Wealthsimple and Mylo are two of the best autopilot fintech companies in Canada. Wealthsimple has a slight advantage over Mylo when it comes to the number of investors and overall functionality of the platform.
Simply put, Wealthsimple is undoubtedly the #1 fintech automatic investing platform in Canada. But wait a second, Mylo is just as good. There is a certain edge when it comes to Mylo. Let’s compare this in detail here.
In this article, I will compare Wealthsimple to Mylo – two of the best fintech companies. Both of these apps help you save money and automate investments with spare change; which in the modern world, especially with millennials, is much more important. The concept to start investing money early.
Let me reveal everything about Mylo and Wealthsimple, including a detailed review of the features and benefits, the pros and cons, and the 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 low fees are slowly increasing their presence and popularity in the media.
The concept of raiding and investing your spare change isn’t exactly new and has been around for many years now. The best part is that you don’t have to do anything, the system does everything for you.
Simply link your bank accounts to the individual apps – Mylo and Wealthsimple in this case.
You’ll never realize how quickly your money will grow thanks to the compound interest you’ll earn from your investments.
Oh, by the way, did I forget to tell you that your money is in safe hands with an investment portfolio manager. Also, another point to mention here is that your money is invested in low-cost ETFs and is actively managed.
Well, the best part of it: you can withdraw money from Mylo at any time, there is no minimum threshold or anything like that.
How safe is it to invest in Mylo?
There is a certain 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 much less volatile than it would be if you selected specific stocks.
The ETFs in which you invest are held in trust by a custodian insured by the Canadian Investor Protection Fund.
Additionally, the custodian of 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 although the funds in your account are insured, your investment account itself is not itself insured by CIPF.
Mylo is audited every year by an international accounting firm.
Why does Tactex Asset Management charge monthly fees?
Your investment account has implicit costs, so your portfolio manager, Tactex Asset Management, charges a low monthly fee to enable them to provide exceptional service. You will never be charged any hidden fees or surprise costs, unlike other investment services.
How to cancel your Mylo account?
Email Mylo or connect with them in the app to delete your account.
Please include the email address associated with your account.
Simple wealth
Wealthsimple is an autopilot investment program based in Toronto, Canada. The good thing to note here is that they have a physical presence and offices across Canada.
Now you might be wondering what makes Wealthsimple better than Mylo?
Let’s talk about some facts here, Wealthsimple is the most trusted and #1 autopilot investing program in Canada. Period.
Besides, I’ve personally been using Wealthsimple for several months now and it’s too good to be true!
The app is extremely easy to use, registration takes just a few minutes, the security features are excellent, and setting up investments and withdrawals is extremely simple. Login is also done via Face ID (I mean, it has all the advanced but simple UX design)
In a nutshell, Wealthsimple is simple and intuitive, and investing is so much easier, whether with cash or in your TFSA and RRSP.
Comparing it to something like Mylo makes it far superior.
Make no mistake, Wealthsimple is light years ahead of Mylo in every department. No wonder Canadians love it and put it at number one on the charts.
Last words
Personally, I think Wealthsimple has a leg up on Mylo. However, also note that Mylo is really good. It all depends on your personal tastes and needs. But personally, I would choose Wealthsimple any day for all my investments.
You know the best of these investments, you won’t even realize you’re investing, especially with spare change. Moreover, with the compound growth of your investments, your money will multiply several times in a short time.
Definitely try the app of your choice! You won’t regret it, that’s for sure. It’s saving after all and it’s like loving yourself again, treating yourself by saving money.
Please let me know your thoughts and comments below.
