Canadian Bitcoin FAQ
MyBTC.ca is a Canadian brokerage exchange site that helps you to buy Bitcoin in seconds with Interac e-Transfer, Bank Wire, Cash, Debit or Flexepin vouchers.
Most people use MyBTC.ca because it allows them to buy Bitcoin within seconds with Canada's most convenient payment methods. We provide some of the best and most responsive customer support times the Canadian Bitcoin exchange space has to offer.
Before creating MyBTC.ca, our CEO was operating in the Bitcoin space since 2014. He maintained a trusted 100% feedback score as a broker with 10,000+ trades on peer-to-peer platforms to over 3,000 individuals. Building on the success, he wanted to create a platform specifically for Canadians to better serve the buying needs in our country with fast and convenient payment methods.
Over the lifespan of MyBTC.ca, we have managed to become authorized merchants for Interac, Flexepin and have an agreement by crown corporation Canada Post for ID verification. Plus, we have stable banking with a Canadian financial institution where our funds are insured.
If you'd like to see what others are saying about our product and service, we encourage you to check out our customer reviews online:
You select your payment option from the Home or Buy Bitcoin page and then enter the dollar amount of Bitcoin to buy and process an order for. 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 one method 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 30 minutes to 1 hour (up to 12 hours in rare instances) for compliance to review and it to be deposited and your account subsequently funded. 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.
Cash or Debit in-person payments is where you download a unique QR code from our site, that's linked to your MyBTC.ca account, and present it to the Canada Post clerk to scan before you make payment with Cash or with Interac Debit card.
Within 5 minutes of making payment the funds will be automatically added to your MyBTC.ca balance to buy Bitcoin with.
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 $2,500 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 email or send to your home address.
|Payment Method||Minimum||Daily Max||Weekly Max||Monthly Max|
|Cash or Debit||$50||$2,500||$17,500||$75,000|
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. Timestamps are recorded in UTC timezone.
- Interac e-Transfer: 7.75% or $10 minimum, whichever is greater.
- Bank Wire: 4.75%.
- Flexepin: 7.75% or $10 minimum, whichever is greater.
- Cash or Debit: 7.75% or $10 minimum, whichever is greater.
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.
There are many Bitcoin wallet providers to choose from. You are welcome to conduct your own research but here are a few you may want to consider: Jaxx.io (developed in Canada) and Exodus.io are quite popular app wallets while Trezor and Ledger Nano's are the most secure and reputable hardware wallets. You can find many other options on Bitcoin.org.
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 $200 to spend minus the fee of $15.50 which leaves $184.50 divided by $12,500 (hypothetical rate for 1 BTC) = 0.01476000 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. Once you are logged in, you will want to look for the "History" section to observe your order and funding history. For faster navigation, here's a direct link.
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 know speed is important to you. Generally, we have your account funded within a hour upon arrival of your e-Transfer. In certain scenarios and rare circumstances, e-Transfer fundings may take up to 12 hours.
We like to under-promise and over-deliver and this is why we advertise “Speedy same-day funding” with e-Transfer on our homepage.
If 12 hours has passed and your account is not funded, there’s very likely a hold placed by your bank or Interac. To have the hold removed so that we can deposit your Interac e-Transfer, please call your bank to verify and have it released.
Turn the brightness all the way up on your device, or show them a printed paper copy, and ask the clerk to scan your verification barcode document or QR code.
Once they have it scanned, their computer system will help successfully direct them through the next steps. If they are still having difficulties, ask them to contact their supervisor for help as this product is available at all Canada Post locations nationwide.
- Navigate to the homepage and start your order with Interac e-Transfer, Bank Wire, Flexepin vouchers or Cash or Debit at Canada Post by pressing the “Buy Now” button.
- Enter the dollar amount of Bitcoin you would like to process for along with the other required info
- Enter your mobile phone number and press "Text Me". You will received an SMS code via text to enter.
- Complete your profile details including your email. Click the link emailed to you.
- Complete ID Verification.
- Buy Bitcoin with your new account!
You can complete identity verification Online directly with MyBTC.ca or In-Person at Canada Post. If your name and address is automatically confirmed by our verification partners, you will be required to upload the following to complete online verification:
1. A clear close-up photo of your valid government issued photo ID on its own. (Health Cards not accepted)
2. A clear photo of yourself holding your government issued photo ID along with a piece of paper that has a handwritten message which reads “MyBTC.ca ID Verification for Bitcoin Purchase” with today’s date.
If you prefer to complete verification in-person at any Canada Post location, click here. You will need valid Government issued photo ID and proof of residency to complete this form of in-person verification.