MyBTC Canada Exchange Review 2020
Do you need to buy Bitcoin in Canada? There are not many exchanges accepting people from Canada, but with the establishment of the MyBTC.ca platform, it has become very easy to get the most popular cryptocurrency in Canada. You will agree that it is necessary to find a reliable and trusted crypto exchange to accept the Canadian dollar and it can be a challenging task.
Look: this review will offer detailed information about MyBTC.ca exchange for you to understand if it meets your expectations for buy Bitcoin.
MyBTC.ca Review
Canada is a country that follows modern trends so it is not surprising why the number of crypto holders in this country is growing steadily. At the same time, not all of them want to exchange their national money for other currencies to be able to purchase Bitcoin. Therefore, the creators of MyBTC.ca decided to launch a platform for Canadians who want to get Bitcoin and avoid losing money on exchanging rates and fees. As a result, the CEO of the company who has been in the Bitcoin industry since 2014 and was a successful Bitcoin broker with over 10k clients decided to establish a crypto exchange meant truly for Canadians.
Where is MyBTC.ca Exchange Located?
Being an absolutely Canadian broker, MyBTC.ca official address is 260 Adelaide St E #206, Toronto, ON M5A 1N1. It operates the website that allows residents of Canada who have a local phone number and bank account purchase Bitcoin directly on the platform.
How Does it Work?
Every citizen of Canada who uses services of local mobile providers and has an account in one of the Canadian banks can access the website and select the option ‘Buy Bitcoin’. It is possible to do that using 4 different methods. Users need to select one of 4 payment methods and enter the Bitcoin amount in CAD equivalent a person wants to buy. To register an account on the exchange and have Bitcoin delivered to the necessary wallet address then, it is necessary to pass through the SMS verification and two more verification steps to be able to buy coins in a matter of seconds.
MyBTC.ca Features
When it comes to the features of MyBTC.ca platform, they look quite impressive including:
- Instant transactions using 4 payment processing methods;
- Fast verification procedure;
- Having been a source of Bitcoin in Canada since 2014;
- Agreements with Interac and Flexepin payment systems and Canadian Post;
- Round the clock customer support;
- Step-by-step guidance;
- 100% Canadian.
How to Start Using MyBTC.ca
Since MyBTC.ca is an online platform, it is enough to open the website of the broker to start using it. Every Canadian who wants to purchase BTC on the platform should confirm this fact by the SMS verification which can be completed only if this phone number is registered in Canada. Only then the system will take you to the registration page and offer you to create an account. Each time a user wants to enter the account created, he or she will need to verify a phone number to be able to do that.
Registration
It is possible to register on MyBTC.ca only after a citizen of Canada enters an active mobile phone number to receive a message with a code and enters it on the platform. After that, it will be possible to create an account where a user is asked to provide some personal information and confirm the email address following the link sent in the letter.
Verification Requirements
MyBTC.ca offers 3 types of verification and every buyer should complete two of them. The first verification is made via a mobile phone. A user should provide his valid phone number and verify it entering the code sent to this mobile number by the platform.
Two other types of verification are necessary to confirm your identity. Every person can choose one of two verification methods offered: online or in-person one.
- Online verification
It is possible to send an email to the customer support of the platform providing the following information and files:
- Close up photo of the ID card issued by the government;
- A photo of the user who is holding an ID card (the photo must be signed with a date and the following inscription: “MyBTC.ca ID Verification for Bitcoin Purchase”;
- A copy of the document (e. g. utility, phone bill) to show the address;
- A copy of a loan, credit card or bank statement.
- In-person
MyBTC.ca has signed an agreement with the Canada Post according to which every person can verify the identity in person turning to the agent working there. For this purpose, a user should provide the following documents:
- Valid photo ID issued by the Government;
- The profile information listed on MyBTC.ca site.
How to Buy Bitcoin on MyBTC.ca
It is worth stating that MyBTC.ca sells only Bitcoin and accepts only Canadian Dollars processed in 4 acceptable ways. The procedure of buying is very simple and consists of several steps:
- Open the platform and press ‘Buy Bitcoin’ selecting one of 4 suitable ways.
- Provide the CAD amount you want to spend. The system displays how many BTC you will receive.
- Provide the address of your Bitcoin wallet.
- Verify your mobile phone by entering the code.
- Register an account and follow the link sent to your email address.
- Complete the identity verification procedure.
- Transfer money to the account generated by the platform.
- Receive your Bitcoins to the wallet address provided.
Deposit and Withdrawal Options
Since this broker is suitable only for buying Bitcoin, the only option available in this case is depositing. According to the official website of the exchange, there are 4 ways to make a CAD deposit for buying cryptocurrency:
- INTERAC E-TRANSFER
The minimum amount to send is $100 and the maximum is $5,000. This payment resolve is supported by all Canadian banks, is delivered the same day, and has a fee of 7.75%.
- Bank Wire transfer
A daily minimum and maximum range are between $7,500 and $100,000. Funds can be processed using services of every Canadian bank and they are received the next business day. A standard fee per transaction is $4.75.
- Cash or debit
It is possible to buy Bitcoins using cash or debit card directly at the post. The minimum amount is $50 and the maximum daily limit is $2,500. Coins are delivered almost instantly, while the commission is 7.75%.
- Flexepin Voucher
One more instant method of Bitcoin purchase is Flexepin Voucher. The purchase can be made round the clock online or in some retail locations supported. The min/max daily range is between $50 and $2,500, while the commission is also 7.75%.
Fees
We have already mentioned that fees depend on the payment method chosen for purchase. The lowest transaction fee is in bank wire transfers – 4.75%. All other deposit methods have the same fee of 7.75% or $10 whichever is greater.
Limits
Bitcoin purchase limits on MyBTC.ca are divided into daily, weekly and monthly as well as depend on the payment method chosen. The minimum amount for purchase is $50 processed via a credit or debit card or Flexepin Voucher. The maximum daily limit is $100,000 paid using bank wire transfer method. The lowest minimum amounts are in debit and credit card transfers being $1,000 per day, $7,000 per week, and $30,000 per month. The highest ones are in bank wire transfers where a monthly maximum limit can reach $500,000, while a weekly limit is only two times lower.
Referral Program
MyBTC.ca is happy to reward everybody who attracts new clients to the platform. In case when a referred user completes an order estimated at $100 or more, a person who invited this user will get a $20 reward to the account balance.
Customer support
When it comes to the customer support team working on MyBTC.ca, it is friendly and helpful. Users can connect with the representatives not only via email but also via a telephone and a live chat. One more way to connect it is pages on popular social media platforms such as Facebook and Twitter.
Is MyBTC.ca Safe?
According to the website, it is running on the hardware in secure Cloud Providers. There is the SSL encryption for all communications while an extra protection level is provided by Cloudflare. The platform also informs that it never stores private information about users and their credit cards.
As MyBTC.ca is a non-custodial exchange, they do not host a wallet or have access to your Bitcoin after they have been delivered. Moreover, the website offers to enable 2-factor authentication for better protection of the user account.
Conclusion
MyBTC.ca is a crypto exchange where every citizen of Canada can buy Bitcoin for Canadian dollars without a necessity to exchange them. It offers a fast and easy way to get Bitcoin but users should verify their identity and have an active phone number for this purpose. There are no hidden charges and the platform can be trusted if to consider that this exchange used to function as a private broker for 5 years before its creation.
