MyBTC.ca Review (May, 2024) – Pros, Cons, Features, & Pricing - Comparewise
Brand

Buy crypto instantly with Online e-Transfer - Claim this offer

MyBTC.ca Review (May, 2024) – Pros, Cons, Features, & Pricing

MyBTC.ca is a Canadian-based cryptocurrency exchange website that enables customers to purchase bitcoin (BTC) at competitive prices and in a timely manner.

Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.

Last Updated: May 23, 2024

MyBTC.ca

  • $5 minimum investment
  • All Canadian banks supported
  • 20+ coins and currencies

Buy crypto instantly with Online e-Transfer - Claim this offer

If you reside in Canada and are looking for a quicker way to purchase and sell bitcoin and an all-in-one platform for your cryptocurrency trading, then MyBTC.ca is for you.

MyBTC is a non-custodial platform; it sends your money directly to the user-specified destination wallet address. This indicates that the exchange has low counterparty risk, and it is up to you to determine where the bitcoin or ether will be sent once the trade has been completed.

MyBTC’s platform is compatible with Interac e-Transfer, credit and debit cards, bank wire transfers, cash or debit cards, and Flexepin coupons.

The service is extremely user-friendly and straightforward to operate. However, the convenience of the fastest delivery in Canada and the highest-rated customer service is accompanied by slightly higher transaction fees. This impartial MyBTC.ca Review will provide in-depth knowledge of this application.

Pros and cons of MyBTC.ca

The following is an outline of the benefits afforded by the Canadian Bitcoin Trading Platform as well as the downsides it imposes:

The Pros of Trading with MyBTC.caThe Cons of Trading with MyBTC.ca
You can buy or sell BTC fast in less than one minuteMyBTC.ca only supports Bitcoin trading.
It has no hidden or extra charges outside of the regular fee.The use of KYC is highly mandatory.
The platform also supports Canadian dollars.Its services are restricted to Canada only and Canadian traders.
MyBTC.ca is ideal for beginners with little knowledge of cryptocurrency. 
It has the most user-friendly interface. 
It’s a highly regulated platform for cryptocurrency. 

A brief overview and general info

Company Exchange NameMyBTC
Company Websitehttps://mybtc.ca/
Company LocationToronto, Canada
Trading Fiat Currency$CAD
CryptocurrencyBTC or Bitcoin
Trading FeeVery Moderate
Easiest Transfer TypeIncludes: Credit Card, Wire Transfer, Interac e-Transfer,, Debit Card etc
Deposit FeeDepends on the method used: Fee range from 4.75% to 9.47%
Mobile App supportNo

What is MyBTC.ca?

MyBTC.ca is a Toronto-based Canadian Bitcoin exchange. The platform was launched in 2016 by Duane Seamans, who has been active in the cryptocurrency sector since 2014.

The fiat-to-crypto exchange employs a non-custodial storage strategy to protect customer funds against a widespread hack.

Although customers can purchase Bitcoin on this platform, this is its primary function. It accepts different kinds of payment gateways, including your everyday debit and credit cards, cash, e-transfer, bank deposit, and Flexepin Vouchers.

It has garnered the respect of Canadian audiences and is regarded as one of the finest exchanges in the region. Its fees are moderate and fluctuate based on the trading volume and depositing methods of its customers.

The platform shines in its top-notch customer service, which includes live chat, email support assistants, a phone assistant, and a social media presence. Its referral program is just another reason why traders should choose it to get additional income.

How does MyBTC.ca work?

The MyBTC.ca Prepaid Visa card is an innovative payout option that allows clients to withdraw payments instantly and provides Bitcoin sellers with a new means to lock in their profits and convert their revenues into Canadian dollars.

Using the MyBTC.ca Prepaid Visa card has the following advantages:

  • Cashback incentive program
  • Mobile application accessible via Google Play and the Apple App Store
  • The online wallet site operates like a bank account, allowing you to transmit money to other Visa cards and pay bills.
  • Make purchases at millions of stores globally, both online and offline.
  • Utilize ATMs to withdraw local currency

Request and load Canadian dollars onto your MyBTC.ca Prepaid Visa card here.

