The Big Banks Should Be Worried: Wealthsimple Just Went Full Pro

Toronto-based fintech Wealthsimple is making its biggest push yet into active trading, announcing a suite of new tools on May 1 that bring professional-grade features to everyday Canadian investors.

The announcement came during The Trade Show, an event that drew more than 100,000 traders online and in person. The timing is deliberate. A survey Wealthsimple ran with Angus Reid found that 38% of Canadian DIY investors now trade frequently, while nearly half say traditional banks and brokerages aren’t keeping up. About one in four said Canadian platforms lag behind what’s available internationally, and among active traders that number climbs to 35%.

Futures Trading

The headline addition is futures, now in beta with a broad launch coming in June. Canadians can trade some of the world’s most liquid markets, including the S&P 500, oil, and gold, nearly around the clock for as little as $1 per contract. Wealthsimple says it’s the only broker in Canada offering futures with zero market data fees. An education hub and in-app tutorials are included for traders who want to learn before putting money on the line.

“Forty-three per cent of traders in Canada have looked into futures, and only 9% actually trade them,” said Matthew Karasz, Senior Director of Product at Wealthsimple. “It’s a clear signal of demand.”

Options

Wealthsimple is now the only platform in Canada offering options trading with zero commissions and zero contract fees. All four options levels are available, including naked puts and calls, along with a profit and loss visualizer and access to U.S.-listed options on Canadian companies, removing the need to maintain accounts at multiple brokerages.

Trade Plus

Also now live is Trade Plus, a professional web interface that consolidates everything into one screen. Traders get real-time charting down to one-minute intervals, candlestick views, and technical indicators including moving averages, RSI, and VWAP. Orders can be placed directly from the chart, and stocks and options positions are managed together without switching views.

Active Trader Benefits

Starting this month, Wealthsimple is launching a rewards program that’s based on trading activity rather than account size. Clients who make 50 or more trades per month get priority support, access to a dedicated trade desk where reps can place trades on their behalf at no charge (a service valued at $45 per trade), early access to new features, and a 3% transfer match, triple the standard 1%, for as long as active trader status is maintained.

Wealthsimple says it has saved clients more than $4 billion in fees since launching trading in 2019 and recorded the fastest asset and trading volume growth among Canadian online brokerages last year. These updates look squarely aimed at keeping high-volume traders from taking their business to international platforms.

A replay of The Trade Show event can be seen below: