How to Fund your FTX Account with MyBTC Canada
Do you have an FTX account but need to top it up to start trading? Just starting out but can’t find a viable funding option?
Canadians are in search of ways to use their local currency of Canadian dollars to swap for other cryptocurrencies or lock in a leveraged trade quickly on FTX.com. Good news: MyBTC.ca can help!
We’re the secure cryptocurrency exchange Canadians use to convert their dollars (CAD) into Bitcoin (BTC) or Ether (ETH) and send to FTX.com for executing trades faster and more efficiently. Combining each platform's strengths gives you the tools you need to get into the market quickly!
Steps:
- Register or Login on MyBTC.ca here
- Verify ID if needed and fund your MyBTC.ca account in CAD here
- Create an order and send BTC or ETH to your FTX receiving wallet
- Convert your crypto on FTX or place your leveraged trade, today!
FTX is a technological powerhouse of a crypto trading platform which is why they’re gaining popularity here in Canada. Let’s zoom in and find out why Canadian FTX customers use MyBTC.ca to buy and then send Bitcoin or Ether to fund their FTX account:
Purchasing and Sending Crypto to FTX.com
Bank wire transfers sent from Canadian banks directly to FTX.com can take more than 1 business day to process since it’s considered foriegn/international to them. Since FTX doesn’t offer a same-day payment method in Canadian dollars, it could result in a missed opportunity.
Need same-day purchasing power when funding your FTX trading account? MyBTC.ca does just that. Fund your MyBTC.ca account with Flexepin instantly and complete the buying and order process within 30-45 minutes maximum for bitcoins or ether to be sent straight to your FTX wallet. Now that’s fast!
Wanna pay less fees? Utilize the most popular payment method by sending an Interac e-Transfer to fund your MyBTC.ca account so you can send crypto to your FTX account quickly. Interac e-Transfers arrive in 0-30 minutes. MyBTC.ca clients usually have funds transferred to their FTX wallet in under an hour. That’s the MyBTC.ca difference.
Summary: MyBTC.ca is the fastest way to buy Bitcoin or Ether in Canada when sending to an FTX account.
Fees
Bank wire transfers are accepted by FTX.com at no charge although you will be subject to CAD to USD conversion fees before you can lock-in an USD order on FTX as no CAD trading pair or orderbook is supported.
MyBTC.ca funding fees are as listed below:
*Note: a small transaction fee of $3.50 CAD applies for micro orders under $350 CAD
Summary: It’s possible that larger fundings directly to FTX via FTX bank wire may cost less but when taking into consideration the missed opportunity in time it takes to process a bank wire transfer, many Canadian FTX clients find value in the speed MyBTC.ca offers when buying BTC and sending it to FTX.com same-day, generally within an hour.
Limits
With MyBTC.ca, the sky's the limit in most cases, to find solutions to buying more Bitcoin or Ether than what our limits provide, contact our industry leading customer service and an agent will call you to discuss.
That’s right, an actual human will call. View the MyBTC.ca funding limits for Canadian clients below:
Summary: MyBTC.ca can service the needs of FTX users who want to buy micro, small or large amounts of crypto to send directly to their FTX.com account so they can start trading today.
Get Paid Fast — BTC to CAD Withdrawals
Similar to other investments — there comes a time when traders, investors and crypto-curious cats need to cash out their profits or cut some losses.
Either way, Canadians who use FTX.com will eventually want to take their balance on FTX.com and get it into their Canadian bank account in CAD. Since FTX.com doesn’t offer banking solutions for CAD cashouts in Canada, users can experience friction when securing their funds in CAD.
If users have USD or other crypto balances on their FTX account, they can convert to BTC within their FTX wallet and send directly to MyBTC.ca to sell quickly as a solution.
Steps
- Convert crypto or US Dollar or crypto balance to BTC with FTX wallet
- Send BTC to MyBTC.ca
- Sell BTC on MyBTC.ca for CAD
- Interac e-Transfer CAD from MyBTC.ca to your bank account
Why wouldn’t I just use FTX to withdraw my funds directly to my Canadian bank?
FTX users can request bank wire transfers to their Canadian bank account from their FTX account.
