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 digital asset exchanges that accept Canadian Dollar (CAD) deposits.
Based on our analysis, Kraken is our recommended option for KOHO 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. As a global exchange, it can be used in both English and French.
- 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.
Kraken is a registered Money Services Business with FINTAC (MSB Registration No. M19343731).
Can I Buy Bitcoin with KOHO?
Yes, KOHO users can buy Bitcoin or other cryptocurrencies through a reputable digital asset exchange in Canada that accepts deposits in CAD. It’s important to find a trading platform that operates under the oversight of the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), as they offer a secure and compliant environment for trading digital currencies.
How to Buy Crypto with KOHO Card
If you're contemplating investing in digital currencies through KOHO, we recommend using a regulated exchange like Kraken. It complies with CSA regulations and permits quick and free CAD deposits from your account. You can access over 200 cryptocurrencies to buy, sell, and stake at competitive rates. Deposits to Kraken can be conducted through debit or credit card deposit, Interac e-Transfer, and wire transfer.
Below is a comprehensive 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: 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.
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KOHO Cryptocurrency Policy
KOHO enable users to engage with the expanding field of digital assets through regulated exchanges under the oversight of the Canadian Securities Administrators (CSA). 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.
Digital Asset Investing Fees
Getting a handle on the cost framework for investing in digital assets is crucial for optimizing your financial gains. Kraken provides affordable pricing that can influence your overall income. Here's a straightforward rundown of the costs tied to digital asset dealings:
- Trading Fees: Kraken employs a tiered pricing model for transactions, beginning at 0.16% to open a trade and 0.26% to finalize it. As your trading activity grows, these charges diminish, boosting your potential earnings.
- Funding Fees: Depositing cryptocurrency into your account is free of charge. But if you're adding fiat currency, a nominal fee might be incurred. This fee fluctuates based on your selected payment option, such as credit cards or Interac e-Transfers.
- Withdrawal Expenses: The fees for removing funds are competitive and vary according to the specific digital asset you're moving. For example, a Bitcoin withdrawal will cost you 0.0005 BTC.
Kraken's trading fees are budget-friendly and decrease as you ramp up your trading volume. The platform's fees for deposits and withdrawals are also very competitive, making it a compelling option for investors looking to enhance their financial performance.
What is KOHO?
KOHO is a Canadian fintech company that offers a modern approach to banking through its mobile app and reloadable Visa card. Designed to simplify personal finance, it provides users with real-time insights into their spending habits, enabling them to set savings goals and budget effectively. With features like cashback rewards, round-up savings, and no hidden fees, the platform aims to empower individuals to take control of their financial well-being.
As a secure and user-friendly alternative to traditional banking, KOHO has garnered significant attention for its innovative services prioritizing transparency and financial literacy. It 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
To sum up, 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 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.
