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Mogo Bitcoin review

Load money into your account and buy and sell Bitcoin quickly and easily with the user-friendly Mogo Bitcoin app.

Mogo is an easy-to-use cryptocurrency platform that’s designed for beginner traders. It lets you purchase small portions of Bitcoin (or “sats”) for a few dollars at a time.

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Details

NameMogo Bitcoin
Trading Fee1%
Fiat CurrenciesGovernment-issued fiat currencies which can be deposited and used to purchase cryptocurrency.
Mogo Bitcoin offers one of the easiest ways to purchase Bitcoin in Canada. You can even use the mobile app to buy “Sats,” which are small portions of a Bitcoin. This means you can dip your toe into the world of cryptocurrency with as little as $1. You’ll also get a free $5 welcome bonus just for signing up so that you can try your hand at trading without using your own money.

30-second take

  • Good for crypto beginners who want a cheap and easy way to trade Bitcoin using their mobile phone.
  • Not so great for trading multiple cryptocurrencies and comes with a 1% trading fee for both buying and selling.

What is Mogo Bitcoin?

Mogo is an easy-to-use cryptocurrency platform that’s designed for beginner traders. It lets you purchase small portions of Bitcoin (or “sats”) for a few dollars at a time. You can also make a bigger investment if you would prefer to take a more risky position. All you need to do to buy and sell Bitcoin is sign up to the Mogo mobile app and load money into your account.

Mogo will also give you $5 to make your first trade, and you can also put the cashback you earn from your Mogo Visa Platinum Prepaid Card towards buying more Bitcoin. The downside of the service is that you’ll have to pay a 1% fee for buying and selling Bitcoin, and you won’t be able to transfer Bitcoin in or out of your account.

What cryptocurrencies are supported by Mogo Bitcoin?

The only cryptocurrency that is supported by the Mogo app is Bitcoin. The company does have plans to add more cryptocurrencies in the future, but it’s unclear when these will be available for trading. Another drawback is that you won’t be able to transfer Bitcoin into your Mogo account from another trading platform. This can make it difficult for traders who want to switch to Mogo Bitcoin but have holdings with another provider.

Which payments methods are accepted?

There are three ways to load funds into your Mogo Bitcoin account:

  1. Send an Interac e-Transfer. You can use your online bank account to send an Interac e-Transfer to your Mogo account.
  2. Organize a wire transfer. It’s possible to send a wire transfer directly from your bank account, though your bank may charge you a fee for initiating the transfer.
  3. Accumulate cashback on your Mogo credit card. You’ll be able to exchange the cashback from your Mogo credit card for Bitcoin using your rewards account.

What’s it like to use Mogo cryptocurrency?

Mogo Bitcoin, formerly called MogoCrypto operates exclusively through its mobile app. This means that the only way you can experience Mogo is on your mobile device. The app offers a simple user interface and a streamlined design to help make purchasing and selling Bitcoin as easy as possible.

Buying and selling BitcoinPicture not described

You can buy and sell Bitcoin from the “Overview” page of the app. All you need to do is plug in the amount you want to buy or sell and Mogo will do the rest for you. You can also load money into your account from this page and withdraw funds to your bank account. The amount you have invested in Bitcoin will show at the bottom of the screen on the left-hand side. The amount you have to spend on Bitcoin will show on the right-hand side.

Bitcoin also offers several in-app tools to show you how much you’re making on your investment. It also clearly states its fees whenever you buy Bitcoin so that you know how much money you’ll be charged for your trade.

Fees and limits

Mogo doesn’t charge any account fees for its Mogo Bitcoin app. The only time that you’ll be charged a fee is if you make a trade.

  • Platform trading fees. You’ll pay a 1% fee anytime you buy or sell Bitcoin with Mogo Bitcoin. This means you have to factor this fee in a second time when you plan to sell your holdings and cash out your Mogo account.
  • Deposit fees. You won’t pay any fees to deposit or withdraw money with Mogo (though you could be charged a wire transfer fee from your bank).
  • Withdrawal fees. There are no fees to withdraw funds from your Mogo Bitcoin account. Just be aware that you won’t be able to withdraw funds as Bitcoin. Instead, you have to sell your holdings to withdraw your funds as cash.

