Mogo launches commission-free trading app in Canada
“MogoTrade, which is only the second commission-free stock trading app in Canada, gives us access to a large and quickly growing market.”
Canadian-based fintech firm Mogo has launched its commission-free trading app, MogoTrade, which will be introduced to customers in a phased roll out.
The stock trading app is meant to set a new bar for commission-free trading in Canada. Available on the App Store and on Google Play, MogoTrade provides free real-time streaming quotes, but access to the commission-free trading feature will be gradual from Q1 2022 onwards.
Commission-free trading for nearly 1.8 million Canadians
Select Mogo members will be able to trade immediately and others will be added to the waitlist for access to the commission-free trading feature. Canadian residents should download the MogoTrade app on iOS or Android to get on the list to receive an invite.
MogoTrade is the new stock trading app charging no commissions and targets Mogo’s nearly 1.8 million members by default, although all Canadian residents are welcomed to join.
David Feller, Chief Executive Officer of Mogo, said: “How people invest is changing, and we couldn’t be more excited for Canadians to experience what we see as the future of investing.
“We are very much in the early days of the transformation of investing and wealth management to a mobile-first digital experience. MogoTrade is the centerpiece of our digital wealth strategy. Our next-generation platform will begin with equities, and we expect to expand this over time to include other assets such as crypto and NFTs.”
Greg Feller, President at Mogo, added: “This is the most significant new product in our history and a major growth milestone for Mogo. MogoTrade, which is only the second commission-free stock trading app in Canada, gives us access to a large and quickly growing market. Canadians have over $8 trillion in financial assets, including more than $3 trillion in equities, mutual funds and ETFs, and our goal is to give them the best digital tools to better manage and grow their wealth. We expect this will be an important driver of member growth and engagement as we move through 2022.”
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Mogo and the “green bitcoin”
Mogo has launched “green bitcoin” in a move to strengthen its position in the Canadian cryptocurrency trading market.
Bitcoin has come under fire for years because of the carbon emissions required to keep the network going, but Mogo wants to attract investors into its platform with its environmental pitch.
As part of the initiative, for every bitcoin purchased through its platform, Mogo will plant enough trees to completely offset the CO2 emissions produced by mining that bitcoin — and then some.
Mogo will also offset all bitcoin currently held by members on the platform to demonstrate its commitment to creating a healthier planet.
The Mogo app provides access to digital payments, including the ability to easily buy and sell bitcoin, get free monthly credit score monitoring and ID fraud protection, and access personal loans. Mogo’s wholly-owned subsidiary Moka is bringing automated, fully-managed flat-fee investing to Canadians from coast to coast.
