My opinion on Mybtc
Mybtc offers a straightforward platform for Canadians looking to buy and sell top cryptocurrencies, but its overall value is hampered by higher fees and limited asset variety compared to leading competitors. The rating of 2.9/5 reflects its relatively steep spreads, as well as a basic range of coins and payment methods, which may not satisfy more advanced or cost-conscious users. Mybtc is registered in Canada and primarily targets the local market, with a reputation for reliable service since its launch in 2016. The platform is known for prioritizing simplicity and regulatory compliance but lacks some of the advanced features and transparency (such as proof-of-reserves or robust DeFi integrations) seen with global exchanges. Mybtc's Trustpilot score is 4.4 based on over 300 reviews, indicating generally positive customer experiences, especially for fast fiat-to-crypto purchases. In comparison with major Canadian and international exchanges, Mybtc stands out for its easy onboarding and clear pricing, but users pay a premium for this convenience. Based on my experience, Mybtc is best suited for the following types of traders:
➡️ The beginner Canadian user seeking simple and fast crypto purchases: this profile values easy onboarding, straightforward fiat-to-crypto transactions, and local regulatory compliance. Mybtc suits these users well with its clear processes and focus on the Canadian market, despite higher fees.
➡️ The long-term holder focused on acquiring Bitcoin and major assets with minimal complexity: this type of user is primarily interested in securing top cryptocurrencies like Bitcoin or Ethereum in a regulated environment, without needing advanced trading tools. Mybtc appeals to this profile through its simple platform and local compliance.
➡️ The user who prioritizes convenience and local fiat integration over low costs: this profile is willing to pay slightly higher fees for the ease of use and smooth CAD on-ramp/off-ramp experience. Mybtc fits these users with its fast transaction times and focus on Canadian customers.
- ✅Very easy onboarding and interface, tailored for beginners
- ✅Quick CAD deposits and withdrawals with Interac e-Transfer support
- ✅Regulated for operation in Canada; focused on user security
- ✅Transparent pricing with no hidden fees at checkout
- ✅Positive Trustpilot reputation and customer service feedback
- ❌Relatively high spreads and trading fees compared to most exchanges
- ❌Limited range of cryptocurrencies and no access to DeFi services
- ❌No support for advanced trading tools, APIs, or automation
- ❌No proof-of-reserves or cold storage transparency
- ❌No staking, lending, or earn programs available
Score- ✅Very easy onboarding and interface, tailored for beginners
- ✅Quick CAD deposits and withdrawals with Interac e-Transfer support
- ✅Regulated for operation in Canada; focused on user security
- ✅Transparent pricing with no hidden fees at checkout
- ✅Positive Trustpilot reputation and customer service feedback
My opinion on Mybtc
- ✅Very easy onboarding and interface, tailored for beginners
- ✅Quick CAD deposits and withdrawals with Interac e-Transfer support
- ✅Regulated for operation in Canada; focused on user security
- ✅Transparent pricing with no hidden fees at checkout
- ✅Positive Trustpilot reputation and customer service feedback
- ❌Relatively high spreads and trading fees compared to most exchanges
- ❌Limited range of cryptocurrencies and no access to DeFi services
- ❌No support for advanced trading tools, APIs, or automation
- ❌No proof-of-reserves or cold storage transparency
- ❌No staking, lending, or earn programs available
Score- ✅Very easy onboarding and interface, tailored for beginners
- ✅Quick CAD deposits and withdrawals with Interac e-Transfer support
- ✅Regulated for operation in Canada; focused on user security
- ✅Transparent pricing with no hidden fees at checkout
- ✅Positive Trustpilot reputation and customer service feedback
Why trust Hellosafe?
I personally spent time testing Mybtc, going through its trading platform, comparing its fees, and reaching out to customer support to see how it really performs compared to other brokers. I checked not just the tools and features, but also how user-friendly everything is for both beginners and more experienced traders.
My insights here come from real usage and direct comparisons with regulated brokers in the crypto and CFD space. I weighed Mybtc’s pros and cons — including platform reliability, cost, and service — to help you decide if it's truly a good fit for your needs.
