Canadian Bitcoin FAQ
MyBTC.ca helps you to buy Bitcoin within seconds with Interac e-Transfer, Instant Debit and Flexepin vouchers.
Most people use MyBTC.ca because it allows them to buy Bitcoin within seconds with Canada's most convenient payment methods.
You select your payment option from the Home or Buy Bitcoin page and then enter the exact amount of Bitcoin you want to buy or the dollar amount that you would like to process, the choice is yours. You will then enter a Bitcoin wallet address you want to send the Bitcoin to followed by your phone number for mobile SMS verification and press "TEXT ME" in the green box. After you have entered your mobile SMS code sent to you via text message, the next page is where you will create an account by entering profile information and confirming your email address. Now that you have an account you can proceed to the next steps such as completing Canada Post in-person ID verification or our in-house Photo ID & Address verification.
Yes. If you select our in-house Photo ID & Address verification, you submit your ID to us online — submissions are usually approved within 1 hour. If you choose to use Canada Post in-person ID verification, a document with a unique barcode will be mailed to your home address which you will present to a Canada Post agent along with your government issued photo ID.
Interac e-Transfer is a convenient email-based method to send money directly from your bank account to MyBTC.ca as the recipient via your online or mobile banking. Almost all Canadian Banks and Credit Unions offer Interac e-Transfer. For the full list please see here: https://interac.ca/en/interac-e-transfer-consumer.html
You start by creating an order and completing any 2 methods of identity verification which will unlock access to the Interac e-Transfer payment instructions.
After you have sent the Interac e-Transfer it will take approximately 1-2 hours (up to 12 hours in rare instances) for compliance to review and our payment processor to deposit. Once the funds have been added to your account balance you will receive an email notification advising you to create a new order and instantly complete the transaction for your Bitcoin.
Payment using Instant Debit is where you login to your online banking over a secure payment gateway for instant authorization and debit of funds from your bank account to MyBTC.ca as the merchant.
This payment method is only available to users with who have online banking with the following financial institutions: BMO, CIBC, Scotia & Simplii Financial — if you are not with ones of these banks please use Interac e-Transfer, Bank Wire or Flexepin vouchers.
Flexepin is a fast, secure and private method of buying Bitcoin by redeeming a prepaid voucher purchased with Cash or Debit at 1000's of sales outlets Canada-wide or online with debit card here: TopMeUp.ca. Once you have purchased your Flexepin voucher featuring a unique 16-digit code, you can redeem it immediately on MyBTC.ca for instant delivery of your Bitcoin. Follow the steps here to pay with Flexepin.
To pay using Flexepin with a $2500 daily limit, you must pass at least 1 form of ID verification. Please create an order or login and then proceed to the verification page.
In-person ID verification is offered through our agreement with Canada Post and their Digital Proof of Identity product. This form of verification is done at a Canada Post retail outlet where you present the agent with your government issued photo ID along with a document containing your profile information and unique barcode that we mail to your home address.
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Limits are based on a rolling 24hr period from the last time coins were sent to your wallet. Feel free to review your account history for a timestamp to reference.
- Interac e-Transfer: 7.75%.
- Bank Wire: 4.75%.
- Instant Debit: 7.75%.
- Flexepin: 6.75%.
If you need to buy an exact amount of Bitcoin to pay for something or send to someone then enter that amount of Bitcoin in the corresponding field located on the order entry page. The next steps are to enter your Bitcoin wallet address, verify your mobile phone number, complete your profile, complete identity verification and proceed to complete purchase with the payment method you selected.
Bitcoin are stored within a Bitcoin wallet.
A Bitcoin wallet is a tool that allows you to take control of your Bitcoin private keys, and can be used to send, receive and store Bitcoins.
After you enter your Bitcoin wallet address on our site and complete your order by pressing "Pay", we automatically send the exact amount of Bitcoin you purchased to the wallet address you provided.
When Buying Bitcoin, we take the dollar amount you are spending, minus the fee and then divide by the rate at which 1 whole Bitcoin is worth to give you the fractional amount of Bitcoin you are to receive. For example, you have $150 to spend minus the fee of $10.13 which leaves $139.87 divided by $3,500 (hypothetical rate for 1 BTC) = 0.03996286 Bitcoin.
As the price of Bitcoin is in a constant state of flux, the Live Rate changes to match its current market value. Once you confirm you enter your SMS mobile PIN and click the "Checkout" button, your order and rate will be locked-in.
As the price of Bitcoin is in a constant state of flux, the Live Rate changes to match its market value. As such, the amount of Bitcoin will change if the Live rate changes. Once you confirm you enter your SMS mobile PIN and click the "Checkout" button, your order, rate and amount of Bitcoin ordered will be locked-in.
Yes. While all first-time transactions are held until manually verified to prevent fraud, all subsequent transactions are sent instantly.
After we send your Bitcoin they begin confirming on its Blockchain. The number of confirmations on the Blockchain each wallet provider requires before they add Bitcoin to your balance vary. In terms of time per confirmation, a good rule of thumb is 10 minutes per confirmation.
It's possible that we have not yet added the mobile provider you are using to our "approved" list. If you feel we should add them then please send us an email with your request — we may ask for additional information. VOIP numbers are not acceptable.
Yes, MyBTC.ca is running on dedicated hardware in one of the most secured Cloud Providers. All communications are encrypted with SSL and Cloudflare provides us with an additional layer of protection. Plus, we never store your banking or credit card information.
Your account history can only be viewed if you are logged in. If you are logged out, you first need to log back in by verifying your phone number via SMS and then clicking on the confirmation link sent to email address you previously verified.
Please use the contact form to see if support can update your profile with your new number. Additional information may be requested to link your profile to your new number.
Sorry, NO REFUNDS.
We will gladly help you!