MyBTC.ca Review 2021

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As cryptocurrencies boom worldwide, the demand and acceptance for the asset are surging. It leads to crypto traders and investors looking for secure trading solutions. That is why there are 250+ crypto exchanges with 18,900+ trading markets. While the sheer amount of prospects facilitates convenience, it makes choosing one difficult for users. Under such circumstances, some exchanges have designed their solutions for specific regions. One such platform is MyBTC.ca, a crypto exchange catered for Canadian traders. The Toronto-based platform has been around since 2016. It has ties with esteemed names like Interac, Flexipin, and the Canada Post. Additionally, the fiat-to-crypto trading solution is known for supporting multiple payment methods. Other than focusing on one region, the platform practices specialization in the cryptocurrency front as well. While it restricts the platform’s use-cases, MyBTC.ca has built a seamless ecosystem around it. That is why it is counted among the best Candian crypto exchanges.

However, despite such functionalities, Bitcoin traders tend to read MyBTC.ca reviews before investing money and time. Thus, a detailed MyBTC.ca review explaining its services, features, fees, security, and more.

MyBTC.ca Summary

Headquarters Toronto
Found in 2016
Native Token N/A
Listed Cryptocurrencies BTC
Trading Pairs N/A
Supported Fiat Currencies CAD
Supported Countries Canada
Minimum Deposit Depends on Currency
Deposit Fees Depends on Currency & Payment Methods
Transaction Fees Depends on Currency & Payment Methods
Withdrawal Fees Depends on Currency & Payment Methods
Application No
Customer Support Email, Phone, Live chat, & FAQs

What Is MyBTC.ca?

MyBTC.ca is a Canadian Bitcoin exchange based in Toronto. Duane Seamans founded the platform back in 2016, having been active in the crypto world since 2014. The fiat-to-crypto exchange practices a non-custodial storage approach, securing users’ funds from a mass breach. Although users can purchase Bitcoin here, the platform specializes in this regard. It accepts multiple payment methods, including debit and credit cards, cash, e-transfer, bank deposit, and Flexepin Voucher. It has earned prestige among the Canadian audience and is treated among the best exchanges in the region. Its fees are reasonable and vary depending on users’ trading volume and deposit method.

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The platform excels in the customer support department with a live chat, email assistance, phone number, and social media presence. Its referral program is another reason why traders should opt for it to score extra revenue.

MyBTC.ca Platform InterfaceMyBTC.ca Platform Interface

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How Does MyBTC.ca Work?

Every MyBTC.ca review must discuss its working, so here is a quick overview to help users out. Being a Bitcoin trading platform, it provides an environment where users can buy BTC. Using local mobile service providers with an account in Canadian banks, every citizen of Canada can use the website. To get started, customers can create an account on the website.

The review will mention the steps for the process in the latter part. After creating an account, customers can choose the Buy Bitcoin option on the website. It will provide four payment options to facilitate the trade. Interested buyers can continue after selecting the BTC amount in the Canadian Dollar equivalent. Now, customers can buy the crypto and get it delivered to the required wallet address.

MyBTC.ca Features

Most traders go through MyBTC.ca reviews to comprehend its features and they are:-

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  • It has many perks to offer, and instant Bitcoin trading is the foremost of them. Moreover, the platform allows customers to choose from six different payment methods to perform the function. 
  • Another reason behind MyBTC.ca’s surging popularity is its non-custodial nature. It does not store digital assets; instead, it delivers them to private wallets. The assets will stay secure as long as traders do not lose private keys to access wallets. 
  • Bitcoin platform facilitates safety using its quick verification process. Since it is regulated, customers must pass the KYC check before buying BTC. Its user-friendly interface caters to every user regardless of market experience since it simplifies the purchase process.
  • Moreover, the platform places a viable user support system like live chat, email address, and telephone to resolve issues. The platform has designed its entire solutions towards Canadian clients, making it an ideal solution for the region. While it does not provide minimal trading fees, its services justify the reasonable pricing.

