Wealthsimple Trade has been announced today in private beta, allowing Canadians to buy, sell and track stocks and exchange-traded funds (ETFs) from an iOS or Android app.
What makes Wealthsimple Trade unique, is the fact it will offer unlimited $0 commission trades, with no account minimums. Users will have access to over 8,000 publicly-traded stocks and ETFs listed on major Canadian and U.S. exchanges.
New clients can sign up in “minutes”, while existing Wealthsimple clients can start with “just one tap.”
“The options for stock trading in Canada aren’t great — traditional brokerages have high fees, the technology is dated and clunky, and the experience isn’t exactly user-friendly,” said Mike Katchen, CEO and co-founder, Wealthsimple, in a statement. “We saw an opportunity to take the simple, human approach we’re known for and apply it to the trading experience.”
Wealthsimple, which currently offers an automated investment platform on mobile and the web, says Wealthsimple Trade was created in eight weeks by a small team, using the company’s public API. Right now, the new app is in private beta, only available via invitation, with access rolling out in the coming weeks.
The new Wealthsimple Trade app will allow Canadians to trade up to $1,000 right away to start, offer market and limit orders, personal cash accounts, watch lists of your favourite stocks, be available for iOS and Android, while also offer CIPF protection for up to $1,000,000.
So what’s the catch? According to the company, “Wealthsimple Trade makes money on currency exchange for US trades, and we plan on launching premium features in the future that will carry fees.”
Click here to sign up for the Wealthsimple Trade app waitlist. The company currently has over 15,000 people signed up, and the more people you refer, the faster you skip the line.
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