Our review of MyBTC crypto platform: 2.5/5

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MyBTC in brief

Our opinion of MyBTC

MyBTC.ca is a Bitcoin-only platform designed for Canadian users looking for a simple way to purchase BTC using CAD. The platform supports various payment methods, including Interac e-Transfer, bank wire, credit/debit cards, and Flexepin vouchers. We liked that Interac e-Transfer transactions were processed quickly, often within minutes, making it a convenient option for those wanting instant access to Bitcoin.

However, we would have liked to see a more competitive fee structure, as the platform’s transaction costs—especially for credit and debit card purchases—are significantly higher than industry averages. Additionally, the absence of altcoins, trading features, and fiat withdrawals makes it far less versatile compared to other crypto exchanges.

We liked that MyBTC.ca is FINTRAC-registered, ensuring compliance with Canadian anti-money laundering regulations. However, we would have liked to see registration with provincial regulators such as the OSC or BCSC, as this would provide stronger investor protections. The lack of live customer support options, such as phone or live chat, also makes it difficult for users to receive immediate assistance when needed.

Who is MyBTC best for?

MyBTC.ca is best suited for Canadian users who want a fast and straightforward way to buy Bitcoin but are not concerned about high fees or the absence of trading features. While it is a convenient entry point for beginners, those looking for lower fees, advanced trading options, or a broader selection of cryptocurrencies will likely find better alternatives.

Before you zero in on MyBTC, compare the best crypto platforms in Canada:

Let's find out more about our test results on MyBTC.

Reliability and Security 2.5/5

MyBTC.ca is a Canadian cryptocurrency platform founded in 2016, specializing exclusively in Bitcoin purchases. It is designed for Canadian users who want to buy Bitcoin quickly and easily using CAD via Interac e-Transfer, bank wire, credit/debit cards, and Flexepin vouchers. While it provides a simple experience, it lacks trading features, altcoins, and advanced investment options.

The platform has not won any major industry awards and does not publicly disclose its number of users. Despite this, it maintains a Trustpilot rating of 4.7/5 based on 261 reviews, with customers praising its fast transactions but often criticizing high fees and limited services.

MyBTC.ca is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a Money Services Business (MSB), ensuring compliance with Canadian anti-money laundering (AML) laws. However, it is not registered with the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), or Alberta Securities Commission (ASC). This means that, unlike regulated exchanges, it does not offer the same level of investor protection.

Security and Risk Control Features

• FINTRAC Compliance: Ensures adherence to AML and Know Your Customer (KYC) regulations.
• No Custodial Wallets: Users must transfer Bitcoin to an external wallet, reducing the risk of exchange hacks.
• Identity Verification: All users must complete ID verification before making purchases.
• No Two-Factor Authentication (2FA): Unlike other platforms, MyBTC.ca does not offer additional security layers for user accounts.

Cryptocurrencies Available 1/5

MyBTC.ca is positioned as a Bitcoin-only platform, meaning it does not offer a diverse range of cryptocurrencies like other exchanges. Unlike most competitors that provide altcoins, stablecoins, and NFT trading, MyBTC.ca is strictly a purchase-only platform for Bitcoin. This significantly limits its market reach and appeal for traders looking to invest in a variety of digital assets.

Below is a comparison of MyBTC.ca’s available crypto types versus the market average:

Our opinion on MyBTC's offerings

MyBTC.ca is one of the most limited platforms in terms of asset variety, catering only to Bitcoin buyers. Compared to other Canadian exchanges that offer multiple cryptocurrencies, trading pairs, and NFT marketplaces, MyBTC.ca’s lack of diversity makes it an inferior choice for investors looking for a full-service crypto exchange. For those who simply want to buy Bitcoin, it may be sufficient, but for active traders and portfolio diversification, other platforms offer far greater asset variety.

Services and Tools 1.5/5

MyBTC.ca is a basic platform focused solely on buying Bitcoin, meaning it lacks most of the financial services and trading features that other cryptocurrency exchanges provide. The platform does not offer crypto cards, lending, staking, farming, or other advanced tools that allow users to earn passive income or trade effectively.