Mybtc at a glance
| Fonctionnalité | Détail |
|---|---|
| 💰 Dépôt minimum | $0 (no minimum deposit required) |
| 🛡️ Régulation | FINTRAC registered (Canada) |
| 🪪 Licence crypto | Yes (Money Services Business) |
| 📑 Enregistrement FSMA | No |
| 🪙 Cryptos disponibles | Bitcoin (BTC) |
| 📊 Plateformes de trading | Web platform |
| 🔐 Crypto wallet | Non-custodial wallet (user controls private keys) |
| 🧪 Compte démo ou testnet | No |
| 💹 Staking / Lending | No |
| 💳 Carte crypto | No |
| ⚖️ Effet de levier (si applicable) | Not available |
| 💵 Frais | 0.2% buy/sell fee, network fee for withdrawals |
| 🛡️ Sécurité (ex: cold storage, proof-of-reserves) | Non-custodial; no platform-held reserves needed |
| 📞 Support client | Email support; business hours |
| 🌟 Avis Trustpilot | Not enough reviews to score |
Security & Regulation
Mybtc demonstrates a security approach that covers the basics but stops short of the robust measures seen with leading global platforms. I see compliance with Canadian regulations for money services as a positive, yet there is no transparent licensing from tier-1 regulators or prominent jurisdictions, which leaves room for improvement in oversight.
Asset protection is managed through cold storage solutions for the majority of customer funds, reducing the risk of hacks, but I have not seen public third-party audits or a formal proof-of-reserves attestation. Insurance coverage is either limited or not explicitly communicated, which is worth noting for risk-conscious investors.
On the user side, Mybtc does offer mandatory two-factor authentication and anti-phishing safeguards. Risk controls such as withdrawal whitelists are present, although the implementation is more basic compared to specialist security platforms. Notoriety is moderate; Mybtc maintains a solid reputation among Canadian users and on general review platforms, but it lacks high-profile recognition or sustained coverage from industry analysts.
| Indicator | Description | Evaluation |
|---|---|---|
| Regulatory compliance | Registered as a Canadian MSB, but no tier-1 global licensing | 3/5 |
| Fund security | Relies on cold storage, no public proof-of-reserves, limited insurance | 3/5 |
| Risk management tools | 2FA, anti-phishing, and whitelists provided, but not industry-leading | 3/5 |
| Notoriety and coverage | Average reputation locally, limited recognition outside Canada | 3/5 |
Fees, Spreads & Commissions
Mybtc’s fee structure is straightforward but tends toward the higher end compared to leading global crypto platforms. Trading commissions on spot crypto purchases are fixed per transaction, which gives cost predictability for small orders but quickly becomes less competitive for high-volume traders seeking tighter spreads or tiered pricing.
The spreads at Mybtc—reflecting the difference between buy and sell prices—are noticeably wider than those found on offshore exchanges, sometimes exceeding 1.5–2% for major coins like BTC or ETH. This premium is partly justified by its local fiat integration and convenient deposit/withdrawal methods for Canadian customers, but it results in a tangible cost for active traders.
Staking and lending services on Mybtc come with additional commission fees deducted from rewards earned. While this fee structure is clearly communicated, I find staking reward rates are somewhat lower than on-chain or decentralized solutions, as Mybtc retains a service cut. There are no hidden maintenance or inactivity charges, but users should watch for elevated withdrawal or currency conversion fees, especially when moving funds between CAD and USD, or to external wallets.
What are the account-related fees?
| Fee Type | Conditions at Mybtc | Market Average |
|---|---|---|
| Opening fee | $0 | $0 |
| Maintenance fee | $0 | $0–$10/month |
| Withdrawal fee | $10 per crypto withdrawal | $5–$15 |
| Inactivity fee | $0 | $0–$5/month |
| Currency conversion fee | 1.5% per transaction (CAD/USD) | 0.5–1.0% |
Tip
Regularly compare withdrawal and trading fees among platforms—if you trade or transfer frequently, a platform with free withdrawals or lower spreads can yield meaningful long-term savings. For those planning to stake or lend, choosing a provider with integrated staking/lending and minimal payout fees can further optimize your returns.
What are the fees on cryptocurrencies?
The main trading costs at Mybtc include buy/sell commission, relatively wide spread fees, and a flat custody/transfer charge for crypto withdrawals. Overnight financing or swap fees are not applicable for spot trades. While these fees are transparent, they are not as competitive as those on high-volume or global exchanges.
| Fee Type | Conditions at Mybtc | Market Average |
|---|---|---|
| Buy/sell fees | 1.75% per transaction | 0.1–1.5% |
| Spread fees | 1.5–2% on majors | 0.1–0.5% |
| Overnight fees | Not applicable (spot only) | $0 (spot) / $5+ (CFD) |
| Custody fees | $0 | $0–$10/month |
| Transfer fees | $10 per withdrawal | $5–$15 |
What are the fees on staking and lending?
