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Moka App Review (formerly Mylo App) 2024


Fact Checked

The Moka app (formerly Mylo app) is the Canadian answer to automated savings and investing apps such as Acorns and Digit in the U.S. and Moneybox in the U.K.

While we can all agree that saving money for the future is generally a good thing, many of us never get around to doing it.

Recent stats show that 32% of Canadians between the ages 45-64 have nothing (i.e. $0) saved for retirement. This is indeed alarming! At 64 years of age, you should either be retired or be planning to do so soon.

Simplifying the savings and investing process is what automated savings apps like Moka aim to accomplish. There is no drastic change to your daily lifestyle, and you do not need to understand the nitty-gritty details of portfolio management.

Simply set a savings goal, and the app does the rest by moving small amounts of money (spare change) from your bank account into a diversified portfolio that continues to grow and increase your net worth.

This Moka review covers what you need to know about the app.

Moka App Overview

Moka Financial Technologies Inc. is a Canadian fintech company launched in 2017 by Phil Barrar – you may have watched the Dragons’ Den episode when he came on the show with Dr. Liam Cheung!

The Moka app was the first automated goal-based savings and investing app to allow Canadians to easily invest their spare change and grow their wealth.

In 2020, Mylo rebranded as Moka after expanding internationally to Europe and launching in France. More than 750,000 Canadians have downloaded the Moka app, which holds a 4.4/5 rating on the App store.

Moka Investing App

How Does the Moka App Work?

When I first heard of Moka, my reaction was: “Spare change? How does that work?”

The idea behind meeting your financial goals through micro-investing is actually pretty smart. Do you remember how often you have given up on a savings endeavour simply because you could not afford to set aside enough funds?

What automated savings apps like Moka do is help you save small amounts of money, which means you do not need to deprive yourself or radically change your lifestyle. They simply round up your purchases to the nearest dollar and save the difference.

For example, let’s say you buy a cup of coffee at the cost of $3.25 using your credit card. The Mylo app rounds up your purchase to $4.00 and puts the extra 75 cents into your Moka account.

This goes on throughout the week. Every Monday, roundups from the previous week are withdrawn from your chequing account and invested into a Moka investment account on your behalf. You can withdraw your funds at any time.

In addition to roundup savings, you can also accelerate the growth of your investment account or meet your financial goal faster by using:

Recurring Investments: You can choose to deposit a fixed amount every week in addition to the usual roundups.

Roundup Multiplier: You can set up your account to multiply your roundups by up to multiples of 10. For example, if you want a 5x multiple on the loose change you invest, a 75 cents savings becomes $3.75 (75 cents x 5).

One-Time Investments: You can make lump-sum deposits to your account whenever you want to quickly reach your savings goals.

How To Open a Moka Account

Opening a new Moka account is easy-peasy and should take you about 3 minutes. The onboarding process includes the following:

1Visit Moka via this link ($5 welcome bonus).

2. Create an account and answer a few questions to build your investor profile and determine your financial goals and risk tolerance.

3. Link your bank account to the app.

4. That’s it! You are on your way to meeting your money goals.

Whenever you refer friends to the app, Moka rewards both of you with $5. This means you can reach your financial goals even faster!

How To Invest Your Money Using Moka

The funds saved in your Moka account are managed by a registered Canadian portfolio manager at Tactex Asset Management, a subsidiary of Moka Financial Technologies Inc.

The portfolio manager invests your money using a diversified portfolio of low-cost ETFs that is modelled after the Modern Portfolio Theory.

You can invest your money with Moka using registered investment accounts (TFSA and RRSP) or a personal non-registered taxable account.

The five basic types of portfolios offered by Moka include:

  • Conservative: 100% savings
  • Conservative-Moderate: 40% savings and 60% Bonds
  • Moderate: 60% Bonds and 40% Stocks
  • Moderate-Aggressive: 40% Bonds and 60% Stocks
  • Aggressive: 20% Bonds and 80% Stocks

They also offer a socially responsible investing portfolio, the Moka SRI Fund, which invests in companies building a better world.

Your portfolio type is based on your investor profile, investment horizon, risk tolerance, and financial goals.

If you have any questions regarding your account, you can always reach out to your dedicated portfolio manager and/or customer support through the app to ask them questions.

The ETFs employed to build your portfolio include:

Moka ETF Investments

Other Moka App Benefits

In addition to offering hassle-free investing in tax-free and taxable accounts, Moka also offers:

  • Cash back opportunities through Moka Perks. Users enjoy exclusive discounts and cashback offers from popular brands like Uber Eats, Apple Music, HelloFresh, Staples, and more.
  • Moka 360: This premium plan gives users access to the original Moka features plus personalized financial coaching, access to customized debt repayment plans and double cashback Perks.

What Fees Does Moka Charge?

I am always interested in what I pay for investment fees and their impact on my long-term returns. You should know that while some level of fees is inevitable, it always cut into your overall investment returns.

Moka charges a flat $3.99 fee per month to use its financial savings platform. This fee does not vary with your account size – whether small or large. Let’s dig into the numbers:

Scenario 1: Assuming you invest your spare change of about $20 per month on the basic plan. At the end of one year,

  • Total savings for the year: $240 ($20 x 12 months)
  • Total fees paid to Moka: $47.88 ($3.99 x 12 months)
  • Annual Moka management fee = 47.88/240 = 19.95% (This is high!)

Scenario 2: Let’s assume you invest $300 per month (spare change plus an occasional lump sum or recurring payments). At the end of the year,

  • Total savings for the year: $3,600 ($300 x 12 months)
  • Total fees paid to Moka: $47.88 ($3.99 x 12 months)
  • Annual Moka management fee = 47.88/3,600 = 1.33% of your assets. This is lower than many comparable mutual funds, which can easily charge you as much as 1.98% in MER for equity funds!

