MogoCrypto Review (Dec 2022): Why We Don’t Like It

November 17, 2022
Reviews
MogoCrypto

MogoCrypto is a cryptocurrency trading platform that belongs to Mogo, a Vancouver-based financial services company that was originally founded in 2003. The platform has a few traits that make it an attractive crypto trading option for beginner crypto investors, such as its ease of use and the fact that Mogo itself has a great track record in Canada. However, because of its high fee of 1% for Bitcoin purchases and sales, the fact that you can only buy and sell Bitcoin, and the fact that you can't withdraw crypto to a personal crypto wallet, I wouldn't recommend using the platform.

Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than MogoCrypto. For the best possible crypto trading experience, you can’t go wrong with any of these three cryptocurrency exchanges.

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What Is MogoCrypto?

MogoCrypto is a cryptocurrency trading platform that is offered by Mogo, a Vancouver-based financial services company that was originally founded in 2003. The company itself has plenty of services available beyond cryptos, such as high-interest loans, mortgages, its own Visa Prepaid Card, and credit score viewing through Equifax.

Currently, the platform only allows you to invest in Bitcoin (BTC), and the crypto platform itself is extremely easy to use, as it was designed specifically for beginners to crypto investing. Additionally, you won't have to worry about any deposit and withdrawal fees when using MogoCrypto.

To start off this MogoCrypto review, let’s take a deeper look at MogoCrypto’s pros, cons and features.

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MogoCrypto Pros & Cons

MogoCrypto Pros

  • Extremely easy platform to use.
  • No deposit or withdrawal fees.
  • Instant account verification.
  • Allows you to invest in more prospects than just cryptocurrency (e.g. high-interest loans).
  • Its parent company is publicly traded on the TSX and used by more than 1 million Canadians.
  • It's a registered Money Services Business (MSB) with FINTRAC.
  • Highly-rated mobile app.

MogoCrypto Cons

  • Extremely limited crypto support (Bitcoin only).
  • High fees when buying and selling crypto (1%).
  • No advanced trading features.
  • No crypto deposits.
  • You cannot withdraw crypto funds to a personal crypto wallet.

MogoCrypto Features

1. MogoCrypto Desktop Platform

mogo crypto review

MogoCrypto's desktop platform is very easy to use, and it's also quite convenient as it shows you every other investment prospect and service that Mogo offers, including its credit scores and high-interest loans. It also allows you to set up price alerts and offers an easy-to-understand chart of Bitcoin's current price, displaying the ups and downs that the token has had over the course of 24 hours, 1 week, 1 month, 1 year, and even earlier.

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However, it's worth pointing out that the service doesn't offer an advanced trading platform, nor does it have any advanced order types to place: you'll only be able to do market orders using this platform, which is something that seasoned crypto investors and even intermediate-level crypto investors will find extremely limiting. Additionally, buying and selling Bitcoin (BTC) on the platform will incur a 1% fee, which can be quite painful if you were planning to have a healthy Bitcoin investment return.

Also, you can't really conduct any Bitcoin trading either, considering that you can only buy Bitcoin or sell it using this platform.

2. MogoCrypto Mobile App

mogo crypto review

MogoCrypto's well-designed and intuitive mobile app will allow you to do everything that you can do on the desktop platform, including investing in more prospects than just cryptocurrency. However, in terms of cryptocurrency services, you can't trade Bitcoin or place any advanced order types just like the desktop platform, meaning that intermediate and experienced crypto investors might want to start looking elsewhere.

However, one thing worth pointing out is that Mogo's mobile app is pretty highly rated: you can expect to see a rating of 4.8 out of 5 stars based on 5,100 reviews on the Google Play Store, and 4.3 out of 5 stars based on 2,600 reviews on the Apple Store, which means that most users of the app like it very, very much.

3. MogoCrypto Security Features

In terms of regulation, things look pretty well for MogoCrypto: although it's not a registered firm in the Ontario Securities Commission (OSC), it's registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Additionally, it's one of the few platforms in Canada that offers crypto services while also being a publicly-traded company on the Toronto Stock Exchange (TSX) and the National Association of Securities Dealers Automated Quotations (NASDAQ), giving a strong case for the legitimacy of the company.