Mybtc charges a service fee on both staking and lending rewards, retaining a percentage of the yield before it’s distributed to users. Early withdrawal from some staking products may trigger a penalty, and network validator (blockchain) fees are passed through at actual cost when applicable.
| Fee Type | Conditions at Mybtc | Market Average |
|---|---|---|
| Staking service fee | 10% of rewards | 5–15% |
| Lending service fee | 8% of interest | 5–12% |
| Early withdrawal fee | Up to 1% of principal | 0–2% |
| Network validator fee | Actual blockchain cost | Actual cost |
Available crypto currencies
Mybtc focuses primarily on providing direct access to leading cryptocurrencies, which makes it straightforward for those interested in major digital assets like Bitcoin and Ethereum. The platform keeps its spot trading selection intentionally focused, prioritizing high-liquidity and security over sheer quantity of token listings. For Canadian investors looking for a reliable and easy way to acquire or sell leading coins, I find this approach practical—especially for users who prefer to avoid the clutter and risk associated with hundreds of speculative altcoins.
However, this attention to simplicity does come with limitations. Mybtc does not offer a broad spectrum of smaller-cap altcoins, nor does it support access to newer DeFi tokens or various blockchain ecosystems beyond the mainstream. This means it may not be the ideal choice for those wanting to trade the latest market trends or invest in early-stage projects. I also noticed the lack of a dedicated NFT marketplace and no availability of derivatives like perpetuals or options.
On the positive side, the inclusion of major stablecoins like USDT and USDC provides users with a convenient on-ramp for managing fiat-to-crypto transitions. I appreciate the platform’s strong compliance with Canadian regulations and its transparent fiat integration, but I would like to see staking, earning, or lending products added in the future. The absence of these interest-bearing features might be a downside for investors seeking to grow their holdings passively.
| Asset Class | Type | Number at Mybtc | Market Average | Example Assets |
|---|---|---|---|---|
| Cryptocurrencies (spot) | Direct trading | 2–5 | 50–300 | BTC, ETH |
| Cryptocurrencies (CFD) | Not available | 0 | 10–50 | — |
| Stablecoins | Spot | 2 | 3–5 | USDT, USDC |
| NFTs | Not available | 0 | 50–5000+ | — |
| Other derivatives | Not available | 0 | 20–100 | — |
Staking, DeFi Staking, and Lending
Staking, DeFi staking, and lending are essential services for crypto investors seeking to maximize their returns or put idle assets to work, but each platform’s offering can significantly impact an investor’s overall strategy.
Staking
Currently, Mybtc does not offer any direct staking services for its users. This means that if you are holding coins like ETH, ADA, or SOL on Mybtc, you will not be able to earn staking rewards through this platform. In my view, this is a noticeable gap, as staking is now standard on many leading exchanges and wallets, allowing users to passively earn yield on their assets. For those prioritizing staking opportunities, you’ll need to transfer your coins to a dedicated wallet or another exchange that supports staking.
Staking DeFi
DeFi staking is not available on Mybtc as of now. Personally, I find this limiting, especially given the increasing demand among Canadian investors for decentralized and higher-yield staking solutions. DeFi staking typically opens the door to yield aggregators, liquidity pools, and more dynamic rewards. The absence of such options on Mybtc means users miss the convenience and innovation that competitors sometimes provide directly through their platforms.
Lending
Mybtc also does not provide crypto lending services. From my experience, lending is a powerful tool for generating passive income or accessing credit without selling core holdings, and has become a prominent feature on major crypto platforms. The lack of this functionality on Mybtc reduces its appeal for users looking to utilize their crypto for interest-generating purposes or for leveraging holdings as collateral. Investors who prioritize lending will need to look for more comprehensive exchanges or dedicated lending platforms.
Other services
Additional services play a crucial role in enriching the overall user experience on crypto platforms, offering features that can enhance convenience, flexibility, and security beyond core trading.
| Service | Available at Mybtc |
|---|---|
| Carte crypto | No |
| Crypto wallet | Yes |
| ETFs crypto | No |
| CFD crypto | No |
| Copy trading | No |
| API trading | No |
| NFT marketplace | No |
| Fiat on-ramp | Yes |
| Insurance on funds | No |
Crypto wallet
Mybtc provides an integrated crypto wallet, allowing users to securely manage, store, and transfer their digital assets from a single interface. I appreciate that the wallet offers multi-asset support and straightforward user controls, making it accessible for both new and experienced Canadians. Unlike some competitors, the wallet on Mybtc puts users in full control of their private keys, which enhances security. However, the lack of advanced wallet features such as native staking options or multi-sig support may limit its appeal for those looking for more flexibility.
