Trading 212 vs Wealthsimple Trade — which broker is better?

Pros

• One of the lowest all-in costs among mainstream European brokers for buy-and-hold investors: no commission, no custody fee, no inactivity fee, free withdrawals with no minimum, and a 0.15% FX conversion fee.
• Over 13,000 global stocks and ETFs across LSE, Xetra, Gettex, NYSE, Nasdaq and Euronext Amsterdam, all available fractionally from as little as EUR 1.
• Pies and AutoInvest let you define a target portfolio with weights and drip contributions into it automatically - proper portfolio automation rather than a recurring single-stock order.
• A true multi-currency account across twelve-plus currencies including GBP, EUR, USD, CHF, PLN, SEK, NOK, DKK, CZK, HUF, CAD and AUD, so you can hold the currency you trade in and avoid conversion entirely.
• Bank transfers and all withdrawals are free with no limits; card and e-wallet deposits are free up to a cumulative GBP/EUR 2,000 before a 0.7% charge applies.
• EEA clients of Trading 212 Markets Ltd. get EUR 20,000 ICF cover plus, per Trading 212's own disclosure, additional insurance up to EUR 1m through Lloyd's of London.
• Regulated across five jurisdictions - FCA 609146, CySEC 398/21, BaFin 10109603, ASIC 541122 and Bulgaria's FSC - which is unusually broad for a private app broker.
• The mobile app is genuinely excellent: full account functionality, fast, and consistently among the highest-rated broker apps in the UK.

Cons

• Research is the weakest of any broker at this size. There is no meaningful screener, no analyst consensus, no fundamental data worth the name and no export tooling - you will make every decision using data from somewhere else.
• No options, no futures, no individual bonds and no mutual funds. The entire proposition is stocks, ETFs, CFDs and spot crypto; anything more structured has to live at another broker.
• Support is chat and email only, with no retail phone line. For a platform holding a pension and an ISA, the absence of a voice channel is a real gap when something is time-critical.
• Privately held, so there is no quarterly reporting or public market scrutiny of the kind eToro and XTB are subject to as listed companies.
• Governance record has two visible blemishes: blocking retail GameStop purchases in January 2021, which drew UK Financial Ombudsman complaints, and being reported in 2026 to have let UK retail clients buy crypto ETNs between October 2025 and January 2026 before holding the FCA permission.
• CFD costs are much less attractive than the investing side - the FX fee is around 0.5% rather than 0.15%, and overnight interest accrues daily on every leveraged position and compounds over time.

Pros

• CAD 0 commission on Canadian and US stocks and ETFs, plus USD 0 per 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 at prime + 0.5% on Core and prime − 0.5% on Generation, well under the big banks
• 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 2.0% per trade at the Core tier — a round trip is 4% — and the advertised 0.05% requires CAD 10 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