As for the platform's security features, MogoCrypto has a 95% cold storage policy, meaning that they keep 95% of assets under offline storage that is beyond the reach of any hackers. Additionally, Mogo uses the latest Transport Layer Security (TLS) protocols to protect customer KYC information, and all customer passwords and data are protected using the latest encryption technologies to guard against unauthorized access to their systems. They also conduct regular third-party security audits, which only increases security even further.

However, the platform doesn't seem to have any 2-factor authentication or biometric login options, which is extremely strange and somewhat alarming. Perhaps the platform is confident in the security measures it has put in place, but this is pretty much leaving the door of your house open as far as user account protection is concerned.

4. MogoCrypto Customer Support

MogoCrypto offers a somewhat extensive FAQ section and Help Centre that should help most new users with any problems they encounter when using the platform. However, if you have a more complex inquiry you need to take care of, the platform only supports Live Chat, meaning that phone support and email support are off the table.

  • Phone: Not Available
  • Email: Not Available
  • Live chat: Available

Additionally, the platform has a social media presence, and you'll be able to reach them through channels such as Facebook, Twitter, and Instagram. Be aware, however, that these platforms weren't meant for thorough customer support, meaning that the help that you could get from these channels might be somewhat limited.

5. MogoCrypto Tax Statements

One unique and really convenient feature that MogoCrypto offers is the fact that it will give you annual tax statements of your Bitcoin investments and income, which you can easily use to report your investment returns and income to the Canada Revenue Agency (CRA).

Almost no crypto exchange offers this feature, and they should: filing your cryptocurrency taxes on your own can be a nightmare, so it's much better when you can rely on an expert to help you with such an important part of crypto investing.

6. MogoCrypto Rewards Program

MogoCrypto's Rewards Program has plenty of generous Bitcoin prizes for you to earn if you manage to reach certain milestones with your Mogo account. Here's a full list of the rewards and requirements this Rewards Program offers:

  • Mortgage Rewards: If you get a Mogo Mortgage, you'll be eligible for a reward of between $500 and $3,100 worth of Bitcoin, based on the principal amount of your mortgage.
  • Most Improved Monthly Credit Score: Mogo has one reward of $200 worth of Bitcoin per month for any user that has the “most improved” Mogo free credit score.
  • Fund Your Bitcoin Account With $100 Or More: If you fund your Bitcoin account for the first time with $100 or more, the platform will reward you with $5 worth of Bitcoin (in Satoshis).
  • Rockstar Status Milestone: Any Mogo user that manages to achieve a Rockstar credit score will receive a reward of around 1,000 Satoshis.
  • Get The Mobile App And Turn Push Notifications On: You can earn additional rewards in Satoshis if you download the mobile app and you turn push notifications on.

Cryptocurrencies On MogoCrypto

Currently, the only cryptocurrency that you can buy on the platform is Bitcoin (BTC), which is extremely limited crypto support to have. If you're looking to invest in other popular crypto assets, such as Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Bitcoin Cash (BCH), you're going to have to look for another cryptocurrency exchange.

MogoCrypto Fees

Trading Fees

MogoCrypto has no deposit or withdrawal fees, which is great, but you do have to worry about a 1% fee whenever you buy or sell Bitcoin (BTC) on the platform. This fee is considerably high, and it will certainly eat away at your investment returns, which is something that you wouldn't have to worry about if you were using other exchanges with lower fees (such as CoinSmart, Bitbuy, and Newton).

3 Exchanges I Recommend Over MogoCrypto

MogoCrypto isn’t a bad exchange, but it’s also not the best in Canada: because of its high fee of 1% when you purchase Bitcoin or sell it, the fact that trading Bitcoin for other crypto is bot supported, and the fact that you can't withdraw crypto to a personal crypto wallet, I wouldn't recommend it as one of the best crypto exchanges to use in Canada.

That’s why I recommend any of these three exchanges over MogoCrypto:

  1. ZenGo: With 0% trading fees up to $1,000, best-in-class security, and 24/7 customer support, ZenGo is our #1-rated crypto exchange in Canada. Sign up by December 9, 2022 to open your free account.
  2. VirgoCX: With support for more than 50 cryptocurrencies, instant account verification, and a beautiful website and app, VirgoCX is our #1-rated crypto exchange in Canada. Get your $20 signup bonus with VirgoCX here.
  3. CoinSmart: With trading fees at 0.2%, quick deposits and withdrawals, and strong customer support, CoinSmart is my backup exchange in case I ever need something that VirgoCX can't provide. Get your $50 signup bonus with CoinSmart here.

Here's a quick summary of these three exchanges:

#1 Best Overall

Trading Fees: 0% up to $1,000
Security: Best in class
Customer Support: Excellent

Ultimate security + lowest fees.

★★★★★

Rated 4.9/5

#2 In Canada

Spreads: 0.5% – 1%
Security: 95% cold storage
Signup bonus: $20

Low fees + solid platform.

★★★★★

Rated 4.5/5

Good All-Around

Trading fees: 0.2% (Medium)
Security: 95% cold storage
Signup bonus: $50

Average fees, good platform.

★★★★

Rated 4.4/5

How To Withdraw From MogoCrypto

To withdraw fiat (cash) from MogoCrypto, follow these steps:

In Summary

MogoCrypto is a cryptocurrency trading platform that belongs to Mogo, a Vancouver-based financial services company that was originally founded in 2003. The platform has a few traits that make it an attractive crypto trading option for beginner crypto investors, such as its ease of use and the fact that Mogo itself has a great track record. However, because of its high fee of 1% for Bitcoin purchases and sales, the fact that you can only buy and sell Bitcoin, and the fact that you can't withdraw Bitcoin to a personal crypto wallet, I wouldn't recommend it as one of the best crypto trading platforms for Canadians to use.

Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than MogoCrypto. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

SECURE MY CRYPTO FOR FREE
Sign up by December 9, 2022.

MogoCrypto FAQs

Is MogoCrypto Safe & Secure?

Yes, trading with MogoCrypto is completely safe and secure. It has a 95% cold storage policy, uses the latest Transport Layer Security (TLS) protocols to protect customer KYC information, and all customer passwords and data are protected using the latest encryption technologies to guard against unauthorized access to their systems.

Is MogoCrypto Legit?

Yes, MogoCrypto is legit for several reasons: it's used by nearly 2 million Canadians, it's a registered Money Services Business (MSB) with FINTRAC, and it's also publicly traded on the TSX and NASDAQ.

Is MogoCrypto Legal In Canada?

Yes, MogoCrypto operates legally in Canada. After all, it's registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Is MogoCrypto Trustworthy?

Yes, MogoCrypto is a trustworthy exchange for several reasons: it's registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and it's one of the few platforms in Canada that offers crypto services while also being publicly traded on the Toronto Stock Exchange (TSX) and the National Association of Securities Dealers Automated Quotations (NASDAQ).

Does MogoCrypto Verify Accounts Instantly?

Yes, MogoCrypto does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

Is MogoCrypto Good For Canadians?

MogoCrypto is a decent exchange for Canadians, though if you’re looking for the best overall trading experience, I recommend using CoinSmart, Bitbuy or Newton instead. Each of them offers quite a bit more than MogoCrypto, and I’m confident you’ll have a better experience with them.

How Well Is MogoCrypto Reviewed On Reddit?

Reddit’s review of MogoCrypto is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt.

Can I Buy Dogecoin With MogoCrypto?

No, you cannot buy Dogecoin with MogoCrypto. If you want to buy Dogecoin, I suggest using CoinSmart, Bitbuy or Newton instead.

Is MogoCrypto Insured?

No, MogoCrypto’s crypto holdings are not insured.

MogoCrypto Referral Code

You don’t need a referral code to get your signup bonus with MogoCrypto. Simply sign up using our signup bonus link and then deposit $100 or more into your account.

Does MogoCrypto report to the CRA?

Yes — as a Money Services Business registered with FINTRAC, MogoCrypto is required to report to the Canada Revenue Agency (CRA). With that said, MogoCrypto is only required to report transactions larger than $10,000 to the CRA. Transactions below that amount do not need to be reported to the CRA.

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