Visit MyBTC.ca/withdraw or contact our industry-leading customer service today for additional information on obtaining your personal Prepaid Visa card.

mybtc services - comparewise

MyBTC.ca review: key features

MyBTC.ca, which was founded in 2016, is one of the main Canadian bitcoin and ether brokers, allowing you to buy and sell bitcoin as well as purchase ether in a rapid and efficient manner.

The service MyBTC provides is incredibly user-friendly and walks the user through the entire buying and selling process, making it appropriate for non-tech-savvy beginners who are interested in purchasing bitcoin (BTC) or ether (ETH).

MyBTC is distinguished by the following characteristics:

You’ll buy bitcoin and ether quickly using one of five available payment methods.

The system gives Canadian bitcoin traders the ability to purchase bitcoin and ether using their convenient payment options like :

  •  Interac e-Transfer
  • Wire transfer
  • Credit card
  • Debit card,
  • Cash
  • ,Flexepin vouchers

Sell Bitcoin Right Away

After 2 blockchain confirmations, you can cash out your money via Interac e-Transfer, bank transfer, or even use your earnings to buy a New Black Prepaid Visa card to load with Canadian dollars.

Non-custodial platform MyBTC.ca delivers bitcoin or ether straight to the destination wallet address, so there is minimal to no counterparty risk because the platform cannot lose your cash.

“Fast And Rapid Verification”

Before onboarding and completing their first purchase, all MyBTC.ca users are required to pass industry-standard ID verification and KYC procedures.

A Section For Video Lessons

Interactively learn about the platform and its capabilities by viewing educational films on the MyBTC.ca YouTube channel.

Awesome And A User-Friendly Exchange Platform

The platform guides you through the entire purchase procedure and ensures that you have access to customer service at all times.

Platform That Is Entirely Canadian

MyBTC.ca solely supports Canadian customers. Similarly, it takes only Canadian Dollar (CAD) deposits.

MyBTC.ca provides a simple and convenient method to buy and sell bitcoin and acquire ether in Canada.

Even while it does not offer the lowest costs in the business, it gives a straightforward, rapid, and easy-to-use method for buying and selling bitcoins or purchasing ETH, even for non-technical new traders.

List of cryptocurrencies on MyBTC

Interestingly, if your primary payment methods are Interac e-Transfer, bank wire transfers, cash or debit cards, or a Flexepin voucher, you can only buy Bitcoin (BTC) on MyBTC.

This is a significant drawback of the exchange, as many other Canadian exchanges offer a far broader selection of cryptocurrencies.

Using these payment methods, you cannot purchase altcoins like Ethereum (ETH), Litecoin (LTC), or XRP (XRP).

In contrast, if you used a credit card as your payment method, you would have access to approximately 22 different coins. Here are the crypto tokens that may be purchased with a credit card using MyBTC:

Full List of 22 Cryptocurrencies on MyBTC

Bitcoin (BTC) Polkadot (DOT )Vechain (VET) Ethereum (ETH) Chainlink (LINK) Wrapped Bitcoin (WBTC) Tether (USDT)Cardano (ADA) Litecoin (LTC) XinFin Network (XDC) Cardano (ADA) Shiba Inu (SHIB) NEM (XEM) Dogecoin (DOGE)Bitcoin Cash (BCH) Solana (SOL) Stellar (XLM) Binance Coin (BNB) Tron (TRX)XRP (XRP) Binance USD (BUSD) Uniswap (UNI)  

MyBTC.ca verification process

MyBTC is a licensed cryptocurrency broker. Therefore, you must pass the identity verification procedure (KYC) prior to gaining access to cryptocurrency via their site.

However, the platform can be accomplished at any time, whether online or offline.

During the registration procedure, MyBTC will request the following details to validate your online identity:

Evidence Of Identification

You will be required to provide a photograph of a government-issued ID or passport.

Proof Of Ownership

Self-portrait with your ID and a piece of paper that reads “MyBTC.ca ID verification for bitcoin purchase” and the current date.

Evidence Of Residency

Here you’ll be required to provide a telephone bill, internet bill, or bank or credit card statement (not older than three months).

 If your utility bills are issued in the name of your landlord, parents, or partner, please contact customer service to discuss an alternative onboarding approach.

