MyBTC Review (May 2022): Why We Don’t Like It

April 25, 2022
Reviews

MyBTC is a Canadian crypto exchange that’s been around since 2016. It has a few positives going for it, some of which include its user-friendly platform and its wide support for the most popular payment methods. However, it also has some major downsides that don’t allow me to recommend it as a top Canadian crypto exchange – namely its really limited crypto support unless you use a credit card and its very high fees, especially for credit card purchases.

Because of this, I instead recommend exchanges like CoinSmart, Bitbuy, or Newton, since they all offer more features and charge lower fees than MyBTC. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

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Offer ends May 19.

What Is MyBTC?

MyBTC is a cryptocurrency exchange based in Toronto, Canada. It was founded back in 2016, making it one of the older exchanges currently in the Canadian crypto market. The platform allows Canadians to buy Bitcoin (BTC) instantly through many different payment methods (including Interac e-Transfer, bank transfer, wire transfer, or a Flexepin voucher, which is an instant payment method used to apply Canadian dollars to your account that can be bought at 4,000+ retail locations across Canada).

The platform has great customer support service, offering 24/7 live chat support and a very responsive customer service team. It also has its own blog with plenty of information relevant to cryptocurrencies and other decentralized finance (DeFi) projects.

To start off this MyBTC review, let’s take a deeper look at MyBTC’s pros, cons, and features.

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    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
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MyBTC Pros & Cons

MyBTC Pros

  • Allows you to trade Bitcoin instantly.
  • Non-custodial crypto exchange.
  • Extremely easy to use.
  • Fast account verification process.
  • Great customer support service.
  • Has its own blog with a lot of crypto-relevant information.
  • Fairly regulated crypto exchange.

MyBTC Cons

  • You can only buy Bitcoin through the exchange (unless you use credit card).
  • Very high fees.
  • You can only use this exchange in Canada.
  • No crypto-to-crypto trading options.
  • No advanced trading features.

MyBTC Features

1. MyBTC’s Desktop Platform

MyBTC’s desktop platform is really simple and easy to use, which makes it a great exchange for investors new to the world of crypto to get their feet wet. Through MyBTC, you can buy or sell Bitcoin quickly and efficiently while the platform guides you through every step of the way. The platform also has a Live Rate Chart that shows the fluctuation of Bitcoin’s price in Canadian dollars, which is convenient.

This simplicity comes at a cost, however: you can only really place market orders in this exchange, and because you can only buy and sell crypto, you can also forget about crypto-to-crypto trades. This is a huge downside, and if you’re an intermediate or experienced investor interested in other altcoins or crypto-to-crypto trading, you’ll have to start looking elsewhere.

Generally, you can also expect to incur a 7.75% fee or higher whenever you make a crypto purchase through the platform as well. Ouch…

2. MyBTC’s Mobile App

The MyBTC mobile app is available on both Android and iOS devices, and it’s just as simple to use as the desktop platform. You can buy or sell Bitcoin on the go, and the app also allows you to check your account balance, transaction history, and more.

Considering the desktop platform is very basic, however, you can expect the same thing from the mobile app, and you can only place market orders through this platform as well. Additionally, the app’s ratings are very low, with ratings of 1.3 out of 5 stars out of 30 reviews on the Apple App Store and a rating of 3.2 out of 5 stars out of 400 reviews on the Google Play Store.

Most of the critiques of the app talk about many different bugs (such as errors when login into your account despite using the correct credentials, occasional failure of the app to update in real-time, and more), which are very concerning things to hear from a crypto exchange app in this day and age.

3. MyBTC Security Features

MyBTC is a regulated crypto exchange registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which means it’s subject to strict KYC and AML regulations. However, it’s not registered with the Ontario Securities Commission (OSC), so it’s regulation track record isn’t spotless.

The exchange requires you to verify your identity with a government-issued ID before you can start trading, and it also uses mandatory two-factor authentication (through Google Authenticator), but considering that this security feature can be disabled by the user at will, it’s hard to quantify its effectiveness.

Additionally, MyBTC is a non-custodial crypto exchange that sends the crypto you buy directly to your external hardware wallet, which adds an additional layer of security by making the platform an unappealing target for hackers. However, this also means that you’ll need an external wallet in order to use this exchange, and they can be expensive.

Lastly, all of their communications are SSL-encrypted, and the platform is running on dedicated hardware through Cloudflare. It also doesn’t store any sensitive customer information on its servers.