What the examples above show is that Moka is good on fees if you plan to use it smartly. The more you save/invest, the less you pay in fees because their fees are flat.

In addition to the $3.99 per month charged by Moka, your investments will generally pay management fees (MER) to the individual ETFs in your portfolio.

This is normal and occurs with Robo-Advisors as well. MERs charged by the low-cost ETFs that Moka utilizes are in the 0.06% to 0.38% range.

Is The Moka App Safe?

As per the company, they employ the same security and encryption measures that your bank uses. They also indicate that your data is never for sale.

In addition, your funds are insured by the Canadian Investor Protection Fund (CIPF), which means that if the custodian for your funds goes bankrupt, your investments are protected by up to $1 million.

Is the Moka App Right For You?

The Moka App is great for those who want to invest effortlessly without having to think or stress about it. Anyone can benefit from using the app as a savings/investing strategy.

For example, you can have your registered investment portfolios (e.g. RRSP and TFSA) and employ index funds, ETFs, or mutual funds in those accounts.

At the same time, you can use Moka to set up a savings/investing account for your emergency funds, travel or vacation fund, home down payment, Christmas gifts fund, and more.

The Moka app is especially great for you if you find it difficult to put down significant sums of money at once to invest or save. The app is easy to use as there are no minimum amounts you can invest, and by taking your spare change, you can reach your financial goals without feeling the pinch in your pockets.

Investment knowledge is not required on your part, given that your portfolio manager does all the asset allocation and re-balancing for you.

If you plan to save very small amounts per month (like the $20 per month example I used above) or infrequently, the $3.99 per month fee is comparatively steep.

However, many still find Moka useful even with this cost, especially when the automated savings process is the only way they can save anything at all.

If you are looking for other opportunities to invest using automation and low-cost ETFs inside a registered account, robo-advisors like Wealthsimple are worth checking out.

You can compare all the major robo-advisors by reading my Complete Guide To Robo-Advisors in Canada.

Moka App Review
  • Ease of Use
  • Account Minimum
  • Investment Options
  • Management Fees
  • Referral Program


Moka (formerly Mylo App) is an automated investing app like Acorns in the U.S. This Mylo review covers all you need to know.

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Editorial Disclaimer: The investing information provided here is for informational purposes only and is not intended as individual investment advice or recommendation to invest in any specific security or investment product. Investors should always conduct their own independent research before making investment decisions or executing investment strategies. Savvy New Canadians does not offer advisory or brokerage services. Note that past investment performance does not guarantee future returns.

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

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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23 thoughts on “Moka App Review (formerly Mylo App) 2024”

  1. Gravatar for Rob Barling

    What is the cost to take your money out?

    • Gravatar for Enoch Omololu

      Hi Rob: As per Mylo’s website:

      “You can request a withdrawal anytime. We process withdrawal requests every Friday, so depending on what day of the week you request your withdrawal, it can take between 2 to 8 business days for your money to be deposited back in your funding source.”

      • Gravatar for Kunal


        Can you please advise the withdrawal fees?

        • Gravatar for Enoch Omololu

          @Kunal: There are no fees for withdrawing funds from Mylo and it takes between 2 to 8 business days for your money to be deposited back in your funding source.

    • Gravatar for Enoch Omololu

      @Rob: There is no fee for withdrawing your funds.

  2. Gravatar for Andrea Stuckless

    If you need money out of the account how do you get it???

    • Gravatar for Enoch Omololu

      Hi Andrea: see my answer to Rob above. In addition, there are no charges when you make a withdrawal. Cheers!

    • Gravatar for Enoch Omololu

      @Andrea: To withdraw funds, send a withdrawal request to the Portfolio Manager through the Mylo App. There is no fee for withdrawing your money.

  3. Gravatar for MaTt

    Can two people (husband and wife) share the same account?

    • Gravatar for Enoch Omololu

      @Matt: No, there is currently no joint account option.

  4. Gravatar for MC

    Can one discontinue Mylo account anytime? Any fee for that and other useful info upon cancellation?
    Thank you

    • Gravatar for Enoch Omololu

      @MC: Yes you can withdraw your funds at any time by simply emailing them through the app. There is no fee.

  5. Gravatar for mervin lubin

    how can we talk to them

    • Gravatar for Enoch Omololu

      @Mervin: You can easily contact them using the app’s chat function or email at [email protected].

  6. Gravatar for ANMOL


  7. Gravatar for loganathan

    hi my name is Logan, I have a mylo account, i having trouble to login to my account
    i sent so many e mails forhelp but no one get back to me , i want to withdraw my money can you reply me please
    thank you
    best regard

  8. Gravatar for Kunal

    When i choose to invest in stocks with mylo..how much premium am i earning on my stocks ?

  9. Gravatar for Natalie

    Hey Enoch, thanks for this. I downloaded Mylo and tried to use the link for the $5 bonus. Because I had to go through the sign up process, the link now just takes me to my account (currently at $0.00). Is there any way we can both benefit and get the $5? Thanks for your help!

    • Gravatar for Enoch Omololu

      @Natalie: You can try chatting with their customer support through the app to see whether they would be able to apply the promotion after the fact. Cheers.

  10. Gravatar for Mian Shah

    But like most people, I use a credit card for my daily purchases, not a debit card.

    So does MOKA work with credit cards to roundup purchases?

    • Gravatar for Enoch Omololu

      @Mian: Moka tracks all purchases in your bank account and rounds them up, including debit purchases, credit cards, preauthorized debits, etc. I believe you can select accounts you want it to take into consideraton when you link your bank account.

  11. Gravatar for Enoch Omololu

    @Rachel: To close your account you can send an email at [email protected] from the email address you used to create your account. You can also send them a chat in-app.

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