4.0
4.0
Ease of use4
Cost3
Features4
Customer service4
Safety5
You know saving and investing early is important, but the stock market feels like a mystery. Don’t worry — you’re not alone.
For less than a Netflix subscription, Moka makes it easy with automated investing and a human touch. It invests your spare change from round-ups (and any extra cash your throw at it) into the S&P 500, which has historically returned 7–10%. Last year? A whopping 24%. That’s way better than any high-interest savings account.
Start growing your wealth with MokaTo get started, simply create an account on the Moka app or website. Decide on your investment goals (i.e. risk tolerance) and set up automated deposits from your bank account on a schedule that works for you.
From there, Moka's team of professional portfolio managers takes care of selecting the appropriate funds and managing your investments.
The easy-to-use Moka app allows you to monitor your investment performance over time. You'll be able to track the growth of your portfolio and see how you're progressing towards your goals.
Professional investment managers at Mogo Asset Management manage the invested funds. They create and manage a customized ETF portfolio tailored to your financial goals and risk tolerance. As your investment account grows, you can track your savings progress and portfolio performance through the easy-to-use Moka app.
How much does Moka cost?
Moka offers two pricing plans depending on your needs. The entry-level option provides basic investment automation, while Moka 360 includes enhanced features such as financial coaching. While both plans charge a predictable monthly fee, you must also pay hidden fees to the underlying investment funds.
These fees aren’t paid to Moka but to the ETFs in their portfolios. They’re quite reasonable, ranging from 0.09% to 0.39% management expense ratio (MER), depending on the fund selected.
| Plan | Cost | Includes |
|---|---|---|
| Moka | $7/month (plus tax) | Round-ups, portfolio manager access, socially responsible investing (SRI) funds, next-day withdrawals |
| Moka 360 | $15/month (plus tax) | All Moka features plus financial coaching, debt repayment tools, double cash back |
How to use the Moka app
Getting started with automated round-up investing using the Moka app takes just a few minutes:
- 1.
Download the iOS/Android app or visit the Moka website
- 2.
Answer personal information (Know Your Customer)
- 3.
Tell Moka more about your investor profile (i.e. how much risk you're willing to accept)
- 4.
Connect your bank and credit/debit card account(s)
- 5.
Review and adjust your proposed investment portfolio
Once set up, Moka runs passively in the background to automate your micro-savings. Check the app anytime to monitor your investment portfolio performance and view round-up history. You can pause or adjust round-ups and make one-time deposits at your discretion. Moka also allows you to withdraw your funds without fees or penalties.
Moka App features
| Feature | Description |
|---|---|
| Moka investing account options | TFSA, RRSP, Non-registered accounts, CanadaHelps |
| Easy automated saving | The weekly contributions make investing effortless. You simply set it and forget it. Your contributions can be paused or adjusted at any time. |
| Moka investment portfolio options | Moka Investment provides five portfolios, ranging from low-risk 'Cautious Income' to high-risk 'Equity Growth,' each blending different ETF mixes to match different risk-reward preferences and financial goals. |
| Fully-managed portfolios | Moka's affiliated portfolio manager creates and manages investment portfolios. The portfolio that’s matched to you depends on your risk tolerance. Your assets are invested across stocks, bonds and savings funds. |
| Moka ETF selection | Moka’s portfolios include a series of ETFs from leading Canadian providers. This includes major names like iShares, Vanguard, BMO, Horizons and more. Investments stay diversified across asset classes, sectors, geographies and issuers. |
| Moka App perks and benefits | Among other benefits, Moka offers a referral bonus for inviting friends. You’ll earn $10 for each referral, up to a $5,000 limit. More benefits include next-day withdrawals and for Moka 360 the debt repayment tool and financial coaching. |
| Socially responsible investing | Moka offers portfolio options that screen companies based on ESG factors. This allows values-based, sustainable investing. Each investment contribution contributes to CO2 removal and forest rehabilitation. Over 300,000 trees have been planted so far in Canada through the community's efforts. |
| Cash back perks | You can earn promotional cash back rewards through brand partners inside the app. |
Moka pros and cons
Pros
-
Low fee: Starting at $7/month is affordable compared to percentage-based robo-advisors
-
Moka Wealth Calculator: Create weekly contribution goals to meet your financial goals
-
Hands-off investing: Professionally managed portfolios through Mogo Asset Management
-
Socially responsible options: Portfolios available to match your values
-
Mobile convenience: Intuitive app makes automated saving and investing easy
-
Referral bonuses: Earn up to $5,000 in referral credits
-
Cash back rewards: Get cash back and perks from brand partners
-
Beginner friendly: Easy way to start investing small amounts consistently
Cons
-
Limited investment selection: Moka only offers five portfolios
-
Account monitoring required: You must connect bank and card accounts for round-ups
-
Newer company: Founded in 2019, so less established history than some competitors
-
Overdraft fees: If you don’t have sufficient funds in your bank account, you’ll be charged overdraft fees
Comparing Moka against other robo advisors
Moka vs. Wealthsimple
Wealthsimple is Canada's largest robo-advisor and a major Moka competitor. Here's how the two services compare:
| Feature |
Moka
|
Wealthsimple robo |
|---|---|---|
| Brand |
|
|
| Account minimum | $0 | $0 |
| Management fee | $7 or $15/month | 0.5% annually |
| Review | You're reading it | Wealthsimple review |
| Get started | Visit Moka | Visit Wealthsimple |
Moka is all about simplicity, rounding up your everyday purchases and investing the spare change into diversified portfolios. It’s perfect for those new to investing who want a set-it-and-forget-it solution with minimal effort. However, its fixed monthly fee ($4 or $15 for premium) can eat into returns for those with small account balances, making it ideal for short-term goals or those starting small.
