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ezBtc Review - is it scam or safe?

ezBtc Review - is ezbtc.ca scam or good cryptocurrency exchange?

RATING: 3 / 18 REVIEWS ezBtc

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 0.30%

 

 

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.

 

ezBtc Advantages

 

- 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.

 

- Lots of 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.

 

- Good 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.

 

- Average 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.

 

- Simple 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.


 

 

ezBtc Disadvantages

 

- No 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.

 

- No 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.

 

>> See crypto exchanges accepting credit cards <<

 

- No 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.

 

- No 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.

 

>> See our list of regulated bitcoin forex brokers <<

 

 

- Insufficient 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.

 

 

Conclusion

 

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.

 

 

 

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Traders` reviews for ezBtc

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Good until lately

I've been with ezbtc for a few years now. I liked this exchange because I could talk to Dave. I would get the phone on speaker & involve my wife with our investments. We felt safe with this exchange & I'm surprised to now have my account blocked & unable to contact Dave or anyone. We have about $200,000 in crypto currency on this exchange. Last night I had a hard time sleeping. Looking for a crypto lawyer if thier is such a lawyer.

Robert Cooper 08/12/2019

Easy to invest, but nearly impossible to withdraw.

I'm quite new to crypto and decided to try investing in bitcoin through ezBTC to see what kind of returns would come of it. I put in a few hundred dollars. After seeing little movement after a year, I decided to withdraw all of my funds in CAD. I requested the withdrawl via etransfer. When I made the request, I recieved a pop-up notice indicating that etransfers take some time to process, which is understable. I waited over a month, and no e-transfer ever came. I then reached out numerious times via ezBTC's online chat support who continiously gave me the "give it more time" spiel. After persisting for a number of days, the owner reached out to me via phone and promissed that I would recieve my withdrawl (and drop any appicable withdrawl fees) by the following Monday. Well, that Monday came and went 5 days ago now, and I still have not recieved my deposit. Lesson learned here: wheather the money you invest doubles, triples, or simply coasts, it's no longer your money if you cannot withdrawl it. That's when you realize you've been scammed. Just when I thought I was crazy for thinking such a thing, I read deeper into many of the other reviews, and realized I wasn't alone in this boat. Luckily, I treaded lightly on how much I invested.

Ryan Ricci 07/13/2019

ezBtc is bad

I have asked for a FIAT withdrawal to my account in Feb then in March 2019 and they still have not responded. (after 3 months)

k thomas 06/04/2019

Scam, avoid at all cost

All the scam reviews you read are true! I am owned 1536 CAD$ since June 2018 and I kept receiving promises of payouts by Dave and it's team since then and still no money came in! David Smilie is soon going to jail for all the people he stole from. I have lot of evidences!

Thierry Ouellet 05/15/2019

ezBtc is a scam!

I needed to buy and send $500 in BTC a fiend had suggested a while ago to go to ezBTC. Like an idiot I didn't do my research, and yes its a scam!I went to the help line to ask some questions and David picked up the call. He totally befriended me, I'm from the UK so are his parents, supposedly. Told me he would be happy to help me and wouldn't charge me a fee, being a Brit! after a few rambling odd conversations, I should of clued in then. I sent him an e transfer which he cashed immediately and I put in my order with the help of a very nice lady on the chat line.I was even a couple of $ short which he topped up for me!! Order said success and pending.And thats where it sits. After numerous promises and countless reasons why he couldn't do it, it still sits there. He's called me all types of names, telling me that I was being scammed, he didn't like the address that I wanted it sent to, Coinbase! He's a total asshole, jerk, drug addict. I'm going to tell as many people as possible about this man and his company. I believe in Karma!!

Frances 05/04/2019

Ezbtc is a ponzi scheme

I've worked for ezbtc.ca as the lead developer and I've stayed silent on this for too long. Now that Dave cant even afford a lawyer he and his NDA can go fuck themselves. As of writing this Dave still hasn't paid his invoices in full that were due since October of 2018. The way it works is this: You'll get paid as others deposit to the site. If you complain publicly you're moved down the queue and may not be paid at all. Those that suck up to him and tolerate his antics get their money first. Many users are reporting wait times that typically range from a week to months before getting paid.

Matt 03/22/2019

EzBTZ Holidng Funds

EzBTZ has been holding onto a withdrawal of mine since February 24th. The CEO Dave, told me on multiple occasions I would get my funds but he continues to come up with excuse after excuse. The message board is riddled with customers in a similar situation as mine. I will not be investing any further funds with EzBTC. Hopefully, I get my funds at some point.

