Withdrawals are only allowed to verified bank accounts under your name and for which you are identified as the main account holder or joint holder. This security requirement is in place to prevent money laundering and fraud.
To view your withdrawable cash balance, go under the Account tab and tap on Transfers. From the next page, you’ll see a section labelled as Available to Withdraw, right under the Transfers section at the bottom. You can withdraw funds from your account at any time, without any penalty. Please note that any amount set aside for a pending order, any unsettled trade or any pending withdrawal amount cannot be withdrawn.
To transfer your funds to your bank account:
- Tap Available to Withdraw, a new screen will appear;
- Tap Withdraw funds;
- We need to verify ownership of the account before we are able to return your funds to you. To connect your bank account to your MogoTrade account, you can refer here.
Once your withdrawal request has been submitted, please allow 2-4 business days to receive your funds. All withdrawals are processed via EFT (Electronic Funds Transfer).
Having trouble connecting your bank or can’t find your bank in the app? No worries! You can also connect your bank manually by providing your account, transit and institution number, and uploading either a void cheque or a bank statement in the app directly. Please note that the name on the void cheque or the bank statement needs to match the name on your MogoTrade account to confirm ownership. Once your details are submitted, our team will verify your information and confirm by email as soon as your bank is added to your account (this process usually takes 24-48h).