Updated September 28, 2026 · BrokerCue Editorial Team
M1 vs Wealthsimple
Where M1 and Wealthsimple differ
| Compare |  M1 |  Wealthsimple |
|---|---|---|
| Minimum deposit | $0 | CA$0 |
| Stock trade fee | $0 | CA$0 |
| Markets | Stocks, ETFs, Crypto | Stocks, ETFs, Options, Crypto, FuturesCovers more |
| Margin rate | 5.9% | 3.95%Lower |
| Account types | IRA, Roth IRA, Joint | Joint, Corporate |
| Interest on cash | 3.35%Higher | 1.25% |
| Account fee | Not confirmed | CA$0 |
| Regulators | SIPC | Not confirmed |
| Investor protection | SIPC up to USD 500,000 | Not confirmed |
| Options contract fee | Not confirmed | CA$0 |
| Maximum retail leverage | Up to 50% of portfolio value | Not confirmed |
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Key differences
- Wealthsimple scores higher overall: 9.4 vs 9.0.
- Margin rate is lower at Wealthsimple: 3.95% vs 5.9%.
- Markets: only Wealthsimple offers Options, Futures.
- Account types: only M1 offers IRA, Roth IRA.
- Account types: only Wealthsimple offers Corporate.
- Interest on cash is higher at M1: 3.35% vs 1.25%.
- Support channels: only Wealthsimple offers Chat, Email, Phone.
Our verdict on each
M1
M1 is a low-cost brokerage built for retirement savers and small investors who want shares, ETFs and crypto in a single account. Stock trades run at $0 and it places 1 of 213 brands on minimum deposit, though the managed portfolios want $10,000 to start.
Wealthsimple
Wealthsimple serves Canadian beginners and experienced investors who want self-directed trading and managed portfolios in a single app. The minimum deposit is CAD 0, the stock trade fee is CAD 0 and the account fee is CAD 0, while the UK is not among its markets (stocks, etfs and options).
Score breakdown
| Area | M1 | Wealthsimple |
|---|---|---|
| Cost | 9.5 | 9.6HigherMinimum deposit of CAD 0, stock trade fee of CAD 0, options contract fee of CAD 0 and account fee of CAD 0. |
| Offer | 9.0Costs carry the offer: 0% management fee, $0 stock trades and a $0 minimum deposit. | 9.2HigherManaged portfolios charge 0.5% and start at CAD 1, with cash earning 1.25%. |
| Trust | 8.6 | Not confirmed |
Licences and countries
| Country | M1 | Wealthsimple |
|---|---|---|
| United States | SIPC SIPC member 69670 | Not confirmed |
Positions in our rankings
| Ranking | M1 | Wealthsimple |
|---|---|---|
| Stock and ETF brokers | 145 of 471 | 62 of 471 |
| Margin trading brokers | 16 of 22 | 8 of 22 |
| Robo-advisors | 55 of 151 | 16 of 151 |
If neither fits
Nexo has interest on cash at 13%, against 3.35% for M1 and 1.25% for Wealthsimple.
Nexo reviewEvery fact side by side
| Fact | M1 | Wealthsimple |
|---|---|---|
| Features | Crypto, Fractional shares, Mobile app | Crypto, Fractional shares, Mobile app |
| Pricing model | Commission free | Commission free |
| Audience | Not confirmed | Beginners, Experienced |
| Legal entity | M1 FINANCE LLC | Wealthsimple Technologies Inc. |
| Headquarters | United States | Canada |
| Founded | 2015 | Not confirmed |
| Support channels | Help centre | Chat, Email, Phone, Help centreCovers more |
Robo-advisors
| Fact | M1 | Wealthsimple |
|---|---|---|
| Management fee | 0%Lower | 0.5% |
| Minimum investment | $10,000 | CA$1 |
| Portfolio types | ETF, Cash, Crypto | ETF, Cash, Crypto |
Where each stands against the rest
| Fact | M1 | Wealthsimple | Median |
|---|---|---|---|
| Account fee | Not confirmed | CA$0below the median | CA$79.90 |
| Margin rate | 5.9%below the median | 3.95%lowest quarter | 8.75% |
| Options contract fee | Not confirmed | CA$0lowest quarter | CA$1.25 |
| Interest on cash | 3.35%above the median | 1.25%lowest quarter | 3% |
Median across 43 listed brokers.
