Mogo Bitcoin and Rewards Review

Note: Mogo Bitcoin product and Rewards program were officially shut down on December 12, 2022.

Mogo Bitcoin and Rewards is one of the lesser-known players in the Canadian cryptocurrency exchange marketplace, but they boast one of the most unique offerings. That’s because Mogo Bitcoin and Rewards is one of the only platforms out there to offer cash-back rewards on your Bitcoin trading.

What Is Mogo Bitcoin and Rewards?

Mogo Bitcoin and Rewards is a cryptocurrency exchange platform that allows you to easily buy and sell Bitcoin. This is one of many of the financial services Mogo offers Canadians.

Mogo offers a suite of financial products including credit score monitoring, identity fraud protection, a Mogo Visa* Platinum Prepaid Card, and loans. They are definitely making a move to become a “one-stop-shop” for Canadian financial health, giving you everything from debt management and rewards spending to investing in cryptocurrency.

What Does Mogo Bitcoin and Rewards Offer?

Mogo allows users to invest directly in Bitcoin with no annual account fees. You can buy and sell Bitcoin directly from the Mogo app. Setting up an account is fast and easy, and you can trade Bitcoin at any time.

At this time, Mogo Bitcoin and Rewards only allows you to invest directly in Bitcoin and no other cryptocurrencies.

How Does It Work?

Investing in Bitcoin with Mogo Bitcoin and Rewards is easy. You simply need to open an account and send an eTransfer or wire transfer for the amount you want to invest from your primary bank. Mogo Bitcoin and Rewards will approve eTransfers in 30 minutes or less, and many users say their transfers get approved within minutes. If you are transferring large amounts of cash, you can also send money to your Mogo Bitcoin and Rewards account via wire transfer.

Once your cash is loaded onto your Mogo Bitcoin and Rewards account you can buy Bitcoin directly with a 1% trading fee. Unlike the traditional stock market, the cryptocurrency market is never closed. You can buy Bitcoin at any time of day, any day of the week!

How to Apply?

Signing up for a Mogo account is easy and can be completed in a few quick steps.

1. Enter your email and create a password. You’ll be sent a confirmation email immediately to finalize your account set up.
2. Once you confirm your email, you’ll be directed back to the site to enter your personal information including your date of birth and your home address.
3. When your account is created, you can select the Mogo products you can select other products Mogo has to offer that may be of interest to you.  These selections help personalize your dashboard.
4. Consent to Mogo retrieving your credit score and credit report in order to get monthly credit score monitoring and daily ID fraud protection, plus the ability to open a cryptocurrency trading account. This is one of the downsides of opening an account with Mogo as this step can’t be skipped. However, the platform is secure and you have nothing to worry about.Your credit score doesn’t impact whether or not you can use Mogo to trade Bitcoin, but it is an unnecessary data grab in my opinion. It does say you can opt-out of the credit monitoring services, but that is obviously after Mogo pulls your initial credit report and credit score.

Mogo Bitcoin and Rewards Features

You might be feeling overwhelmed by all the cryptocurrency exchanges available and trying to pick which works best for you. Compared to competitors, Mogo Bitcoin and Rewards boasts tons of unique features to help you get started – and rewarded – for investing in Bitcoin.

Fast & Free Funding Up To $1 million

You can fund your Mogo Bitcoin and Rewards account via wire transfer or eTransfer. eTransfers are typically approved within 30 minutes, but you will be subject to a daily limit of how much you can transfer. Banks usually limit eTransfers to $3,000 a day. If you’re planning to fund your Mogo Bitcoin and Rewards account with more, you’ll need to do it by wire transfer. You can hold up to $1 million in your Mogo Bitcoin and Rewards account, making it a great option for investors with very large positions in crypto.

