Last updated August, 2017
Back in May 2017 when I started looking into cryptocurrencies and investing in Bitcoin, once I had finally decided to pull the trigger and invest, I went on a mad rush to find an exchange. Prices were going up and since I had decided I wanted in, every day I waited was a potential loss of profit.
My requirements for a crypto exchange was one that would a) approve my application and b) allow me to deposit some funds quickly and cheaply. Living in Canada, another important factor was the ability to fund the account in CDN dollars to avoid having to first exchange to US dollars before funding the account.
Another thing that attracted me to ezBTC is that they accept interac e-transfers to fund your account, with no fees for the deposit.
Once bitcoin is purchased, For withdrawals, there is a .0005BTC fee.
I signed up, received a confirmation email, and was on my way in a matter of minutes. The second step of the registration was to provide ID confirmation, and that process took less than a day – super fast!
I was also able to e-transfer funds and buy bitcoin – all in all a good experience.
Then, however, came the Bitcoin hard fork – remember the nerd wars back in June and July 2017 that led to the developers splitting and resulting in Bitcoin and Bitcoin Cash? Leading up to it, I knew I had to move my BTC off of exchanges that weren’t going to support it. In fact, I received about 6 different emails from Coinbase.com
The first emails from Coinbase were saying “move your Bitcoin, we aren’t going to support Bitcoin Cash so if you want it you’ll have to move your Bitcoin somewhere else before the split”. So, I quickly transferred my BTC. The last few emails from CoinBase changed to “Actually, we will support Bitcoin Cash so you can leave your Bitcoin with us”…. I moved too quick 🙂
I had been so happy with ezBTC, I went to their site to see what they said about Bitcoin Cash and the upcoming hard fork. I found an official message saying something to the effect of “During the fork we will work in our clients best interest.” (I don’t have the exact wording, it was a temporary message only visible to logged in users and it isn’t there anymore). Alright, sounds good, so I transferred my BTC to ezBTC.
After the split, I waited a while, logged in, and didn’t see any notices or mention about the fork at all. All I noticed was a comment in the chat box that said “Last time I leave my BTC on an exchange during a hard fork. Too bad I won’t get any Bitcoin Cash”. WHAT? I thought “This can’t be!”
I responded to the chat, didn’t receive any direct contact from ezBTC, and only others who responded and said “You should’ve pulled your BTC out it’s your own fault.”
In hind sight, perhaps it was partially my fault – my fault for thinking that ezBTC saying “client’s best interest” meant that I’d receive the Bitcoin Cash. Apparently, for ezBTC.ca, their client’s best interest is having them keep the hundreds of dollars of Bitcoin Cash for themselves?!
I’m not sure what to do going forward. There aren’t lots of BTC exchanges in Canada, but CoinBase supports Canadian customers, and they sure are up front and intentional about their communication.
Could they fix it? Sure – they could send me the Bitcoin Cash, they could tell me with a straight face they didn’t claim it and never will, they could offer me transaction fee discounts to try and make things right, heck, they could’ve even sent me an email to explain why they think it was all my fault.
Lesson learned – the hard way – the way that cost me hundreds in lost Bitcoin Cash.