Updated September 28, 2026 · BrokerCue Editorial Team
SoFi vs Wealthsimple
Where SoFi and Wealthsimple differ
| Compare |  SoFi |  Wealthsimple |
|---|---|---|
| Minimum deposit | $0 | CA$0 |
| Stock trade fee | $0 | CA$0 |
| Account fee | $0 | CA$0 |
| Markets | Stocks, ETFs, Options, Crypto | Stocks, ETFs, Options, Crypto, FuturesCovers more |
| Account types | IRA, Roth IRA, Joint | Joint, Corporate |
| Inactivity fee | $0 | Not confirmed |
| Regulators | SIPC, FDIC | Not confirmed |
| Investor protection | SIPC up to USD 500,000 | Not confirmed |
| Margin rate | Not confirmed | 3.95% |
| Options contract fee | Not confirmed | CA$0 |
| Interest on cash | Not confirmed | 1.25% |
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Key differences
- Wealthsimple scores higher overall: 9.4 vs 9.3.
- Markets: only Wealthsimple offers Futures.
- Account types: only SoFi offers IRA, Roth IRA.
- Account types: only Wealthsimple offers Corporate.
- Audience: only Wealthsimple offers Experienced.
Our verdict on each
SoFi
SoFi suits retirement savers in the US, with a stock trade fee of $0, an account fee of $0 and a minimum deposit of $0. The named licences are US registrations, so readers outside the US should check the account types and terms first.
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 | SoFi | Wealthsimple |
|---|---|---|
| Cost | 9.5Ranks 1 of 161 on stock trade fee, 1 of 138 on account fee, 1 of 56 on inactivity fee. | 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 | 9.4Higher | 9.2Managed portfolios charge 0.5% and start at CAD 1, with cash earning 1.25%. |
| Trust | 9.2 | Not confirmed |
What each covers
| Markets | SoFi | Wealthsimple |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | Yes |
| Crypto | Yes | Yes |
| Account types | SoFi | Wealthsimple |
|---|---|---|
| IRA | Yes | No |
| Roth IRA | Yes | No |
| Joint | Yes | Yes |
| Corporate | No | Yes |
Availability and regulation
| Country | SoFi | Wealthsimple |
|---|---|---|
| United States | SIPC SIPC member 68389 FDIC FDIC cert 26881 | Not confirmed |
How they place
| Ranking | SoFi | Wealthsimple |
|---|---|---|
| Stock and ETF brokers | 80 of 471 | 62 of 471 |
| Options trading platforms | 25 of 103 | 18 of 103 |
| Brokers for beginners | 26 of 88 | 21 of 88 |
| Robo-advisors | 22 of 151 | 16 of 151 |
Every fact side by side
| Fact | SoFi | Wealthsimple |
|---|---|---|
| Features | Crypto, Fractional shares, Mobile app | Crypto, Fractional shares, Mobile app |
| Pricing model | Commission free | Commission free |
| Audience | Beginners | Beginners, ExperiencedCovers more |
| Legal entity | SOFI SECURITIES LLC | Wealthsimple Technologies Inc. |
| Headquarters | United States | Canada |
| Founded | 2011 | Not confirmed |
| Support channels | Not confirmed | Chat, Email, Phone, Help centre |
Robo-advisors
| Fact | SoFi | Wealthsimple |
|---|---|---|
| Management fee | Not confirmed | 0.5% |
| Minimum investment | Not confirmed | CA$1 |
| Portfolio types | ETF, Cash, Crypto | ETF, Cash, Crypto |
Where each stands against the rest
| Fact | SoFi | Wealthsimple | Median |
|---|---|---|---|
| Inactivity fee | $0at the median | Not confirmed | $0 |
| Margin rate | Not confirmed | 3.95%lowest quarter | 8.75% |
| Options contract fee | Not confirmed | CA$0lowest quarter | CA$1.25 |
| Interest on cash | Not confirmed | 1.25%lowest quarter | 3% |
Median across 43 listed brokers.
Pros and cons
SoFi
Pros
- A stock trade costs $0 on a commission free model, so cost does not decide which shares you can hold.
- The account fee is $0 and the inactivity fee is $0, so extra accounts and balances left untouched are not billed.
- The minimum deposit is $0 where Vantage asks $5, so a small amount can start an account.
Cons
- The account types listed are ira, roth ira and joint, retirement and joint accounts, and a general taxable account is not among them.
- Markets stop at stocks, etfs and options, while eToro lists stocks, etfs and forex, so forex, CFDs and futures are out of reach here.
- The group sits in US and its registrations are SIPC member 68389 and FDIC cert 26881, with no UK or EU regulator named.
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
SoFi
Who it suits
- Beginners, which the audience fact lists as beginners, who want to start small with a $0 minimum deposit.
- Retirement savers who want an IRA, a Roth IRA or a joint account at $0 in account fees.
- Fractional share buyers who want crypto and equities in the same app, as the feature list crypto, fractional shares and mobile app shows.
Who should look elsewhere
- Traders after forex, CFDs or futures, since eToro lists stocks, etfs and forex and SoFi lists stocks, etfs and options.
- Investors who want a broader spread of instruments than shares, ETFs, options and crypto, since CFI lists stocks, etfs and forex.
- Readers who need a UK or EU regulated provider, because the licences named are SIPC member 68389 and FDIC cert 26881.
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 | SoFi | Wealthsimple |
|---|---|---|
| United States | Yes | No |
Questions about each
SoFi
What does it cost to open and hold a SoFi account?+
The published minimum deposit is $0, the account fee is $0 and the inactivity fee is $0, so opening and holding an account adds no charge on the listed terms. Those are account level figures, which is the first thing to check before you choose a wrapper or leave a balance untouched.
What does a stock trade cost?+
A stock trade costs $0 and the pricing model is commission free, so commission does not decide which shares you can hold. Other brands on the site charge a stock trade fee as high as €17.54, and the account fee of $0 and inactivity fee of $0 add nothing on top.
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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