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Moka (Mylo) Promo Code Jan 2023: Get a FREE $5 Cash Bonus

Moka (formerly Mylo) is Canada’s pioneer app for investing your spare change. Similar to the Acorns or Digit apps in the United States, Moka helps you to start growing your wealth automatically with every purchase you make.

The app offers a $5 cash bonus to all new clients who sign up here (no promo code required).

You can read our detailed Moka review for more information about its offerings.

What is the Moka App?

Moka Financial Technologies Inc. was founded in 2017 and was featured on the Dragon’s Den show. The Moka app rounds up your purchases to the nearest dollar and invests the spare change. 

For example, if you purchase coffee for $2.50 using your debit or credit card, Moka will round it up to $3.00 and save 50 cents. It is often referred to as a micro-saving app.

Moka Benefits

1. Automated Investing: Your spare change is automatically invested, so you do not even have to think about it.

2. Low Fees: You pay a monthly $3.99 fee and can open a non-registered investment account, TFSA, and RRSP account. The platform also offers an optional Moka 360, which is a premium financial finance service that assists you with saving on utility bills, paying off debt, and more.

3. Diversified Portfolio: They use Nobel Prize-winning strategies to invest your money using low-cost ETFs.

4. Meet Financial Goals: You can use the Moka app to set specific financial or savings goals, e.g. save for retirement, make a down payment on a home, pay off debt, save for an emergency fund, etc. The app allows you to multiply your roundups or increase your contributions to reach your goals.

5. Cash Back Offers: Moka offers various cash back opportunities through its network of partner retailers and brands.

Moka Investing App

Is Moka Safe?

The funds in your Moka account are held in trust by Fidelity Canada Clearing, which is a member of the Canada Investor Protection Fund (CIPF). This means that your account is insured for up to $1 million.

As for your personal information, the company uses 256-bit encryption to ensure it is protected.

Moka Promo Code and Referral Program

When you open a new account with Moka (promo link), they reward you with a $5 cash bonus.

The company also gives you a $5 bonus for every friend you refer when they sign up using your referral link. Your friend gets a $5 bonus too!

This is awesome since it means that you can help friends and family to start saving while you also grow your investment portfolio.

Apply Now For Moka ($5 Bonus).

Related Reading:

Already using the Moka investing app? Tell us about your experience in the comments!

Moka Promo Code and Review 2023
  • Ease of use
  • Fees
  • Accounts and products
4.5

Summary

Moka is similar to the Acorns or Digit apps in the United States and is Canada’s pioneer app for investing your spare change. Start investing for your future today!

Pros

  • Automated investing
  • Low-cost management
  • Diversified portfolios
  • Registered accounts available
  • Premium service also offers cash back

Cons

  • $3.99 monthly fee depending on your package

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Author

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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