Wealthsimple to launch zero commission stock trading service, a first in Canada

Wealthsimple to launch zero commission stock trading service

Wealthsimple Trade will let users do unlimited, zero-commission trades

by

TORONTO – Wealthsimple is planning to launch what the robo-adviser says is the first zero-commission stock-trading service in Canada.

The financial technology company says through this new service, called Wealthsimple Trade, users will have access to unlimited zero-commission trades of more than 8,000 publicly traded stocks and ETFs listed on major Canadian and U.S. exchanges.

READ: An investor’s guide to robo-advisors 2018

People will be able buy, sell and track stocks and exchange-traded funds through an app, which is currently in a private beta testing phase, with no account minimum or fees.

There are some other online platforms that offer commission-free trading, but may also charge monthly flat rates and require a minimum balance.

Wealthsimple says its new service is the first of its kind in the country and the Wealthsimple trade app will be rolled out to users by invitation leading up to a public launch, potentially later this year.

The company currently has 100,000 clients in Canada, the U.S. and the U.K., and manages more than $2.5 billion in assets.

MORE: Are robos like Wealthsimple right for young investors?