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Moka Review At a Glance
What Is Moka?
Moka (previously known as Mylo) is a mobile robo-advisor platform that aims to help Canadians achieve financial freedom by automating their savings and investments. Launched in 2017, the platform claims to have over 500k individual members.
General Details 📜
|Helps You:||Invest Money Save Money Store Money|
|Platform Type:||Digital Banking Robo-Advisor|
|Opportunities:||Bond ETF Investing Cashback Equity ETF Investing ESG ETF Investing Refer-a-Friend |
Contact Info ☎️
|Socials:||LinkedIn • Facebook • Twitter • Instagram • YouTube|
|Emails:||email@example.com (for general support) • firstname.lastname@example.org (for privacy-related inquiries) • email@example.com (to unsubscribe from email promotions)|
Company Details 🏢
|Legal Name:||Moka Financial Technologies Inc.|
|Also Known As:||Moka Financial • Mylo (former name)|
|Parent Company:||Mogo Inc.|
|Headquarters:||Montreal, Quebec, Canada|
Who Is Moka For?
Moka is for any Canadian looking for a simple way to build and grow their wealth through automated savings and investments.
|Minimum Age:||18 years old|
Must be the age of majority in your province.
|Supported Languages:||English, Français|
|Supported Devices:||Android Phone, iPhone|
How Does Moka Work?
There's 1 type of user on Moka:
- Members (depositors / investors)
Here's how Moka works for them:
How Moka Works For Members
Moka members can use the platform to set up and fund savings goals automatically with roundups and recurring deposits. Funds on the platform are then invested automatically into ETFs based on a personalized investment portfolio. A monthly subscription is required.
Key Points 🔑
|Costs / Fees:||Monthly subscription ranges from $4.99-$15/month. ETF expense ratios range from 0.09%-0.40%.|
Moka holds all pending deposits (e.g. roundups, recurring, and one-time additions) and deposits them weekly, every Monday. If you don't meet the minimum deposit amount, your deposit will get rolled over to the next week until you do.
|Deposit Options:||Direct Deposit|
Getting Started 🔢
To become a Moka member, start by downloading the Moka app.
While signing up, you'll be asked to provide some information about your financial situation, risk tolerance, and financial goals. Your answers to these questions will help your Moka account manager set you up with a personalized investment portfolio.
Next, you'll be asked to verify your ID by uploading a bank statement, utility bill, or similar. This is required by federal regulations.
Finally, you'll need to connect a bank account. This will be used as your funding source for goals, and for paying the Moka monthly subscription fee.
Intro offer: $10 if you use a referral link, successfully verify your identity, and make a deposit.
Managing Finances 📈
Once you have a bank account connected to Moka, the first thing you'll want to do is review your goals. You can have up to 10 individual goals at a time.
Each goal is essentially a mini investment account and can be customized by:
- Primary details: Goal name, goal amount, and desired achievement date.
- Funding rules: Recurring deposits and/or roundups.
- Account type: Non-registered, TFSA, or RRSP.
Funding goals: You can fund your goals in two primary ways:
- Roundups. When you use a linked card and make a purchase, the purchase will be rounded up to the nearest dollar, and the remainder will be invested. For example, a $1.50 purchase will be rounded to $2, with the $0.50 roundup being invested. You can also multiply your roundups (up to 8x) to make them more effective. Roundups are deposited into your account every week.
- Recurring deposits. Add a custom set amount of money to your goal every week.
- One-time deposit. If you'd like, you can also manually deposit money into your goals with a one-time deposit.
Investments: Once your goal is set up and funded, it will receive a personalized investment portfolio. This will be based on the answers you gave Moka about your financial situation and risk tolerance, and also on your goals time horizon (i.e. shorter-term goals will typically carry less risky investments).
Moka invests your money in exchange-traded funds (ETFs), which are essentially baskets of different assets, including stocks, bonds, and savings funds. They also offer socially responsible investment portfolios, which invest in companies that are seen as more environmentally and socially conscious.
Withdrawing: You can withdraw money from your Moka account (directly to your funding source) at any time. Withdrawals are processed every weekday, with a cut-off time of 1 p.m.
Other Moka features include:
- Charity donations. If you want, you can create a "Donate to Charity" goal in your Moka account to make regular contributions to a select charity of your choice.
- Cashback perks. Find cashback deals from a variety of retailers. Shop at them through the Moka app to get money back.
- Referrals. Refer friends to the platform and earn $10 once they fund their account.
- Moka 360. Upgrade your account (pricing below) to get access to a financial coach, a debt payoff tool, and more.
Moka offers two pricing tiers:
- Basic: $4.99/month. This is the lowest tier and includes all the basic Moka features.
- Moka 360: $15/month. With this tier, you'll get access to a financial coach, a debt payoff tool, double cashback, and discounts on Willful.
When investing with Moka, you may also pay fees to the funds that you're invested in. These are known as management expense ratios or MER fees. This money doesn't go to Moka but instead goes directly to the fund managers of the ETFs you're invested in. ETFs on Moka typically have fees ranging from 0.09%-0.40% annually.
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