If you need an offline verification, go to a Canada Post location near you.Please bring the following documents in this case:

A legitimate ID or passport issued by the federal or provincial government. Details about MyBTC.ca’s profile A unique barcode is issued to your home address.

If your utility bills are issued in the name of your landlord, parents, or partner, you should contact customer service to discuss an alternative onboarding process.

mybtc crypto - comparewise

Four exchanges I suggest over MyBTC

MyBTC is not the worst nor the best cryptocurrency exchange in Canada. Its cryptocurrency support is extremely limited, since it can only be used to acquire Bitcoin and there are no crypto-to-crypto trading options.

I recommend the following five exchanges above MyBTC:

MyBTC vs Bitbuy

Bitbuy is a Toronto-based Canadian cryptocurrency exchange founded by Adam Goldman. Bitbuy began as Instabit in 2013 and relaunched as Bitbuy in 2016 as a result of growing operations and a larger array of digital currency alternatives. In 2022, it was bought by WonderFi Technologies.

The exchange exclusively accepts Canadian nationals or permanent residents as customers and uses only Canadian dollars as its fiat currency for deposits, withdrawals, and trading pairs.

Bitbuy is a leading alternative for Canadians wishing to purchase Bitcoin.

Here is a $0.00 Coinberry signup bonus.

MyBTC vs CoinSmart

CoinSmart is one of the top Canadian-based cryptocurrency exchanges that caters to crypto customers worldwide.

It was founded in 2018 by two gentlemen, Justin Hartzman and Jeremy Koven, after they encountered funding and verification difficulties on existing exchanges.

They desired to establish a trustworthy exchange that was user-friendly and readily available to Canadians.

The result was CoinSmart, a cryptocurrency exchange with quick verification, an intuitive UI, bank-grade security, and numerous fiat currency funding alternatives.

In addition, they provide more sophisticated choices for experienced and high-volume traders.

Here is a $0.00 Coinberry signup bonus.

MyBTC vs VirgoCX

Due to the unstoppable growth of Bitcoin and other cryptocurrencies, there is a global race to develop the necessary infrastructure for buying, selling, and trading these digital assets.

The majority of bitcoin exchanges are located in or originate from the United States, which presents a dilemma.

In recent years, however, several nations have developed their own digital currency exchanges with world-class goods and services.

Here is a $0.00 Coinberry signup bonus.

MyBTC vs Coinberry

Coinberry is a Canadian digital asset trading platform that simplifies and secures the purchase and sale of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Stellar in Canada.

 Coinberry’s assets currently do not meet the requirement for coverage under the Canada Investor and Protection Fund.

Only Coinberry is insured, registered with the OSC and FINTRAC, and compliant with the Personal Information Protection and Electronic Documents Act (PIPEDA).

Here is a $$$0.00 Coinberry signup bonus.

MyBTC vs NDAX

NDAX was established with the purpose of facilitating bitcoin transfers. On our user-friendly site, amateurs can quickly purchase and sell over 30 digital assets, while experienced or professional traders can utilize our sophisticated features and trading tools.

So that you can focus on trading, tracking, and managing your cryptocurrency portfolio, our platform provides secure digital asset storage, many financing options, and same-day deposits and withdrawals.

  • Instantaneous verification of identity
  • Canada has the world’s lowest fees.
  • Canada’s widest selection of coins
  • 24/7 live help for customers.

Order Limitations and Charges

If the total of your order exceeds CAD 350.00, the minimum order fee is waived and you will continue to get prompt order confirmations.

 When two confirmations for orders to sell bitcoin (BTC) are acquired, the order is executed and converted to Canadian dollars (CAD).

Here is a $0.00 Coinberry signup bonus.

Security measures for MyBTC exchange

MyBTC.ca is a regulated and safe exchange. Due to its non-custodial structure, the exchange does not store user funds in their own digital wallet, making it an unattractive target for cybercriminals.

As a result, no security incidents have been recorded at the exchange so far. Additionally, it is governed by FINTRAC, indicating that it is a secure and dependable exchange.

In actuality, MyBTC.ca sends your Bitcoin directly to your private wallet, so you should acquire one before utilizing the service.