MyBTC.ca FeaturesMyBTC.ca Features

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Is MyBTC.ca Regulated?

Yes, as per the reviews, it is among the rarely regulated platforms in the market. The reason why most platforms avoid the step is due to complications. Cryptocurrency exchanges need to complete numerous steps to get the support of formal authority. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) backs the platform and its solutions. 

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Services Offered by MyBTC.ca

As per the reviews, Here is an outline of the services offered by the platform:-

Bitcoin Exchange in Canada

The primary reason why the platform is known is due to its BTC trading solutions in Canada. It supports CAD to trade the crypto and four payment methods to complete the transaction.

KYC and AML 

Since it is regulated, it complies with every anti-money laundering and KYC measure placed by Canadian authorities.

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No Custody of User Funds

It adopts a non-custodial approach and shares the purchases of Bitcoin to a private offline storage wallet.

24/7 Services

It is available all around the clock. It does not mean merely trading solutions, but customer executives also with options like live chat.

MyBTC.ca Review: Pros and Cons

Here is an overview of the benefits and drawbacks imposed by the Canadian Bitcoin Trading Platform:-

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Pros Cons
Buy BTC in seconds. Only supports Bitcoin.
Supports Canadian dollars. KYC is mandatory.
Ideal for beginners with a user-friendly interface.  Services restricted to Canada only.
No hidden charges.
Regulated Platform.
Non-custodial platform.

Getting Started With MyBTC.ca 

Since account registration and MyBTC.ca id verification are mandatory here, users must know the steps to do so. As per the reviews, here is a simple guide, to guide customers through the process:-

  • To start the process, reach the official MyBTC.ca website.
  • Now, tap on the Buy Now option.
  • It will open a screen like this.
  • Fill in the phone number and tap on Text Me.
  • Wait for the OTP and submit it in the SMS PIN space.
  • Now, enter personal information and confirm the email address.
  • Complete the MyBTC.ca id verification process. The process requires proof of identity, liveness, address, and financial information.
  • The process is complete, and customers can buy/sell Bitcoin on the platform.

MyBTC.ca Sign Up ProcessMyBTC.ca Sign Up Process

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How to Buy and Sell Cryptocurrencies on MyBTC.ca?

According to the review, While the platform is known for facilitating instant Bitcoin purchases, it now supports selling Bitcoin as well. Here is a brief guide on how to do so:-

Buy Bitcoin on MyBTC.ca

  1. Reach the website and select the Buy Now option. 
  2. Choose from the four options.
  3. Users must enter the CAD amount to buy Bitcoin.
  4. Now, share the private Bitcoin wallet address.
  5. New traders need to go through the account creation and verification process.
  6. Transfer funds to the account generated by MyBTC.ca.
  7. Get Bitcoin to the provided wallet address.

Sell Bitcoin on MyBTC.ca

  1. Access the official website.
  2. Browse through the top-right section and select Sell Bitcoin.
  3. Fill in the amount of Bitcoin to sell.
  4. The system will show the amount users will receive in return.
  5. Confirm the details and finalize the transaction.

MyBTC.ca Fees

Fees structure plays a pivotal role in every Bitcoin exchange. While the platform does not provide a cheap trading experience, its services make up for it. Here is a quick overview of the fees charged by the platform for funding with funding limits:-

Method Limits Fee Timeframe
Interac e-Transfer $30 – $10,000 7.75% ($10.00 min.) 0-30 Minutes
Bank Wire $10,000 – $250,000 4.75% Next Business Day
Credit Card $75 – $25,000 ~9.75% Processed Immediately
Cash or Debit Card $50 – $2,500 9.75% ($10.00 min.) Instant Funding
Flexepin Voucher $20 – $500 9.75% ($5.00 min.) Instant Funding

The cheapest way to buy Bitcoin here is via a wire transfer. However, the platform also considers trading limits while imposing the charges. So, here is the withdrawal limit with its fees according to different methods:-

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Method Limits Fee Timeframe
Interac e-Transfer $20 – $10,000 $5.00 0-6 hours
Bank Transfer $20,000 – $100,000 $50.00 1-2 Business Days

Although, to know the complete fee structure of MyBTC.ca you can refer to this link.

