Mylo VS WealthSimple
Mylo and Wealthsimple are both Canadian fintech companies that have only just begun investing. Wealthsimple Invest is an automatic investment service that manages your investments for you, including your RRSP and TFSA, using personalized portfolios and low-cost exchange-traded funds. It is a pure trading platform in Canada and does not charge commissions for buying and selling shares or ETFs.
Wealthsimple has been in business since 2014 and has more than $3 billion in assets under management. Wealthsimple enables you to invest your money via Wealthsimple Invest in a fully managed portfolio or put it into a high-interest savings product with Wealthsimple Save.
Like Moka, Wealthsimple Invest offers the technology to round off your purchases and save the difference. The Micro Investing app completes your purchase by taking spare cash and throwing it into a portfolio of low-cost ETFs. The app charges a small fee per month and allows you to invest more money.
With Moka, you can set up a savings or investment account for various reasons. For example, a Moka app can be useful if you have trouble investing or saving large sums of money.
By investing your spare change, you can achieve your financial goals without feeling the pain in your wallet. The Mylo app was originally called Moka (Canadian for “spare change app”) in 2017. It has since been renamed Moka, and it is now easier than ever to invest the small change you have saved and get used to saving.
Moka was a revolutionary app and the first of its kind in Canada when it was launched, but Mylo does not automate your savings with Moka in a way you’ll notice. Like Acorns in the US, Moka is linked to your primary debit and credit cards and automatically completes your purchases to the next dollar. The Moka app is a viable option for beginners who want to build good savings habits and learn how to invest, but it comes with a high monthly lump sum of $3 per month, and it can end up costing more than it’s worth if you don’t have enough money in your account.
For most Canadians, Moka offers three main accounts that do not need to be registered: TSFA, RRSP, and RRSP Moka lacks a sort of RESPs, spouse RRSPs, RRIFs and more, for example, that Wealthsimple offers. The flat fee of $3 a month is good value if you have much invested in your Moka App account. Ease of use 4 / 5 The Moka app is easy to use and set up, and it is also easy to track your investment statistics.
App Canada RRSP (unregistered personal account) Lowest fee: As far as I know, there is no administration fee, and this is the first in Canada to offer commission-free. Wealthsimple creates accounts that allow you to build self-managed TFSA, RRSP, TFSA ETFs (available in WSRI) without commissions: broker account that allows you to build self-managed portfolios by investing in the stock market as an active trader ($0.40-$ $0.50) Best Canadian broker: Wealthsimple non-traded WS account ($0.40). I reached out to Wealthsimple through a trade-related investment account for the BFSA.
Your portfolio manager invests your money in an account that meets your needs. In addition to saving and investing small change, you can also make one-time deposits and use a multiplier to achieve your money goals. Once your purchases are rounded to the nearest dollar, the saving can be put in a portfolio in a TFSA, RRSP or unregistered account that matches your preferences.
You pay a monthly flat fee that is a percentage of your total capital, and it offers more value; the more you use it, the more money you accumulate in your portfolio. Fees are the same regardless of how much you invest each month, so the larger your investments, the less impact the fees on your overall return. According to Moka, withdrawals the next day are additional costs if you have a TFSA or RRSP (unregistered investment account).
Moka uses EFT (electronic money transfer) to process your withdrawal request within one business day. The technology rounds out your purchases and saves the difference by retaining a total ongoing roundup amount, deducting it once a week from subscribers “bank accounts and then depositing it into subscribers” investment accounts. In addition, both companies offer fee-free transfers, automatic deposit accounts, dividend rebalancing, and reinvestment and portfolio reviews without human support.
As a leading fintech provider, it is no surprise that Wealthsimple has an outstanding investment app that is super slim, easy to use and iOS and Android compatible. In addition, Wealthsimple Invest offers a halal investment option along with a full range of unregistered and registered accounts, including spouses, RRSPs, joint escrow accounts and corporate accounts. Moka does not have a Halal Invest option but offers RSSPs and TFSA registered accounts.
Today, Wealthsimple manages more than $5 billion in assets and operates in the United States and Britain. They also have access to unique wealth management products such as Halal Investing, which offers investments compliant with Islamic law, high-interest savings accounts and responsible portfolios.
All in all, Wealthsimple Invest is our first choice for the best investment app in Canada. An exceptional investment app that is super slim and easy to use (iOS and Android compatible), creates colourful charts, provides insights, and tracks your goals and progress. It and its robo-advisor service are very similar to Moka, so we’ll see how they fare against the competition.
You can access your account details, view account history and use the app to withdraw funds from your Questrade account or transfer money between accounts. Questrade offers a variety of account types, including RRSPs, TFsAs, unregistered RESPs, Liras, RIFs, margin and corporate accounts, as well as powerful research tools and real-time quotes.
Tracking account growth takes a bit of work, but Moka sends out monthly statements so you can check your investment growth, and it’s nice to see your current growth moving in the direction of your goals over time.
Now that you’ve seen the potential of the Moka app let’s take a look at its alternatives in the final phase of our Mylo review. Moka’s idea is to make things easy and build good habits, but if you’re a DIY investor, Moka may not be for you. So I think it makes sense that you invest in Moka after this review and focus on simple things like opening an account.
Now that we’ve talked about the Moka app and the top competitors and alternatives, we’ll talk about Wealthsimple. Wealthsimple is one of Canada’s leading robo-advisers, helping Canadians save money and invest in the automation and features they need. Both Moka and Wealthsimple are secure Sris that offer additional features for investing in ETFs, and both also offer bonuses.