4. MyBTC Customer Support

Customer support is one of the sections where MyBTC shines: they offer 24/7 live chat support and have a very responsive customer service team. You can also find a comprehensive FAQ section on their website, which covers most of the questions you might have about the exchange itself.

They also have a social media presence, and you’ll be able to reach them through their Twitter, Facebook, YouTube, and LinkedIn accounts.

  • Phone: 647-875-6717 (24 hours)
  • Email: help@mybtc.ca (24 hours)
  • Live chat: Available through their site (Located in the page footer)

5. MyBTC Blog

MyBTC also has a blog of its own, which has a plethora of different articles relevant to cryptocurrencies in general. This will be especially useful for the beginner crypto traders, as they will have a great tool to learn more about decentralized finance (DeFi) and the different cryptocurrencies that currently exist at their disposal.

The blog also contains articles with information on how to conduct certain transactions on its site (such as how to withdraw CAD through Interac e-Transfer), which means that it’s very difficult for you to get lost when using this platform.

Cryptocurrencies On MyBTC

Curiously enough, if you use Interac e-Transfer, bank wire transfers, cash or debit cards, or a Flexepin voucher as your main payment methods, then you can only buy Bitcoin (BTC) on MyBTC. This is a big downside of the exchange, as many other exchanges in Canada offer a much wider range of cryptocurrencies. If you’re looking to buy any altcoins, such as Ethereum (ETH), Litecoin (LTC), or XRP (XRP) using these payment methods, you’ll have to look elsewhere.

However, if you were to use your credit card as your payment method, then you would be granted access to around 22 different coins. Here are the crypto tokens you can buy with MyBTC if you use a credit card:

Bitcoin (BTC)Polkadot (DOT)Vechain (VET)
Ethereum (ETH)Chainlink (LINK)Wrapped Bitcoin (WBTC)
Cardano (ADA)Litecoin (LTC)XinFin Network (XDC)
Cardano (ADA)Shiba Inu (SHIB)NEM (XEM)
Bitcoin Cash (BCH)Solana (SOL)Stellar (XLM)
Binance Coin (BNB)Tron (TRX)XRP (XRP)
Binance USD (BUSD)Uniswap (UNI)
Dogecoin (DOGE)Tether (USDT)

This support comes from an agreement that MyBTC made with the Simplex platform. Considering MyBTC is non-custodial, though, your order and transaction history for other cryptocurrencies through credit card will not be available within your MyBTC.ca account, but instead, it shall be emailed to you by Simplex after each successful credit card order (yikes).

Additionally, even if you have already completed your KYC verification through MyBTC, you will still need an additional KYC verification by Simplex in order to make crypto credit card purchases, which is annoying.

MyBTC Fees

Deposit & Withdrawal Fees

Here are MyBTC’s deposit fees:

MethodLimitsFeeTimeframe
Interac e-Transfer$30 – $25,0007.75% ($10.00 min.)0 – 30 minutes
Bank Wire$10,000 – $250,0004.75%Next business day
Credit Card$75 – $25,000~9.75%Instantly
Cash or Debit Card$50 – $2,5009.75%Instantly
Flexepin Voucher$20 – $5009.75%Instantly

Here are MyBTC’s withdrawal fees:

MethodLimitsFeeTimeframe
Interac e-Transfer$20 – $10,000$5.000 – 6 hours
Bank Transfer$20,000 – $100,000$50.001 – 2 business days
Prepaid Visa Card$50 – $2,500$5.00Instant

MyBTC’s fee structure is pretty easy to understand, but it’s immediately apparent that its deposit fees are very high. They will most certainly eat your investment returns for breakfast, which negates the point of investing in cryptocurrencies in the first place.

This is a stark contrast to crypto exchanges like CoinSmart, Bitbuy, and Newton, all of which charge very low fees.

3 Exchanges I Recommend Over MyBTC

MyBTC isn’t a bad exchange, but it’s also not the best in Canada. Its cryptocurrency support is very limited as you can only use it to buy Bitcoin, and this also means that there are no crypto-to-crypto trading options available.

That’s why I recommend any of these three exchanges over MyBTC:

  1. CoinSmart: With trading fees of just 0.2%, quick deposits and withdrawals, and best-in-class customer support, there’s no questioning why CoinSmart is one of the most popular exchanges in Canada. Get your $50 signup bonus with CoinSmart here.
  2. Bitbuy: With trading fees as low as 0.1%, tight spreads, and a well-rated mobile app, Bitbuy is my go-to exchange for making large purchases due to its extremely low fees. Get your $50 signup bonus with Bitbuy here.
  3. Newton: With zero deposit and withdrawal fees, instant account verification, and a beautiful website and app, I recently signed up with Newton and have been loving it every step of the way. Get your $25 signup bonus with Newton here.

Here’s a quick summary of these three exchanges:

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.9/5

Lowest Fees

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5

  1. CoinSmart: With trading fees of just 0.2%, quick deposits and withdrawals, and best-in-class customer support, there’s no questioning why CoinSmart is one of the most popular exchanges in Canada. Get your $50 signup bonus with CoinSmart here.
  2. Bitbuy: With trading fees as low as 0.1%, tight spreads, and a well-rated mobile app, Bitbuy is my go-to exchange for making large purchases due to its extremely low fees. Get your $50 signup bonus with Bitbuy here.
  3. Newton: With zero deposit and withdrawal fees, instant account verification, and a beautiful website and app, I recently signed up with Newton and have been loving it every step of the way. Get your $25 signup bonus with Newton here.

Here’s a quick summary of these three exchanges:

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.9/5

Lowest Fees

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5

How To Withdraw From MyBTC

To withdraw fiat (cash) from MyBTC, follow these steps:

  1. Log in to your account.
  2. Click (or tap) the red “Withdraw” button.
  3. Choose your preferred CAD withdrawal method.
  4. Enter your details as directed.
  5. Select the CAD amount you wish to withdraw.
  6. Initialize the withdrawal by pressing the red “Submit” button at the bottom of the window.

In Summary

MyBTC is a Canadian crypto exchange that’s been around since 2016. It has a few positives going for it, some of which include its user-friendly platform and its wide support for the most popular payment methods. However, it also has some major downsides that don’t allow me to recommend it as a top Canadian crypto exchange – namely its really limited crypto support unless you use a credit card and its very high fees, especially for credit card purchases.

Because of this, I instead recommend exchanges like CoinSmart, Bitbuy, or Newton, since they all offer more features and charge lower fees than MyBTC. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

CLAIM MY $50 BONUS
Offer ends May 19.

MyBTC FAQs

Is MyBTC Safe & Secure?

Yes, trading with MyBTC is completely safe and secure. MyBTC takes security very seriously: all MyBTC platform accounts are protected by two-factor authentication, all MyBTC website traffic is SSL-encrypted, and the platform itself is non-custodial, which makes it even safer.

Is MyBTC Legit?

Yes, MyBTC is legit. After all, MyBTC is a registered Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Is MyBTC Legal In Canada?

Yes, MyBTC operates legally in Canada as a registered Money Services Business with FINTRAC, which means it’s compliant with Canadian anti-money laundering and counter-terrorist financing regulations.

Is MyBTC Trustworthy?

Yes, MyBTC is a trustworthy exchange for several reasons: the platform itself is non-custodial and never keeps your coins, it is a Money Services Business (MSB) registered with FINTRAC, and their servers are running in dedicated hardware through Cloudflare services.

Does MyBTC Verify Accounts Instantly?

Yes, MyBTC does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • A clear close-up photo of your valid government-issued photo ID in full colour on its own. Black and white copies and Health Cards are not accepted by users in provinces where it’s prohibited by provincial legislation.
  • A clear photo of yourself holding your government-issued photo ID along with a piece of paper that has a handwritten message which reads “MyBTC.ca ID Verification for Bitcoin Purchase” with today’s date. 

Is MyBTC Good For Canadians?

MyBTC is a decent exchange for Canadians, though if you’re looking for the best overall trading experience, I recommend using CoinSmart, Bitbuy or Newton instead. Each of them offers quite a bit more than MyBTC, and I’m confident you’ll have a better experience with them.

How Well Is MyBTC Reviewed On Reddit?

Reddit’s review of MyBTC is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt.

Can I Buy Dogecoin With MyBTC?

No, you cannot buy Dogecoin with MyBTC. If you want to buy Dogecoin, I suggest using CoinSmart, Bitbuy or Newton instead.

Is MyBTC Insured?

No, MyBTC’s crypto holdings are not insured.

MyBTC Referral Code

You don’t need a referral code to get your signup bonus with MyBTC. Simply sign up using our signup bonus link and then deposit $100 or more into your account.

Does MyBTC report to the CRA?

Yes — as a Money Services Business registered with FINTRAC, MyBTC is required to report to the Canada Revenue Agency (CRA). With that said, MyBTC is only required to report transactions larger than $10,000 to the CRA. Transactions below that amount do not need to be reported to the CRA.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5