MyBTC.ca allows Canadians to buy Bitcoin online instantly, simplifying the process for both beginners and experienced crypto investors alike.
It is also one of a few cryptocurrency trading platforms to allow credit card, debit card, and Flexepin voucher purchases.
No one knows for certain what the future holds for cryptocurrencies. However, if you are looking to get in on the action, Bitcoin remains the most popular.
In this article, I show you how to buy bitcoin fast using MyBTC.ca.
What is MyBTC.ca?
MyBTC.ca is a cryptocurrency brokerage established in 2016.
It supports buying and selling of bitcoin, and unlike some crypto brokerages, allows you to move your digital assets off the platform into your personal cold wallet.
How To Buy Bitcoin With MyBTC.ca
The sign-up process for MyBTC.ca is straightforward.
To create an account, you enter your phone number and an SMS PIN code sent by text.
After verifying your phone number, you can proceed with completing your profile.
MyBTC.ca requires all users to verify their identity as required to comply with Canadian authorities (the Financial Transaction and Reports Analysis Centre of Canada – FINTRAC) and to prevent fraud.
You can easily verify your identity online by submitting:
- A copy of your government-issued photo ID.
- A selfie showing you holding a handwritten message that reads “MyBTC.ca ID Verification for Bitcoin Purchase” and the current date.
- Copy of a recent utility, phone, or bank statement with your name and address.
You can also walk into a Canada Post location to verify your identity in-person.
If you choose to verify in-person, make sure to bring along a government-issued photo ID and the barcode that was provided to you by MyBTC.ca.
Following verification, you can fund your account and start purchasing bitcoin.
MyBTC.ca supports a variety of funding options including:
- Interac e-Transfer
- Bank Wire
- Credit Card (both Visa and Mastercard)
- Debit Card or Cash (load funds at a Canada Post location)
- Flexepin voucher
The following method you use impacts your minimum purchase and transaction fees. I touch on these in a bit.
To buy bitcoin, select how you plan to pay for your purchase, the amount you want to buy in CAD, and your bitcoin wallet address.
MyBTC.ca does not hold onto your coins. Following a purchase, bitcoin is sent to the wallet address provided and can be for a software wallet (e.g. Exodus or Trust wallet) or a hardware wallet like Ledger or Trezor.
Non-custodial brokerage platforms encourage cryptocurrency traders to keep their coins offline which increases their security and keeps them away from the prying eyes of hackers.
Fees on MyBTC.ca
The funding fees you pay vary depending on how you fund your purchase.
In general, you can expect to pay between 4.75% and 9.75%, or a minimum of $5 per funding transaction.
Also, most funding methods are processed right away.
|Funding Method||Limit||Fee||Timeframe||Monthly Limit|
|Interac e-Transfer||$30 – $25,000||7.75% ($10 minimum)||0 – 30 minutes||$300,000|
|Bank Wire||$10,000 – $250,000||4.75%||Next business day||$1,000,000|
|Credit card||$75 – $25,000||~ 9.75%||Processed immediately||N/A|
|Debit card or Cash||$50 – $2,500||9.75% ($10 minimum||Instant funding||$75,000|
|Flexepin voucher||$20 – $500||9.75% ($5 minimum)||Instant funding||$7,500|
Flexepin vouchers can be purchased using cash or debit at various locations throughout Canada, including most local convenience stores.
Are there other trading fees?
Buy orders of $350 or more do not incur an “order fee”.
If your purchase order is between $20 and $350, a $3.50 order fee applies.
When selling bitcoin, you pay a 4.95% fee or a minimum of $1.00.
Is MyBTC.ca Legit and Safe?
MyBTC.ca was one of the first bitcoin brokerage platforms to set up shop in Canada. It is registered with FINTRAC as a Money Service Business with registration #M20844324.
On Trustpilot, MyBTC.ca has a 4.7/5 rating from 191 reviews as of this writing.
While the online reviews I could find for this platform are generally positive, you should always do your due diligence when putting your money into cryptocurrency.
My onboarding process was smooth and account verification for me was completed promptly.
MyBTC.ca Referral Program
MyBTC.ca customers can invite others to join the platform using their unique referral link.
You can find your custom link by clicking on ‘Account’ and ‘Referrals’.
You earn $20 for every user you refer that funds their account with $100 or more.
Buy Bitcoin Fast in Canada
MyBTC.ca offers a fast and easy way to buy bitcoin online in Canada.
Its interface is user-friendly and newbie traders will find its one-click trading options easy to understand.
If you have questions about your account (funding, orders, etc.), you can access support via live chat, email them at [email protected], or call 647-875-6717.
After purchasing BTC, you will need to hold it securely using your personal wallet, so make sure to have that set up at the same time.