Pros and cons
M1
Pros
- Placing 1 of 213 brands on minimum deposit, so an account opens without a funding hurdle.
- Placing 1 of 161 brands on stock trade fees, with a stock trade costing $0.
- Uninvested cash earns 3.35%, and Pie portfolios mix etf, cash and crypto.
Cons
- Margin borrowing at 5.9% can cost more over a held position than the $0 trade fee saves.
- Support runs on help centre only, with no phone or live chat listed.
- Managed portfolios want $10,000 to start, well above the $0 brokerage entry point.
Wealthsimple
Pros
- Stock trade fee of CAD 0 on a commission-free model across self-directed accounts
- Minimum deposit of CAD 0, so an account opens with a small sum
- Managed portfolios charge a management fee of 0.5% and start at CAD 1
Cons
- The UK and Europe are not among its markets (stocks, etfs and options), so a reader there would need a different broker
- Managed portfolios carry a management fee of 0.5% on top of CAD 0 self-directed trades
- Margin is available at a margin rate of 3.95%, which amplifies losses on a levered position
Who each suits
M1
Who it suits
- Self-directed investors who want to trade shares and ETFs without a per-trade charge.
- Retirement savers, since accounts include ira, roth ira and joint.
- People who want crypto alongside equities in the same account, under stocks, etfs and crypto.
Who should look elsewhere
- Traders who need forex, CFDs or futures, since eToro lists stocks, etfs and forex and M1 stops at stocks, etfs and crypto.
- Readers who want a wider asset list in the same app, because CFI covers stocks, etfs and forex.
- Managed portfolio buyers starting below $10,000, a floor that sits well above the $5 deposit Vantage asks to open an account.
Wealthsimple
Who it suits
- Canadian beginners putting money away in a managed portfolio
- Canadian investors buying fractional shares in a mobile app
- Experienced traders wanting stocks, ETFs, options, crypto and futures in a single account
Who should look elsewhere
- UK or EU readers, who should look at CFI, eToro or Vantage instead
- Traders who want a forex and CFD range, since stocks, etfs and options omits both
- Anyone seeking an ISA, SIPP or similar tax-sheltered wrapper, since neither is among its account types (joint and corporate)
Country by country
| Country | M1 | Wealthsimple |
|---|---|---|
| United States | Yes | No |
Questions about each
M1
What does it cost to trade shares at M1?+
Stock trades cost $0 and the account opens with a $0 minimum deposit, so there is no per-trade commission and no funding hurdle. The running cost sits in the spread and in currency conversion when shares priced in dollars are bought. Margin borrowing is charged at 5.9% and is the line most likely to run up a bill.
Is my money protected at M1?+
Protection runs through the scheme listed as SIPC, with cover stated as SIPC up to USD 500,000. It is the only regulator on file, so there is a single scheme to claim against and a single register to check. The membership record reads SIPC member 69670. The stated figure is a ceiling on the payout, not a stand-in for the balance itself.
Wealthsimple
What does it cost to trade stocks at Wealthsimple?+
The stock trade fee is CAD 0 and the account fee is CAD 0. Options contracts carry a fee of CAD 0. Cash earns interest of 1.25%. Managed portfolios are the part that still charges, at a management fee of 0.5%.
Is there a minimum deposit or account fee?+
The minimum deposit is CAD 0 and the account fee is CAD 0, so opening an account costs nothing. Managed portfolios ask for a minimum investment of CAD 1. Brands across the site typically ask €4.64 to start.
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