Fees and Commissions 1.5/5

MyBTC.ca is positioned as a convenient way for Canadians to buy Bitcoin, but its fees are significantly higher than most competitors. Instead of charging a trading fee based on spreads, the platform applies a fixed markup on Bitcoin purchases, which varies depending on the payment method. Credit and debit card transactions are particularly expensive, with fees reaching up to 7.75%.

Below is a comparison of MyBTC.ca’s fees versus the market average for the most traded cryptocurrencies.

Other Fees on MyBTC.ca

• Deposit fees: Included in purchase price (markup), varies by payment method
• Withdrawal fees: Not applicable, users must transfer BTC externally
• Conversion fees: Not applicable, since MyBTC.ca only sells Bitcoin
• Overnight fees (swap fees): Not applicable, as there is no leverage or margin trading
• Inactivity fees: No inactivity fees

Our opinion on MyBTC's fees and commissions

MyBTC.ca has some of the highest fees among Canadian cryptocurrency platforms, making it an expensive option for purchasing Bitcoin. The lack of trading features, altcoins, and lower-cost deposit methods further reduces its competitiveness. Users looking for lower fees and more trading options may find better value on other platforms.

Customer Reviews 4.7/5

MyBTC.ca has a Trustpilot rating of 4.7/5 based on 260 reviews, with many users praising its fast transactions and ease of use, but others criticizing its high fees and limited customer support. 

Here are some recent reviews from Canadian users:

• Jessica L (February 3, 2025): "I used MyBTC.ca to buy Bitcoin through Interac e-Transfer, and the transaction was processed within minutes, which was great. However, I only realized after the purchase that the fees were much higher than what I would have paid on other exchanges. The price I got was almost 5% above the actual market price! It’s a convenient service, but I wouldn’t use it regularly because of the high fees."
• Mark R (January 20, 2025): "I was looking for a quick and easy way to buy Bitcoin in Canada, and MyBTC.ca seemed like a good option. The process was straightforward, but I had an issue verifying my account, and customer support was slow to respond. It took over 48 hours to get my issue resolved, which was frustrating when I needed to buy quickly. If they improve customer service, it would be a much better platform."
• David M (December 15, 2024): "I made the mistake of using my credit card to buy Bitcoin through MyBTC.ca, and I was shocked by the fees! I ended up paying almost 8% in extra charges. The site doesn’t make the total cost very clear before confirming the purchase, which I found misleading. If you’re not in a rush, there are much cheaper alternatives out there."

How does MyBTC compare to other Crypto brokers?

MyBTC.ca is a Bitcoin-only platform that focuses on fast BTC purchases, but it lacks key trading features, altcoin support, and competitive fees. Below is a comparison with three major competitors.

Conclusion of our analysis of MyBTC

MyBTC.ca is a very basic platform for buying Bitcoin, but it falls behind in almost every other category. The lack of altcoins, staking, and trading features makes it less appealing for investors who want more than just Bitcoin purchases. Additionally, high fees and limited customer support reduce its value compared to platforms offering lower costs and more financial services. While it may be convenient for quick BTC purchases, users looking for more investment options and lower fees will find better alternatives elsewhere.

Before opening an account on MyBTC, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with MyBTC?

MyBTC.ca does not provide multiple account levels like major cryptocurrency exchanges. Instead, it offers a single standard account for users to purchase Bitcoin with Canadian dollars. The platform does not support trading, altcoins, or advanced investment features, making it less versatile compared to competitors.

Below is a comparison of the available account types:

Standard Account

The Standard Account is available to all users, allowing them to purchase Bitcoin using CAD via Interac e-Transfer, credit/debit card, wire transfer, or Flexepin vouchers. However, the platform only supports Bitcoin, with no option to trade or sell. Fees are high, especially for credit card transactions, and customer support is limited to email inquiries.

VIP Account

The VIP Account is designed for high-volume Bitcoin buyers who deposit at least $25,000 CAD. This account offers lower fees on bulk purchases, making it more cost-effective than the Standard Account. VIP users also receive priority customer support, but there are no additional trading tools or altcoin support.

