custodial exchange that does not hold Bitcoin reserves which reduces the risk of hackers stealing funds from hot wallets.
MyBTC does temporarily hold the first Bitcoin purchase back until the team has manually verified the transaction. This is part of the exchange's responsibility to ensure there is no fraudulent activity on the exchange. Subsequence BTC purchases thereafter from the account will be sent directly to a Bitcoin wallet address.
Features & Benefits
Canadian Owned Exchange
MyBTC is a 100% Canadian Bitcoin exchange based in Toronto that has been created for the Canadian community with fast and secure payment methods. The advantage of using a trusted and local exchange is the fast and responsive customer service via numerous communication channels with excellent feedback from existing customers.
24/7 customer support channels include Whatsapp, Live chatbot, direct email and a contact us form which are available to respond to customer queries within minutes. Large cryptocurrency exchanges such as Coinbase, Kraken, Crypto.com and Binance can take several weeks to respond to customer support tickets.
The user experience on MyBTC.ca has been carefully thought out with its simplistic and easy-to-use interface that will suit all types of individuals with various levels of investing knowledge. The website shows each payment method and its transaction speed, daily limits and verification requirements. The customer can choose a suitable payment method by comparing the options to begin the process of obtaining Bitcoin.
Buy Bitcoin With CAD
Individuals in Canada can purchase Bitcoin directly by funding a MyBTC account with Canadian Dollars (CAD). There are several methods to complete a transaction including Interac e-Transfer, bank wire, credit card, debit card and Flexepin vouchers. Each method has varying limits starting from a minimum of $20 up to $250,000 per day that will suit beginners and high net worth investors. There is also the option to buy other coins using a credit card such as Ethereum, Litecoin and XRP. This feature is provided by a third-party Simplex which can have high fees.
Getting Started & Creating An Account
To create an account with MyBTC, users need to be at least 18 years old and be a citizen within Canada. The process to register an account is straightforward and takes a few minutes. There are no fees to create or maintain a MyBTC account or wallet. All new users must provide a mobile phone number to start the account creation process.
Once a phone number and email account have been verified, there will be an identity verification process before making the first purchase. The account information must match the legal name on a Government backed ID document for identification purchases. This is to comply with Anti-Money-Laundering (AML) and Counter-Terrorism-Financing (CTF) rules.
Deposits & Limits
One of the best features of using MyBTC is the wide variety of deposit methods that will cater to various individuals in Canada. The most commonly used method is e-Transfers which connects to a Canadian bank account. The fees and limits to deposit, withdraw, buy and sell do vary for each payment method which includes:
- Interac e-Transfer
- Bank wire
- Credit card or debit card
- Flexepin cash vouchers
For large Bitcoin purchases, using a bank wire is the best method which has the highest daily limit of $250,000 and is processed the next business day. Beginners or new investors that are looking to make smaller and instant purchases for as little as $75 can use a bank card. The limits and speeds of each payment options is an important consideration and are listed below.
|Interac e-Transfer||Daily Limit||Speed|
|Interac e-Transfer||$30 - $10,000||Up to 30 minutes|
|Bank wire||$10,000 - $250,000||1 business day|
|Credit or debit card||$75 - $25,000||Instant|
|Flexepin voucher||$20 - $500||Instant|
MyBTC is a Canadian-only cryptocurrency exchange for individuals to buy and sell Bitcoin who have a Canadian bank in their name. Residents that reside outside of Canada such as within the United States, United Kingdom and Australia will not be able to create an account or complete the verification process.
MyBTC.CA has been designed for beginners to get started with digital coins such as Bitcoin. The dashboard is presented in a way that is easy to use, elegant and simple. Users will not be presented with any charts to view the historical or live price of Bitcoin on the platform. If this is essential, Canadians will need to use a cryptocurrency charting platform to accompany the purchasing process. A popular choice is TradingView which integrates with several cryptocurrency exchanges that offer BTC/CAD trading pairs.
The user interface comprises of a basic order entry window to start a new purchase to enter:
- The amount of Bitcoin to purchase
- Enter a Bitcoin wallet address
- Enter the mobile phone verification PIN
As MyBTC is a broker that searches for the best rate at the time of the transaction, there is no option to place limit orders to buy Bitcoin at a higher or lower price in the future. Purchases are made at market value at the price when the order is entered. This means the amount of Bitcoin received can fluctuate during the buying process as the live rate is updated every 60 seconds. Once the order details have been entered, MyBTC will display a confirmation window that shows the amount to be spent, the amount of Bitcoin that will be received and the conversion rate.
