Summary: KOHO Card, a popular mobile spending and savings account in Canada, does not facilitate the direct purchase of cryptocurrencies such as Bitcoin through its card services. Instead, it can fund accounts on exchanges that allow Canadian Dollar (CAD) deposits.
Based on our analysis, Kraken is a recommended option for those interested in trading cryptocurrencies and is an excellent choice for KOHO Card users. Regulated under Canadian Securities Administrators (CSA), Kraken does not impose fees on CAD deposits and offers access to over 200 cryptocurrencies for trading and staking. Koho users can utilise various deposit methods, such as Interac e-Transfer, Mastercard deposits, and more.
- Instant and free CAD deposits from KOHO and KOHO Mastercards.
- Trade and stake over 200 crypto assets with industry-leading fees and tight spreads.
- Founded in 2011 and trusted by over 9 million investors.
Can I Buy Bitcoin with KOHO?
No, as a KOHO Card user, you cannot directly buy Bitcoin or other cryptocurrencies through Koho's financial services. However, you can utilise your card to fund accounts on reputable digital asset exchanges in Canada that accept Canadian Dollars (CAD). These exchanges, operating under the oversight of the Canadian Securities Administrators (CSA), offer a secure and compliant platform for trading digital assets. By using KOHO with these exchanges, you can ensure a regulated and trustworthy way to invest in cryptocurrencies.
How to Buy Crypto with KOHO Card
If you're contemplating investing in digital currencies through KOHO Card, we recommend using a prominent, regulated exchange like Kraken. As a Canadian-based user, Kraken's platform, which complies with CSA regulations, permits quick and no-fee CAD deposits from your account. You can access over 200 cryptocurrencies to buy, sell, and stake at competitive rates. Deposits can be conducted via card deposit, Interac e-Transfer and wire transfer.
Below is a comprehensive step-by-step guide to streamline your experience:
- Registration: Start by creating an account on Kraken. Follow through with the necessary verification process tailored for individuals or businesses.
- Choose Your Currency: Within the Kraken platform, select your desired deposit currency (CAD is available).
- Deposit Funds: Using your KOHO Card, pick your preferred payment method (e.g., Interac e-Transfer, wire transfer) and complete your deposit.
- Acquire Cryptocurrency: The final stage involves selecting the cryptocurrency you want to invest in and executing your trade.
KOHO Cryptocurrency Policy
In alignment with modern financial practices and a commitment to offering flexible solutions, KOHO has positioned itself to enable users to engage with the expanding field of digital asset indirectly. While KOHO does not facilitate direct crypto transactions, it allows its cardholders to fund accounts on regulated exchanges under the oversight of the Canadian Securities Administrators (CSA).
Kraken serves as an exemplary platform in this context. Operating in Canada, Kraken complies with CSA regulations and maintains its status as a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), under the registration number M19343731.
About KOHO
KOHO is a Canadian fintech company known for offering a refreshing alternative to traditional banking. With a user-friendly app and a reloadable prepaid Visa card, they provide real-time insights into spending, budgeting tools, and unique features like the "Round-Up" to enhance savings. Koho emphasizes a no-fee experience and enables its users to earn up to 4.5% interest on their entire balances, making it an attractive option for those seeking transparency and control over their financial lives.
Final Thoughts
KOHO does not support direct cryptocurrency purchases but facilitates Canadian users to fund accounts on regulated exchanges like Kraken. Operating under the Canadian Securities Administrators (CSA) and registered with FINTRAC (registration number M19343731), Kraken offers a secure and efficient platform for KOHO Card users. With no fees on CAD deposits and access to over 200 cryptocurrencies, Kraken represents a robust and responsible choice.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
