Moka App Review 2023 [Automatic Saving: Is It Legit or Not?]

Updated On: 07/25/2023 is reader-supported. When you buy via links on our site, we may earn an affiliate commission at no cost to you.

Navigating the complex world of personal finance and investing can feel quite overwhelming, especially for the uninitiated among us.

It certainly can seem like there's a steep learning curve that could daunt the most intrepid of beginners. However, in my search to simplify this process, I came across the Moka App (formerly known as Mylo), one of a kind in the financial technology vertical.

This post aims to shed some light on my experience with this tool through an honest Moka app review.

Intuitive and user-friendly, the Moka app is designed to make investing approachable for everyone – yes, even for those of us who get cold feet at the mere mention of words like 'stock market' or 'mutual funds'.

The foundation of Moka is built on one simple yet innovative premise - effortless saving and investing of your spare change. But how does it work? Well, that's precisely what I will be delving into in my detailed Moka app review.

What Is Moka?

What Is Moka?

Moka is a Canadian spare change investing app that seeks to make the world of investing accessible to everyone, regardless of their financial background or knowledge.

With its user-friendly interface and innovative approach, Moka aims to simplify the investment process for those who may have hesitations or uncertainties.

The core concept behind Moka is effortless saving and investing of your spare change.

Simply put, every time you make a purchase using your connected debit or credit card, Moka automatically rounds up the transaction to the nearest dollar and invests the spare change into a diversified portfolio.

This way, you can start building your investment portfolio without even realizing it.

Moka offers different account options tailored to individuals' financial goals and risk tolerance. The app provides access to a selection of carefully curated exchange-traded funds (ETFs) based on your chosen investment profile.

These diversified portfolios are designed by Moka's team of experts, ensuring you have access to a well-balanced and optimized investment strategy.

How Does Moka Work?

Discovering the Moka app is as easy as visiting their website or downloading the app from your smartphone's app store. Once you're ready to embark on your financial journey, here are the steps you'll take to get started.

1. Visit Moka

Begin by visiting the Moka website or searching for "Moka" in your mobile app store. This will take you to the app's download page, where you can easily install it on your iOS or Android device.

2. Join for $5 Welcome Bonus

When you first sign up for Moka, you'll be greeted with a special welcome bonus. By joining through a referral link or using a promo code, you can earn a $5 bonus to kickstart your investment journey – an encouraging incentive right from the start.

3. Create an Account

Next, it's time to create your Moka account. Fill in some basic personal details and set up a secure password. Don't worry; they have robust security measures in place to protect your information.

4. Build Your Portfolio

Once your account is set up, it's time to build your investment portfolio. Moka offers different account options based on varying risk tolerances and financial goals.

You'll be asked a series of questions relating to your investment preferences and risk tolerance, which helps Moka recommend the most suitable portfolio for you.

5. Link Your Bank Account

To make saving and investing seamless, link your bank account securely with Moka by following the prompts in the app.

This allows Moka to automatically round up each transaction made with your connected debit or credit card and invests the spare change into your portfolio.

6. Start Your Money Goals

With everything set up and linked, it's time to start working towards achieving your financial goals using Moka's intuitive tools and features.

Whether you're saving for a down payment, an emergency fund, or retirement, Moka helps you stay on track and makes investing a part of your everyday life.

Moka's automated system takes the hassle out of investing and helps you start growing your wealth effortlessly.

It's a convenient and flexible way to make your money work for you without needing to be an expert in finance.

Moka App Features

Moka App Features

When it comes to helping individuals navigate the world of investing, Moka provides a range of features that make the process both accessible and user-friendly.

Here are three key features that set Moka apart from other investment platforms:

Moka Investing Account Option

Moka offers users the ability to create an investing account tailored to their financial goals and risk tolerance. Whether you're saving for a short-term goal or planning for retirement, Moka provides options that suit different investment objectives.

The app takes into account your preferences and guides you in choosing the right account option, ensuring your investments align with your desired outcomes.

Moka Investment Portfolio Options

Once you've selected an investment account, Moka offers pre-built portfolios designed by their team of experts. These portfolios are diversified across a range of asset classes, including stocks, bonds, and real estate investment trusts (REITs).