Hardware security at MyBTC.ca

The MyBTC service operates on hardware protected by one of the most secure cloud service providers, all communications are encrypted with SSL, and the service does not keep your credit card or financial information.

Two-factor authentication 2FA is used by traders to safeguard their accounts (2FA).

 In addition, your MyBTC account is linked to your phone number and email address, making it more difficult for unauthorized parties to see your trade history.

Security Ratings

According to online reviews, MyBTC.ca has an excellent user rating. 217 consumers on TrustPilot have rated it 4.8 out of 5 stars.

 MyBTC has a 4.66/5 rating on BitTrust based on 65 customer reviews. 214 Google users rated MyBTC.ca 4.7 out of 5 stars.

On the basis of these ratings alone, it can be concluded that the majority of MyBTC.ca’s users were satisfied with the service.

MyBTC.ca design and usability

MyBTC.ca is a straightforward portal that walks users through the full buying procedure. MyBTC.ca is designed to be user-friendly for beginners, so you do not need any prior knowledge to utilize the service.

The way the site works means that if you are a first-time user, you will have to register your Canadian phone number and email address and prove who you are.

To buy or sell bitcoins on MyBTC.ca, or to purchase ether, you must:

  • Visit the homepage of MyBTC.ca and click “Buy Now” anywhere on the page.
  • You will be required to register your Canadian telephone number and email address, as well as verify your identification.
  • Fund your account with Bitcoin to sell or Canadian dollars to buy.
  • Enter the address of your bitcoin or ether wallet if you’re buying, and choose your withdrawal method if you’ve sold bitcoin.
  • To convert your BTC to CAD, you must finalize your order and transmit bitcoin to a wallet or complete your withdrawal.

Once your payment has been sent for the purchase of bitcoin or ether, you will get the coins in your wallet once the transaction is confirmed on the blockchain.

If you’ve sold bitcoin, your MyBTC.ca account balance will be updated once two blockchain confirmations have occurred, allowing you to withdraw CAD.

MyBTC customer support

MyBTC.ca has a fantastic customer service team that is available via a variety of channels around the clock, seven days a week. In addition, a comprehensive FAQ page should answer the majority of your questions.

If you require more assistance, you may reach MyBTC’s customer service staff through the following channels:

  • contact form.
  • Email: help@mybtc.ca
  • Facebook’s live chat capability
  • By means of Twitter messages or tweets

Typically, assistance is quick to reply, so you should have a response to your question within an hour.

MyBTC.ca review final remarks

MyBTC is a Canadian cryptocurrency exchange that was founded in 2016. It has several advantages, including its user-friendly platform and extensive support for the most popular payment methods.

However, it has some big drawbacks that prevent me from recommending it as a leading Canadian crypto exchange, mainly its extremely limited crypto support unless you use a credit card and its extremely high fees, particularly for credit card purchases.

As a result, I recommend alternative exchanges such as CoinSmart, Bitbuy, and Newton, which offer more functionality and lower fees than MyBTC.

You might also like…

Discover Investment Opportunities

Make your money do more.

12 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Young investors can trade stocks and ETFs, all for free.
Min Investment
$0
Target Return
Varied
Retire up to 30% wealthier with Questwealth Portfolio.
Min Investment
$1
Target Return
Varied
Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Buy and sell gold, silver & platinum online at the best price.
Min Investment
$1
Target Return
Varied
Get up to $150 cash bonus
Min Investment
$0
Target Return
Varied
Flexibility with a great return.
Min Investment
$100
Target Return
5.20%
Get a $50 bonus when you sign up and deposit $250.
Min Investment
$50
Target Return
Varied
Buying and securing gold has never beeng more simple and affordable.
Min Investment
$1
Target Return
Varied
High return on a shorter term.
Min Investment
$500
Target Return
4.25%
Get a $100 welcome bonus, when you make your top-up*
Min Investment
$10
Target Return
Varied
A new passive income asset class, peer-to-peer lending.
Min Investment
$1
Target Return
Varied
Sign Up And Access 65+ Cryptocurrencies Instantly
Min Investment
$10
Target Return
Varied

FAQs about our MyBTC.ca review

Is MyBTC.ca a regulated website?

