Mogo Crypto Review 2021

  • Free signup, funding, and withdraw
  • Fund your account through e- or wire transfer
  • Buying and selling bitcoin - 1% fee

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MogoCrypto is a popular choice for investing in cryptocurrency for Canadians. It’s a platform that offers investors the option of selling and buying Bitcoin, which is among the top choices of cryptocurrencies due to its high success in the market. Their Mogo Crypto review is favorable for many members due to the service provider’s many features and benefits.

The trading service, operated by Mogo Inc., was established as a financial technology company in 2003 and offers cryptocurrency trading using Canadian dollars. The company has just over 1.5 million members and has grown to become a popular trading platform.

What Makes Mogo Crypto a Good Option?

Mogo Crypto offers many options to investors and mainly accommodates members who are new to Bitcoin and cryptocurrencies. Mogo offers a wide range of services, in addition to cryptocurrency trading, including loans, prepaid debit cards, free credit scores, mortgages, and secured credit cards.

Mogo is well established and reputable, as the company is publicly traded on NASDAQ and the Toronto Stock Exchange. It’s one of the best cryptocurrency trading platforms for beginners, offering an easy-to-use interface to get new traders started.

What are the Features of Mogo Crypto

A Mogo Crypto review will uncover some great features that can help investors of all levels of experience, whether you’re new or knowledgeable about cryptocurrencies. Mogo Crypto allows you to trade Bitcoin using various altcoin options, including NDAX, Coinsmart, Coinsquare, and Bitbuy.

When you open an account, the process only takes a few minutes of your time. You’ll also receive a small welcome bonus when you sign up with this reputable company.

Pros and Cons of Mogo Crypto

Before you decide to invest in cryptocurrencies, this MogoCrypto review will offer all the advantages and drawbacks to giving you all the details you need. MogoCrypto is a great company for most people to start your crypto investment portfolio with some great features and a few details to get familiar with when you set up an account.

It’s important to realize that every cryptocurrency trading platform offers pros and cons for members. Many attributes are similar among companies or providers, while there may be some special features or characteristics to consider.

ProsCons
+ Free signup
+ Free funding
+ Free withdraw
+ Low fees
– Only Bitcoin
– Not in all provinces

Advantages of Mogo Crypto

You’ll discover some decent features when you open an account with this company. This Mogo Crypto review offers many incentives to start, especially if you’re new, as this service provider was built with beginners in mind. If you have a friend or family member interested in opening an account, there’s a referral program that can help you earn some cashback on your Bitcoin investments.

It’s easy to fund your account, which can take less than a minute when you use Interac e-transfer services. Wire transfers are also available, and you can also earn points on your Mogo credit card, which can be automatically invested into your crypto account. Deposits and withdrawals are free, so you can enjoy moving your money and earnings on investments without incurring charges.

The Mogo Crypto review, according to other sources, is excellent, with an A+ rating from Better Business Bureau. The company is regulated by FINTRAC, which is a well-known, publicly-traded company. Mogo Crypto is also protected with encrypted data and passwords, so your account information and investments are safe. To access your account, you’ll need to use a verification process that ensures your Bitcoin account is secure.

There’s no minimum balance required to trade on Mogo Crypto so that you can start with just a tiny amount. If you wish to make an Interac e-transfer deposit, you’ll need at least $10, which is relatively affordable. Ideally, Mogo Crypto keeps your experience simple so that you can get familiar with Bitcoin and the digital currency market.

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Drawbacks of Mogo Crypto

This Mogo Crypto review highlights a few disadvantages that you’ll want to consider when you open your account. One of the main drawbacks is the limitation on the type of cryptocurrency, as Mogo only trades Bitcoin. You’ll also pay a fee of 1% on every trade, which can add up if you’re trading often.

Depending on where you live in Canada, Mogo Crypto might not be available to you. The company offers services in specific provinces, including Newfoundland, Nova Scotia, PEI, Ontario, New Brunswick, Alberta, BC, and Manitoba. There’s a possibility you may need to pay taxes on your Bitcoin investments, depending on the number of digital currencies you invest in, which you’ll receive annual documentation for this purpose.

Cryptocurrencies are riskier than traditional investments, and for this reason, it’s essential to take extra precautions before taking the plunge. Not only will your investment be high risk, and the value can change significantly over time, and there is no insurance coverage, provincial or federal protection for Bitcoin. It’s also important to be careful with any online trading platforms, even secure websites, as there is always the possibility of exposure of theft or fraud.

Cost of Using Mogo Crypto

There’s a 1% fee to trade Bitcoin with MogoCrypto and no fees for withdrawals or deposits. This Mogo Crypto review is positive for most people, as the fees are straightforward to understand. There may be additional fees depending on the exchange partner, which can vary in cost.

Generally, the trading fees are average, with other crypto trading platforms either above or below this amount. If you accumulate many rewards with your cash back credit card, you’ll find the experience affordable and secure.

