eToro vs Wealthsimple | How Do They Compare & Who Is Better?

etoro vs wealthsimple image
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!

MEXC

1780 Cryptos & Deep Liquidity

Spot/Perps/Copy Trading

Low Fees & 200X Leverage

KYC Not Required

Visit MEXC
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Uphold

+300 cryptos & Staking

Fast & Free Bank Deposits

Regulated: US, CA, EU, UK, AU

100% Proof Of Reserves

Visit Uphold
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Etoro vs Wealthsimple Comparison

eToro
Wealthsimple
MEXC
Founded
2007
2014
2018
Registered
US, UK, EU, AU
Canada
Seychelles
Countries N/A
CA, IN, NZ, JP, RU, TR
All but Canada
OFAC
Users
30M
3M
6M
Cryptos
+80
50
1780
Spot Fees
1%
1.5-2%
0.2%
KYC Required
Yes
Yes
No
Best for
Crypto, Stocks, ETFs
Canadian Beginners
Altcoins & 200X Leverage
Rating
Signup
eToro
Your Capital is at risk.
Wealthsimple
Your Capital is at risk.
MEXC
Your Capital is at risk

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 exchange
eToro exchange

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.

eToro app
eToro app

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.

Buy crypto on Wealthsimple
Buy crypto on Wealthsimple

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.

eToro KYC
eToro KYC

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.

KYC on Wealthsimple
KYC on Wealthsimple

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 portfolios
Wealthsimple portfolios

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.

Wealthsimple staking
Wealthsimple staking

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.

eToro Stocks
eToro Stocks

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.

eToro Indices
eToro Indices

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.

eToro Crypto
eToro Crypto

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.

eToro ETF
eToro ETF

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.

eToro Academy
eToro Academy

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.

eToro Trading Tools
eToro Trading Tools

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.

eToro Demo Trading
eToro Demo Trading

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.

eToro Copy Trading
eToro Copy Trading (Past performances are not an indication of future results)

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.

eToro NFTs
eToro NFTs
eToro
Wealthsimple
MEXC
Spot Trading
Yes
Yes
Yes
Futures
-
-
Yes
Perps
-
-
Yes
Margin
-
-
-
Options
-
-
-
OTC Desk
-
-
-
Copy Trading
Yes
-
Yes
Trading Bots
-
-
-
Staking
-
-
Yes
Lend & Borrow
Yes
Yes
Yes
NFTs
Yes
-
-
Web 3 Wallet
Yes
-
-
Debit Card
Yes
Yes
-
Signup
eToro
Your Capital is at risk.
Wealthsimple
Your Capital is at risk.
MEXC
Your Capital is at risk

Etoro vs Wealthsimple Fees

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 Crypto Fees
eToro Crypto Fees

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 Stock Fees
eToro Stock Fees

eToro
Wealthsimple
MEXC
Spot (mkr)
1%
1.5-2%
0.2%
Spot (tkr)
1%
1.5-2%
0.2%
Futures (mkr)
-
-
0%
Futures (tkr)
-
-
0.02%
Signup
eToro
Your Capital is at risk.
Wealthsimple
Your Capital is at risk.
MEXC
Your Capital is at risk

Etoro vs Wealthsimple Deposit Methods

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.

eToro
Wealthsimple
MEXC
USD
ACH, Wire, PayPal, Skrill
Bank transfer, Credit/Debit card
-
EUR
ACH, Wire, PayPal, Skrill
-
-
GBP
ACH, Wire, PayPal, Skrill
-
-
Signup
eToro
Your Capital is at risk.
Wealthsimple
Your Capital is at risk.
MEXC
Your Capital is at risk

Etoro vs Wealthsimple Withdrawal Methods

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.

eToro
Wealthsimple
MEXC
USD
Bank Account, Debit Card
Bank transfer, Credit/Debit card
-
EUR
Bank Account, Debit Card
-
-
GBP
Bank Account, Debit Card
-
-
Signup
eToro
Your Capital is at risk.
Wealthsimple
Your Capital is at risk.
MEXC
Your Capital is at risk
eToro
Wealthsimple
MEXC
Bitcoin
2%
0.0003 BTC
Ethereum
2%
0.0001 ETH
Solana
2%
0.01 SOL
USDT (ERC-20)
2%
$4 USDT
Signup
eToro
Your Capital is at risk.
Wealthsimple
Your Capital is at risk.
MEXC
Your Capital is at risk

Is Kucoin better than eToro?

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.

MEXC

1780 Cryptos & Deep Liquidity

Spot/Perps/Copy Trading

Low Fees & 200X Leverage

KYC Not Required

Visit MEXC
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Uphold

+300 cryptos & Staking

Fast & Free Bank Deposits

Regulated: US, CA, EU, UK, AU

100% Proof Of Reserves

Visit Uphold
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
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.

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