Investing in Bitcoin or investing in any cryptocurrency can be a daunting task. You have to know more about the industry before you can make an informed and confident decision.. If you’re just starting out and aren’t sure how to go about purchasing Bitcoin as a Canadian, this article is for you.
Comparing the hundreds of options out there when it comes to cryptocurrency exchanges can be tough, and the one you go with will ultimately come down to personal preference. If all you want is exposure to Bitcoin, there are cryptocurrency trading exchanges that specialize in Bitcoin. One of the best in Canada is MyBTC.ca.
Gain exposure to cryptocurrency assets
If you want exposure to an abundance of different projects like Ethereum, Dogecoin, etc., MyBTC.ca is not for you. MyBTC.ca focuses on Bitcoin and only Bitcoin. You won’t be able to purchase or trade for any other assets that you may be interested in.
Of course, most people are looking to invest in Bitcoin regardless. Bitcoin is the leading cryptocurrency project and it has the largest market cap right now. With important players like Binance being banned in Ontario, people are looking elsewhere when they want to purchase Bitcoin.
Why is Bitcoin becoming so popular?
Bitcoin has become something that is used as a way to fight inflation over the years. With the recent interest rate hikes, it’s only a matter of time before Bitcoin's value increases further. Bitcoin started with a value of under $1, and it skyrocketed closer to $40,000 to $50,000. That kind of return is rare in traditional stock market portfolios. The project's success now attracts the younger and older generations.
Financial freedom is hard to achieve if you aren’t born into wealth. Cryptocurrency projects like Bitcoin level the playing field a little bit. That is part of the reason why cryptocurrency is in the media and attracts investment attention.
Bitcoin's rise is positively influencing some of the most reliable cryptocurrency exchanges in Canada. Users flock to them in by the hundreds of thousands. People are trying to find the next big thing in crypto to replicate the enormous success of Bitcoin.
Officially launched in 2016, MyBTC is a Canadian-based brokerage exchange platform that allows Canadians to purchase Bitcoin in a matter of seconds. You can do so by using Interac eTransfer, Visa or Mastercard credit or debit, Bank Wire, Flexepin Vouchers, cash, or Interac Debit. Most Canadian citizens use MyBTC because it’s straightforward and allows them to invest in Bitcoin with minimal hassle.
It’s one of the most convenient websites and allows you to purchase Bitcoin in a plethora of different ways, but the customer support that they offer is also outstanding. Duane Seamans, the Chief Executive Officer of MyBTC, has been in the cryptocurrency industry ever since 2014. He maintained a 100% score in regards to his feedback as a broker. He also conducted well over 10,000 trades using P2P (peer-to-peer) exchange platforms and worked with well over 3,000 individuals.
MyBTC is a verified merchant for the likes of Interact and Flexepin, and they’ve even got an agreement in place with Canada Post for the ID verification of site users. The site takes security seriously. It is also a non-custodial platform. That means that they transfer your coins directly to your wallet.
All in all, MyBTC is one of the most reputable exchanges available to Canadians at the moment, and will likely grow alongside BTC as time progresses.
Opening an account on MyBTC
Opening an account on MyBTC was a seamless process and something that I was quite satisfied with. They ask you for your phone number at the beginning, which is a bit strange when compared to some of the other exchanges I’ve used. You’ll need to have a proper mobile number and identification documents if you want to sign up for MyBTC. This is par for the course with any other Canadian-based cryptocurrency exchange. Remaining anonymous in the world of crypto is something that most people no longer need or even care about.
The sign-up process
Creating an account on MyBTC is very straightforward and it’s one of the reasons why so many people use it these days. You’ll enter your mobile phone number and verify it by entering the code that you’ve been sent via Short Message Service (SMS). This is important, as even logging into MyBTC will require your phone. Signing up for an account with MyBTC means you’ll have to:
Step 1. Go to the Login/Signup page and enter your phone number
Step 2. Click on the “TEXT ME” button located in a green box
Step 3. Enter your email address and verify it by clicking on the link sent to your inbox
Step 4. Answer a few questions about why you opened an account and your investment plans
Step 5. Go through the ID verification process
Step 6. Deposit funds in your account using any of the methods available on MyBTC
Step 7. You’re ready to go – with the funds deposited, you can now purchase some Bitcoin!
Once the funds are accepted and redeemed on your account, you can do whatever you’d like with them. You can choose to buy and sell Bitcoin quickly and easily once you’ve signed up and been verified.
The verification process
Getting verified is an important and necessary step when you’re looking to use MyBTC. Submissions are looked over manually but often take around an hour to complete if you choose to use the in-house verification option available on MyBTC. If you go in-store to a Canada Post to send the information, you’ll need to use the unique barcode that MyBTC generates and emails to you . From there, you can take this barcode into a Canada Post, have it scanned alongside your government-issued photo identification, and you’re good to go.
