Head to head
Baraka vs Wealthsimple Trade — which broker is better?
Baraka or Wealthsimple Trade? Fees, regulation, platform and product range compared side by side — with a verdict drawn from the data.
Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.
Baraka
A DFSA-licensed investing app for residents of five Gulf states: US and UAE shares, options and gold, with an Islamic Window under its own Shariah board.
- Stocks (per order)
- US$1
- Minimum deposit
- None
- 5,000 order
- €0.92
Risk warning: investing in securities involves risk. You may lose some or all of the capital you invest.
Wealthsimple Trade
The best consumer app in Canadian finance, and the first broker in the country to make equity options genuinely free.
- Stocks (per order)
- Free
- Minimum deposit
- None
- 5,000 order
- €0
Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
The verdict in numbers
Four decision axes, each derived from the recorded data.
Overall Wealthsimple Trade takes it, 4.1 against 3.6 out of 5. Wealthsimple Trade is the cheaper of the two: a reference EUR 5,000 stock order costs €0.00 there against €0.92. Wealthsimple Trade scores 69 against 44 out of 100 on the group index. Your account's protection depends on its legal entity. Wealthsimple Trade covers more ground with 7 of 14 asset classes against 5. On platform and app Wealthsimple Trade is ahead, 4.3 against 3.8 out of 5. Which one is right depends on which of these axes matters for your trading profile.
- Baraka
- 3.6
- Wealthsimple Trade
- 4.1 — Better
- Baraka
- €0.92
- Wealthsimple Trade
- €0.00 — Better
- Baraka
- 44 of 100
- Wealthsimple Trade
- 69 of 100
- Baraka
- 5/14
- Wealthsimple Trade
- 7/14 — Better
- Baraka
- 3.8
- Wealthsimple Trade
- 4.3 — Better
Compare brokers side by side
Up to four brokers at once — every row a decision point.
Data as of: 02 Nov 2026
| Criterion | Baraka 3.6 Risk warning: investing in securities involves risk. You may lose some or all of the capital you invest. | Visit broker Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. |
|---|---|---|
| Overall score | 3.6 | 4.1 — Better |
| Group index | 44 of 100 | 69 of 100 |
| Best for | Residents of the UAE, Oman, Qatar, Bahrain and Kuwait buying US sharesInvestors who want Sharia screeningArabic-speaking beginnersSmall monthly purchases within the plan's free trades | App-first Canadian investorsOptions sellers and covered-call writersConsolidating banking, investing and cryptoRegistered account investing (TFSA, RRSP, FHSA)Investors holding cash between trades |
| Regulation | DFSA | CIRO |
| Top-tier licences | 0 | 1 — Better |
| Investor protection | n/a | CA$1,000,000 |
| Listed group | No | No |
| Banking licence | No | No |
| Segregated client accounts | Yes | Yes |
| Negative balance protection | No | No |
| Audited financials | No | Yes |
| Disclosed regulatory actions | None | None |
| Founded | 2020 | 2014 |
| Headquarters | Dubai, AE | Toronto, CA |
| Fees | 3.7 | 4.5 — Better |
| Safety & regulation | 3.5 | 4.2 — Better |
| Trading platform | 3.4 | 3.8 — Better |
| Product range | 3.5 | 3.6 — Better |
| Mobile app | 4.1 | 4.8 — Better |
| Research | 3.4 — Better | 3.2 |
| Customer support | 3.2 | 3.7 — Better |
| Deposit & withdrawal | 3.5 | 4.3 — Better |
| Account opening | 4.2 | 4.8 — Better |
| Education | 3.0 | 3.6 — Better |
| Reference order EUR 5,000 | €0.92 | €0.00 — Better |
| Minimum deposit | None | None |
| Stocks (per order) | US$1 | Free |
| US stocks | US$1 | Free |
| ETFs | US$1 | Free |
| Options | US$1 | Free — Better |
| Futures | Not offered | US$1 |
| Crypto | n/a | 0.5 % |
| Bonds (order) | n/a | n/a |
| Funds (order) | n/a | n/a |
| EUR/USD spread | n/a | n/a |
| Index CFD spread | n/a | n/a |
| FX conversion | n/a | 1.5 % |
| Inactivity fee | US$1 · after 1 months | None — Better |
| Custody fee | None | n/a |
| Withdrawal fee | free | free |
| Deposit fee | 0.75 % | free — Better |
| Overnight financing | n/a | n/a |
| Other fees |
|
|
| Asset classes (of 14) | 5 | 7 — Better |
| Exchanges | n/a | n/a |
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | Yes |
| Forex | No | No |
| CFDs | No | No |
| Crypto | No | Yes |
| Bonds | Yes | No |
| Funds | No | No |
| Commodities | Yes | Yes |
| Indices | No | Yes |
| Warrants | No | No |
| Spread betting | No | No |
| Social trading | No | No |
| Crypto access | no crypto | Broker, real coins; coins to your own wallet: possible |
| Platforms | baraka app (iOS and Android) | Wealthsimple mobile appWealthsimple webActive trading dashboard |
| Demo account | No | No |
| Fractional shares | Yes | Yes |
| Maximum leverage | n/a | 1:3 |
| Account opening | Fully digital in the app: phone verification, personal details, an ID (passport, identity card or driving licence) and a GCC home address; UAE Pass sign-in is supported. Applicants must be 18 or older, resident in one of five GCC states and not US residents, and, according to Baraka's terms (clauses 2.6 and 2.9), also open an account with DriveWealth | Fully digital in roughly three minutes, with no minimum balance; the Core tier starts at CAD 1 |
| Account types | StandardPremiumPremium+Islamic Windowbaraka Access (private markets) | CorePremiumGenerationRegistered accountsMargin account |
| Payment methods | Debit cardApple PayGoogle PayBank transfer | Bank transferCrypto |
| Account currencies | USDAED | CADUSD |
| Deposit time | Debit card, Apple Pay and Google Pay are credited at once and settle in 2–3 days; Connect UAE Bank (open banking via Lean) and bank transfers take 2–5 business days | Electronic transfers credit instantly up to CAD 50,000 on Core and up to CAD 250,000 on Premium and Generation, with each client's actual limit depending on deposit history, net deposits and other factors; bank transfers otherwise 1–3 business days |
| Withdrawal time | 1–3 business days to UAE banks, up to 5 business days to banks outside the UAE; US-wallet withdrawals are paid in USD | 1–3 business days by EFT, or instant for a 2.5% fee |
| Free withdrawals | n/a | n/a |
| Languages | EnglishArabic | EnglishFrench |
| Channels | Live chatEmail | PhoneEmailLive chat |
| Availability | In-app chat and email; one help-centre answer gives 11:00–23:00 UAE time, another advertises 24/7 support | In-app live chat around the clock; phone on 1-855-255-9038, with priority routing (phone pickup under a minute, email under four hours) for active traders and higher tiers |
Strengths and weaknesses side by side
Editorial assessment based on the recorded data.
