Wealthsimple Review: Is Wealthsimple The Best Fintech Company In 2020?

Wealthsimple and Mylo are two of the best autopilot fintech companies in Canada. Wealthsimple has a slight edge over Mylo when it comes to the number of investors and the overall functionality of the platform. In simple words, Wealthsimple is undoubtedly the #1 fintech autopilot investing platform in Canada. But, hold on a second here, Mylo is equally good too. There is a certain edge when it comes to Mylo. Let’s compare that in detail here. 

In this article, I will be comparing Wealthsimple vs. Mylo – Two of the best financial technology companies. Both these apps, help you save money, automate investing through spare change; which in the modern world especially with the millennials is so much more important. The concept to start investing money early.

Let me unveil everything about Mylo and Wealthsimple, including detailed feature and benefits review, pros and cons and final verdict. Let’s get started. 

Mylo and WealthSimple – Introduction 

Let me keep it simple – Mylo and Wealthsimple are two of the best-automated investments in Canada. 

Nowadays automated savings and investments with lower fees are slowly increasing media presence and popularity. 

The concept of round-ups and investing your spare change is not really new and has been around for many years now. The best part is you don’t have to do anything, the system does it all for you. 

You just have to link your bank accounts to the individual apps – Mylo and Wealthsimple in this case. 

mylo

You’ll never realize how soon your money will grow with the compounded interest you’ll earn through investments. 

Oh, by the way, did I forget to tell you – Your money is pretty much in safe hands with an investment portfolio manager. Also, another point to mention here is – your money is invested in low-cost ETFs and is managed actively. 

The best part of doing this – you can withdraw money from Mylo anytime you need, there’s no minimum threshold or something like that. 

How Safe Is It Investing In Mylo?

There is some level of risk associated with any investment. Tactex Asset Management invests your money in a diversified portfolio of low-cost ETFs, so your investment is far less volatile than it would be if you were picking specific stocks.

The ETFs that you are investing in are held in trust by a custodian that is insured by the Canadian Investor Protection Fund. The custodian for these funds is Fidelity Canada Clearing and the trustee is TMX Trust, a wholly-owned subsidiary of the Toronto Stock Exchange Group. Please note that while the funds in your account are insured, your investment account itself is not itself CIPF insured.

Mylo is audited by an international accounting firm annually.

Why Does Tactex Asset Management Charge A Monthly Fee?

Your investment account has implied costs, so your portfolio manager, Tactex Asset Management, charges a low, monthly fee to allow them to provide outstanding service. You will never be charged hidden fees or surprise costs, unlike other investment services.

How To Cancel Your Mylo Account?

Send Mylo an email or connect with them in the app to delete your account.

Please include the email address associated with your account.

Wealthsimple

Wealthsimple is an auto-pilot investment program based out in Toronto, Canada. The good thing to note here is that they have physical presence and offices across Canada. 

Now you may be wondering what makes Wealthsimple better than Mylo? 

Let’s talk about some facts here, Wealthsimple is the most trusted and the #1 auto-pilot investment program in Canada. Period. 

I’ve personally been using Wealthsimple for many months now and its too good to be true! The app is extremely simple to use, signing up takes hardly a few minutes, security features are great, setting up investments and withdrawals is dead simple. Also logging in is through face id (I mean it has all the advanced yet simple UX design)

In a nutshell, Wealthsimple is simple, intuitive and investing is so much easier be it with spare change or into your TFSA’s and RRSP

Comparing it with something like Mylo, makes it look way superior. 

Now don’t get me wrong here, Wealthsimple is light years ahead of Mylo in every department. No wonder Canadians love it and have made it the #1 on charts. 

Conclusion 

I personally feel that Wealthsimple is miles ahead when compared with Mylo. However, also note that Mylo is really good. It all depends on your personal taste and needs. But, I personally would go with Wealthsimple any day for all of my investments. 

You know the best part of these investments, you won’t even realize you are investing, especially with the spare change. Also, with the compounded growth of your investments, your money will grow multiple folds within a short span of time. 

Definitely give the app of your choice a try! You won’t regret for sure. Its savings after all and it is like loving yourself all over again, by treating yourself by saving money. 

Please let me know your thoughts and comments below. 

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Wealthsimple vs Mylo

4.6

Value For Money

4.5/5

Benefits

4.5/5

Rewards

4.8/5

Pros

  • Mylo is great for passively saving for small, short-term, financial goals such as a vacation or your ‘fun fund.’ Your little savings add up.
  • The Wealthsimple app is very versatile and has received great reviews. You can invest using registered (TFSA, RRSP, RESP, RRIF, LIRA) and non-registered accounts.
  • Wealthsimple and Mylo have mobile apps. While you can also access your Wealthsimple account on a desktop through their website, Mylo is completely mobile-app based.

Cons

  • Wealthsimple's Two Pricing Tiers to manage money
  • Mylo's Premium Tier comes with a price tag of $3 every month
  • Mylo is currently available to Canadians only. Wealthsimple is available in Canada, the U.S., and the U.K.

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