1. Home
  2. Best Day Trading Platforms and Brokers in 2024

Fortrade vs Wealthsimple

Fortrade vs Wealthsimple Comparison Table 2024
Fortrade Wealthsimple
Review
3.8
Review
3.1

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
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
App Review

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.
Android App Rating
4.2
iOS App Rating
3.5
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
Commodities
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
Review
Review
More Comparisons
Fortrade
vs
 Wealthsimple
vs