ezBtc is a Canadian cryptocurrency exchange that offers trading in major cryptocurrencies for Canadian dollars and vice versa. It claims to be the leading alt-coin exchange in Canada. Its portfolio includes 26 cryptocurrencies – Bitcoin, Ether, Ripple, Dash, Litecoin, Ether Classic, Bitcoin Cash, Monero, etc.
In order to start trading, the client needs to get ID verification, as the company operates with “real money” and there are KYC and AML requirements that need to be met.
In addition to the spot trading services, exBtc offers a savings account in bitcoin that pays 9% annual interest. This is a relatively rare feature, that is offered by very few exchanges, like Magnr.
There are two other features: Altcoin Concierge and a VIP service that provides instant exchange.
– Location. EzBtc is based in Canada, but its services are also available to US residents. Generally, there are quite a few cryptocurrency exchanges in Canada offering more or less similar services, but ezBtc has quite an extensive alt-coin portfolio, unlike most of its local peers.
– Coins. As we have already mentioned, ezBtc has a pretty good selection of coins on offer, including both major cryptocurrencies and some less popular tokens.
– Savings account. Not many exchanges offer this service. We can only think of Magnr, but its interest rate is significantly lower than that of ezBtc, which pays 9% per annum. Those funds are always available for withdrawal, in full, but there is a 14-day waiting period.
– Security. EzBtc keeps 99% of the funds in offline cold storage, which suggests the account cannot be hacked. Additionally, all withdrawal requests are processed manually. There are also the standard safety features like two-factor verification and data encryption.
– BTMs. EzBtc has several BTMs across Canada where clients can deposit and withdraw bitcoins. According to the site, however, the one in Vancouver is temporarily out of service.
– Trading fees. ezBtc’s 0.3% trading fees are in the average for the industry. There are some exchanges with lower commissions, but compared to other larger Canadian platforms like QuadrigaCX and Bitcoin Solutions, for example, they are lower.
– Payments & fees. EzBtc accepts deposits in fiat currencies in several ways: bank transfer, cash and Interac e-transfer. There are daily limits ranging from CAD 250 to 200 000.
Bank wires cost $25 and the cash payment comes with a 1% fee. The deposits in Bitcoin are instant and free, but there is a minimum limit of BTC 0.001.
The withdrawal options in cash include bank transfer, electronic payment, cash pickup/delivery, Interac e-transfer and cheque. The highest fee, once again is that for cash: 2% + $15. The Bitcoin withdrawal also has a fee: 0.001.
– Platform. ezBtc’s platform is easy and intuitive to use, like most platforms of spot cryptocurrency exchanges are. It has the most basic features, plus an active orders list and a chat window. The order book is available to see even for unregistered users.
– Regulation. EzBtc is not regulated in any way. Generally, the Canadian legislation does not have specific requirements for cryptocurrency exchanges, except the province of Quebec, but there are some exchanges like Morrex and AllCoin who have a FINTRAC registration as a money business. This, however, by no means implies ezBtc is a scam.
– Credit cards. EzBtc does not accept payments with credit cards. This surely is inconvenient for many clients, but there is a reason the exchange does not work with cards – chargeback. Still, there are some exchanges who take the risk and do work with credit cards.
– Fiat currencies. We have listed this as an advantage, but there is also a disadvantage, namely the CAD being the only option. There are some Canadian exchanges like QuadrigaCX and Coinsquare who accept other currencies as well.
– Leverage. Similarly to the majority of cryptocurrency exchanges, ezBtc does not offer leveraged trading. There are some platforms active in Canada, like Kraken, who offer this type of service. There are also numerous forex brokers who have included CFDs on some of the more popular cryptocurrencies for leveraged trading.
– Information. The site of ezBtc is not very informative for a first-time user. It sure looks nice and modern, but there is no FAQ section where all the needed information is laid out in a clear and concise manner. There is not even a list of the alt-coins available for trading for an unregistered user to see and one gets the impression that the platform only offers trading in Bitcoin.
ezBtc has a good selection of cryptocurrencies that can be traded against the CAD. On one hand, the presence of a fiat currency is an advantage, but there are also some disadvantages stemming from it. First off, there is the identification requirement and then there is the inconvenient and often costly procedure of having to convert other currencies into CAD first.
Probably the biggest advantage of ezBtc is the offering of a savings account with a 9% interest. Like we have said several times already, this is not a feature offered by many crypto exchanges. Another advantage is the existence of BTMs, however few, and in Canada only.
From a user’s point of view we dislike the lack of credit cards as a payment options, even though there is a good reason for this and the lack of clear and concise information at first sight on the exchange’s website.
Nevertheless, ezBtc seems to be offering a good and reliable service, and is obviously mostly targeting Canadian residents, as the fiat payment options for them are most convenient and cheap.
ezBtc Review Conclusion
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