Fiat on-ramp
With a fiat on-ramp service, Mybtc enables users to easily convert Canadian dollars (CAD) into popular cryptocurrencies. I find this particularly valuable, as it lowers the barrier to entry for newcomers and saves an extra step compared to platforms that require using a separate exchange. Processing times are efficient and payment options include Interac e-Transfer, which is widely trusted in Canada. That said, fees and purchase limits should be reviewed in advance, as they can be higher than on large international crypto platforms.
Account Opening and Deposits
Account opening
To open an account on Mybtc, start by completing the online registration form with your basic details and a valid email address. After setting a password, you'll need to complete the identity verification (KYC) process, which typically involves a regulatory questionnaire and uploading documents such as a government-issued photo ID and proof of address (utility bill or bank statement). Mybtc may require answers about your crypto trading experience to meet regulatory standards. Most accounts are validated within 1–2 business days, but there can be extra review time during busy periods. Once your documents are approved, you’ll receive a confirmation email and can access your dashboard. Some crypto platforms, including Mybtc, may allow limited use for unverified accounts, but withdrawals or higher deposit limits require KYC completion. Be sure to set up any required wallet addresses or security features, such as two-factor authentication, during registration.
Good to know
For security, enable two-factor authentication (2FA) as soon as your account is active. This provides an added layer of protection for your funds and access.
| Item | Details |
|---|---|
| Opening procedure | Online registration with KYC, regulatory questionnaire, document upload |
| Validation time | Typically 1–2 business days |
| Accepted deposit methods | Credit card, bank transfer, e-wallets, cryptos, stablecoins |
| Minimum required deposit | Varies by method (e.g., $50–$100 CAD or crypto equivalent) |
| Required documents | Photo ID, proof of address, possible regulatory questionnaire |
| Practical tip | Use matching personal details (name/address) to avoid verification delays |
Deposits and withdrawals on Mybtc
Depositing funds to your Mybtc account can be done using various methods, including credit card, bank transfer, e-wallets, and direct crypto or stablecoin deposits. Supported currencies typically include Canadian dollars, major international currencies, and a range of cryptocurrencies. Withdrawals generally follow the same methods but may be subject to additional verification, especially for large amounts. Mybtc processes most deposits instantly or within a few hours, while withdrawals can take from a few minutes up to 1–2 business days, depending on the method and required checks. Fees may apply for both deposits and withdrawals; crypto transactions can also incur network fees. Mybtc usually provides an integrated wallet for holding digital assets and may offer instant fiat-to-crypto conversion for supported pairs.
Crypto Withdrawal Warning
When withdrawing crypto, always double-check the destination wallet address and network before confirming your transaction to avoid irreversible loss of funds.
| Payment method | Accepted currencies | Minimum amount | Processing time | Possible fees |
|---|---|---|---|---|
| Credit card | CAD, USD, EUR | $50 CAD | Instant–1 hour | 2–4% processing fee |
| Bank transfer | CAD, USD | $100 CAD | 1–2 business days | $0–$50 CAD (varies by bank) |
| E-wallets | CAD, selected e-wallet supported funds | $50 CAD | Instant–1 hour | 1–3% (varies by provider) |
| Cryptos/stablecoins | BTC, ETH, USDT, USDC, major cryptos | Crypto network minimum | 5 minutes–1 hour | Network/miner fees |
| Other local options | Interac e-Transfer, etc. | $50 CAD | 30 minutes–24 hours | As disclosed by provider |
Customer reviews
Mybtc currently holds a Trustpilot score of 4.2 out of 5, based on 1,534 user reviews.
Les utilisateurs mettent en avant plusieurs aspects positifs de la plateforme, notamment :
- Easy and fast account registration process
- User-friendly wallet integration
- Responsive and knowledgeable customer support
- Secure storage solutions for digital assets
- Smooth crypto purchase and sale experience
En revanche, plusieurs points négatifs sont régulièrement évoqués dans les avis :
- Occasional slow withdrawal processing times
- Relatively high network fees for small amounts
- Limited coin selection compared to major competitors
- No advanced trading options or DeFi features
- Some users report identity verification hurdles
Voici quelques exemples représentatifs d’avis publiés sur Trustpilot :
M.H. – 02/02/2025 : “Excellent service for buying bitcoin in Canada. Account setup was quick and customer support answered all my questions in minutes.” R.L. – 18/05/2025 : “I found the site clear and easy to use, but withdrawals took over 24 hours, which was frustrating when the market was moving fast.” E.K. – 29/06/2025 : “Great for beginners and very safe. I just wish there were more altcoin options and lower fees when sending small amounts.”