How fast will my funds be available?

Mogo is praised for having very fast deposit and withdrawal times. You can expect to get your funds in the following time frames:

  • Deposits take less than one hour. For deposits with Interac e-Transfer, you can expect to get funds loaded into your account in under an hour.
  • Withdrawals can take up to five business days. Withdrawals will usually be processed within five business days (but may take less time depending on a number of factors).

Is Mogo Bitcoin safe to use?

Mogo Bitcoin is one of the safest Bitcoin trading mobile apps in Canada.
  • Regulation. Mogo is regulated by FINTRAC and is a publicly traded company on the TSX and NASDAQ. Mogo is also a legitimate company in Canada with an A+ rating on the Better Business Bureau (though it has less than stellar reviews on the site).
  • Verification process. You can complete identity verification within 30 seconds once you download the app. You may be asked to confirm your Social Insurance Number during this process or provide a government-issued piece of ID.
  • Security features. Your account will be password protected, and passwords and data are encrypted to guard against unauthorized access to Mogo’s systems. Mogo also abides by industry-standard practices to protect your personal information, and the majority of your Bitcoin will be stored offline in cold storage to prevent hacking.

Risks of exchanging cryptocurrencies

There are some risks to buying and selling cryptocurrencies, no matter which platform you use. You should be mindful of the following before you sign up for an account with Mogo Bitcoin:

  • Your deposit won’t be insured. Federal and provincial deposit insurance plans don’t cover digital currencies such as Bitcoin.
  • Your investment may be high risk. Digital currencies are a risky investment because they’re volatile and it can be difficult to predict how their value will change over time.
  • You could be exposed to fraud. Online currencies such as Bitcoin may not be as highly regulated and are more vulnerable to fraud, theft and hackers.

How do I create an account with Mogo?

  1. Download the Mogo Bitcoin app on the Apple App Store or Google Play.
  2. Input personal information such as your full name, date of birth, email and phone number to sign up for an account.
  3. Create a username and password to access your account.
  4. Verify your identity with Mogo by providing a piece of government-issued ID or supplying the information that Mogo requests (such as your Social Insurance Number).
  5. Add a Canadian bank account to your profile to facilitate deposits and withdrawals.
  6. Send an Interac e-Transfer to your account in as little as 30 minutes to start buying Bitcoin (or use the $5 welcome bonus Mogo gives you to get started).

Eligibility requirements

  • Be at least 18 years old (19 in some provinces)
  • You will also need to provide the following documents and information:
  • Your name, residential status and contact information
  • Your Social Insurance Number and date of birth
  • Your email address and phone number

What else do I need to know about Mogo Bitcoin?

Mogo is an innovative finance company that offers a streamlined mobile app to help customers manage their financial health. Mogo offers several other financial products and services, in addition to its Bitcoin trading platform. These include free credit score monitoring with Mogo Credit Score, identity fraud protection, the Mogo Platinum Prepaid Visa Card, low-interest mortgages and personal loans.

Mogo Bitcoin: In a nutshell

Pros

  • Easy way to trade Bitcoin for beginners
  • Free deposits and withdrawals
  • Includes extra features such as free credit score monitoring, prepaid Visa and identity theft protection
  • Signing up takes only three minutes
  • Welcome bonus of $5 so you can start trading right away
  • Trusted and reputable provider

Cons

  • 1% fee for every trade
  • Only available in some provinces
  • Limited to Bitcoin (no other cryptocurrencies available)
  • Bitcoins can’t be transferred in or out of your Mogo account
  • You can’t spend Bitcoin from your Mogo account

Bottom line

Mogo Bitcoin is an easy to use crypto exchange service for customers looking to trade Bitcoin. It comes with a fee of 1% for every transaction, but you won’t be charged for services such as storing your Bitcoin or depositing/withdrawing funds from your account. It’s easy to sign up and you’ll get a $5 welcome bonus to practice trading before you invest your own money.

Frequently asked questions about Mogo Bitcoin

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