The portfolios are curated with different risk levels in mind, allowing users to choose one that aligns with their risk tolerance.

To help you make an informed decision, Moka provides detailed information about each portfolio option. You can review historical performance, asset allocation breakdowns, and risk ratings for each portfolio before making your selection.

Moka ETF Selection

Exchange-traded funds (ETFs) play a significant role in Moka's investment strategy.

ETFs are essentially baskets of individual securities (such as stocks or bonds) pooled together into one single fund. These funds offer diversification, liquidity, and transparency.

Moka carefully curates a selection of ETFs that align with each portfolio's investment strategy.

They analyze factors such as asset allocation, geographic exposure, and expense ratios to ensure the underlying ETFs provide optimal diversification and growth potential.

By using ETFs within its portfolios, Moka helps users access diversified investments without needing extensive knowledge or experience in individual stock selection.

Overall, these features make it easy for users to make informed investment decisions, build a well-diversified portfolio, and achieve their financial goals with confidence.

Moka's emphasis on simplicity and accessibility sets it apart from traditional investment platforms, making it an excellent choice for those looking for an intuitive and user-friendly approach to investing.

To learn more about the features and benefits of Moka, visit their website here.

Moka App Benefits

Moka App Benefits

Moka offers several benefits that make it a compelling choice for those looking to start their investment journey. Here are some of the key advantages of using the Moka app:

1. Effortless Saving and Investing: Moka's unique spare change round-up feature takes the hassle out of saving and investing.

By automatically rounding up your everyday purchases to the nearest dollar and investing the spare change, you can build your investment portfolio without even thinking about it.

2. Accessibility and Ease of Use: Moka is designed to be user-friendly and accessible for everyone, regardless of their financial background or knowledge.

The app's intuitive interface and straightforward account setup process make it easy to navigate, even for beginners.

3. Personalized Portfolios: Moka offers a range of personalized portfolios tailored to individual goals and risk tolerances.

By taking into account your investing preferences and financial objectives, Moka recommends a portfolio that aligns with your specific needs.

4. Low Cost: With a monthly fee of just $3.99, Moka is an affordable option for individuals looking to invest their spare change without breaking the bank.

The low cost structure makes it accessible to a wide range of users, particularly those who are new to investing.

5. Automated Investing: Moka automates the entire investment process, from rounding up your purchases to selecting and managing your investment portfolio.

This automation not only saves you time but also ensures that you stay consistent with your savings and investment habits.

These are just a few highlights of the benefits that come with using the Moka app.

Whether you're looking for simplicity, accessibility, or effortless saving and investing, Moka provides a solution that caters to your needs while helping you achieve your financial goals.

Moka App Pricing

Moka app offers a straightforward and transparent pricing structure. For a monthly fee of $3.99, you can access all the features and benefits of the app.

This fee covers the cost of managing and maintaining your investment portfolio, as well as providing you with ongoing support and guidance.

The $3.99 monthly fee is a fixed amount, regardless of your account balance or the amount you invest. This means that whether you're investing spare change or larger amounts, the fee remains consistent.

With this competitive pricing, Moka makes investing accessible and affordable for users of all financial backgrounds.

So, if you're looking for a cost-effective way to grow your wealth and achieve your financial goals, Moka provides an excellent option without breaking the bank.

Is Moka Legit?

Is Moka Legit?

Asking whether a finance app like Moka is legitimate is a certainly valid concern. After all, we are talking about your hard-earned money being handed over to a virtual platform. I'm pleased to assure you that Moka is indeed legitimate and operates under strict financial regulations.

Founded in 2017, Moka is registered as a Portfolio Manager in every Canadian province and territory. Additionally, Moka is backed by the Canadian Investor Protection Fund (CIPF), which adds an extra layer of security for customers.

Moreover, it takes user data security seriously. All personal data is encrypted and securely stored using state-of-the-art digital security measures, ensuring that your information and funds are well-protected.

Lastly, Moka has garnered positive reviews from a wide range of users and has been featured in notable publications such as The Globe & Mail, CBC News, and Financial Post. This positive appraisal further solidifies its credibility in the financial tech space.

In essence, based on these credentials and my personal experience with the app - Moka is definitely legit.