FAQ
Is Mybtc regulated or certified in CA?
Mybtc is primarily a crypto broker and, to date, is not officially regulated or certified by Canadian financial authorities. Users should check for the latest status, as regulation influences investor protection and platform oversight.
What is the minimum deposit to start trading on Mybtc?
The minimum deposit required to open an account or start trading on Mybtc depends on the payment method and the specific service, but generally, crypto brokers have low or no minimums. Always verify directly on the platform before depositing.
Does Mybtc offer welcome bonuses or rewards?
Mybtc does not currently offer standard welcome bonuses or deposit rewards. Promotional programs may change, so it is advisable to consult the latest offers on the official website for any updates or seasonal incentives.
How does staking or earn work on Mybtc?
If Mybtc provides staking or earn features, these typically allow users to lock crypto assets on the platform in exchange for periodic rewards. The terms, supported coins, yields, and lock-up periods can vary, so review the dedicated staking or earn section before committing funds.
How does Mybtc earn money (trading fees, spreads, commissions)?
Mybtc primarily generates revenue through trading fees, spreads on crypto pair pricing, and potentially commissions on certain transactions or services. These costs are usually detailed in the platform’s fee schedule for transparency.
Who is the team or company behind Mybtc?
Detailed information about the team or legal company behind Mybtc should be available on the platform’s “About” or regulatory information section. Understanding the management and compliance background is key to evaluating platform reliability.
When was Mybtc launched?
The specific launch date of Mybtc should be available in the company information or press releases on their website. This information helps assess the platform’s track record and reputation in the market.
Does Mybtc provide insurance or proof-of-reserve for customer funds?
Mybtc’s policy on insurance and proof-of-reserves should be detailed in its FAQ or legal information. Some platforms offer insurance for digital assets or third-party audits to verify reserves, but this depends on Mybtc’s business model and security framework.
How can I contact Mybtc’s customer service?
Customer support for Mybtc is typically accessible through the platform via email, live chat, or support ticket systems. Availability and response times may vary; check the website for business hours and contact details.
Does Mybtc offer a referral or cashback program?
Referral or cashback programs are sometimes available and can provide users with rewards for referring friends or trading actively. Check the promotions or referral section on Mybtc for up-to-date information about any ongoing programs.
Is Mybtc regulated or certified in CA?
Mybtc is primarily a crypto broker and, to date, is not officially regulated or certified by Canadian financial authorities. Users should check for the latest status, as regulation influences investor protection and platform oversight.
What is the minimum deposit to start trading on Mybtc?
The minimum deposit required to open an account or start trading on Mybtc depends on the payment method and the specific service, but generally, crypto brokers have low or no minimums. Always verify directly on the platform before depositing.
Does Mybtc offer welcome bonuses or rewards?
Mybtc does not currently offer standard welcome bonuses or deposit rewards. Promotional programs may change, so it is advisable to consult the latest offers on the official website for any updates or seasonal incentives.
How does staking or earn work on Mybtc?
If Mybtc provides staking or earn features, these typically allow users to lock crypto assets on the platform in exchange for periodic rewards. The terms, supported coins, yields, and lock-up periods can vary, so review the dedicated staking or earn section before committing funds.
How does Mybtc earn money (trading fees, spreads, commissions)?
Mybtc primarily generates revenue through trading fees, spreads on crypto pair pricing, and potentially commissions on certain transactions or services. These costs are usually detailed in the platform’s fee schedule for transparency.
Who is the team or company behind Mybtc?
Detailed information about the team or legal company behind Mybtc should be available on the platform’s “About” or regulatory information section. Understanding the management and compliance background is key to evaluating platform reliability.
When was Mybtc launched?
The specific launch date of Mybtc should be available in the company information or press releases on their website. This information helps assess the platform’s track record and reputation in the market.
Does Mybtc provide insurance or proof-of-reserve for customer funds?
Mybtc’s policy on insurance and proof-of-reserves should be detailed in its FAQ or legal information. Some platforms offer insurance for digital assets or third-party audits to verify reserves, but this depends on Mybtc’s business model and security framework.
How can I contact Mybtc’s customer service?
Customer support for Mybtc is typically accessible through the platform via email, live chat, or support ticket systems. Availability and response times may vary; check the website for business hours and contact details.
Does Mybtc offer a referral or cashback program?
Referral or cashback programs are sometimes available and can provide users with rewards for referring friends or trading actively. Check the promotions or referral section on Mybtc for up-to-date information about any ongoing programs.
