Mogo Crypto is a cryptocurrency platform for buying and selling Bitcoin in Canada.
While there are now more than 16,000 cryptocurrencies in existence, Bitcoin holds the top spot with a market capitalization of $387 billion as of June 16, 2022.
If you are looking at trading Bitcoin, you can use beginner-friendly cryptocurrency brokerage platforms like Mogo Crypto, Newton, and Wealthsimple Crypto.
You can also directly trade Bitcoin and a variety of altcoins using a cryptocurrency exchange such as Coinsmart, Bitbuy, NDAX, and Coinsquare.
This Mogo Crypto review covers its features, fees, refer a friend program, and more.
Table of Contents
What is Mogo Crypto?
MogoCrypto is a cryptocurrency trading service operated by Mogo Inc., a financial technology company founded in 2003.
The platform supports investing in Bitcoin using fiat (Canadian dollars).
In addition to cryptocurrency trading, Mogo also offers personal loans, free credit scores, mortgage loans, and a prepaid debit card known as the Mogo Visa* Platinum Prepaid Card.
Mogo has over 1.6 million members and is publicly traded on the Toronto Stock Exchange and NASDAQ.
You can learn more about its various financial products in this review.
How does Mogo Crypto Work?
Mogo Crypto is designed with newbies in mind.
After opening an account, you can start buying and selling Bitcoin within minutes.
You can fund your account using Interac e-Transfer from your bank with deposits clearing within 30 minutes. Cash withdrawals are supported using direct deposit and may take 1-5 business days to complete.
There is no minimum balance to trade Bitcoin on MogoCrypto, however, the minimum Interac e-Transfer is $10.
The cryptocurrency exchange used by Mogo Crypto is Coinsquare.
Mogo Crypto is available to residents of BC, MB, AB, ON, NB, PE, NL, and NS, and you must have reached the age of the majority in your province (i.e. 18 years or 19 years old).
Mogo Crypto Fees
Mogo Crypto charges a 1% fee when you buy or sell Bitcoin. This trading fee is in addition to any fees and spread applied by its exchange partner.
The fee you pay to Mogo Crypto is displayed on your account before a trade transaction is completed.
Related: Best Bitcoin Wallets
Mogo Refer A Friend
Mogo has a rewards program that pays you to refer friends. For example, by planting a tree on your behalf.
You can also share your Mogo referral link with others, and when they join, you both may earn rewards (depending on the offer available at the time).
Is Mogo Crypto Legit?
Mogo is a legitimate company that is traded on the TSX and Nasdaq under the ticker symbol: MOGO. It is registered in Canada as a Money Service Business and is regulated by FINTRAC.
As per its website, Mogo uses the latest Transport Layer Security (TLS) protocols to protect its customer’s information.
On the Better Business Bureau, the company has an A+ rating.
Pros and Cons of Mogo Crypto
Some of the benefits and downsides of Mogo Crypto include:
Pros
- User-friendly platform for beginners.
- Offers free useful services like free credit scores and identity fraud protection.
- 95% of digital assets are held offline in cold storage.
- You can refer friends to earn extra cash.
Cons
- 1% fee is on the high side (plus fees levied by exchange).
- Digital assets can’t be moved into a personal cold wallet.
- Crypto deposits are not supported.
Mogo Crypto vs. Wealthsimple vs. CoinSmart
Wealthsimple Crypto is a crypto-trading platform operated by Canadians largest robo-advisor. It supports several crypto coins and is available on desktop and mobile devices.
Similar to MogoCrypto, Wealthsimple Crypto has no fees for depositing or withdrawing fiat, however, you pay a 1.5% – 2% fee. Digital assets (coins) on Wealthsimple Crypto are held by a regulated custodian, Gemini Trust Company.
CoinSmart is one of the best cryptocurrency exchanges in Canada and it offers basic and advanced trading features.
| Features | Mogo Crypto | Coinsmart | Wealthsimple Crypto |
| Cryptocurrency offers | Bitcoin | BTC, ETH, LTC, XRP, USDT, BCH, XLM, ADA, SHIB, EOS, etc. | Bitcoin, Ethereum, and 32 others |
| Funding methods | Interac e-Transfer | Interac e-Transfer, bank wire, bank draft, credit/debit card | Electronic funds transfer; instant deposits up to $250 |
| Cold wallet storage | Coinsquare | Coinsmart | Gemini Trust Company, LLC |
| Trading fees | 1% trading fee plus exchange partner fees | 0.20% trading fees | 1.5 – 2% |
| Other offerings | Free credit scores, loans, prepaid card, mortgages | Advanced trading options, OTC trading for premium traders | Online wealth management, tax software, free stock trading platform |
| Promotion | N/A | $50 when you deposit at least $200 | Get a $25 cash bonus when you trade $150 or more |
| Learn more | Visit MogoCrypto | Visit CoinSmart | Visit Wealthsimple Crypto |
Related: How To Buy Ethereum in Canada.
MogoCrypto Review
Summary
MogoCrypto is a cryptocurrency trading platform in Canada. This Mogo Crypto review covers its fees, pros, cons, referral program, and more.
Pros
- User-friendly platform
- Offers other services
- Cold storage protection
- Has a referral program
Cons
- High trading fees
- Tied to platform
- Crypto deposits are not supported
- Offers only Bitcoin
