Mogo Bitcoin & Rewards Review 2024: Earn Up To 2% Bitcoin Cash Back

Susie LadnerApril 8, 2021

Mogo is one of the leading and trusted digital financial platforms that offers Canadians a simple and straightforward way to buy and sell bitcoins. It has raised the bar on bitcoin trading with its fast, low-cost, and transparent process. The platform has over 1 million members who can easily access their Mogo account and transfer money from their bank accounts using Interac e-Transfer or wire transfer. 

Overall rating

Reviews

Features

HQ	Vancouver, BC, Canada
Fees	1% on buy and sell
Min. Deposit	$10
Min. Trade	$0.01
Account	Investment Account (Taxable)
Cryptocurrencies	Bitcoin
Fiat Currency	CAD
Digital Wallet	Available
Transfers	e-Transfer, Wire Transfer

In depth review on Mogo Bitcoin & Rewards

Bitcoin trading has increasingly become popular, and many people are looking to invest in a secure and straightforward platform. Mogo is determined to empower Canadians and help them improve their financial situation through bitcoin trading.

Mogo Bitcoin & Rewards is best for

• Earning bitcoin rewards: Members earn 1% bitcoin cash back for all purchases made in Canada on the Mogo Visa* Platinum Prepaid Card. For foreign transactions, users may enjoy up to 2% in bitcoin cash back. Members who trade $5k or more per month in their Mogo account earn 0.5% bitcoin cash back. Also, if you get a new mortgage or refinance an existing one with Mogo, you can enjoy up to $3,100 in bitcoin cash back. 

• Security:  Mogo uses transport layer security technology to protect your data and uses security incident and event Management (SIEM) technology to monitor unauthorized access to your data. To minimize fraud, Mogo requires you to verify your identity when you create your Mogo account.  

• Transparency: When buying or selling bitcoin, Mogo displays a Buy/Sell confirmation page that includes the fee charged. Also, you can view your transaction history, including date, time, and amount.

• Excellent customer support: Mogo has a highly reliable customer support staff that is ready to address your concerns or questions 24/7.

• Free deposits and withdrawals: Mogo does not charge any fee on deposits or withdrawals, attracting many traders, including beginners. 

Mogo Bitcoin & Rewards benefits

• Fast funding and withdrawals: You can fund your Mogo bitcoin account using Interac e-Transfer or wire transfer. Your transaction is processed within 30 minutes.  Once you have completed the withdrawal process successfully, your money will be deposited in your bank account within 24hours. Depending on your bank, you can access the funds within 1-5 working days. 

• Easy to open an account:  Opening an account with Mogo is easy and straightforward. The account opening process takes approximately three minutes. 

• Sign up bonus: Mogo also deposits $5 in your bitcoin and rewards account when you successfully sign up. 

• Saves the Planet: For every $1 you spend on the Mogo Visa* Platinum Prepaid Card, offset 1 pound of CO2 through Mogo’s Amazon Rainforest Project.

Mogo Bitcoin & Rewards drawbacks

• Lacks a variety of cryptocurrencies: Mogo supports bitcoin only. They are yet to list other cryptocurrencies, such as Litecoin, XRP, and Ethereum, among others. 

• Account funding and withdrawals in CAD only: A setback for Mogo members is you can’t transfer bitcoin between Mogo’s digital wallet to other ewallets. Deposits and withdrawals are limited to fiat currency, so you have to convert your bitcoin into Canadian dollars to transfer funds.

Features contributing to the overall rating

Account opening

5

Creating an account with Mogo is simple, easy, and takes around 3 minutes to complete. You can signup through their website or mobile app, which is available on Android and iOS.  You need to enter your full name, preferred email, and password. You also need to pass the identity verification. To become a member, you must be a Canadian resident. Once you create a Mogo account, you can get access to the bitcoin and rewards program.

Deposits and withdrawals

3.5

You can fund your Mogo Bitcoin account using Interac e-Transfer or wire transfer. Funding your account is free and processed in as little as 30 mins.  Once you have funded your account, you can proceed with buying bitcoin. The minimum deposit amount is $10, while the maximum is $1,000 0000 within 24 hours. Withdrawing money from your Mogo Bitcoin account is free. 

If you are withdrawing for the first time, you will need to provide your bank details from a verified Canadian bank to process your transaction. Once the withdrawal process is verified, the funds are processed within 24 hours and credited to your bank account via Electronic Fund Transfer. The withdrawal minimum is $1, while the maximum is $9 000 within 24 hours. 

Transferring bitcoin from Mogo’s wallet to another wallet isn’t allowed at this time. You will have to convert Canadian currency and transfer fiat currency back to your bank.

Fees

4

Coinsquare acts as the trading platform for Mogo Bitcoin & Rewards. Deposits and withdrawals are free, but there is a 1% trading fee when you buy or sell bitcoin. The best part with Mogo is that members can see the fees (full transparency), including trading fees on the buy/sell page before they authorize the transaction. 

Trading platform

5

Mogo operates in Canada only, and Mogo Bitcoin can be accessed on the website or their mobile app. The mobile app can be accessed on iOS or Android phones, making it more convenient to trade and monitor your bitcoin investment in real-time from wherever you are. 

Additionally, Mogo is the only company that is both Fintrac regulated and publicly traded on the TSX and NASDAQ.

Markets and products

3

The only cryptocurrency that Mogo offers is Bitcoin. However, Mogo might introduce more cryptocurrencies in the future.

Customer service 

5

Mogo has excellent customer support that is reliable, skilled, and knowledgeable. Also, you can reach them through the website, mail, telephone, or visit their offices. The customer support staff operates 24/7 and is readily available to address your questions anytime. 

Education

5

Mogo has a blog where they post content about personal finance, budgeting, cryptocurrency news, and general investing advice.  They also send emails and push notifications with bitcoin market updates and price alerts. However, Mogo does not provide advice about when you should buy or sell bitcoin or if it’s right for you.

Safe and secure 

5

Mogo uses transport layer security technology to protect your data and uses security incident and event management (SIEM) technology to monitor unauthorized access to your data. Mogo members are also required to verify their identity when creating a Mogo account to prevent potential fraud from occurring on the platform. 

Is Mogo Bitcoin & Rewards right for you?

Buying and selling bitcoin is risky, and Canadians need a reliable and trusted platform to trade. Mogo offers simple and secure management of your bitcoin. Additionally, if you’re looking to earn bitcoin cash back while you make purchases, their prepaid card could be a great option.