Founded in 2014, Wealthsimple is a well-known Canadian fintech firm that serves as a robo-advisor and investment platform. It is a popular alternative for people wishing to start investing or managing their money more wisely because of its user-friendly interface, affordable fees, and accessibility.
Users can specify their financial objectives, risk tolerance, and investment preferences, and Wealthsimple's platform will automatically deploy their funds among a variety of exchange-traded funds (ETFs) depending on these criteria.
In this article, we will uncover Wealthsimple’s availability and expansion plans in the UK, as well as provide alternative solutions.
Is Wealthsimple available in the UK?
Unfortunately, Wealthsimple is no longer available in the UK, and it is exclusively available for Canadian residents.
According to its website, “To open a Wealthsimple account, you must be a resident of Canada. Wealthsimple is not licensed to hold accounts for individuals residing outside of Canada, including Canadian citizens living abroad”.
In September 2017, a few months after expanding to the US, Wealthsimple launched its services in the UK market, offering a stock and ETF trading account with zero-commission fees. However, in 2021, Wealthsimple sold its UK book of business to Moneyfarm in order to focus solely on the Canadian market and ensure a proper product offering. The company’s CEO, Mike Katchen, announced that Wealthsimple’s ambitions remain beyond Canada, but no expansion plan is outlined for the time being.
Wealthsimple’s alternatives in the UK
If you are a UK investor wishing to take advantage of the benefits offered by robo-advisors similar to Wealthsimple, here are the top Wealthsimple alternatives accessible in the UK market.
Here’s a comparison table of top financial platforms in the UK that share comparable features with Wealthsimple and can be the best alternative you’re searching for.
While Wealthsimple has become well-known in Canada as a micro-investment software, people in the UK have a wide range of excellent options to consider.
Moneybox provides a simple interface with the opportunity to invest spare change, making it a great starting point for novices. Both Wealthify and Moneyfarm provide robo-advisory services, and help investors in constructing and managing diversified portfolios using technology. While etoro aims to make investing more accessible to a wider audience.
The final decision regarding a Wealthsimple substitute in the UK should be based on your financial objectives, risk tolerance level, and investment management involvement. You can take a proactive step toward creating a more secure financial future that is suited to your requirements and interests by investigating these alternatives and learning about their offerings.
Other FAQs about Wealthsimple in the UK
Can I use Wealthsimple from the UK with a VPN?
No, you cannot use a VPN to open a Wealthsimple account from the UK since you must provide specific documentation that proves that you are residing in Canada upon account opening.
Can I use my Wealthsimple Card outside Canada?
Yes, you can use your Wealthsimple card while traveling (with a few exceptions and fees from Mastercard).