MyBTC.ca exchange review
Buy bitcoin in a matter of seconds with Canadian dollars.
|Product Name||MyBTC.ca Cryptocurrency Exchange|
Bank Wire: 4.75%
Credit Card: ~9.75%
Flexepin: 7.75% or $10 minimum, whichever is greater
Cash or Debit: 7.75% or $10 minimum, whichever is greater
Interac e-Transfer: 7.75% or $10 minimum, whichever is greater
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:
- Navigate to the “home” or “Buy Bitcoin” page.
- Enter the amount of bitcoin you’d like to buy or the amount of CAD that you’d like to spend.
- Enter your bitcoin wallet address.
- Enter your cell phone number and press “TEXT ME” to receive an SMS verification.
- Enter the SMS code.
- Create an account by entering your personal information and confirm your email address.
- Verify your identity.
- 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)
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 several ways:
- Interac e-Transfer
- Credit or debit card
- Bank wire
- Flexepin voucher
- Cash or debit at Canada Post
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 method||Supported by|
|Interac e-Transfer||All Canadian banks|
|Credit or debit card||Some Canadian banks|
|Wire transfer||All Canadian banks|
|Flexepin Voucher||Purchase online or via specific retailers|
|Cash or debit at Canada Post||Canada Post|
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:
|Credit or Debit card||~9.75%|
|Cash or Debit at Canada Post||7.75%|
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 method||Bitcoin available?|
|Interac e-Transfer||Same day speedy funding|
|Wire transfer||12-hour funding|
|Flexepin Voucher||Instant 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 method||Minimum||Daily max||Monthly max|
|Cash or Debit||$50||$2,500||$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.
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 firstname.lastname@example.org
- Using the live chat feature on Facebook
- Reaching out via Twitter
Pros and cons
- Buy bitcoin in seconds
- Buy with Canadian dollars
- Easy to use and suitable for beginners
- Transparent fee structure and no hidden charges
- 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
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.