Wealthsimple will soon be changing the game for Canadian do-it-yourself (DIY) investors. It recently announced that it will be introducing a new mobile trading app for iOS and Android that will allow Canadians to buy over 8000 ETFs and stocks for free – zero commissions!
What’s the catch? Nothing really. Like any discount broker, you won’t get any financial advice or trade recommendations. You’re on your own. At launch, it will only support non-registered, cash accounts (no RRSPs or TFSAs), although they intend to expand it to registered accounts at a later date. In addition, you won’t immediately be able transfer stocks and ETFs from your existing non-registered account to the Wealthsimple Trade platform, but it’s almost a certainty that this will be offered once the service is up, running and established.
As mentioned in How to Invest, stock picking is not for the faint of heart, and it’s really not something you can call ‘armchair investing’. That being said, if you’re already got skin in the game and are trading stocks as a DIY investor, or if you want to build a nice, diversified, globally balanced portfolio of ETFs, the possibility of using a no trading fee platform is almost a no-brainer.
Wealthsimple Trade is currently looking for investors that are interested in having early-access to their service once the app is introduced. If you’d like to get on their email list for this or want to check out their FAQ for more details, just click here.
Wealthsimple Inc., Canada’s largest robo-adviser, is infiltrating the discount brokerage business with the launch of a new trading platform that will allow investors to buy, sell and track stocks and exchange-traded funds with zero trading commissions.
The online portfolio manager – which manages more than $2.5-billion in assets and is predominately owned by investment giant Power Financial Corp. – is naming the platform Wealthsimple Trade. It’s a mobile app that will provide users access to unlimited zero-commission trades of more than 8,000 publicly traded stocks and ETFs listed on major Canadian and U.S exchanges.