If you’ve been automatically verified by any of the MyBTC verification partners, you’ll be expected to provide the platform with:
- A sharp, close-up photo showing your valid government-issued ID in full colour. It cannot be expired. Do not send anything in black and white. Some provincial legislations prevent users from doing so.
- You need a clear, blur-free photo of you holding the same identification. This acts as your “selfie”. You will also need to hold a piece of paper that has the words “MyBTC.ca ID Verification for Bitcoin Purchase” hand-written on it, along with the date that you took the photo.
Some people prefer to use the Canada Post method of verification because they don’t want to go through the hassle of taking a few pictures, but you’ll have to do a bit of work regardless. Whether it’s driving to Canada Post or taking photos to verify your identity, it’s all well worth it in the end.
Fees for purchasing Bitcoin on MyBTC: withdrawals and deposits
You can purchase Bitcoin using one of five different payment methods available on MyBTC. Most of them you’ll see with other providers but you might not be familiar with Flexepin. All of them will have different daily limits and minimum requirements when it comes to both withdrawals and deposits, which we’re going to go over in this section.
There are many ways to deposit funds in your MyBTC account. Here are the associate fees:
Interac eTransfer: 7.75% or $10.00 minimum*
Bank Wire: 4.75%
Flexepin: 9.75% or $10.00 minimum*
Cash or Debit: 9.75% or $10.00 minimum*
Credit Card: ~9.75%
*(always uses the greater value)
Please note that a small order fee is applicable depending on the size of your order. If you want to see the entire fee schedule for MyBTC, you can check it out here!
Withdrawals are convenient. MyBTC will payout your money onto a prepaid Visa card! The fees and timing is as follows:
Interac eTransfer: $20 to $10,000 daily limit – $5.00 fee – 0 to 6 hours for delivery
Bank Wire: $20,000 to $100,000 daily limit – $50.00 fee – 1 to 2 business days for delivery
Prepaid Visa Card (Black): $50 to $2,500 daily limit – $5.00 fee – Instant digital delivery
How does trading work on MyBTC?
MyBTC isn’t made for trading Bitcoin for other digital assets. You can’t purchase anything other than Bitcoin from this website, so it’s almost like a gateway to your first cryptocurrency investment. Once you learn more about the space and want to invest in different assets, you’ll likely need to move on from MyBTC. It’s fantastic for purchasing, storing, and selling your Bitcoin when your price target has been met, but it isn’t exactly “trading”.
You can sell your Bitcoin back to the website anytime you’d like. It only takes two confirmations for them to apply the converted CAD value to your account. At that point, you can request for a withdrawal through either Interac eTransfer, Bank Wire, or loading the funds onto a brand new Visa Black Prepaid Card.
Is MyBTC.ca a legitimate place for Canadians to purchase Bitcoin?
If you’re brand new to the cryptocurrency space and just want a straightforward way to purchase and sell your Bitcoin, MyBTC is worth consideration. Any company that has a genuine partnership with Canada Post is going to be safe to work with, and they are even registered with he Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business (MSB). This means that they aren’t trying to hide anything. They just provide people with a safe and legitimate platform to buy and sell their Bitcoin.
Safe investment options in a volatile market
Cryptocurrency continues to progress and grow into something that captures investor interest. Although the market is sometimes volatile, having a reliable platform like MyBTC to manage your investments with will always help. You can keep track of the price daily, and sell whenever you’d like. There’s never a need to stake or worry about shady exchanges locking in your funds when you work with MyBTC.
The pros and cons of MyBTC
Like anything else in life, MyBTC isn’t perfect by any means. Weighing the pros and cons against each other will make sifting through thousands of potential exchanges a breeze, so be sure to take note of anything that catches your eye.
MyBTC is solid for Canadians interested in Bitcoin
Beginning your journey in cryptocurrency investments doesn't always have to be a tough decision to make. The best way to start things off would be by investing in the most popular and reliable project possible, which is arguably Bitcoin. Some will say that Ethereum is going to take the crown at some point, but until that happens, Bitcoin will always reign supreme.
While you may not be able to benefit from exposure to alternative assets on MyBTC, you’ll still be able to buy and sell Bitcoin as you please once you’ve signed up and been verified. The longer you wait to dive into the crypto industry, the more potential gains you’ll be leaving on the table! If you think that MyBTC sounds like the perfect exchange option for you, feel free to check them out and sign up today.
Compare dozens of Canadian crypto exchange platforms and find the one that best suits your needs.
About The Author: Arthur Dubois
Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing.
Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.
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