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FREQUENTLY ASKED QUESTIONS
What type of accounts can I open?
Right now, MogoTrade offers three types of investment accounts. There’s the Registered Retirement Savings Plan (RRSP) account, which is a tax-deferred investment account; the Tax Free Savings Accounts (TFSA), which is a tax-free investment account; and the Personal Investment Account, which will require you to pay tax on any capital gains earned.
Who can use MogoTrade?
Age of majority Canadians living in all provinces and territories can use MogoTrade. In order to use Mogo products, all eligible members must complete an ID verification process so we can be sure that you are who you say you are. Then, you’re off to the races to start building your wealth!
Which exchanges can I trade on and what financial products can I buy and sell?
You can trade thousands of publicly-traded common stocks and exchange traded funds (ETFs) on the TSX and TSX Venture in Canada, along with NYSE, NASDAQ and other major US exchanges.
How does MogoTrade make money?
We don’t charge commission fees, FX fees, monthly account fees, or subscription fees. So how do we make money?
Our primary revenue source is interest on cash deposits, i.e. if you have $1k in stocks and have a $100 cash balance, we earn a small rate of interest on this cash balance, as do most other brokers. That interest revenue is also how we fund tree planting initiatives and keeping this community thriving. Help support MogoTrade by referring like-minded investors to join our community!
Our primary revenue source is interest on cash deposits, i.e. if you have $1k in stocks and have a $100 cash balance, we earn a small rate of interest on this cash balance, as do most other brokers. That interest revenue is also how we fund tree planting initiatives and keeping this community thriving. Help support MogoTrade by referring like-minded investors to join our community!
How do I fund my MogoTrade account and will the funds be available instantly?
There are two main ways to fund your MogoTrade account. The quickest way is to fund your account with up to $3,000 instantly using Interac E-Transfer Request. The other option available is to use Bill Payment through your bank and fund up to $100,000 (subject to your bank’s limits). Not all banks support this for MogoTrade, but the big ones and a few others do. Bill Payment deposits are normally credited to your account within 2 to 4 business days not including weekends and holidays.
How can I know that MogoTrade is actually having a positive social impact?
We always do our best to share receipts and show our work, because we believe it’s important that consumers are able to hold corporations accountable for the promises they make. So we put together a live tracker that allows you to stay updated on the amount of trees planted and CO2 removed by the Mogo community. We’re not about making small changes, we want to create a real impact, and carbon removal is increasingly regarded as an essential tool in the fight against climate change. When you invest with MogoTrade, you join a community of nearly 2 million MogoMembers making a positive social impact. Click here to see the impact you’re helping to make with Mogo and MogoTrade. If you have more questions, don’t hesitate to reach out via email, social media, or on our Discord channel and a member of our team will get you the answers you need.
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