Wealthsimple’s robo-advisor, in contrast, offers a more robust investment experience with no fixed fees for smaller accounts and tiered management fees (starting at 0.5%) that decrease as your balance grows. It caters to long-term growth with customizable portfolios, tax-efficient features like tax-loss harvesting, and access to financial advisors for premium users. If you’re looking for scalability and a hands-off solution with a focus on building wealth over time, Wealthsimple’s robo-advisor delivers more value and flexibility than Moka’s round-up approach.
Moka vs. Questwealth (Questrade's robo advisor)
| Feature | Moka | Questwealth |
|---|---|---|
| Brand |
|
|
| Account minimum | $0 | $1,000 |
| Management fee | $7 or $15/month | 0.35% ( |
| Review | You're reading it | Questwealth review |
| Get started | Visit Moka | Visit Questwealth |
Questwealth Portfolios offer a more traditional robo-advisor experience compared to Moka’s micro-investing approach. With Questwealth, you’ll benefit from one of the lowest management fees in Canada, starting at just 0.25% for accounts over $100,000 and 0.35% for smaller accounts. It’s designed for investors aiming to grow their wealth over the long term, with actively managed portfolios that can adapt to market changes — a feature that sets it apart from most passive robo advisors.
While Moka is focused on simplicity and automating small savings, Questwealth is better suited for those ready to commit larger amounts and take a more structured approach to their financial goals. Its emphasis on lower fees and active management makes it an attractive choice for cost-conscious investors looking to maximize returns over time. If you’re starting small, Moka is a good introduction, but for serious long-term investing, Questwealth has the edge.
So, which one should I pick?
Moka offers access to a financial advisor in its premium plan, which is great for beginners who need guidance.
Start with Moka if you need automation and a gentle push to save. Switch when your portfolio size grows or when you’re ready to take control of your investments and lower costs.
If your portfolio grows beyond $10,000, Moka’s flat fees ($7–$15/month) become less competitive compared to Wealthsimple (0.5%) or Questrade (0.35%). For example, at $10,000, Wealthsimple costs $50/year vs. Moka’s $84–$180/year (but consider that you're paying for education and support early on).
If you’re ready to move beyond spare-change savings to structured long-term investing, consider switching to a robo-advisor like Wealthsimple or actively managed portfolios like Questwealth.
One day, you may even want to dip your toes into DIY investing. If so, you can move from Questwealth/Wealthsimple robo to their discount brokerages or switch brokerages to one of the best trading platforms in Canada.
Yes, Moka is a fully legitimate and registered financial services company. User deposits and assets are protected through the following measures:
- Moka Financial Technologies is registered as a money services business with FINTRAC
- Mogo Asset Management is a registered portfolio manager overseen by Canadian securities regulators
- Mogo Asset Management is also a registered investment fund manager in Ontario and Quebec
- Client assets and cash are held at regulated, independent custodians
- Deposits insured up to $1 million through CIPF, providing protection similar to a bank
- 4.4/5 App Store rating with 15,897 reviews and 4/5 on Google Play with 8,093 reviews
Is Moka worth it?
Moka provides a compelling option for hands-off beginner investors who want automated, passive investing.
The seamless automation makes investing effortless. If you're looking to overcome inertia and start investing small amounts without manual budgeting, the set-it-and-forget simplicity of Moka's automated contributions is highly appealing.
The affordable monthly pricing, professional portfolio management, and mobile convenience further add to the value proposition. While the strictly ETF-based investments and required linking financial accounts may not suit all investors, Moka delivers a uniquely easy automated investing solution.
While more advanced investors may prefer direct stock/bond picking, Moka's beginner-friendly simplicity and automation provide an easy on-ramp to investing for the average consumer.
FAQ
Lucas, a Toronto native, holds an Honours BBA (Finance) degree obtained from Wilfrid Laurier University. His career has spanned venture capital and blockchain startups. Aside from writing at Moneywise, Lucas is a Hardbacon and Loans Canada contributor, and content specialist at Croton Content. Additionally, his passion for exploring the world has taken him to an impressive 28 countries across Europe, North America, Asia, and Central America.
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