Fortrade vs Wealthsimple
Fortrade | Wealthsimple |
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3.8
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3.1
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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 | |
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Cons | |
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Awards | |
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Instruments | |
Forex, CFDs, indices, shares, commodities, cryptocurrencies, DMAs, ETFs, bonds | Stocks, ETFs, Cryptocurrencies |
Demo Account | |
Yes | No |
Minimum Deposit | |
$100 | $1 |
Trading Platforms | |
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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 |
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 | |
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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. |
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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 | |
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Crypto Lending | |
No | No |
Crypto Mining | |
No | No |
Crypto Staking | |
No | No |
Auto Market Maker | |
No | No |
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