Cold Storage Security

Mogo Bitcoin and Rewards stores more than 95% of your Bitcoin offline in what’s known as “cold storage”. Cold storage wallets are not directly connected to the internet, which makes them less vulnerable to cybersecurity attacks and hackers. Mogo Bitcoin and Rewards keeps your Bitcoin in cold storage with Gemini Trust Company, one of the most recognized and secure cryptocurrency storage companies in operation.

Tax Statements

You have to report any investment income you earn trading Bitcoin to the CRA every year when you file your taxes. However, most cryptocurrency platforms consider this very much a “you” problem and put the onus on you to do all monitoring and tracking of your trading activity. Mogo Bitcoin and Rewards does the work for you. They’ll provide you with an annual statement of your Bitcoin investment income so you don’t have to track your trades yourself.

Cashback on High Volume Trading

Are you an active bitcoin trader? You’re about to get rewarded. You can earn 0.50% cash back on all your trades if you trade $10,000 or more in a single month. This is part of the Bitcoin and Rewards Program. All cash back is deposited into your Mogo account within 30 days of earning your reward.

Mogo Bitcoin and Rewards Usability and Interface

The Mogo dashboard is simple, clean, and easy to navigate. The lefthand sidebar displays all your Mogo accounts and services. You only need to click on “Bitcoin & Rewards” to trade Bitcoin and view your balance.

(Desktop only) Under “Watch”, you’ll be able to view a chart of Bitcoin’s historical price over the past 24h, 1 week, 1 month, 1 year, or all time, as well as this week’s high and low prices. Under “Holdings,” your account’s Bitcoin and cash allocation will be displayed in a simple pie chart so you can readily see exactly how much you have invested. The Mogo mobile app provides the same streamlined experience on your phone or tablet.

Costs & Fees

While Mogo Bitcoin and Rewards doesn’t charge any annual account fees, there are fees for trading Bitcoin. You’ll pay a 1% trading fee on every transaction. Note that this means you’ll pay a 1% fee both when you buy Bitcoin and when you sell it.

If you’re used to investing in the traditional stock market and keeping trading commissions as low as possible, you might balk at the prospect of paying a 1% fee on every trade. However, this is considerably cheaper than many competitors. Furthermore, if you’re doing enough trading to receive cash back, this cost is even more palatable.

How It Compares

Here’s how Mogo Bitcoin and Rewards stacks up against its competitors:

Even though Wealthsimple Crypto charges higher fees than Mogo Bitcoin and Rewards, it does offer something Mogo doesn’t: Ethereum. If you’re looking to diversify your cryptocurrency investments into coins other than Bitcoin, buying Ethereum is probably your first choice. With Wealthsimple Crypto, you can allocate your cash between these main cryptocurrencies with ease.

Unlike both Mogo Bitcoin and Rewards and Wealthsimple Crypto, Questrade doesn’t allow you to buy Bitcoin directly, but you can purchase shares in Bitcoin ETFs. However, one advantage it does have over Mogo Bitcoin and Rewards is that there are no trading fees involved. Still, if you’re new to investing in cryptocurrency moving out of a traditional brokerage makes you nervous, Questrade is a good place to start.

It’s also worth noting that Mogo Bitcoin and Rewards is the only platform out of the three to offer additional rewards on trades. If you plan on trading $10,000+ worth of Bitcoin per month, it’s a nice extra perk that other trading platforms don’t have.

Pros & Cons of Mogo Bitcoin and Rewards

If you’re trying to decide whether or not to open an account with Mogo Bitcoin and Rewards, here are all the pros and cons to consider:

Final Word

If you’re looking for a low-fee and easy way to start investing in Bitcoin, Mogo Bitcoin and Rewards is a stellar option. The trading fees are low, and the rewards options are high. The Mogospend card is a particularly attractive option, providing you with a way to earn Bitcoin on your regular day-to-day spending. While Mogo Bitcoin and Rewards is currently limited by only offering Bitcoin at this time, their low fees and unique rewards make this a great option for Canadians to get started investing in crypto and managing every aspect of their finances.