Brad Bissonnette 03/19/2019

Ezbtc scam

Ezbtc is a massive scam. Trust me. I have been trying to simply have Dave smillie send me my crypto for months

DJ 03/01/2019

ezBtc Scam

The owner of this website is shady as the day is long. He recently told me he lost a court case(obviously cause the bitcoin was not his!)and was telling me how busy he is and just cant trust anybody and on and on. The only reason I know all of this it because I snapped on him and every way possible to get through to him. Via email cell phones and websites when i noticed i was locked out of my account on his website. Which I have roughly $17,000 ,to $25,000 of altcoins on. He called me with a bullshit excuse. Then promised me my coins would all be sent to binance by the 31st of last month. He sent 2 of my smallest withdraws to binance then blocked me from his website. And wont answer me or get back to me period. He buys time to screw you over. Dont ever use this dam website. He is going under and is and has screwed over thousands of people. Most not doing anything about it. Maybe take him to court...but that does nothing. This guy plays God with peoples money and low he just did it to the wrong person. There are no words which can describe what a low life the owner of ezbtc actually is. So do yourself a favor and never sign up with that crooked website. Cause I promise you he will screw you over big time

DJ 02/08/2019

Been waiting 6 months for $2633.18 CAD!

August 1st, 2018 was when I asked for a withdrawal. Never happened. Just a constant string of excuses and delaying tactics by the owner, David Smillie, until he eventually cut-off communication and told me to contact support. And support doesn't respond.

Rob Johnston 02/02/2019

ezbtc serious problems and seems to be a SCAM

Google ezbtc / reddit. There are serious problems with ezbtc. You should research and update your website and shouldn't even be promoting this exchange.

Dave Smith 11/17/2018

Scam- EZBTC - Scam

Lost money on this exchange. Just google Ezbtc and scam and you will get all the information that you need.

Taker maker 11/06/2018

ezBtc - SCAM exchange. Owed 1+ BTC for 6+ weeks now (44 days)

I made two BTC withdrawal requests for over 2+ BTC combined. They took SEVENTEEN DAYS to pay me 1 BTC. And they still owe me another 1 BTC and I haven't received anything in 4 weeks (27 days). SCAM. THEY ARE NOT SOLVENT. If they don't have the crypto to pay you after well over a month, they don't have the money. They embezzled client deposits for sure.
Proof that I have not got paid in full
https://i.imgur.com/btL9TCG.png
https://i.imgur.com/h8VSLKP.png
Proof that ezBtc CEO David Smillie is a gambling degenerate. Former co-owner Ron has also went public about David's drug addiction as well. Says he is embezzling client deposits on drugs and gambling.
https://imgur.com/a/MVUSMqd

DO NOT DEPOSIT ANY CRYPTO OR FIAT IN THIS SCAM EXCHANGE. STAY AWAY. BUYER BEWARE.

Carlo Ponzi 09/22/2018

EZBTC is scam

Never use this exchange. Totally insolvent. CEO Dave Smillie is a habitual lier. Gives tons of bullshit. Use new clients's money to pay old clients' withdraw, or do arbitrage.

Never never never use EZBTC!!!

Icoshark 09/08/2018

Withdrawl never came through

Been trying to withdraw for over a month.
CSR emailed me saying it's beyond their reach since it's marked "completed" in their system.

Scammers.

Never invest in them. as good as gone.

Crypt blocks 07/30/2018

Do not use Ezbtc. You will lose your money!

Canadian Crypto News:

As of today, 25/July2018, EZBTC.CA the Canadian crypto exchange is on the bust, it has no operational money.

The 3 staff members in the Toronto office have quit 4 weeks ago because of 4 weeks lack of pay. There are no staff left in the Toronto office, the Toronto office is closed. The landlord for EZBTC is seeking rental areas for 1 month.

Clients that have requested for fund withdrawals through electronic fund transfers in last month have not yet received their money, because their money was used to prop up new clients buying crypto.

Some of the Clients who received their fund withdrawal of over $2000 by cheaque in the last 1 week have had their cheaques bounced.

CEO Dave Smiley has said that he fired all Toronto and Vancouver staff for incompetency, but the staff are saying that Dave is a reckless drunkard with drug substance abuse with a gambling streak.

They say that Dave has squandered money for clients that dunded their accounts through email money transfer and trhough bank wire transfers. The only clients left with money are the ones funded their accounts through cryptos.

Basically Dave is borrowing from peter to pay paul in last dith effort to stay affloat.

The vancouver Office only has three staff members, for which Dave and his brother are the other two.

Try calling through to EZBTC even 4 times a day for 5 days every day and see if your call will get returned.

I hope you will do the honorable thing to investigate it and warn people who will potentially lose money and create a lack of confidence in the history of canadian crypto

Thank you very much

Whistle blower

AAron Bevy 07/26/2018

Worst Exchange Ever

Take from transfer, prices higher than market for buying and lower than market for selling, they take a massive cut from each.

Over $30 fee to withdraw a couple hundred dollars worth of overpriced coins to an offline wallet/other exchange.

david 01/13/2018

Worst trade company

Penny Collect from your transfer.
Only one option to buy and sell.
The price to buy/sell over-price and low ball.
Already bubble on the price.
As soon as transfer fund and buy crypto in ezbtc, you lose your money already.

Choose another trade company in Canada or find other countries much much much better.

Cannot emphasize anymore.
do not recommend ezbtc.

exbtc user 12/14/2017
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