MogoTrade is a digital stock trading platform that aims to combine reforestation efforts with commission-free online stock trading. The company positions the product as focusing on not only the health of the individual’s finances but also the climate. The premise was to create a business that puts equal weight on environmental and financial health. For every person that downloads the app, MogoTrade plants a tree.
In this sense, it’s a unique Canadian trading application. If you’re considering signing up for a digital trading account, MogoTrade could be a good option for you.
How To Open An Account With MogoTrade
To get started, first download the MogoTrade app on your smart device and go through the steps of creating an account. It requests personal information such as name, email, address, and other identifying details.
MogoTrade Features
In a competitive marketplace, MogoTrade aims to set itself apart from other companies through its focus on offsetting carbon emissions. Among the features, the company offers are:
No-Commission Stock Trading
While many banks and services charge up to $9.99 for every trade you make, MogotTrade charges zero fees when you buy or sell a stock. That goes for any ETF you buy or sell as well.
Free Stock Price Live-Streaming
The stock market moves quickly, so getting timely updates on prices is essential to successful trading. MogoTrade offers live information with no longer than a fifteen-minute delay. The service comes at no extra cost and makes MogoTrade competitive relative to other online trading platforms.
Personalized Stock Watchlist
When you set up your account with MogoTrade, you can quickly start to establish a plan for your investments. Though there is an initial waitlist for trading, you can begin to establish a watchlist immediately. The live updates and database allow you to customize your preferences.
Investments Equal Climate Action
For every person that signs up and downloads the MogoTrade app, the company plants a tree. It uses a third-party business called Flash Forest to run the reforestation projects. This private company works with industrial and government clients to offset carbon emissions. It uses drone technology and GIS analysis to plant eco-friendly trees. In Canada, efforts include cedar, pine, and other coniferous plants native to the area.
Cost Of MogoTrade
MogoTrade aims to set itself apart by offering a commission-free trading service. So whether you want to buy or sell an ETF or a stock, you won’t be hit with any trading fees. MogoTrade offers unlimited commission-free trading and zero foreign exchange fees.
Moreover, opening an account with MogoTrade is free and there are no annual account fees. They also don’t have a minimum account balance requirement, meaning you can start trading with balances as low as $1.
MogoTrade Overview
| Accounts Offered | Non-registered personal account, RRSP, TFSA |
| Types of Investments | Stocks and ETFs: TSX, TSX Venture, NYSE, NASDAQ, etc. |
| Fees | No-commission, exchange rate not specified |
| Main Features/Benefits | – No-commission stock trading – Help replant Canadian forests – Free stock price live-streaming – Personalized stock watchlist |
| Compatibility | iOS and Android |
Advantages Of Choosing MogoTrade
As with any financial business, there’s a set of benefits and drawbacks. To determine which trading platform is right for your needs, understanding the benefits versus the drawbacks is key. MogoTrade has its fair share of advantages, including:
- Green Investing. It’s a genuinely green company, partnered with a proven reforestation company.
- Reputable. Over 1.8 million Canadians trust Mogo to help with their financial needs.
- Variety Of Investment Types. Offers thousands of stocks and ETFs that you can trade. Trade across different exchanges including the TSX, TSX Venture, NYSE, and NASDAQ.
- Safe. MogoTrade is a product of Mogo; an accredited company with all necessary licensing and insurance.
How does MogoTrade compare to Wealthsimple Trade?
Disadvantages Of Choosing MogoTrade
MogoTrade is a great addition to Mogo’s current suite of products. If you’re considering joining the waitlist, it’s important to consider all features, including any drawbacks.
- Brand New On The Market. As MogoTrade is still relatively new to the market, which may not be ideal for certain users.
- Limited Options. Relative to other apps, certain consumers may find that their trading options are limited.
MogoTrade FAQs
Is MogoTrade safe?
Is MogoTrade free?
What accounts does MogoTrade offer?
Can you trade crypto with MogoTrade?
Final Notes
For a long time, financial planning through an investment portfolio was something only available to those who already had investment money. Without thousands to begin investing, creating a diverse portfolio was out of reach. Companies like Mogo are addressing this issue, making financial tools accessible to the masses.
Originally, Mogo focused on personal loans, mortgages, and credit scores. As the market evolved, it kept in stride by adding features, the newest of which is MogoTrade. Consumers looking for commission-free trading will find that MogoTrade is a great option.
