MogoCrypto Review: Buy Bitcoin in Canada

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by Enoch Omololu

Updated

Advertiser Disclosure

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

While there are now more than 5,000 cryptocurrencies in existence, Bitcoin holds the top spot with a market capitalization of $1.167 trillion as of April 14, 2021.

If you are looking at trading Bitcoin, you can use beginner-friendly cryptocurrency brokerage platforms like Mogo Crypto 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 how to earn Bitcoin cash back.

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).

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.

The fee you pay to Mogo Crypto is displayed on your account before a trade transaction is completed.

MogoCrypto Fees

Related: Best Bitcoin Wallets in 2021

Mogo Refer A Friend

Mogo has a rewards program that pays you to refer friends.

For example, when you sign up here and complete the identity verification process, you get a bonus.

You can also share your Mogo referral link with others, and when they join, you both get a bonus.

The company also has a bitcoin cash back program. When you make purchases using the Mogo Card, you earn 2% bitcoin cash back on all purchases.

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 Bitcoin and Ethereum 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.

FeaturesMogo CryptoCoinsmartWealthsimple Crypto
Cryptocurrency offersBitcoinBTC, ETH, LTC, XRP, USDT, BCH, XLM, ADA, QCAD, EOS, NEOBitcoin and Ethereum
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% – 0.40% trading fees1.5 – 2%
Other offeringsFree credit scores, loans, prepaid card, mortgagesAdvanced trading options, OTC trading for premium tradersOnline wealth management, tax software, free stock trading platform
PromotionN/A$20 when you deposit at least $100Get a $50 cash bonus when you trade $100 or more
Learn moreVisit MogoCryptoVisit CoinSmartVisit Wealthsimple Crypto

Related: How To Buy Ethereum in Canada.

MogoCrypto Review
4

Summary

MogoCrypto is a cryptocurrency trading platform in Canada. This Mogo Crypto review covers its fees, Bitcoin cash back offers, and how to get a $20 sign-up bonus.

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
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Author

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Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

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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