MyBTC.ca – Is It Good?
MyBTC.ca claims to be an instant way to convert your Canadian dollars into Bitcoin. This service is only available to Canadians and seems simple and intuitive. However, the more you dig, the less you seem to find into MyBTC.ca’s history or employees. Add that to the (above average) fees and you may not know if buying with MyBTC.ca is a good idea after all.
So how good is MyBTC.ca? Is MyBTC.ca trustworthy? What’s up with their obscure history? And, most importantly, how does it stack up against other platforms?
What Does MyBTC.ca provide?
MyBTC.ca seems to deliver in security by avoiding the responsibility of keeping funds secure. Instead it uses other crypto exchanges and payment processors. That means that MyBTC.ca ends up being a sort of “middle man”, saving its users time from having to browse online for the best deal.
MyBTC.ca does deliver on its promise of “Bitcoin in seconds”. All you need to do is click on “Buy Bitcoin”, select how much you want to buy and the bitcoin wallet you want it delivered in, create an account to verify your identity and your Canadian dollars are now waiting for you in your wallet in the shape of Bitcoins. Verifying your identity is quite simple, all you need is a Canadian phone number!
However, when giving money to an exchange, being fast isn’t everything. You also need to make sure they have a good track record. That’s where MyBTC.ca runs into some problems.
After extensive research we weren’t able to find concrete information of its age or even its employees. The best source we could find was its LinkedIn page which states that it was founded in 2016 and has between “1-10 employees”.
At the moment of writing, the blog in the website has a mere three entries and we were only able to find a mailing address in Toronto. Nothing on who they are, who founded it or anything else really. The only known person working for MyBTC.ca is listed on its LinkedIn page under the name of “Duane S.”. We were able to trace that name back to Duane Seamans, who previously worked in the incredibly controversial QuadrigaCX, another Canadian exchange.
With barely any information on MyBTC.ca’s history we turned to people’s reviews, and they’re surprisingly positive. While most exchanges have poor reviews due to the inexperienced having a bad time and a loud mouth, MyBTC.ca has over 50 reviews averaging 4 stars in TrustPilot. This seems to be due to the simplicity of its platform.
However there is something as “too simple” and, in the case of MyBTC.ca that means no support for alt-coins or other currency. MyBTC.ca is focused only on Bitcoin and Canadian dollars.
MyBTC.ca is only available to Canadians that are 18 or older. It does not support any other countries.
MyBTC.ca Rates and Buying Limits
Instead of charging you per transaction, the rates on MyBTC.ca will depend on the method of payment you choose:
MyBTC.ca fee: 4.75-7.75%
These fees may be quite expensive for anyone who’s not a casual Bitcoin buyer. The cheapest fee seems to be the wire transfer which may be the one used the most by buyers. These high fees make more sense when you remember that MyBTC.ca is only a middle man and doesn’t actually hold its own Bitcoins.
The buying limits aren’t great either. The only way of getting a daily limit larger than $10,000 is by using a wire transfer. A wire transfer will give you a limit of $100,000 per day, $250,000 per week and $500,000 per month, although with a 4.75% fee you probably want to keep your purchases at a minimum.
- Live customer support:ca has a live customer support chat you can access anytime.
- Incredibly simple and fast: You can exchange Canadian dollars into Bitcoin in a matter of seconds.
- Zero alt-coins support:ca only supports Bitcoin
- Only available in Canada: You won’t be able to use MyBTC.ca if you’re not a Canadian resident over 18 years old.
- High fees: With a starting fee of 4.75%, MyBTC.ca definitely has some of the largest fees on the market.
Go to MyBTC.ca
Is MyBTC.ca Good For Bitcoin?
MyBTC.ca is pretty amazing for one thing only: it’s fast, easy and convenient for any Canadian to get some Bitcoin. With a simple and intuitive interface and not a lot of options, you can put your information and have your Bitcoin in your wallet in less than a minute. This is perfect for beginners– but not for anyone else.
Since MyBTC.ca is a middle man, it has to pay fees and it has to make money on top of that. That’s why it’s pretty terrible when getting large amounts of Bitcoin. Any Canadian who’s looking for the best deal, for some alt-coins or even for some more fiat options will be better off with another exchange.
Still, if you want to use MyBTC.ca (or any other exchange safely really), you’ll need a Bitcoin wallet.