MogoTrade App Review

MogoTrade App Review

Written by Corrina Murdoch
Fact-checked by Caitlin Wood
Last Updated May 12, 2022

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. 

Who Is Mogo? 

Mogo is a financial technology company that’s based out of Vancouver, with offices in Toronto and Winnipeg. They offer a wide variety of innovative products and services to help you manage your money better. Apart from their latest product MogoTrade, they also offer: 

  • Personal loans
  • Free credit scores
  • Credit monitoring
  • MogoCard (a prepaid Visa)
  • Fraud protection
  • Bitcoin trading 
  • Investing through a robo-advisor (Moka)

You can access these products and services using the Mogo app which is available on IOS and Android.

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. The app asks as to your priorities (bitcoin trading, credit monitoring, loans, etc.). 

Once, you have an account you will be placed on a waiting list. You can move up the waitlist by inviting your friends to download the app. 

While you wait to be taken off the waiting list and invited to trade, you can set up a watchlist, watch live-streaming stock prices, and follow market news.

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. If you’re planning on trading U.S stocks, you may have to pay a foreign exchange transaction fee, however, this information has yet to be revealed. In general, FX fees typically cost around 2% per trade. 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 OfferedNon-registered personal account, RRSP, TFSA
Types of InvestmentsStocks and ETFs: TSX, NYSE, NEO, CSE, NASDAQ
FeesNo-commission, exchange rate not specified
Main Features/Benefits– No-commission stock trading
– Help replant Canadian forests
– Free stock price live-streaming
– Personalized stock watchlist
CompatibilityiOS 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.
  • Realistic Goals. MogoTrade had included a waitlist to ensure that it can meet demand while adhering to the company’s mission. 
  • Variety Of Investment Types. Offers thousands of stocks and ETFs that you can trade. Trade across different exchanges including the TSX, NYSE, NASDAQ, NEO and CSE Exchange. 
  • 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 has just launched there is very little information currently available on their site. This will likely be rectified in the coming weeks and months, if you’re looking for more information right now, this could be a disadvantage for you. 
  • Have To Join A Waitlist. For consumers looking to get started immediately, joining a waitlist first may be a deterrent. Essentially when there are other trading apps that they can get started with right away. 
  • Limited Options. Relative to other apps, certain consumers may find that their trading options are limited.

MogoTrade FAQs

Is MogoTrade safe? 

MogoTrade is a member of the Investment Industry Regulatory Organization of Canada (IIROC) as well as a member of the Canadian Investor Protection Fund (CIPF). Furthermore, you are protected should MogoTrade experience insolvency (up to $1 million in assets).

Is MogoTrade free?

MogoTrade offers commission-free trades for Canadian consumers. Furthermore, there are no fees associated with opening a MogoTarde account.

What accounts does MogoTrade offer? 

MogoTrade offers personal non-registered RRSPs and TFSAs. Account terms differ between each account type. 

Can you trade crypto with MogoTrade?

MogoTrade does not currently support crypto, but Mogo does offer MogoBitcoin a platform where consumers can buy and sell bitcoin. Mogo makes bitcoin trading simple and accessible, though it does not yet include any other cryptocurrencies (at the time of writing). 

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 stride by adding features, the newest of which is MogoTrade. Consumers looking for commission-free trading will find that MogoTrade is a great option.

Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.

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