Wealthsimple today announced its newest product, a mobile app allowing users to buy, sell, and track stocks.
The app is now available across Canada and users are able to buy and sell thousands of Canadian and US-listed stocks and EFTs on the platform. Wealthsimple noted that the app does take commission, a first of its kind for Canada.
“Stock trading can be confusing and unapproachable, so we wanted to build a more accessible experience using the simple.”
“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 of Wealthsimple. “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.”
Wealthsimple Trade was first announced in August, it stated at the time that more than 8,000 publicly-traded stocks and ETFs listed in Canadian and US exchanges would be available on the app and users could start trading at $1.
“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,” Katchen said at the time. “We saw an opportunity to take the simple, human approach we’re known for and apply it to the trading experience.”
Since that announcement, the company states that 130,000 Canadians signed up to trial a pre-launch version of the app and more than 7,000 people tested and provided feedback on the app.
The app itself is being offered by Canadian ShareOwner Investments, a subsidiary of Wealthsimple. Its platform offers unlimited, commission-free trades, no account minimums, a watchlist feature to monitor stocks, and market and limit orders. The app is available on iOS and Android
Wealthsimple noted that ShareOwner is a member of the Investment Industry Regulatory Organization of Canada, and customer accounts are protected by the Canadian Investor Protection Fund within specified limits.
Earlier this year, the Toronto-based FinTech company launched Wealthsimple Generation, a service specifically for clients who deposit $500,000 or more in their portfolio. It also recently joined forces with online tax filing service, TurboTax, announcing a partnership in preparation for tax season, making it possible to open RRSPs with the online investment platform.