MyBTC is a very popular Bitcoin Exchange in Canada. It was launched in 2016 to help Canadians purchase Bitcoin in a safe and secure environment. The benefit of using MyBTC is the numerous payment methods it provides. Like credit/debit cards, Interac e-transfer, bank wire, and Flexepin cash vouchers. The brokerage is best known for its easy-to-use and simple website. It allows rapid sign-up, verification, and convenience in using various payment methods to purchase Bitcoin.
MyBTC is a non-custodial Bitcoin Exchange that allows a secure transfer of BTC directly to the user’s wallet. MyBTC is best for people who wish to invest in Bitcoin in a simple and secure manner, along with efficient customer services.
Is MyBTC Safe?
Coming to the most important question now. Is MyBTC safe for its users? Since Bitcoin’s rapid growth in the past years, there has been significant growth in Bitcoin scams as well. Either by the Exchanges, or hackers, or fraudsters through phishing techniques. So, it is genuine for a potential customer to inquire about the Exchange he is planning to open an account in.
MyBTC takes pride in declaring that its CEO Duane Seamans worked at Bitcoin Space as a broker since 2014. Where Duane managed to maintain a 100% feedback score as a broker, he made 10,000+ trades on the platform, with more than 3000 individual clients. As he grew there he decided to form a platform of his own, for his own, that provides fast, easy, and convenient services to the people of Canada. But that just checks out the management’s background. Now, let us talk about the technicalities and the security of digital assets at MyBTC.
As stated on their official website they use a dedicated hardware provider from one of the most secured Cloud Provider. All of their communications are encrypted with SSL and Cloudflare as an additional layer of protection. So, technically factors look quite alright at MyBTC.
Now that the management checks out, and the technical factors are good. A one-word answer to the question above would be “YES” MyBTC is a safe platform to invest in Bitcoin.
Features Of MyBTC
Fast: One of the main reasons why people of Canada prefer MyBTC over other Exchanges is its speed. Because it is a 100% Canadian Exchange, it only accepts payments in Canadian Dollars. And because of that, they have employed various payment services which are really convenient for the Canadian citizens. Payment options like Interac e-Transfer and Flexipin are the most common ones. A user can purchase Bitcoins instantly through the Flexipin Voucher system they provide.
Secure: MyBTC servers run on a dedicated hardware, provided by one of the most secured Cloud Providers. As explained in detail in the previous head “Is My BTC Safe”. The management and the technical factors both provide enough assurance for a user to believe that MyBTC is a secure platform for Bitcoin trading and investing.
Simple to Understand: The fact that it is a 100% Canadian Bitcoin Exchange, provides it with a lot of advantages. A user can purchase only Bitcoin on this Exchange and make their payment in Canadian Dollars only. These factors help this Exchange focus on the important aspects and help it form a simple and efficient user interface, that does not carry a lot of services. But focuses on the important ones and presents them in a simple manner, for a user to understand easily.
As secure and fast as MyBTC is, it doesn’t provide those top-notch features and security free of charge. MyBTC charges enormous amounts as a transfer or purchase fees on its exchange. Your payment spread will be included in your buy value, it could be anywhere between 4.75% to 9.75% of the total transaction. The fee amount charged by MyBTC is way above the average fee charged by most other Exchanges in Canada.
For Example, MyBTC charges 7.75% or $10.00 as a minimum (whichever is greater) on the deposit of currency in the MyBTC Account through Interac e-Transfer. While on Bitbuy or NDAX.IO, they charge only 1.5% or Nil respectively. The difference is just huge.
Interests charged by MyBTC on buying Bitcoins through various payment modes are given below:
|Interac e-Transfer||$30 – $10,000||7.75% ($10.00 min.)||0-30 Minutes|
|Bank Wire||$10,000 – $250,000||4.75%||Next Business Day|
|Credit Card||$75 – $25,000||~9.75%||Processed Immediately|
|Cash or Debit Card||$50 – $2,500||9.75% ($10.00 min.)||Instant Funding|
|Flexepin Voucher||$20 – $500||9.75% ($5.00 min.)||Instant Funding|
Interest charged and limits on Withdrawals are given in the table below:
|Interac e-Transfer||$20 – $10,000||$5.00||0-6 hours|
|Bank Transfer||$20,000 – $100,000||$50.00||1-2 Business Days|
|Prepaid Visa Card||$50 – $2,500||$5.00||Instant|
The only downside of the Exchange is its huge charges for its services. Other than that MyBTC has the best in the industry facilities, customer support mechanism(Ticket Based), and speed and security.