Moka Pros & Cons

Like every financial tool, Moka has its strengths and drawbacks. Understanding these will help you determine whether it's the right fit for your financial needs.

  • Effortless Saving
  • User-friendly
  • Personalized Portfolios
  • Low Fixed fee
  • Secure
  • Limited Control
  • Monthly Fee
  • Geographical Limitation

Moka App Alternatives

While Moka offers a great avenue to start your investing journey, it's worth recognizing that there are other investment apps out there which also facilitate simple approaches to investing for beginners and experts alike.

Here are three primary alternatives to the Moka App.

1. Acorns

Acorns is a popular U.S.-based app known for its round-up feature similar to that of Moka. The app rounds up your daily transactions to the nearest dollar and invests the difference into a diversified portfolio.

Where Acorns stands out is their additional features such as "Found Money", where partnerships with various companies yield direct investments into users' Acorns portfolio when they shop with these providers.

2. Stash

Another alternative is Stash. This app combines traditional banking services with robust investment options, including single stocks and ETFs.

Stash also allows fractional share purchasing, making 'expensive' stocks more accessible, and offers helpful educational resources guiding users in their investing journey.

3. Wealthsimple

Finally, there's Wealthsimple. A Canadian Robo-advisor similar to Moka in its approach, Wealthsimple provides passive investing with customized portfolios based on one’s risk tolerance and financial objectives.

It doesn't offer a round-up feature but stands out with socially responsible and Halal investing options.

Remember, it’s important to research thoroughly before settling for an investment platform. Consider your financial situation, requirements, comfort level with technology, support services offered by these platforms while making your decision.

Investment apps like Moka are often perfect gateways into more significant savings habits leading towards achieving your financial goals.

My Verdict On Moka App Review

My Verdict On Moka App Review

Moka is a unique fin-tech solution that successfully makes investing a pain-free and automated process for individuals at all stages of their financial journey.

Its round-up mechanism, where every transaction morphs into a mini-investment, is ingenious in its simplicity.

Personally, I appreciate the user-friendly navigation and personalization offered through risk-tailored portfolios.

The app's negligible fee for its full range of services feels like a fair trade-off knowing my spare change is solidifying my financial future.

In essence, Moka takes on all the heavy-lifting of investing and allows you to focus on reaching your financial goals effortlessly.

Hence, if you're considering dipping your toes into investing with minimal fuss or confusion, Moka might be the perfect place to start.

FAQs About Moka App

Is my personal data safe with the Moka App?

Yes! Moka ensures high-end security measures including encrypted data transmission and strict privacy regulations.

Can I withdraw my money from my Moka account?

Yes! While Moka encourages consistent investment habits for long-term growth, you can make free withdrawals at any time should you need access to your funds.

Is Moka App exclusively available in Canada?

No! While originally designed for Canadians; As of 2020, after rebranding from Mylo to Moka app has expanded its presence beyond Canada now serving France residents as well.

Does using the Moka App require a profound knowledge of investing?

Absolutely not! One of the key aims of Moka is provide easy access to investing platforms which is why it doesn’t require deep investing knowledge letting beginners build financial literacy along the way.

Can I customize my portfolio on Moka App?

Moka creates custom portfolios based on user responses regarding income level risk tolerance etc during initial set up.Every portfolio is built by experts keeping various risk strategies in check.


After a thorough and honest appraisal, I can confidently say that Moka is an innovative tool that simplifies investing for everyone.

Its spare change round-up feature, intuitive user interface, expert-built portfolios, and competitive $3.99 monthly fee make it a viable option for anyone looking to begin their investment journey.

Whether you're a beginner dipping your toes in the world of investing or someone looking to save effortlessly, Moka could be the financial partner you need.

Learn more about this user-friendly app here. Remember: every spare change saved today can make a big difference tomorrow!

Michael Restiano

I lead product content strategy for SaltMoney. Additionally, I’m helping our broader team of 4 evolve into a mature content strategy practice with the right documentation and processes to deliver quality work. Prior to Instacart, I was a content strategy lead at Uber Eats and Facebook. Before that, I was a content strategist at SapientNitro, helping major Fortune 500 brands create better, more useful digital content.