Wealthyhood review
- Price per trade
- £0
- Min. initial deposit
- £10
Our verdict
Wealthyhood is a limited investing app that lets you invest in global funds. Find out what we thought about the upsides and drawbacks of this slick platform.
Wealthyhood is an investing app that offers a limited choice of investments, with a focus on long-term, patient wealth building. It’s designed with beginners in mind and aims to offer a simple and cheap place to invest.
You can invest with as little as £1 in fractional shares of stocks or exchange-traded funds (ETFs), and there’s plenty of great automation tools to keep you on track. Wealthyhood has 3 plans to choose from and all offer commission-free investing.
There’s a lot on offer for such a beginner-friendly app but Wealthyhood does have its limitations.
Pros
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Commission-free investing
-
Free plan available
-
Excellent beginner-friendly app
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Invest from just £1
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Fractional shares
-
Cashback and bonus dividends
Cons
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Paid subscription for additional features
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Limited investment choice
-
Simple approach and lack of tools
How we rated Wealthyhood’s investment features
| Feature | Rating | Details |
|---|---|---|
| Fees | ★★★★★ 4.2/5 | Wealthyhood offers decent value to investors but it’s not the cheapest if you want all the features. |
| Investment choice | ★★★★★3.2/5 | It offers a limited range of stocks and ETFs to invest in. |
| Safety and security | ★★★★★ 4.6/5 | Wealthyhood offers a secure and safe place for people to invest. |
| Account types and products | ★★★★★ 2.9/5 | The platform has limitations when it comes to accounts with only a GIA. |
| Ease of use | ★★★★★ 4/5 | Wealthyhood offers a decent investing experience that customers seem happy with. |
| Tools, resources and features | ★★★★★ 4/5 | It offers a lot in terms of extra features, only lacking in a social aspect. |
Wealthyhood is a trading app designed to promote long-term investing (rather than short-term trading), something we’re big advocates of here at Finder. It’s aim is to make investing accessible with low fees and a beginner-friendly app. There’s a lot to like, but also potential drawbacks for certain types of investors. Find out what we thought about Wealthyhood’s platform.
What is Wealthyhood?
Wealthyhood is an investing platform that began in 2021 and the basic premise was to create an investing app that caters towards long-term, beginner investors.
This is commendable as most beginners should be long-term investors. It’s excellent that Wealthyhood are promoting this type of investing, but we’re not big fans of some of its messaging along the lines of “stop gambling, start investing”, because the idea of the stock market being a casino is an overused cliche without much substance that puts people off investing.
Wealthyhood fees
| Fees score | ★★★★★ |
|---|---|
| Platform fee | Basic £0 (0.18% custody fee) Plus Gold |
| UK shares | N/A |
| US stocks | £0 |
| International shares | N/A |
| Funds/ETFs | £0 |
| Foreign exchange (FX) fee | 0.75% (0.35% for Plus/Gold) |
| Regular investing | Yes (and auto-invest) |
| Withdrawal/deposit fee | £0 |
| Inactivity fee | £0 |
| Investment choice score | ★★★★★ |
|---|---|
| Asset options | 2+ |
| Markets | 4+ |
| Number of investments | 100+ |
| Number of ETFs/funds | 50+ |
| Fractional shares | |
| Minimum deposit | £20 |
| Minimum investment | £1 |
Wealthyhood has limitations when it comes to investment choice, but that’s by design. The app’s aim is to make long-term investing accessible and beginner-friendly. So, there’s not an overwhelming choice of investments.
Option when you open your account to use its “portfolio builder” by getting a template you can customise based on your preferences. Or, “start from scratch” and pick your assets and allocations.
There are around 50 ETFs to choose from, nicely laid out on the Wealthyhood app and categorised well under headers like:
- Global ETFs
- Technology
- Healthcare
- Consumer
- Energy
- Commodities
- Government or corporate bonds
- Real estate
Along with ETFs, you can also buy shares in individual companies with Wealthyhood (although the selection is limited). There are around 10 shares from the UK and Europe, but for US stocks there’s a fair few more.
