Moka app review

Moka app review: Invest and save on autopilot /

Fact Checked: Amy Tokic


Updated: June 03, 2024

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Ease of use3



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Moka is an app designed to help Canadians grow wealth, whether you’re a new or experienced investor. Just set up your goal and deposit plan and Moka takes care of the rest for you.

Moka lets you effortlessly save and invest in the S&P 500, the benchmark index of 500 of the largest U.S. companies, currently including Apple, Tesla, and Amazon. It was founded by former bankers and wealth managers looking to make investing straightforward and accessible. 

Moka uses automated contributions, which are then invested using a robo-advisor. The investments are managed through a partnership with Mogo Asset Management. This allows hands-off, automated investing without requiring manual budgeting or transfers on the user's part.

How Does Moka Work?

To get started, simply create an account on the Moka app or website. Decide on your investment goals and set up automated deposits on a schedule that works for you. 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% MER.

Plan Cost Includes
Moka $7/month (plus tax) Round-ups, portfolio manager access, 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. 1.

    Download the iOS/Android app or visit the Moka website

  2. 2.

    Answer personal information (KYC)

  3. 3.

    Tell Moka more about your investor profile

  4. 4.

    Connect your bank and credit/debit card account(s)

  5. 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

Moka investing account options

Moka supports multiple registered and non-registered investing account types:

  • TFSA: Tax-free growth
  • RRSP: Tax-deferred growth
  • Non-registered investing account
  • 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.

Unlimited tax-free accounts

Moka offers cost-free TFSAs and RRSPs, enabling substantial tax-advantaged investment opportunities.

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



  • 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



  • 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

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 Invest
Account minimum $0 $0
Management fee $7 or $15/month 0.5% annually
Portfolio management Included Included
Investment choices ETFs ETFs, stocks, bonds, crypto
Automatic contributions Recurring contributions Recurring contributions
Human advisor access Yes Yes

Is Moka safe and legit?

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. 

The bottom line

Moka provides an innovative fintech approach to automated saving and investing, ideal for hands-off beginners. 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. 

Lucas Elliott Freelance writer

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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