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Who is Mogo Crypto for? Should You Use Mogo Crypto?

This Mogo Crypto review is recommended for beginners. It’s an ideal investment platform for anyone new to learning about cryptocurrencies and who want to try Bitcoin for the first time. It’s also a great company to register with if you want access to other services Mogo offers, including personal loans, credit cards, and building your credit.

For some people, the idea of trading with a new currency or learning about cryptocurrency exchanges may seem initially intimidating. This Mogo Crypto review offers an easy way to get started and access your account anytime to trade Bitcoin, so you can learn as you invest without any minimum requirements.

The idea of earning cashback rewards on your credit card, which can increase your Bitcoin investments. It’s a great incentive for many people who like the familiar benefit of collecting points or rewards from other programs or financial institutions. This Mogo Crypto review offers a way for anyone to feel comfortable with digital currencies to start and explore further in the future.

Mogo Crypto offers a simple registration process so that you can open your account quickly and learn more about cryptocurrency as you go. The company and website make it effortless for new users and investors to get familiar with cryptocurrency investments at an individual pace while offering online access and trading 24 hours.

Not sure if Mogo Crypto is right for you? Alternatives to Mogo Crypto you can consider

Once you get familiar with the Mogo Crypto review, you’ll need to decide if it’s the right company for you. Most people new to cryptocurrencies find that the company is easy to work with, and the fee structure isn’t complicated. If you’re looking for a crypto company that offers more than Bitcoin, you may consider Wealthsimple Crypto, which supports Ethereum and Bitcoin.

Wealthsimple Crypto offers digital assets with no fees for deposits or withdrawals, though there is a transaction fee between 1.5% and 2% when you make a trade. The company offers a generous promotion program for trading a minimum of $100, and you’ll have access to free stock trading software.

Coinsmart is another comparable crypto company that offers ten different cryptocurrencies, which is ideal if you’re looking for more options than Mogo Crypto or Wealthsimple. Trading fees are also lower, between 0.20% to 0.40%, and you’ll receive a bonus with every $100 or more of investments. Coinsmart also offers more funding options, including bank draft, wire transfers, credit and debit cards, and e-transfers.

Wrapping up our Mogo Crypto Review

Mogo Crypto is an excellent option for people new to digital currency trading and feels comfortable learning about it and how to make money. While Bitcoin and other cryptocurrencies are subject to higher risk than traditional investments, you’ll find Mogo Crypto is relatively safe and features a lot of security to protect your account and trading access.

It’s also essential to explore other options for cryptocurrencies if your plan for investing is more specific and includes a broader range of digital currency options, aside from Bitcoin. You’ll find there are many new platforms and innovative opportunities to explore the world of cryptocurrencies. You’ll also want to keep in mind the aspect of higher risk, even with all the protective measures companies put in place. In time, digital currencies will continue to thrive, and finding the right platform largely depends on your financial goals, both interim and long-term. Mogo Crypto is one option that works for many new investors and anyone just beginning to learn about digital currencies and how they can work for you and your portfolio.

MogoCrypto Features

mogo crypto review

MogoCrypto provides Canadians with a great way to invest in Bitcoin on a budget.5 minutes

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Free Signup

You don’t need to be a cryptocurrency exchange expert to get started.

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Free Funding & Withdraw

You can fund as little as $10 and buy as little as $1 of bitcoin.

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1% Buy & Sell Fee

Take advantage of one of the lowest Bitcoin buy and sell fees in Canada.

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Real Bitcoin Earnings

You have the ability to withdraw your Canadian dollar funds if you want to cash out.

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FAQs about MogoCrypto

How do I fund MogoCrypto?

Interac e-Transfer – Your account will be funded in as little as 30 minutes (1) after your e-Transfer is received. It can sometimes take up to 30 minutes for Mogo to receive your e-Transfer notification from your bank. For detailed Interac e-Transfer instructions CLICK HERE.

Wire Transfer – If your wire transfer is processed by your bank by 4pm ET Monday to Friday not including holidays, and includes your Secret Key, in most cases your account should be funded same day between 6pm – 7pm ET.  For detailed Wire Transfer instructions CLICK HERE.

How soon can I buy bitcoins after I fund MogoCrypto?
Why should I invest in bitcoin through Mogo?
  • You don’t need to be a cryptocurrency exchange expert to get started. MogoCrypto removes all of the complicated layers to make sure that buying and selling bitcoins is as simple as possible.
  • You can fund as little as $10 and buy as little as $1 of bitcoin.
  • You have the ability to withdraw your Canadian dollar funds if you want to cash out.
  • Convenient mobile app so you can buy and sell online 24/7.
What are MogoCrypto’s fees?
  • MogoCrypto sign up – free
  • Funding and withdraw – free
  • Holding your coins – free
  • Buying and selling – 1% of the Canadian Dollar value of crypto being bought/sold
What are MogoCrypto’s withdrawal limits?
mogo crypto review

Mogo Crypto Review 2021

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September 3, 2021
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