Launched in 2016 by Duane Seamans who have been involved in the crypto industry since 2014. The exchange is focused on providing users with an easy and simple experience in buying and selling bitcoin.
MyBTC has integrated with many reputable companies to help facilitate and operate their operations. Some of these companies include the Canada Post, Interac and Flexipin.
Based in Toronto, let’s see how this exchange stacks up against the other Canadian Exchanges.
How to use MyBTC
To sign up, you’ll need to use your phone number and MyBTC will send you an SMS code. Then you’ll need to provide documentation to verify your identity. Don’t worry as all reputable exchanges do KYC for compliance.
After you’re verified, you’re set to purchase BTC!
Buy & sell crypto on MyBTC
You can purchase bitcoin with any one of their deposit methods. MyBTC’s homepage will clearly show you the different ways to buy BTC on their platform and the fees, deposit limits associated with each method.
Is MyBTC Safe?
Despite the exchange looking like a bargain site where you can purchase ‘bitcoin’ deals and packages at a limited time only discount…
MyBTC is actually a safe exchange to use. Since its beginnings, MyBTC has had no incidents of getting hacked. No funds have ever been stolen thanks to their procedure of storing their funds in an offline cold storage wallet. This means hackers have no way to access any of those funds because it’s not exposed to the internet.
MyBTC is also formally registered and fully compliant to the anti-money laundering laws of Canada.
The unique thing about MyBTC is that none of your funds are stored on the exchange itself. What do we mean? Well, when you buy bitcoin from MyBTC, they will send the BTC you just purchased immediately into an address you give them.
Unlike most exchanges where your balance is in your account, MyBTC does not do that. This actually makes the exchange safer than more exchanges because you don’t have to ‘trust’ that the exchange isn’t shady.
Since you’re getting the BTC within the same transaction as you buy, you’re not really exposing yourself too much.
MyBTC.com Review and Fees Breakdown
Fiat currencies accepted:
MyBTC is a Canadian only exchange so they accept CAD.
MyBTC is a bitcoin only buy and sell exchange.
The fees on MyBTC comes at a premium in comparison to some other exchanges.
Using a popular method of buying bitcoin in Canada – Interac e-transfer, MyBTC charges 7.75% with a $10 minimum fee if 7.75% is less than $10.
The cheapest route is using Bank Wire Transfer with a fee of 4.75% – however, the minimum deposit is $10,000.
But we’re not done. MyBTC has other conditions with the fees as well.
If you buy $20-$200 worth of BTC, there’s any additional fee there too. So let’s say you deposited $100 using Interac e-transfer.
The initial fee is $10 because 7.75% is less than that. And then because $100 is less than $200, you have another $2 extra charge, bringing your fee to $12.
If it was more than $200, then MyBTC won’t charge an extra $2. So we recommend you to deposit large amounts of money if you use MyBTC.
Deposit and Withdrawal methods:
MyBTC offers 6 different deposit payment methods. There aren’t any withdrawal methods because MyBTC will send you the BTC to your address immediately as soon as your deposit clears.
The six methods is Interac e-transfer, Bank Wire, Credit Card, Cash or Debit Card, Flexepin Voucher and Interac Online.
MyBTC is hosted on a very secure cloud infrastructure and they don’t store information such as credit card information or banking information. MyBTC also holds their funds in an offline cold storage unit so hackers cannot access it.
But the key security feature is the fact that they don’t hold user funds and send bitcoin to the user as soon as possible. This reduces MyBTC’s attack vector significantly and why they have not had any hacks since its founding.
The Canadian bitcoin exchange also offers users to use two factor authentication (2FA) and your account is connected to your mobile and email.
MyBTC is registered with FINTRAC – The Financial Transaction Reports Analysis Centre of Canada. This government body is responsible for anti money laundering and counter terrorist financing preventions. MyBTC’s registration MSB number is M20844324.
In order for MyBTC to comply with these rules, MyBTC conducts Know Your Customer (KYC) and other security measures to ensure top quality.
MyBTC has different channels for you to contact them. If you want to speak to a live agent, you can call their hotline (647-875-6717).
You can also talk to them via Facebook messenger chat or email their support at firstname.lastname@example.org
Mobile functionality/mobile app:
MyBTC does not have a mobile app currently.
History of MyBTC
Starting in 2016, the founder of MyBTC, Duane Seamans wanted to create a bitcoin exchange to help Canadian investors quickly purchase and sell bitcoin without any counterparty risk.
The Verdict on MyBTC
MyBTC is a solid exchange if you’re looking for an easy to use exchange to buy bitcoin in Canada. The unique feature of MyBTC is that they will send your bitcoins to you as soon as your deposit clears. This makes it safer than ‘normal’ exchanges as you’re reducing the time your bitcoins are outside your wallet.
However, in exchange for this service, MyBTC does charge higher than average fees. At 7.75%, you’re almost paying 7x more than the average exchange to purchase bitcoin. Is it worth it? That’s for you to decide. But in our opinion, there are many reputable and safe Canadian exchanges for you to use – perhaps even safer than MyBTC.
If you want to learn more about those exchanges, we’ve done a review on Bitbuy – which we highly recommend for Canadian investors.