TradeZero is a stock and ETF broker established in the Bahamas in 2015. Though the global entity is regulated offshore, the US subsidiary is overseen by FINRA with SIPC registration. The powerful proprietary trading software makes it a popular choice for active day traders.
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
"We recommend TradeZero for active stock traders looking for zero commissions, powerful software and extended hours trading."
"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
ZeroPro provides access to advanced charting features, instant alerts, customizable hotkeys and, for an extra monthly fee, OTC Level 2 markets
High intraday leverage up to 1:6 for global accounts with balances of $2,499+ and up to 1:4 for US clients
Four in-house platforms including a proprietary mobile app with real-time data streaming
Simple pricing structure; free or paid stock and options orders (eligibility requirements apply)
On-demand tutorial videos and live stream market insights
The US entity is registered with the FINRA and SIPC
Innovative solution to mark unused locates for credit
Pre-market and post-market trading hours
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
TradeZero only facilitates trading US stocks, with UK, EU and other international markets unavailable
High deposit and withdrawal fees; $50 for outgoing and $25 for incoming (waived if over $500)
The TradeZero global entity has weaker regulatory oversight from the SCB of the Bahamas
A $59 monthly fee applies to the ZeroPro and ZeroWeb terminals
Customer support is available 24/7 with a responsive live chat
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
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.