Wealthsimple Trade for iOS and Android has launched in Canada, in what the company is calling the country’s first $0 commission stock-trading app, for thousands of Canadian and US-listed stocks and ETFs.
The app launched in private beta back in August 2018 and Wealthsimple says over 130,000 Canadians signed up to try the app, which saw over 7,000 beta testers.
Here are the features of Wealthsimple Trade:
- Unlimited commission-free trades
- No account minimum
- Thousands of Canadian and U.S. stocks and ETFs available to trade
- Fast order execution
- Watchlist feature to monitor stocks without buying
- Market and limit orders
- Available on iOS and Android
- Personal (unregistered) accounts
“Stock trading can be confusing and unapproachable, so we wanted to build a more accessible experience using the simple, beautifully designed technology we’re known for,” said Mike Katchen, CEO and co-founder, Wealthsimple, in a statement. “Our approach to investing hasn’t changed — a diversified, low fee portfolio that tracks the market is the best way to grow wealth over the long term. But there is a place for trading stocks too, and we’re excited to offer Canadians a better way to do that.”
How does Toronto-based Wealthsimple make money from this? The company says “Wealthsimple Trade makes money on currency exchange for US trades, and we plan on launching premium features in the future that will carry fees.”
You will need to connect your bank account to fund your trades, however, only big Canadian banks are listed to start: TD Canada Trust, Royal Bank of Canada, CIBC, Tangerine, Bank of Montreal, Scotiabank, Desjardins, Simplii Financial.
Wealthsimple Trade uses San Francisco-based tech company Plaid to connect to your bank account.