Fortrade vs Wealthsimple

Fortrade vs Wealthsimple Comparison Table 2023
Fortrade	Wealthsimple
Review 3.8	Review 3.1
Traders from US not accepted See available CFD brokers	Traders from US not accepted
Fortrade is a multi-asset, multi-regulated broker with branches regulated by the FCA, CySEC and ASIC among others. The brand offers trading opportunities on a wide range of instruments including stocks, bonds, commodities, forex, indices, cryptocurrencies and ETFs, with competitive fees and support for MetaTrader 4 and a proprietary platform.	Wealthsimple offers managed investment portfolios to Canadian residents. Clients can build a trading solution based on their financial goals and risk tolerance. Buy and sell stocks, ETFs, and cryptocurrencies. 2 million+ accounts have already been opened.
Comment by Reviewer
"With strong regulatory oversight, helpful educational content and support for the market-leading MetaTrader 4 platform, Fortrade is a good pick for newer traders."	"Canadian traders looking for passive income opportunities will be well served by Wealthsimple. The quick and easy joining process also means you can sign up and start trading in a few minutes."
Pros
Wide range of markets available including cryptos Comprehensive educational resources and content Strong regulation from FCA & CySEC Choice of platforms including MT4 Unlimited time demo account Online CFD trading APK	Simple and secure onboarding process through an intuitive and well-reviewed mobile app - start investing in 5 minutes Trade stocks from as little as $1 with zero commissions, plus Canadian fractional shares including Shopify and Royal Bank of Canada Attractive perks available for Premium and Generation clients, including airport lounge access, 15% off your will, and health plans Trade and stake digital coins on Canada's first regulated crypto platform and earn decent rewards of up to 4.6% per year Accessible educational resources, including Personal Finance 101 and an engaging proprietary online magazine Options trading available with flat $2 per contract pricing using any of the stocks and ETFs accounts
Cons
Wider than average spreads on some assets Only one account type available Slow withdrawals	Only Canadian residents can join after operations ceased in the USA and the UK Limited to investing only in stocks, ETFs and cryptos High management fees compared to competition Long waiting time for non-instant deposits
Awards
	Best Financial Services Website - Webby Awards Top 100 Global Financial Technology Companies - Fintech 100
Instruments
Forex, CFDs, indices, shares, commodities, cryptocurrencies, DMAs, ETFs, bonds	Stocks, ETFs, Cryptocurrencies
Demo Account
Yes	No
Minimum Deposit
$100	$1
Trading Platforms
MT4 TradingCentral	Own
Payment Methods
Credit Card Debit Card Mastercard Neteller PayPal Skrill Visa Wire Transfer	Credit Card Debit Card Mastercard Visa Wire Transfer
Minimum Trade
0.01 Lots	$1
Regulator
FCA, ASIC, CySEC, NBRB, FSC, CIRO	CIRO
Margin Trading
Yes	No
STP Account
No	No
ECN Account
Yes	No
DMA Account
Yes	No
MAM Account
Yes	No
PAMM Account
Yes	No
LAMM Account
No	No
Demat Account
No	No
AI / Machine Learning
No	No
Robo Advisor
No	Yes
Negative Balance Protection
Yes	No
Market Maker
No	No
P2P Trading
No	No
Spot Trading
No	Yes
Mobile Apps
iOS & Android	iOS & Android
Auto Trading
Expert Advisors (EAs) on MetaTrader	Yes via robo advisor
Copy Trading
No	No
Social Trading
No	No
Trade Signals
Yes
VPS Hosting
No	No
Tournaments
No	No
Demo Competitions
No	No
Ethical Investing
No	Yes
Custodial Account
No	No
Guaranteed Stop Loss
No	No
Inactivity Fee
$10
Islamic Account
Yes	Yes
Account Currencies
USD EUR GBP	USD CAD
Stock Exchanges
Australian Securities Exchange CAC 40 Index France DAX GER 40 Index Dow Jones Euronext FTSE UK Index Hong Kong Stock Exchange Japan Exchange Group Nasdaq S&P 500 Shanghai Stock Exchange SIX Swiss Exchange Toronto Stock Exchange	Nasdaq New York Stock Exchange Toronto Stock Exchange
Commodities
Copper Corn Cotton Gasoline Gold Natural Gas Oil Palladium Platinum Silver Sugar Wheat	Gasoline Gold Oil Silver
CFD Trading
Fortrade's list of leveraged CFDs covers a wide range of asset classes including forex, stocks, bonds, indices, commodities and cryptocurrencies. Traders can access leverage up to 1:30 and will trade with zero commission, fast execution and low latency on MetaTrader 4 or the bespoke platform.	CFD trading not offered
Leverage
1:30 (varies by entity)
FTSE Spread
2
GBPUSD Spread
2
Oil Spread
0.04
Stocks Spread
Variable
Forex Trading
Fortrade offers 60+ currency pairs including a good selection of majors, minors and exotics. Trading takes place via MT4 or Fortrade's proprietary, low-latency terminal, and spreads on the USD/GBP pair average a reasonable 2 pips.	Forex trading not offered
Forex App
The Fortrader mobile app can be used to trade 60+ currency pairs. Clients can also access daily market insights and manage deposits and withdrawals via the application. The forex trading app is available from the Apple App Store and Google Play.
GBPUSD Spread
2
EURUSD Spread
2
EURGBP Spread
3
Assets
60+
Cryptocurrency
Fortrade offers CFD trading on the largest cryptos by market cap paired with USD. Crypto CFD availability depends on local regulations and they are not offered in jurisdictions including the UK due to restrictions.	Trade 50+ cryptocurrencies including Bitcoin and Ethereum with a competitive 1.5-2% fee per transaction. Investors also enjoy fast crypto transfers to and from Wealthsimple.
Spread
Variable	1.5 – 2% operational fee
Coins
BTC DSH LTC ETH	ZRX 1INCH AAVE APE AMP ANKR AVAX AXS BAL BNT BAND BAT BTC BCH ADA CTSI CELO LINK CHZ CHR COMP ATOM COTI CRV DAI MANA DOGE DYDX ENJ ETH FTM FIL GALA GRT KNC LTC LRC LUNC MKR PAXG DOT MATIC QNT REN SAND SHIB SKL SOL XLM STORJ SUSHI SNX XTZ UMA UNI USDC YFI
Crypto Lending
No	No
Crypto Mining
No	No
Crypto Staking
No	No
Auto Market Maker
No	No

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