Digital investing platform Wealthsimple has announced a new stock trading app for Canadians, with a 0 per cent commission.
Wealthsimple Trade is a mobile app which lets consumers trade stocks and ETFs without any commission fees. The app has not yet been released; although, consumers can sign up to get early access.
The new service offers unlimited commission-free trades for more than 8,000 Canadian and US stocks and ETFs. There is no account minimum, has a CIPF protection of up to $1m, has a one-tap sign up for Wealthsimple clients and has instant trade execution.
Toronto-based Wealthsimple an online investment platform that uses both digital tools and personal financial advice to help consumers make automated investments. The platform is available in Canada, the US and the UK, and manages around $1.9bn assets for 65,500 users.
Wealthsimple makes investments available to everyone by having no minimum account size, low fees and advice to create a diverse portfolio.
In a company blog post relating to the announcement of the app, it said, “You may not know that our very first version of Wealthsimple was a service that would let our clients build their own portfolios. Most of them told us they’d rather pay a very small fee to let us do it for them. But a lot of our clients still want to be able to do that. They like tinkering with their investments, rebalancing them. And with Trade, they can.
“And there are also lots of Wealthsimple clients who, though they want us to build and maintain their long-term investing portfolios, also want to buy and sell stocks. Because maybe they believe in Tesla, or Amazon, or the Brazilian energy sector. With Trade, they can do it all in one place.
“And then of course we did it because online and traditional brokerages in Canada leave a lot to be desired. And we knew we could do it better.”
Earlier in the year, the company raised a $65m investment from ‘Power Financial group of companies’, to support the exploration of new offerings. The company raised around $165m in total from Power Financial Group, since Wealthsimple launched in 2014.
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