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Account Minimum: $20
Fees: From 4.75%
Best For: Instant Bitcoin Purchases
Warning: Trading in cryptocurrency is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
MyBTC is a cryptocurrency exchange exclusive to Canadians that was founded back in 2016. Today they are becoming ever more popular and trusted medium in the purchase of Bitcoin for Canadian traders who value security, and the low costs on offer. The exchange is regulated by FINTRAC as a Money Services Business under regulation number M20844324.
Through this review, we will take a look at the key areas of the exchange, and everything they have to offer you as a trader.
- Buy Bitcoin Instantly within seconds
- Extremely easy to use platform
- FINTRAC regulated and well trusted
- Transparent with fees and commissions
- Only available to Canadian traders
- Bitcoin is the only available asset
Despite being a relatively new name in the sector since their launch in 2016, MyBTC has one key feature that makes them an extremely trusted exchange with traders. That is their FINTRAC regulation. The company is regulated in Canada by this top financial body as a Money Services Business. They gain huge credibility for this as only the most trustworthy and compliant companies submit to this stringent regulation.
Beyond that, there are a number of other features in place to ensure as safe a trading environment as possible is provided. This includes the fact that MyBTC is a non-custodial platform. Ultimately, this means that your purchases are never directly in the possession of the exchange but instead are sent directly to your own private wallet. This helps reduce risk and is a popular feature among many.
Finally, in terms of transactional security, their site makes use of the latest encryption technology to ensure your data stays safe. This includes SSL encryption, non-storage of your payment information, and 2-factor authentication to gain access to your account.
With MyBTC as suggested by the company name, they only facilitate the buying and selling of Bitcoin. This has been their core focus since day one of starting the company and continues to remain that way. So, if you are interested in other investment products or purchasing other cryptocurrencies, MyBTC may not be the choice for you.
What the company does do though, is make the purchase of Bitcoin extremely fast and convenient for users. There are a number of ways that you can purchase including by bank wire, Interac e-transfer, Flexepin voucher, and your credit or debit card with several of these providing instant funding and purchase of your Bitcoin.
Even though the company is only open to Canadian traders, this also does not restrict you from purchasing Bitcoin in several currencies. The ability to use your credit card for instant purchase also means that many base currencies from around the world are supported by MyBTC for you to buy your Bitcoin instantly.
The first point to note when it comes to the fees at MyBTC is that they do not charge for any additional fees deposits or withdrawals. The fees charged will vary based on two key factors. That is, the method you use to make your purchases, and also the volume of these purchases. The method you use will also have to depend on the minimum and maximum amounts put in place.
The method with the lowest fee attached is bank transfer. This fee is 4.75% although the minimum purchase required is CAD5,000 which may prove a stumbling block for some traders. Moving up to the fee for the majority of other purchase methods, this stands at 7.75%. Using your credit card to make a purchase is the fastest way since it is instant, but it can also attract the highest fee which is anything up to 9.75% and the minimum purchase is CAD75.
The fee structure is made very clear by the company and there are no other hidden fees or commissions that you need to worry about with MyBTC.
Trading with MyBTC through their website and platform is extremely simple. This is very much aided by the fact they offer just one cryptocurrency in Bitcoin, and focus strongly on instant or very fast purchases without holding your Bitcoin and instead simply facilitating the transaction directly to your third-party private wallet.
Once you have visited the website and signed up with the related personal information and documents to complete the FINTRAC required KYC checks, then the process is as simple as clicking “Buy Bitcoin” on the homepage next to your preferred purchase method.
Depending on the purchase method you choose, you will be prompted to enter the payment details alongside your private Bitcoin wallet address for the transaction to be processed. That is really everything, and your purchase will be completed and arrive in your private wallet.
Overall, it is a hugely streamlined, and easy-to-follow process that requires no experience or technical knowledge at all. There is helpful information available in regard to past prices at different intervals through the website, but generally, the MyBTC platform and service are there to make your purchases as fast and simple as possible.
MyBTC has a number of channels available through which you will be able to contact the support team. This includes a contact form on their website and an address that you can email for support.
If you are looking for a more instant reply, you can always connect with the service through some of their social media pages like Facebook where they are active and contactable for a quick reply.
They also feature, on their website, a dedicated FAQ section that can help you with many of the most common questions you may have about their service. The service provided by the support team is both fast and professional.
In all, MyBTC is an excellent choice if you are looking for a service that is completely above board, safe, and presents good value in facilitating very fast and instant Bitcoin purchases.
A major point of attraction for them over other services, is the fact they are FINTRAC regulated and very trustworthy. The website and platform are also very professional in appearance, and the process of making a purchase is very user-friendly. It is no surprise then that MyBTC continues to grow in popularity among traders.