Toronto-based fintech KOHO has launched support for crypto trading, now allowing Canadians to trade digital assets through its app. KOHO partnered with Calgary regulated exchange Ndax to debut the service, which is now available to its 2.5 million users. This move falls in line with crypto trading that is also supported by Wealthsimple, another Toronto-based fintech.
The new offering allows customers to buy, hold, and track more than 20 different digital currencies, including Bitcoin, Ethereum, and Solana. Users can start trading with as little as $1 and fund their purchases instantly using their existing KOHO account balance.
Trading fees for the service are tiered based on the user’s subscription level. Members on the KOHO Everything plan pay 0.5% per trade, while Extra and Essential members are charged 1%. Non-members face a 1.5% fee (Wealthsimple’s entry fee is 2.0%). The company stated that transactions are priced in Canadian dollars to avoid foreign exchange fees.
To address security concerns, the majority of the digital assets are held with qualified custodians through the regulated infrastructure of Ndax. The app also includes features like recurring purchases for automated investing and price alerts to track market movements.
KOHO CEO Daniel Eberhard noted that the goal is to reduce the complexity and high entry costs that often prevent people from accessing the crypto market.
The launch follows KOHO’s recent expansion into broader financial services, including its recent registration as a payment service provider with the Bank of Canada.
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