Racional review: CMF-registered app for US stocks and ETFs in Chile

Who runs Racional

Racional SpA is a Chilean financial-technology company, incorporated in Santiago in December 2018. It is registered in the Registro de Prestadores de Servicios Financieros of Chile’s Comisión para el Mercado Financiero (CMF) as an investment adviser and order router under the Fintec law (Ley 21.521) and the CMF’s rule NCG 502; its legal-information document shows register number 17. Racional says plainly that it is not a bank, a securities intermediary or a custodian. Your investments sit in accounts in your own name at two partner brokers:

• DriveWealth, a US broker-dealer and member of FINRA and SIPC, executes and holds Racional Stocks. The US account is opened through Vector Capital under the CMF’s Circular 1.046.
• Vector Capital Corredores de Bolsa SpA, a stockbroker regulated by the CMF, receives transfers, trades on the Bolsa de Santiago and holds the Portafolios investments.

Racional’s terms and conditions still say its order-routing authorisation is being processed, while its home page, help centre and legal document say it is authorised for both services. We could not open the CMF register to check (it returned a block page). All facts in this review were checked on 18 October 2026.

Racional serves Chile only: you need a Chilean ID card and a bank account linked to your Chilean RUT, and you can only deposit and withdraw Chilean pesos. Racional Stocks is also closed to some nationalities, and the two lists Racional publishes differ.

Racional Stocks

More than 10,000 US stocks and ETFs in the mobile app (the web app has a smaller catalogue), including fractional shares and Chilean companies that also trade in the US. The minimum to start is CLP 5,000.

• Plan Free: no commission per trade and no maintenance fee, but at most ten buys or sells a month. Dollars are bought and sold with a spread of about 0.99%, which Racional calls a reference value.
• Plan Pro: from CLP 5,990 a month on the annual plan (CLP 8,990 on the monthly plan), with unlimited free trades, limit, stop and MIT orders, extended hours and a dollar spread of about 0.49%.

Options and margin trading are announced for later.

Racional Portafolios

Portfolios of low-cost index funds (ETFs) suggested by Racional’s automated adviser, or built by you, including 21 Chilean shares bought on the Bolsa de Santiago. The fee is 1.00% a year including VAT on the average value invested, charged monthly, plus each ETF’s own fee from 0.20%. The term-deposit ETF portfolio has no Racional fee. There are no fees on trades, deposits or withdrawals.

Protection

DriveWealth accounts are protected by SIPC up to USD 500,000. Racional says DriveWealth also bought an Excess SIPC policy that raises the cover to USD 50 million per account (USD 49 million in stocks and ETFs and USD 1 million in cash), and that uninvested dollars are spread across FDIC-insured banks, covered up to USD 1,000,000. These protections apply if the broker or a bank fails; they do not cover falls in value or exchange-rate losses. No compensation scheme is named for the Portafolios held at Vector Capital.

Deposits and withdrawals

You deposit pesos from your own bank account with Khipu in the mobile app or with a normal bank transfer; both show up in under a minute. Withdrawals to your bank account take one to two business days. Racional charges no fee for deposits or withdrawals.

Before you open an account

• On the free plan, count how many trades you make a month and the 0.99% spread on every peso-to-dollar conversion.
• Remember that your money is held by Vector Capital and DriveWealth, not by Racional.
• Check the nationality rules for Racional Stocks before you apply.

We have not tested Racional with our own account yet; this review will be updated when we do.