Moka offers Canadians an opportunity to save more, spend less, and build wealth. The App rounds up money on your shopping items and automaticalsuily invests the spare change in Exchange Traded Funds (ETF). Based on your financial situation and objectives, the app selects a suitable portfolio that allows you to invest without changing your lifestyle. Moka app also offers cash back incentives and negotiates monthly bills on your behalf, which saves you more money.
Summary: If you need direction on how to control your spending, lower your bills, and build savings, the Moka app will do the heavy lifting for you.
Deposits & Withdrawals
Commissions & Fees
Safe & Secure
|Fees||$3 (Moka Original), $15 (Moka 360)|
|Accounts||TFSAs, RRSPs, Non-Registered Accounts|
|Tax loss harvesting||N/A|
|Automatic deposits||Available in form of roundups, one-time boosts, and recurring deposits|
|Advisor||Portfolio Managers, Financial Coaches (Moka 360)|
|Fractional share||An exchange traded fund (ETF) is a bundle of fractional shares of individual stocks and bonds and offers a great way to diversify your portfolio|
|Socially responsible investing||Women in Leadership Fund, US Low carbon Equity ETF, US Equity Gender Diversity ETF, Canadian SRI Equity ETF, International SRI Equity ETF|
Moka was founded in 2017 and has increasingly become a popular investing app in Canada and recently expanded to France. Any Canadian who wishes to invest their money irrespective of how little they have can now do so with Moka. Instead of putting your spare change in a tin or under your pillow, you can begin your investment journey with minimal effort using the Moka app.
Moka attracts more Canadians with its straightforward account opening process. Simply visit the Moka website, sign up and link your bank account to the app. Submit a valid photo to verify your identity and answer all questions about your investment risk, tolerance level, and financial goals.
Finally, allow Moka to select a portfolio that suits your goals and needs. You are now set and can watch your savings grow. The app is flexible as it allows you to add multiple goals. For instance, you can save for a down payment and your retirement at the same time.
There are 3 funding options:
Once you have enabled roundups in your Moka App, you will save money automatically on every item you buy. The whole idea with Moka roundups is to help you accumulate the spare change over time. Remember, you can disable Moka roundups any time, If you want to speed up your savings, you can multiply your roundups.
Setting up a recurring deposit option is also easy with Moka. You only need to select your goals, funding rules, enable the recurring deposits options, and set the amount you wish to save weekly.
Moka offers two investing accounts: Moka Original and Moka 360. For Moka Original, the monthly flat rate is $3, which translates to $36 annually. The charge for Moka 360 is $15 a month translating into $180 annually. While this fee might appear high, it comes with attractive features that help you to save more.
Moka 360 negotiates for lower monthly bills on behalf of their clients and customized debts. For example, if you’re on Moka 360 and Moka negotiates your bills, you could save hundreds a year, which would essentially make Moka for free with the added benefit of having more money in your pocket. In addition, Moka clients are able to save more through the savings integrated into the app and smart investments.
Moka ETFs management expense ratio include:
|Women in Leadership Fund||WOMN||0.50%|
|US SRI Equity ETF||DRMC||0.29%|
|US Low Carbon Equity ETF||CRBN||0.20%|
|Canadian SRI Equity ETF||XEN||0.55%|
|International SRI Equity ETF||DRFD||0.69%|
|US Equity Gender Diversity ETF||SHE||0.20%|
|Canadian SRI Equity ETF||DRMC||0.29%|
Moka offers only 10 portfolios. You do not have to worry about the type of portfolio to choose because it is selected automatically for you. All you need to do is answer a series of questions with honesty. Through the answers, you provide Moka will be able to determine your financial goals and time horizon and then selects the most suitable portfolio for you.
The money deposited in your account is invested in a number of ETFs. Moka offers additional features, such as socially responsible investing due to ethical concerns or any other limitation.
The app offers the following five portfolios:
Moka allocates experienced portfolio managers from Tactex Asset Management to manage your money and offer online advice to clients.
All gains, including dividends, are reinvested automatically. Based on the changes in the market trend and account status, Moka automatically monitors your portfolio with the automatic rebalancing technique. It also monitors your risk score to determine whether to adjust your portfolio or stay in course.
Your portfolio manager will guide you adequately on your investment journey as you watch your investments grow.
Moka clients can speak directly to their portfolio managers or customer support staff through live chat on their website or email at [email protected]
Moka offers monthly magazines that teach you to save more, spend less, and invest smarter. The app also offers a wide range of FAQs and “How To” articles to guide you on your financial investment journey. You can also learn more about your financial planning by interacting with your portfolio manager.
Moka’s security measures are the same as those applied by leading banks in Canada. They include:
Moka also applies security policies that are strict and efficient.
Although the monthly management fee may seem high, there is no doubt that Moka’s higher fee comes with more efficient and reliable services. However, clients recoup this monthly fee through optimized returns on investments and other Moka strategies that help you to save more. Anyone who is looking to control spending, build savings, grow wealth, or lower bills should consider opening an account with Moka.