Accepted Payment Methods

It is known for its versatile payment method support. The exchange allows users to choose from six payment methods. Here are all of them:-

  • Interac e-Transfer
  • Bank transfer
  • Interac Online
  • Credit card
  • Flexepin Voucher 
  • Cash or Debit card

MyBTC.ca Accepted Payment MethodsMyBTC.ca Accepted Payment Methods

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Supported Currencies and Countries

Users have different opinions on here, due to its limited cryptocurrency and country support. Some see its exclusive services as restrictions, while some as specialization. Nonetheless, it supports one country and one cryptocurrency; Bitcoin in Canada.

How Is MyBTC.ca Different From Other Exchanges?

Multiple reasons account for MyBTC.ca’s popularity and market prestige. The first being its support from FINTRAC, making it a regulated Bitcoin exchange. Another feature that makes it stand out is its non-custodial nature.

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Additionally, the exchange is known for supporting six payment methods with fiat currency compatibility. Finally, it lets users earn extra rewards using its referral program. Merged with its instant Bitcoin transfer, the platform justifies its prominence in the region.

MyBTC.ca Referral Program

As per the reviews, inviting new customers to the platform can help existing users earn additional rewards. Under its referral program, any user that attracts new customers to the exchange can get 20 CAD as a reward. It only adds the reward if the invited user makes an order of around 100 CAD. After that, the platform adds the reward to the account balance, which customers can use to buy Bitcoin.

MyBTC.ca Referral ProgramMyBTC.ca Referral Program

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MyBTC.ca Security

Security is a major concern for every best cryptocurrency exchange site, present in the market. So as per the review, the platform website runs on hardware in Cloud Providers, while SSL encryption adds an extra layer of safety. It does not record any private information like credit card data, eliminating the threat of a leak.

Moreover, it does not store any of its user funds either. Users can receive the purchased Bitcoin in private offline storage walls. Plus, it allows users to enable two-factor authentication for enhanced protection. With such safety standards, the platform fends off every concern without fail.

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MyBTC.ca Customer Support

Customer support is another prominent area. As per the reviews, it offers multiple tools to help traders, such as live chat, email address, FAQ section, and telephone. The executives are available 24/7 and provide instant assistance to users. It even boasts a widespread social media presence, making it easier for customers to contact the support.

MyBTC.ca Customer SupportMyBTC.ca Customer Support

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MyBTC.ca Review: Conclusion

MyBTC.ca is among the most well-known Canadian Bitcoin trading platform. According to several reviews, its BTC trading services are impeccable due to its swiftness and availability of six payment methods. It allows features like 2FA and transfer to offline storage wallets, facilitating safety across the platform. Its regulatory nature makes it rare and backed by a legal authority. While its fees are not cheap, it provides services that make up for the price.

Although its mandatory KYC process can dishearten some beginners, it allows the platform to render a clean trading ecosystem. Overall, it presents an esteemed platform where every Canadian trader can quickly buy and sell Bitcoin.

FAQs

Is MyBTC.ca Legit?

Yes, MyBTC.ca is a legit Bitcoin exchange backed by FINTRAC.

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How Safe Is MyBTC.ca?

MyBTC.ca is extremely safe since it does not store any user funds. Plus, it integrates features like 2FA and SSL encryption to secure transactions.

Is MyBTC.ca a Scam?

No, MyBTC.ca is among the rare crypto which is backed by a legal authority.

How Do I Buy Bitcoins on MyBTC.ca?

Customers must create an account on MyBTC.ca before buying Bitcoin. After creating and verifying the account, users can buy the digital asset from its official website.

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