Is Koho Legit and Safe?

Is Koho Legit and Safe to Use?

If you’re thinking about signing up for Koho you might be wondering if it’s legit or safe to use. This article answers that question.

What is Koho?

Koho isn't a traditional bank, it's a Canadian financial technology company, also known as a "fintech." It offers a prepaid Mastercard and a mobile app that helps you manage your money and repair your credit score. You can use Koho to get paid, pay bills, make purchases, and even earn cashback. It basically gives you all the perks of a bank without actually being one. 

But is your money safe? Yes, although Koho doesn't have a physical location, Koho partners with a federally regulated financial institution to hold your money safely. Since it doesn't have a physical location it doesn't have to pay as many employees. That allows it to keep your money safe while offering more competitive rates, free credit score checks, and an easier experience than traditional banks.

If you need to visit a physical branch then no, don't get Koho. But if you like banking with no hidden fees, getting paid high interest on your savings accounts, and getting cash back rewards on your credit card - even if you have bad credit - then yes, Koho might be a great choice for you.

Is Koho a Real and Trusted Company? How does Koho Keep My Money Safe?

Yes. Koho is a legitimate Canadian company that’s been around since 2014. It partners with Peoples Trust, which is a federally regulated financial institution. Your money with Koho is held by Peoples Trust, and it is eligible for CDIC insurance. That means your deposits are protected up to $100,000 just like they would be at a regular Canadian bank.

Is Koho Secure?

Yes, Koho uses encryption to protect your money, data and transactions. The mobile app is secure and designed with multiple layers of protection. You can even enable Two-Factor Authentication (2FA) for additional security if you want. Plus, they offer real-time notifications, so you always know when your card is being used. This helps you spot any suspicious activity right away.

How Does Koho Make Money if They Offer Zero Fee Banking?

Koho makes money in a few ways. Koho earns a small percentage from merchants when you buy things on your credit card (this doesn't cost you anything, and is the same way most credit cards operate). They also offer optional paid features like Koho Extra, which gives you higher cashback and other benefits. They don’t charge you surprise fees, and there are no hidden costs. Everything is clear and upfront, and it's not necessary to get any of the optional features; you can get a free chequing account and credit card without paying any fees.

What are Users Saying? Are Koho Reviews Good?

Koho has thousands of positive reviews on the App Store and Google Play. Most users say it’s easy to use, helps them save money, and offers great customer service. You can also find reviews on Reddit and other forums where people share their honest experiences. While no company is perfect, Koho generally gets good feedback for being helpful and transparent. We think it might be the simplest, best prepaid credit card and banking app available to Canadians.

So, is Koho Legit and Safe?

Yes. Koho is a secure and trusted platform that helps Canadian s manage their money more easily. It’s not a traditional bank so it has fewer expenses, which allows it to offer of the same features as a traditional bank but with lower fees and more flexibility.

Is There a Koho Promotion to Save Me Money?

Yes, sign up for Koho using the Koho referral link https://web.koho.ca/referral/TJDAD9Y9 and make a purchase of $20 or more within 30 days to get your choice of $20 or 3 free months of Koho's Extra plan.

If you don't like clicking links (we know, you can never be too careful!) you can do it manually. Just use code TJDAD9Y9 when you sign up with Koho and make a purchase of $20 or more within 30 days to get your choice of $20 or 3 free months of Koho's Extra plan.