Wealthsimple Trade Tops the App Store as Reddit Takes on Wall Street

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Redditors have been taking on Wall Street, as we’ve recently seen in the incredible stock surge for companies like GameStop, AMC and BlackBerry to name a few.

The result means usage in online stock trading platforms has surged, with apps such as Robinhood and WeBull jumping in the App Store ranks. In Canada, Wealthsimple Trade has now topped the App Store’s free charts. It appears Canadians have also jumped into the stock feeding frenzy.

“This is a wakeup call for Wall Street and the Square Mile that retail investor flows are meaningful and need to be taken seriously,” Dan Lane, senior analyst at Freetrade, told CNBC in an interview.

“If nothing else, the most recent episode should register the assertion from new retail investors that they want to be part of building their cash piles rather than handing the job off to someone else,” added Lane.

Shares of GameStop went even higher yesterday after Tesla CEO Elon Musk tweeted out a link to a Reddit sub, r/wallstreetbets, which now has 3.1 million users.

Toronto-based Wealthsimple Trade offers unlimited commission-free stock trading. Click here to sign up and get a free $10 cash bonus.

Disclosure: Wealthsimple is an affiliate partner of iPhone in Canada and allows readers to help support the site.