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Mogo Crypto Review 2023: Buy Bitcoin in Canada

Mogo Crypto is a cryptocurrency platform for buying and selling Bitcoin in Canada.

While there are now more than 22,000 cryptocurrencies in existence, Bitcoin holds the top spot with a market capitalization of $342 billion.

If you want to trade Bitcoin, you can use beginner-friendly cryptocurrency brokerage platforms like Newton, VirgoCX, and Wealthsimple Crypto.

You can also directly trade Bitcoin and various altcoins using a cryptocurrency exchange such as Coinsmart ($50 bonus offer), Bitbuy, NDAX, and Coinsquare.

This Mogo Crypto review covers its features, fees, refer-a-friend program, and more.

Update: MogoCrypto is transitioning to Coinsquare, and you can no longer use it for trading crypto.

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 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).

MogoCrypto Trading Bitcoin

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.

Your fee to Mogo Crypto is displayed on your account before a trade transaction is completed.

MogoCrypto Fees

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 traded on the TSX and Nasdaq under the MOGO ticker. 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:


  • 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.


  • 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.

Like 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.

FeaturesMogo CryptoCoinsmartWealthsimple Crypto
Cryptocurrency offersBitcoinBTC, ETH, LTC, DOT, SOL, BCH, XLM, ADA, SHIB, EOS, etc.Bitcoin, Ethereum, and many others
Funding methodsInterac e-TransferInterac e-Transfer, bank wire, bank draft, credit/debit cardElectronic funds transfer; instant deposits up to $250
Cold wallet storageCoinsquareCoinsmartGemini Trust Company, LLC
Trading fees1% trading fee plus exchange partner fees0.20% trading fees1.5 – 2%
Other offeringsFree credit score checks, loans, prepaid card, mortgagesAdvanced trading options, OTC trading for premium tradersOnline wealth management, tax software, free stock trading platform
PromotionN/A$50 when you deposit at least $200Get a $25 cash bonus when you trade $200 or more
Learn moreVisit CoinSmartVisit Wealthsimple Crypto


MogoCrypto Review


MogoCrypto is a cryptocurrency trading platform in Canada. This Mogo Crypto review covers its fees, pros, cons, referral program, and more.


  • User-friendly platform
  • Offers other services
  • Cold storage protection
  • Has a referral program


  • High trading fees
  • Tied to platform
  • Crypto deposits are not supported
  • Offers only Bitcoin

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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