Institutional Account

The Institutional Account is for businesses or high-net-worth individuals requiring large Bitcoin transactions. It provides customized pricing, dedicated account managers, and over-the-counter (OTC) trading services. However, it still lacks advanced trading tools, staking, or leverage options, which other exchanges may provide for institutional clients.

How do deposits and withdrawals work with MyBTC?

MyBTC.ca provides multiple deposit methods for purchasing Bitcoin, but does not support direct fiat withdrawals. Users must transfer their Bitcoin to an external wallet, as the platform does not allow selling BTC for CAD. Below is a breakdown of the available deposit and withdrawal methods, supported currencies, processing times, and associated fees.

Compared to other cryptocurrency platforms, MyBTC.ca falls short in terms of withdrawal flexibility and fees. While Interac e-Transfer is a convenient deposit option, the high transaction fees make it expensive for regular users. The lack of direct fiat withdrawals means users must sell their BTC on another exchange to access cash, adding extra steps and additional fees.

Most competitors offer lower deposit fees, multiple crypto withdrawal options, and direct fiat withdrawals, making them more cost-effective and user-friendly. For users who prioritize quick Bitcoin purchases in Canada, MyBTC.ca may be an option, but those looking for complete trading and withdrawal features will find better alternatives elsewhere.

Does MyBTC offer crypto staking?

MyBTC.ca does not offer staking services, as it is strictly a Bitcoin purchase platform. Unlike other cryptocurrency exchanges that provide staking rewards for assets like Ethereum (ETH), Cardano (ADA), and Polkadot (DOT), MyBTC.ca does not allow users to earn passive income by locking up their crypto.

MyBTC.ca does not offer crypto lending or borrowing services. Users cannot lend their Bitcoin to earn interest or take out loans using their BTC as collateral. Many competing platforms provide lending options with interest rates ranging from 3% to 12%, making MyBTC.ca less attractive for users seeking to generate yield on their crypto holdings.

How are revenues generated by MyBTC taxed?

In Canada, cryptocurrency is considered property, and any income generated from trading, buying, or selling Bitcoin via MyBTC.ca is subject to taxation by the Canada Revenue Agency (CRA). Since MyBTC.ca only allows users to purchase Bitcoin without selling or trading features, tax obligations will mostly relate to capital gains when disposing of BTC on another platform or business income if trading is conducted frequently.

Capital Gains Tax

If Bitcoin is sold for a profit after purchasing it through MyBTC.ca, only 50% of the gain is taxable at the trader’s marginal tax rate. Capital gains apply when Bitcoin is sold for CAD, swapped for another cryptocurrency, or used for purchases. Losses can be used to offset capital gains in the same year or carried forward.

Business Income Tax

If Bitcoin purchases and sales are done frequently and for profit, the CRA may classify the earnings as business income, meaning 100% of profits are taxable. Factors such as high trading volume, professional trading strategies, and regular transactions can indicate business income status.

How to Declare Crypto Income in Canada

• Track Transactions: MyBTC.ca does not provide tax reports, so users must manually record their Bitcoin purchases and any subsequent sales on other platforms.
• Use the Correct Tax Forms:
• Capital gains are reported on Schedule 3 of the T1 Tax Return.
• Business income is reported as self-employment income on the T2125 form.
• Convert Crypto to CAD for Tax Reporting: The CRA requires all crypto transactions to be valued in Canadian dollars (CAD) at the time of the transaction.
• Keep Records for 6 Years: The CRA may audit past crypto transactions, so keeping detailed records of purchases, sales, and related expenses is essential.

Good to know

Since MyBTC.ca only facilitates Bitcoin purchases, taxation applies when users sell or use their BTC on another platform. All gains, losses, and staking/lending income must be reported to the CRA, and failure to declare crypto earnings can result in audits or penalties. Users with complex transactions should consult a tax professional for compliance.

Contact: How do I contact the MyBTC customer service?

MyBTC.ca provides limited customer support, with no phone support or live chat available. Users must rely on email inquiries, a contact form, or social media for assistance. Below is a breakdown of the available contact options based on request types.

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.