Canadian banks have always had a hard time dealing with crypto transactions. But thanks to a partnership with KOHO, Canadian citizens can finally buy cryptos without worrying about their accounts or credit card being frozen.
If you have funds in your KOHO account, you may use your KOHO card to purchase Bitcoin, Ethereum, Litecoin, Ripple, Monero, Dogecoin, Zcash, and many more other top coins. Kraken and Kucoin are two examples of exchanges where you can get cryptos straight up using your KOHO card.
On top of that, you’ll get a 0.5% cash back on all of your purchases, which you can withdraw right away from the app.
What you'll learn 👉
What is KOHO, and How Does KOHO Work?
If you’re looking for a savings and spending account, go no further than KOHO, which offers cashback and interest on all of your balances instantly. Obtaining a prepaid, reloadable Mastercard provides you with all the purchasing power of a credit card without the associated fees and interest rates.
While credit cards use borrowed cash, the KOHO card uses the money you already have. Because of this crucial distinction, you will find yourself spending less and saving more. It syncs with financial management software that helps you keep track of your spending and provides real-time balance updates to make managing your money easier. Therefore, the typical KOHO customer should expect to save 7% of their deposit.
Your KOHO account balance can be increased in one of three ways:
- electronic funds transfer from your bank account,
- loading fund from an existing Visa debit,
- by depositing your paycheque through work’s payroll.
The KOHO card functions like a debit or credit card for making transactions. Since it is powered by the Mastercard network, purchases made with it are processed in the same way as any other credit card purchase.
Features of KOHO
When you open a KOHO account, you can enjoy all its features, most of which we highlight below:
No bank fees
The absence of bank fees and the absence of a minimum deposit requirement are two of the main selling points for using KOHO.
With a premium KOHO account, you may get a cashback rate of at least 2%. From a crypto viewpoint, are no foreign exchange fees, which is a major plus. Those who often invest in crypto will find this information extremely useful. Additionally, you may get cashback on your crypto purchases.
The yearly fee for the Premium account is $84, or $9 per month. You can give it a test spin by registering on KOHO risk-free for 30 days.
The KOHO app allows you to preload your spending money, eliminating any unpleasant financial surprises. You receive balance updates after every transaction. The app’s spending data may be used for planning, and the KOHO blog has money management tips.
By default, KOHO customers receive a cash rebate of 0.5% on all purchases. As for premium customers, KOHO racks up cashback with most of its partners from 2 to 15% on select transactions.
Metal cards are available to KOHO users for an additional $159 each. If a customer refers two friends, the price drops to $50 per metal card.
All customers are eligible to apply for KOHO savings with no additional fees or limitations, and they may earn up to 1.2% interest on all balances.
Cryptocurrency Exchanges You Can Buy From with KOHO
The KOHO card may be used on any crypto exchange that accepts credit card purchases (which is essentially all of them). You can buy direct on exchanges like Binance, Coinbase, Kraken, KuCoin because they all support credit cards as payment options.
International exchanges – Coinbase, Kraken, Uphold, Binance
This is a list of the top international exchanges which accept KOHO as a payment method.
One of the largest crypto exchanges is Coinbase, which is situated in San Francisco. It has been operating since 2012, making it one of the first companies to accept and provide numerous items linked to cryptos. It has an unrivaled volume of trade and a lengthy history of providing security that leads the industry.
The oldest crypto exchange for trading bitcoin and altcoins, Kraken, was established in 2011 and is based in the United States. It is also one of the safest exchanges due to the fact that it is registered and state regulated but also self-regulated, which means it takes comprehensive safety measures, and conducts frequent security checks.
Uphold, founded in 2014 by American entrepreneur Halsey Minor, is a trading website for buying and selling various assets, including crypto. Licenses for the platform have been secured in both the United States and Europe.
Binance, located in the Cayman Islands, is the world’s most popular crypto trading platform. Changpeng Zhao, a veteran of the crypto market, founded it in 2017. It has the greatest trading volume of any crypto exchange since it provides consumers with the most crypto trading pairs of any reliable exchange.
Canadian exchanges – Shakepay, BitBuy, Newton
On the other side, this is the list of the top Canadian exchanges which accept various payment methods, among which is the KOHO card.
Users may rapidly purchase and sell Bitcoin and Ethereum on Shakepay, a leading crypto exchange in Canada. Shakepay, a Montreal-based company, was founded in 2015 and since then has enabled the exchange of digital assets valued at more than $5 billion.
The finest bitcoin exchange in Canada for Canadian citizens and residents is Bitbuy. It was established in 2016 with the goal of offering a quick, secure, and simple way to buy and sell bitcoin and other popular cryptos. Now it is a fully regulated exchange that is under the supervision of Canadian federal authorities.
Newton, named for Isaac Newton, began operations in Canada under the leadership of CEO Dustin Walper. The exchange’s primary objective is to concentrate on the Canadian market, which now has more than 100,000 members.
KOHO declined by the exchange, what to do?
If your KOHO direct payment doesn’t work for some reason, you can pay by using an e-transfer. These are the instructions to do that:
- Access your KOHO app, then go to the “$” button, press the “Transfer Money” option, and choose “Add a Recipient” in the top right-hand corner.
- Type the recipient’s name and email address here.
- Put in the sum you wish to send.
- Choose the e-Transfer option.
- Making a Security Question and Answer will then be required of you.
- Because you cannot edit a recipient’s name once it has been established, carefully examine all the information you entered.
- Finally, press the “Send Now” button.
You might also want to try out other different payment methods for bitcoin purchasing:
- How To Buy Bitcoin With SWIFT – Buying Crypto With SWIFT International Transfer
- How To Buy Bitcoin With Payoneer? Buying Crypto With Payoneer Card (On Binance, Kucoin etc.)
- How To Buy Bitcoin With Google Pay?
KOHO Frequently Asked Questions
Yes, you can buy Bitcoin with KOHO, as long as you have money in your KOHO account.
Yes, the KOHO card is accepted everywhere where normal credit cards would be accepted.
The only Canadian credit card that allows you to purchase crypto are TD Bank and the National Bank of Canada.
Canadian banks which allow crypto purchases are Tangerine, Toronto Dominion, Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, etc.
Your funds are kept by KOHO at the federally regulated bank Peoples Trust. This implies that even if KOHO fails, you would still get all of your money through Peoples Trust.
Yes, you can take cash out of KOHO. Using your KOHO card, you can withdraw cash from an ATM.
KOHO is on a Mastercard network.
No, tens of millions of retailers worldwide, in more than 200 nations, accept payments made with your KOHO prepaid Mastercard.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com