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 US, as well as provide alternative solutions.
Unfortunately, Wealthsimple is no longer available in the US, 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”.
Wealthsimple was introduced to the US market in January 2017, offering a stock and ETF trading account with zero-commission fees. However, in 2021, Wealthsimple sold its US book of business to Betterment 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.
If you are a US investor wishing to take advantage of the benefits offered by robo-advisors similar to Wealthsimple, here are the top Wealthsimple alternatives accessible in the US market.
Here’s a comparison table of top financial platforms in the US that share comparable features:
When it comes down to choosing the best Wealthsimple alternative in the US, understanding the distinct features and benefits of these platforms is required to help investors make informed decisions and select the one that best suits their needs.
Some of the best alternatives for Wealthsimple in the US include Acorns, Betterment, Wealthfront, and eToro which offer comparable features and benefits.
We hope this article has assisted you in locating US alternatives to Wealthsimple that provide similar portfolio management capabilities and can assist you in improving your investment approach.
No, you cannot use a VPN to open a Wealthsimple account from the US since you must provide specific documentation that proves that you are residing in Canada upon account opening.
Yes, you can use your Wealthsimple card while traveling (with a few exceptions and fees from Mastercard).
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