Overall, the user experience in funding an account with CAD and completing a Bitcoin purchase is straightforward and simple. There are no complicated steps along the way, however, the user interface is outdated when compared with similar platforms available in Canada such as VirgoCX, Netcoins and Crypto.com based on our review. The experience could be improved with a cutting-edge web design that shows the live Bitcoin price chart that is optimized for desktop and mobile applications.
The fee structure on MyBTC is dependent on the payment method selected to purchase Bitcoin. Trading fees and market spread appear to be included within the payment fee which ranges between 4.75% and 9.75% of the total transaction value. The cheapest way to buy Bitcoin on MyBTC is to use a bank wire which has a fee of 4.75%. Using a cash deposit, debit card and Flexepin voucher has the highest fees at 9.75% per order.
|Interac e-Transfer||7.75% ($10.00 min)|
|Cash or debit card||9.75% ($10.00 min)|
|Flexepin voucher||9.75% ($5.00 min)|
When breaking down the payment fees on MyBTC further, the fees for Interac e-Transfers and bank wires appear to be high when compared side by side to other Canadian exchanges. The fee to transfer funds to MyBTC using Interac e-Transfers is 7.75%. In contrast, NDAX.IO does not have any deposit fee and has a flat 0.2% transaction fee on orders. Bitbuy is comparable with a 0.2% trading fee and a lower Interac e-Transfer deposit fee of just 1.5%.
In summary, the overall fees on MyBTC are expensive and not suitable for high-net-worth individuals or beginners who want to buy fractions of a Bitcoin. There are several alternative exchanges to MyBTC that offer significantly lower fees for each payment method. This means the buyer will receive more Bitcoin for their Canadian dollars. The trading fee should also be separated from the payment fee to compare with other providers accurately. In addition, there is a standard Bitcoin fee to send to another wallet that should be considered.
|Exchange||e-transfer Fee||Bank Wire Fee||Trading Fee|
Support & Reviews
General customer support and queries can be submitted to the MyBTC.ca customer support team using a ticket system as shown below. Other mediums to reach the service team include Whatsapp, live chat, or an email address. The live chat feature is useful to beginners who need guidance with creating an account, completing ID verification, depositing funds, or using the platform to buy Bitcoins.
Overall, MyBTC.CA has an excellent track record for providing high-quality and responsive customer service. According to Trustpilot, MyBTC has an overall star rating of 4.7/5 based on 199 customer reviews.
MyBTC is a non-custodial cryptocurrency broker that integrates with top cryptocurrency trading platforms to obtain the best possible rates for Bitcoin. Purchased Bitcoins are sent directly to the customer's own wallet and are not stored by MyBTC which significantly reduces the risk of hacking attempts or fraudulent account access.
There are several other security measures implemented by MyBTC to ensure the highest standard of security is available to protect customer information. These include 2 Factor Authentication (2FA), SSL encryption and Cloudflare to provide an additional layer of protection.
Frequently Asked Questions
According to the MyBTC website, there is no mobile trading app for iOS and Android devices. Customers will need to use the website to purchase Bitcoins using MyBTC which appears to be mobile-friendly.
MyBTC offers a generous affiliate program that rewards existing users with $20 for each new customers that fund an account with more than $100. Each account has a unique affiliate link that can be shared on social media platforms. The referral commission will be credited to the user's MyBTC account balance.
Final Verdict and Rating
To conclude this review on MyBTC, we believe the cryptocurrency exchange is best suited for beginners who want a fast and simple method to convert CAD into BTC. There are great options to pay for Bitcoin such as Interac e-Transfers, bank wires, and credit cards, however, we assessed the payment fees are higher than the market standard which is a drawback.
Overall, the process of creating an account, completing ID verification, and purchasing Bitcoin directly from a hardware wallet is one of the platform's best features.
|Review Criteria||HedgewithCrypto Rating|
|Supported Fiat and Deposit Methods||2.8/5|
|Supported Crypto & Trading Pairs||2.5/5|
|Ease of Use||4.7/5|