eToro vs Wealthsimple | How Do They Compare & Who Is Better?
Jack Moreau
Mar 2024
9 min read
Fact checked
Are you new to crypto investing and not sure which platform to choose between eToro vs Wealthsimple? We have conducted a thorough analysis of their respective product features, trading fees and user experience. By the end of this comparison, you will have a clear idea of which platform is better suited for your needs!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
When it comes to investing and trading, there are many options available in the market. Two popular choices are eToro and Wealthsimple.
eToro is a global social trading and multi-asset investment platform that allows users to trade various financial instruments, including 80 cryptocurrencies, stocks, ETFs and more.
eToro is available in 140 supported countries with restrictions in Canada, China, India, Indonesia, New Zealand, Russia and South Africa. The platform has gained popularity for it's diverse range of assets and innovative social trading features.
eToro supports multiple cryptocurrencies, such as Bitcoin, Ethereum and other popular digital assets as well as traditional financial instruments.
With over 30 million users, eToro has created a unique community-driven trading experience. The platform has over 10 million downloads on its Android app, with a 4-star rating based on over 100,000 reviews.
Wealthsimple is a Canadian-based financial services company that offers a variety of investment services to customers in Canada. The company was founded in 2014 with the goal of making it easy and accessible for anyone to start investing in their future.
Wealthsimple offers a range of investment products and services, including robo-advisory, stocks and shares ISAs, savings accounts, and cryptocurrency trading.
With over 3 million users in Canada, Wealthsimple supports a small range of 50 cryptocurrencies like Bitcoin, Ethereum, Solana, and other well-known coins.
Etoro vs Wealthsimple Signup & KYC
When it comes to signing up for cryptocurrency exchanges, both eToro and Wealthsimple require KYC verification before users can start trading. However, the signup process for each exchange differs slightly.
Signing up for eToro is simple and takes only a few minutes to complete from beginning to end as more information is required.
All you need is a username, email and to confirm your email verification code. However, the verification process on eToro can take several days to complete but no longer than a week.
Wealthsimple's signup process takes a bit longer as you'll need to upload all the necessary documents to complete KYC. The good news is that it only takes a few minutes to complete. The verification process on the other hand can take a couple of days to complete.
Etoro vs Wealthsimple Products & Services
When it comes to choosing an exchange for buying and selling cryptocurrencies, there are many factors to consider.
Wealthsimple is a Canadian exchange that offers a range of investment opportunities beyond just cryptocurrencies. Their platform allows users to buy and sell fractional shares of stocks and ETFs, as well as trade over 50 cryptocurrencies.
Wealthsimple has done an great job with their user experience making it easy for beginners to navigate the platform and understand their investment options.
They also offer staking programs for certain cryptocurrencies. On the downside, Wealthsimple charges higher fees compared to other exchanges.
eToro stands as a user-friendly trading platform designed for both new and seasoned traders that want to trade over 3,000 financial assets.
Within this expansive portfolio, users can find over 3,200 renowned stocks from flagship companies like Apple, Google, and Amazon.
But the platform doesn't restrict itself to just stocks. Traders have the flexibility to navigate other markets, including trading over 50 different currencies, engaging with more than 30 commodities, and exploring over 20 groups of stocks or indices. Indices, currencies and commodities are however not available to users in the United States.
For those who are attuned to the digital currency wave, eToro doesn't disappoint. It presents an opportunity to buy and sell with over 70 cryptocurrencies, including popular ones like Bitcoin, Ethereum, Solana, Cosmos and others.
Moreover, those who have a penchant for ETFs have over 400 options to choose from, featuring industry giants such as SPDR S&P 500 and Vanguard.
Beyond trading, eToro prides itself on nurturing a vibrant community. This platform has succeeded in building a robust network of over 30 million enthusiastic investors. To further support its community, eToro Academy steps in, providing a plethora of free resources.
In terms of functionality, eToro has integrated top-tier tools, including charts from the renowned TradingView. These charts provide rich and detailed data, which becomes pivotal in making informed trading decisions.
Furthermore, eToro brings to the table advanced tools that allow traders to set their profit targets and cap potential losses.
For traders seeking to amplify their stakes, eToro offers the possibility of leveraging with up to 30X leverage on cryptocurrencies and 5X leverage on stocks.
Newcomers or those looking to practice strategies will appreciate eToro's demo mode. This feature offers a simulated trading environment, complete with a virtual $100,000 that lets users to hone their skills risk-free.
Another groundbreaking feature of eToro is the CopyTrader features that empowers users to mirror the strategies of successful traders, transforming the trading experience by integrating learning with actual trading.
Lastly, eToro has made commendable strides in the world of digital collectibles or NFTs through its Delta platform. This platform is structured make it easy for users to buy and sell NFTs on Ethereum.
When it comes to trading fees for buying and selling cryptocurrencies, Etoro charges a 1% fee while Wealthsimple charges a higher 1.5-2% fee per transaction.
eToro thus offers both more cryptocurrencies and significantly lower trading fees than Wealthsimple. Having said that, the fees of both brokers are higher compared to the industry average when it comes to buy and selling cryptocurrencies.
eToro however has the advantage of also offer stock trading with 0% commission and no management or rollover fees.
Etoro and Wealthsimple are both offer a range of deposit methods for their users. Let's dive into their deposit options and see how they compare against each other.
Etoro supports four fiat currencies including USD, EUR, GBP, and AUD. Their range of deposit methods includes bank transfer, PayPal, Skrill, Neteller, and debit card.
One big advantage with eToro is that all fiat deposits with bank transfers are free of charge on Etoro. Conversion fee may however be applied as deposits are conducted in $.
Wealthsimple also offers several deposit methods for their users, including bank transfers and credit/debit cards.
What sets Wealthsimple apart from most exchanges is that they don't charge any fees for both fiat deposits or withdrawals. This is great news for users as they can easily fund their accounts without worrying about any hidden fees.
When it comes to withdrawing your funds on Etoro, you have two options: bank account or debit card. While the process is straightforward, you will be charged a $5 withdrawal fee which can add up if you withdraw frequently. Furthermore, withdrawing fiat currencies other than USD will incur additional conversion fees.
Wealthsimple, on the other hand, offers fiat withdrawals via bank transfer to Canadian banks. The best part? It's completely free of charge. While the options are limited to Canadian banks only, it's a great option for Canadians looking to withdraw their funds hassle-free. Overall, while Etoro offers more withdrawal options, Wealthsimple's free withdrawals may be more appealing to some users.
In conclusion, both eToro and Wealthsimple are great options for those interested in trading or investing in cryptocurrencies. eToro boasts over 30 million users across 140 countries and offers a diverse range of financial instruments including over 80 cryptocurrencies. Their user-friendly interface and innovative social trading features make them a top choice for those looking for a community-driven trading experience.
Wealthsimple also offers a range of investment products and services that go beyond just cryptocurrencies, including robo-advisory and savings accounts. They support over 50 cryptocurrencies and have over 3 million users in Canada.
When it comes to fees, eToro seems to have lower rates compared to Wealthsimple, with a 1% fee for buying and selling cryptocurrencies. Wealthsimple charges a higher fee of 1.5-2% and it's worth noting that they don't operate an exchange and instead work with other exchanges.
In terms of deposit options, eToro offers four fiat currencies and several deposit options including PayPal, while Wealthsimple offers fee-free fiat deposits and withdrawals to Canadian banks.
Disclaimer
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured.
Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance.
luckyaltcoin.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.