However, there are reasons why Canadians use MyBTC.ca instead. Let’s take a closer look:
Withdraw Bitcoin from FTX.com and Receive CAD in Minutes
Bank wire transfers sent by FTX can take numerous business days for an amount as little as $100 USD and you may be subject to foriegn exchange fees along the way. This wait time and additional costs can be cumbersome in an on demand trading world. The processing time of the withdrawal can be further elongated as the SWIFT network doesn’t operate over weekends and holidays.
This is where MyBTC.ca steps into the equation to help expedite the process and get you the cash-and-carry you want today. FTX users send Bitcoin (BTC) directly from their FTX wallet to the MyBTC.ca sell solution to sell their BTC immediately after only 2 confirmations on the blockchain. Most BTC withdrawals from FTX are processed within minutes which expedites the process of obtaining your CAD funds into your bank account.
Summary: MyBTC.ca is the fastest way for Canadians to convert an FTX balance (USD/BTC) into CAD.
Fees
Fiat withdrawal fees incurred on FTX are another reason why FTX users head over to MyBTC.ca to convert their funds to CAD. Fiat withdrawals in the amount of $5,000 USD and greater are free on the first 5 cash-outs per rolling 7 day period. After 5 within 7 days, the FTX user is charged a $100 USD fee by FTX to withdraw funds until the 7 day rollover occurs. For users who cash or smaller amounts often, these fees can add up quickly.
When withdrawing under $5,000 USD, FTX users only get 1 free USD fiat withdrawal per rolling 7 days, after that the same $100 USD fee applies to each withdrawal until the weekly rollover occurs.
FTX pays the Bitcoin mining/transaction fee for withdrawals greater than 0.01 BTC. If the amount being withdrawn is less than 0.01 BTC, FTX users get 1 free withdrawal per day and then additional withdrawals are subject to a nominal BTC withdrawal fee to cover the transaction fee on the Bitcoin blockchain.
Summary: On top of being faster, FTX users pay less fees by converting funds within their FTX wallet to BTC and sending to MyBTC.ca to convert into CAD and send to their Canadian bank account.
Foriegn Exchange Costs
In addition to the FTX withdrawal fees, Canadian banks most often charge a hefty foriegn exchange fee when receiving a USD bank wire from FTX.
Depending on the Canadian financial institution these fees can lead to hundreds or even thousands of dollars in CAD being deducted from the amount when withdrawing USD from FTX directly via bank wire transfer.
Summary: To avoid costly foreign exchange charges, FTX users use MyBTC.ca as their off-ramp to cash out funds to their Canadian bank account.
Limits
FTX.com users can enjoy high limits when withdrawing Bitcoin (BTC) directly to their MyBTC.ca account to sell immediately after 2 confirmations on the blockchain. Send as little as $5 or as much as $100,000 CAD per day and easily convert those funds.
Summary: Using MyBTC.ca to actualize BTC sent from FTX.com is the fastest way for Canadans to cash out CAD in their bank account with high limits up to $100,000 CAD per day.
Trading Pairs on FTX.com
FTX.com offers hundreds of trading pairs on their platform giving Canadians a wide variety of options to reference when performing trades. See the list below for a few of the top trading pairs on FTX:
The detailed intricacy of the FTX.com platform allows users in Canada to trade on a world class scale using one of the most innovative tools and advanced interfaces available.
Leveraged & Margin Trading on FTX.com
Leveraged trading from using borrowed funds allows FTX users to increase their profits by betting currency that is lent to them while taking on the risk of liquidation . Watch the video below to view a quick tutorial from the FTX Academy that explains Spot Margin Trading:
The risk vs. potential return of a leveraged trade position gives those who are confident in their price prediction (and willing to lose funds) the ability to earn more profits than possible without the use of leverage. Remember: Leveraged and Margin trading is a high risk method of investing and nobody will be there to catch you if you fall off your skateboard. A good rule of thumb is not to risk what you can’t afford to lose.
For more information regarding borrowing and lending crypto on FTX.com press here .
Conclusion
There are many reasons why Canadian FTX users use MyBTC.ca as their #1 choice as their fiat on and off-ramps. MyBTC.ca is the solution that helps traders send funds to and from FTX making their trading life better. Offering numerous funding and withdrawal methods with low and high limits for each, there’s no wonder why FTX.com customers have been raving about MyBTC.ca.
Please contact MyBTC.ca with any questions you may have and our trained staff will help guide you in buying or selling crypto to send or receive from your FTX.com account.
