The KOHO prepaid VISA card is a step up from other credit card providers. The KOHO card comes jam packed with a number of great features that makes for a great spending experience. KOHO shares its branding with cryptocurrency; “A new era of banking”. Fortunately, KOHO appears to be offering a modern VISA card that resonates with the values of millennials, and generation Y. Here at CryptoVantage, we like KOHO because it is an effective cryptocurrency purchasing tool. If you’ve tried to purchase cryptocurrency using a credit card in Canada, then you probably ran into difficulty. Credit card providers in Canada frequently block cryptocurrency transactions. Fortunately, if you use KOHO, you can very easily acquire cryptocurrency using your prepaid VISA card.
By: Keegan Francis | Jun 11, 2020 | Modified Jun 23, 2020
KOHO offers banking services. Therefore, KOHO works a lot like your bank, except that it is all one. KOHO offers users an account to store money. You first deposit money through e-transfer into your KOHO account. Then you use your KOHO card like you use any other credit card. KOHO can be used for subscriptions, or internet purchases, as long as you have the balance available in your account.
Every purchase made with your KOHO card earns you a little bit of cashback. By default users earn 0.5% of the purchase value. If you use a referral link, you can get 1.5%. For every one of your friends, you earn an additional 1% cashback, up to 10% off.
Special deals may also be acquired for shopping at specific businesses who have partnered with KOHO. These special deals are often in the form of additional discounts on purchases on top of the cashback you are earning. A lot of popular Canadian brands have partnered with KOHO such as Indigo Books, Frank and Oak, and well.ca.
One of the biggest incentives to use KOHO is the total and complete lack of fees. KOHO charges zero fees to their users.
A premium KOHO account grants you further perks on top of the basic features. There is a baseline of cashback starting at 2%. The best part from a crypto perspective, is that there are no foreign exchange fees. This is particularly relevant for frequent buyers of cryptocurrency. Not only that, but you also will earn cashback on your cryptocurrency.
Buying cryptocurrency in Canada has never been easier. No more getting your bank account or credit card blocked by your banking institution. As long as you have a balance with KOHO, you are able to use the card for cryptocurrency purchases. That means that you can now buy cryptocurrency directly from sites like Coinbase, Crypto.com, and Binance. Not only that, but you will also earn cashback on your purchase of cryptocurrency. However, unless you have KOHO premium, you can expect a foreign currency on your KOHO account.
Any cryptocurrency exchange that allows you to purchase cryptocurrency with a credit card will be able to accept your KOHO card. That means you can now buy cryptocurrency directly from exchanges like Binance, Kucoin, Coinbase, and Crypto.com. The list does not stop there, head on over to the CryptoVantage exchanges reviews to see which exchanges accept credit card purchases. You can use your KOHO card at any one of them.
KOHO is a completely legitimate money services company operating in Canada. All users deposits are actually kept within a Canadian bank at the end of the day. Furthermore they are insured by the Canadian Deposit Insurance Company, so in the unlikely event that KOHO went under, users funds are protected by an independent third party.
KOHO makes money from something called interchange. It’s the small amount of money that gets charged to the provider during a transaction. The merchant pays the interchange, not the user, so that is how KOHO is able to keep their service free for users.
Users can withdraw money from their KOHO account through a e-transfer process. Users can also withdraw their money from an ATM like they would with their ordinary debit cards. However, KOHO is unfortunately not able to protect you from the $2-$3 charge that you will pay for using an ATM.