Baraka
A DFSA-licensed investing app for residents of five Gulf states: US and UAE shares, options and gold, with an Islamic Window under its own Shariah board.
Pros
- Licensed by the DFSA in the DIFC since 2 June 2021 (F006586), with retail-client, client-assets and Islamic Window endorsements on the public register
- One free US stock or ETF trade a month on the free Standard plan, then USD 1 per order; Premium includes 12 and Premium+ 25 free trades
- US options at USD 1 per contract on 500+ US stocks, with Baraka saying it absorbs regulatory and exchange fees
- UAE shares on ADX and DFM and physical gold in the same app for UAE residents, with silver listed on Baraka's metals page
- Fractional US shares from USD 1, Auto-Invest, a free dividend reinvestment plan and no custody or account maintenance fee
- Arabic website and app, plus a Sharia Screener based on Musaffa data
- An Islamic Window that, according to a certificate of 7 August 2026 (valid until 6 August 2027), Baraka's own Shariah Supervisory Board certified; the board was constituted by Amanah Advisors
Cons
- Only for residents of the UAE, Oman, Qatar, Bahrain and Kuwait; Saudi Arabia is not on Baraka's list, and US residents are excluded
- Funding from a UAE bank costs 0.75% on the Standard plan (0.65% on Premium, 0.60% on Premium+), and non-UAE cards attract a third-party fee
- Cash earns no interest: the terms forfeit it and Baraka and DriveWealth share it evenly; Baraka may also receive payment for order flow
- Conflicting withdrawal information: USD 0 per the fee schedule, a flat USD 25 from the broker's bank per the terms
- We found no web or desktop trading platform, only the app, and Premium+ is available on iOS only
- US execution and custody sit with DriveWealth, whose systems an unauthorised party accessed on 4 and 5 September 2026, according to Baraka
Best for
Wealthsimple Trade
The best consumer app in Canadian finance, and the first broker in the country to make equity options genuinely free.
Pros
- CAD 0 commission on Canadian and US stocks and ETFs, plus USD 0 per US-listed equity and ETF options contract on every tier, including free assignment
- Futures at USD 1 per contract with free real-time futures market data — no Canadian competitor matches that combination
- CAD 0 to transfer your account out, where Questrade, Qtrade and the banks all charge CAD 150
- Best-rated broker app in Canada at 4.6 on the App Store across roughly 130,000 ratings, with real-time streaming quotes free to everyone
- 24/5 trading on eligible US stocks and ETFs and 24/7 on gold and crypto — the longest trading hours available in Canada
- Margin priced by total loan size, from 5.70% CAD under CAD 10,000 down to 3.24% from CAD 10 million, below the big banks' standard margin rates
- CIRO-regulated with CIPF coverage of CAD 1,000,000 per account category, backed by Power Corporation of Canada with a 52.4% stake
- Interest on chequing balances of 1.25% to 2.25% by tier, against effectively 0% on idle cash at most brokers
Cons
- The 1.5% CAD/USD conversion is the same as Questrade's. A USD account (CAD 10 a month on Core, free on Premium from CAD 100,000) removes it on the US trades themselves but not on the CAD you convert into it, which still costs 1.5% per transaction under CAD 10,000 and falls to 0% only from CAD 100,000; journalling at CAD 9.95 is the other way round it
- Crypto costs a flat 0.5% per trade plus a market-order spread for anyone without Active Trader status (50+ trades a month), every crypto order under CAD 100 carries a CAD 1 surcharge, and the 0% fee needs CAD 15 million of 30-day volume; staking takes 30% of rewards before validator fees
- No bonds, no GICs and no mutual funds anywhere in the self-directed account, so a fixed-income allocation has to be built entirely from ETFs
- No desktop platform, no Level 2 depth, no API and no paper-trading account; the research stack is news and basic charts rather than screeners and analyst coverage
- The crypto assets themselves sit outside CIPF protection and are held in trust instead — only the cash balance in a crypto account is covered, and the cold-storage insurance cited is USD 75 million per custodial partner, not per client
- Meaningful benefits are gated behind CAD 100,000 and CAD 500,000 balances, so the sticker price a small account actually pays is the least attractive version of the offer
Best for
Open an account with either
A demo account costs nothing and answers the platform question in ten minutes.
Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.
Risk warning: investing in securities involves risk. You may lose some or all of the capital you invest.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
More comparisons
Alternatives people weigh up alongside these two.
