MyBTC.ca exchange – June 2019 review

MyBTC.ca Cryptocurrency Exchange
MyBTC.ca Cryptocurrency Exchange
  • Buy BTC with CAD
  • Canada-based exchange
  • Easy to use for beginners
  • Several fiat currency deposit methods
Find out more Go to site

Buy bitcoin in a matter of seconds with Canadian dollars.

MyBTC.ca is a cryptocurrency service that allows Canadians to buy bitcoin in a matter of seconds using Canadian dollars. The platform accepts a variety of different payment methods with ranging fees, giving you the option to pay with your preferred method.

However, is MyBTC.ca the right platform for you to buy bitcoin from? Let’s take a closer look at the features, fees, pros and cons to find out.

Product Name MyBTC.ca Cryptocurrency Exchange
Fiat Currencies CAD
Cryptocurrencies BTC
Deposit Methods Flexepin
Interac e-Transfer
Wire transfer
Instant debit
Trading Fee N/A
Deposit Fees Interac e-Transfer: 7.75%
Instant Debit: 7.75%
Wire Transfer: 4.75%
Flexepin: 6.75%
Withdrawal Fees None

Pros

  • Buy bitcoin in seconds
  • Buy with Canadian dollars
  • Easy to use and suitable for beginners
  • Transparent fee structure and no hidden charges

Cons

  • Can only buy bitcoin
  • No selling or trading options
  • Must wait for verification to be approved
  • Only two payment methods supported by all Canadian financial institutions
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is MyBTC.ca?

Created and run in Canada, MyBTC.ca was developed with the aim of allowing Canadians to buy bitcoin in a matter of seconds.

Buying bitcoin from MyBTC.ca is relatively simple:

  1. Navigate to the “home” or “Buy Bitcoin” page.
  2. Enter the amount of bitcoin you’d like to buy or the amount of CAD that you’d like to spend.
  3. Enter your bitcoin wallet address.
  4. Enter your cell phone number and press “TEXT ME” to receive an SMS verification.
  5. Enter the SMS code.
  6. Create an account by entering your personal information and confirm your email address.
  7. Verify your identity.
  8. Buy your bitcoin and receive it directly into your wallet.

Which cryptocurrencies can I buy?

You can use MyBTC.ca to buy the following cryptocurrencies:

  • Bitcoin (BTC)

Available countries

If you want to create an account with MyBTC.ca, you’ll need to be at least 18 years old and be a resident in Canada.

Which payment methods are accepted?

MyBTC.ca accepts Canadian dollars. You can buy bitcoin with CAD in four ways:

  • Interac e-Transfer
  • Instant Debit
  • Wire transfer
  • Flexepin Voucher

You should be aware that not all payment methods are supported by every Canadian bank or financial institution. You can find out more in the table below:

Payment methodSupported by
Interac e-TransferAll Canadian banks
Instant DebitBMO, CIBC, Scotiabank and Simplii Financial
Wire transferAll Canadian banks
Flexepin VoucherPurchase online or via specific retailers

How much will it cost me to use MyBTC.ca?

The cost of your transaction will depend on the method of payment you use. You can see the fees charged by MyBTC.ca in the table below:

Payment methodFee
Interac e-Transfer7.75%
Instant Debit7.75%
Wire transfer4.75%
Flexepin Voucher6.75%

Is verification required?

You will need to verify your identity one of two ways: Online by emailing MyBTC.ca or in-person at a Canada Post location.

To verify your identity online with MyBTC.ca, you will need to provide the following information:

  • Close up of valid Government issued photo ID.
  • Photo of yourself holding your ID with a sign reading “MyBTC.ca ID Verification for Bitcoin Purchase” and the current date.
  • Original copy of a utility, phone or Internet bill showing your address.
  • Original copy of a loan, credit card statement or bank statement.

You will need to present the following information to the Canada Post agent in-person:

  • Your valid Government issued photo ID
  • Your MyBTC.ca profile information
  • The unique barcode sent to your home address

How quickly will my bitcoin be available?

The speed at which your bitcoin is available will depend on the method of payment you choose. You can find out more in the table below:

Payment methodBitcoin available?
Interac e-TransferSame day speedy funding
Instant DebitInstant buy*
Wire transfer12-hour funding
Flexepin VoucherInstant buy*

*Note that there will be a delay the first time you pay for your bitcoin using these methods. This is necessary in order to confirm these payment methods as legitimate.

Are there any buying limits?

MyBTC.ca imposes limits on the amount of cryptocurrency you can purchase, but these limits vary depending on the payment method you use. These limits can be found in the table below:

Payment methodMinimumDaily maxWeekly maxMonthly max
Interac e-Transfer$100$10,000$35,000$150,000
Instant Debit$50$1,000$7,000$30,000
Wire transfer$7,500$100,000$250,000$500,000
Flexepin$20$2,500$17,500$75,000

Is it safe to use MyBTC.ca?

According to its website, MyBTC.ca runs on hardware stored on one of the most secure cloud providers. All communications are additionally encrypted with SSL. Your banking or credit card information is never stored on MyBTC.ca.

It’s also worth pointing out that your bitcoin is stored in your own bitcoin wallet off the site, which means it is not stored on MyBTC.ca. You should additionally consider the safety and security of the bitcoin wallet you choose to store your bitcoin in.

Before you can buy bitcoin through MyBTC.ca, you’ll need to verify your identity one of two ways. One way is to visit a Canada Post location in-person and verify your identity through their system known as Digital Proof of Identity. You must present the Canada Post agent with your valid Government issued photo ID, as well as a document containing your profile information and a unique barcode that MyBTC.ca mail to your home address. The second way is to email MyBTC.ca with the required information in order to become a verified member.

Customer support

If you have a problem with a transaction or a question about your MyBTC.ca account, you can check the range of FAQs answered on the company’s website. If you need further assistance, you can contact the company by:

  • Using the contact form on the website
  • Sending an email to help@mybtc.ca
  • Using the live chat feature on Facebook
  • Reaching out via Twitter

Pros and cons

Pros

  • Buy bitcoin in seconds
  • Buy with Canadian dollars
  • Easy to use and suitable for beginners
  • Transparent fee structure and no hidden charges

Cons

  • Can only buy bitcoin
  • No selling or trading options
  • Must wait for verification to be approved
  • Only two payment methods supported by all Canadian financial institutions

Next steps

If you’ve researched and compared a variety of options and decided that you’d like to buy bitcoin using MyBTC.ca, click on one of the “Go to site” links on this page. You’ll then be securely redirected to the MyBTC.ca website where you can begin buying bitcoin. You’ll need to provide your email address, phone number and create an account to get started, as well as verify your identity in order to begin buying.

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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