Being able to invest in fractional shares with as little as £1 is great if you are a beginner and looking to get started investing with smaller amounts.
Is Wealthyhood safe?
| Safety and security score | ★★★★★ |
|---|---|
| Biometric login/2FA | |
| FCA regulated | |
| FSCS protection | |
| SSL certificate | |
| Public company |
Wealthyhood is authorised and regulated by the Financial Conduct Authority (FCA) and covered by the Financial Services Compensation Scheme protection. So your deposits of up to £85,000 are covered in the event that Wealthyhood goes bust.
The platform also claims to use “cutting-edge security features” and “state-of-the-art encryption technology” for safeguarding data, but there are no specifics around the actual technology used.
Like any other type of investment, your capital is at risk when you invest using Wealthyhood and you may end up with less than what you originally invested. The performance of investments will vary, and there is no guarantee of return.
Wealthyhood account types and products
| Account types and products score | ★★★★★ |
|---|---|
| General investment account (GIA) | |
| Stock and shares ISA | |
| Self-invested personal pension (SIPP) | |
| Lifetime ISA (LISA) | |
| Junior ISA (JISA)/Junior SIPP (JSIPP) | |
| Business Account | |
| Interest on cash balances |
Wealthyhood is limited when it comes to account types available. Reports suggest it’s working on a stocks and shares ISA, but there’s no timeframe for this and it would likely be added to one of the paid plans if and when it is introduced.
Many newer trading platforms have been launching with a GIA and then look to expand the account offering as it becomes more established, so we might see more in future in this department from Wealthyhood. Fingers crossed anyway.
Wealthyhood ease of use
| Ease of use score | ★★★★★ |
|---|---|
| Apple iOS rating | 4.3/5 |
| Google Play rating | 3.8/5 |
| Ways to contact customer service | Email and socials |
| UI/UX | Good |
| Desktop or mobile app | Mobile |
Wealthyhood scored decently in our ease of use assessment. However, it would have scored better had there been more options available to contact its customer support team (although smaller platforms struggle to justify dedicated support teams, especially if the app is running smoothly).
On the App Store, Wealthyhood scores an impressive 4.3 out of 5, and on Google Play it has a lower 3.8 out of 5 (as of February 2024). Bear in mind that these scores come from a relatively small number of reviews.
You’re only able to invest with Wealthyhood using the mobile app.
Wealthyhood customer reviews
| Score | Rating |
|---|---|
| Trustpilot | 4.4/5 |
Trustpilot reviewers gave Wealthyhood a 4.4 out of 5 “excellent” rating (as of February 2024). But, this is from under 20 reviews, so not a wide base of feedback.
Wealthyhood tools, resources and features
| Tools, resources and features | ★★★★★ |
|---|---|
| Analysis features | |
| Tools for investing/trading | |
| Social features | |
| Learning resources | |
| Additional Features |
With the goal of keeping things simple, Wealthyhood still offers quite a lot in terms of features, the only area lacking really is a social aspect.
There’s useful in-app information to see pricing charts for stocks, along with basic financial metrics and broad analyst views. It’s also nice and easy to see a portfolio breakdown of your current holdings.
You’re also able to use plenty of other cools features like:
- Auto-invest for any spare cash
- Custom allocation preferences for your portfolio
- A referral scheme to invite friends and get free stocks
- Auto-pilot automation for recurring investments
- Guides and articles for learning
Here are some benefits specific to the paid plans:
Plus
- 0.25% cashback for investments of £50 or more
- 1% bonus dividend, paid each month based on the size of your portfolio (£3,000 maximum)
- 0.35% FX fee
Gold
- 0.4% cashback for investments of £50 or more
- 4% bonus dividend, paid each month based on the size of your portfolio (£3,000 maximum)
- 0.35% FX fee
- Priority customer service
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