According to several trusted reports, it is one of the few unregulated platforms on the market. The majority of platforms omit the step due to its complexity. Numerous processes are required for cryptocurrency exchanges to obtain formal authorization. FINTRAC supports the platform and its offerings.

Why should I use the MyBTC.ca website?

The majority of customers utilize MyBTC.ca since it enables them to buy and sell Bitcoin or purchase Ether utilizing Canada's most convenient payment methods within seconds. We offer some of the fastest and most responsive customer support times in the Canadian cryptocurrency exchange industry.

Why must I have faith in MyBTC.ca?

Prior to establishing MyBTC.ca, our CEO had been active in the Bitcoin industry since 2014. As a broker with over 10,000 trades on peer-to-peer networks to more than 3,000 individuals, he maintained a feedback score of 100 percent. On the basis of his success, he desired to establish a platform tailored to Canadians in order to better meet the purchasing demands of our country through the use of swift and convenient payment options. Over the course of MyBTC.ca's existence, we have become authorized Interac and Flexepin merchants. In addition, our money is protected by a Canadian financial organization that provides dependable banking services.

Does MyBTC file with the CRA?

Yes, as a FINTRAC-registered money services business, MyBTC is required to report to the Canadian Revenue Agency. Consequently, MyBTC is only required to report to the CRA transactions over $10,000.

Is MyBTC Secure & Safe?

Yes, all transactions with MyBTC are completely secure. All MyBTC platform accounts are safeguarded by two-factor authentication, all MyBTC website traffic is SSL-encrypted, and the platform itself is non-custodial, making it even more secure.

Is MyBTC Legal In Canada?

Yes, MyBTC operates legally in Canada as a money services business registered with FINTRAC, which complies with Canadian anti-money laundering and counter-terrorist financing rules.

Is MyBTC Reliable?

Yes, MyBTC is a reliable exchange for multiple reasons: the platform itself is non-custodial and never holds your coins, it is a Money Services Business (MSB) registered with FINTRAC, and their servers run on dedicated hardware with Cloudflare services.

Does MyBTC instantly verify accounts?

Yes, MyBTC verifies some accounts instantaneously; but, if your account requires manual verification for some reason, you will need to produce the following documents: A full-color, sharp, close-up photograph of your legal, government-issued identification ID. Users do not accept black-and-white copies of health cards in provinces where it is prohibited by provincial law. A picture of you holding either your provincial or federal government-issued identity card and a piece of paper with the scribbled statement "MyBTC.ca ID Verification for Bitcoin Purchase" and the current date.

April 30, 2023
Fact Checked
Categories:

Grow your finances today.

By submitting, you agree to comparewise’s terms of use and privacy policy.

You may also like

KeepKey is a well-known bitcoin hardware wallet that was first introduced to ...
If you are looking for a trustworthy crypto exchange, this Bitbuy review migh...
Halsey Minor, an American entrepreneur, established Uphold in 2014 as a tradi...
These days everyone is looking for the next big technological investment, whi...
Your Bitcoin is stored safely in Trust Wallet, which is a mobile wallet. Trad...
Gemini is a worldwide digital asset exchange and regulated New York trust bus...
The Ledger Nano X is a high-end cryptocurrency hardware wallet that provides ...
This Jeton review will examine Jeton, an online payment provider established ...
eToro is a digitized worldwide trading platform that allows you to trade curr...
In this BYDFi review, we will explore what makes the platform a good option f...
Cryptocurrencies have grown in popularity, and for this reason, many people a...
Users of the cryptocurrency wallet known as ZenGo no longer need to remember ...
With cryptocurrency popularity at an all-time high, an in-depth Crypto.com re...
This Changelly review will examine Changelly, a cryptocurrency exchange estab...
It is difficult to overlook how vital it is to select the most reliable crypt...
On November 28, 2022, BlockFi filed voluntary cases under Chapter 11 of the U...
NDAX is an exchange platform for cryptocurrencies that is situated in Calgary...
You are almost definitely a trader looking to invest in Binance or a newbie l...
Mogo Crypto is a popular choice for investing in cryptocurrency for Canadians...
So, is Kraken legit? Finding a trustworthy crypto exchange that will keep you...
Earn Crypto Bonuses

See the top crypto deals and welcome bonuses on the market.