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Wealthsimple Trade will be Canada's first zero-commission, no minimum stock-trading service

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Wealthsimple Trade will be Canada's first zero-commission, no minimum stock-trading service

Canada NewsWire

Canadians can trade stocks and ETFs through a simple mobile app — no commissions, no minimum account balance, and no strings attached

TORONTO, Aug. 16, 2018 /CNW/ - Wealthsimple Trade is a new service that will let people buy, sell and track stocks and exchange-traded funds (ETFs) through a simple mobile app. Users will have access to unlimited $0 commission trades of over 8,000 publicly-traded stocks and ETFs listed on major Canadian and U.S. exchanges.

Wealthsimple Trade will let Canadians trade stocks and ETFs through a simple mobile app -- with no commission fees and no minimum account balance. (CNW Group/Wealthsimple)

Wealthsimple Trade will simplify an experience that's unnecessarily difficult and expensive. It will bring the intuitive, elegant design Canadians have come to expect from Wealthsimple to the cumbersome, confusing way brokerages typically trade stocks. There's no minimum account size — users can start trading with just $1 — no paperwork, and no jargon. Opening an account will take minutes, and existing Wealthsimple clients can sign up 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. "We saw an opportunity to take the simple, human approach we're known for and apply it to the trading experience."

Wealthsimple Trade is great for new investors who are curious about investing in stocks, existing Wealthsimple clients looking to consolidate their investments, and experienced DIYers who will finally have the option of a more affordable, user-friendly platform. In addition to letting users execute trades, the app will educate them about investing and the risks associated with picking stocks, and encourage responsible investment behaviour.

"Our approach to investing hasn't changed: the smartest way to grow your money long-term is to have a diversified, low-cost portfolio that tracks the market, contribute regularly, and stay the course," said Katchen. "But that doesn't mean there's no place for buying and selling individual stocks — as long as it's done responsibly as part of a holistic financial plan."

Wealthsimple Trade was built in eight weeks by a small team of Wealthsimple designers and developers, using Wealthsimple's public API. The Wealthsimple Trade app is currently in private beta and will be rolled out to users by invitation leading up to a public launch. Those who'd like early access can sign up for the waitlist and expect an invitation email in the weeks ahead.

At launch, Wealthsimple Trade will have the following features and functions:

  • Unlimited commission-free trades
  • No account minimum
  • Over 8,000 Canadian and U.S. stocks and ETFs available to trade
  • Up to $1,000 available to trade right away
  • Instant execution of trades
  • Watchlist feature to monitor stocks without buying
  • Market and limit orders
  • Available on iOS and Android
  • Personal (cash) accounts
  • CIPF protection up to $1,000,000

Canadians can get early access by entering their email address at wealthsimple.com/trade, and move up the waitlist by referring their friends.

Subject to regulatory approvals, Wealthsimple Trade will be offered by Canadian ShareOwner Investments Inc., a registered investment dealer and a member of the Investment Industry Regulatory Organization of Canada (IIROC).

About Wealthsimple
Wealthsimple is a financial company that provides advice and services that are accessible, affordable, and human. Wealthsimple currently offers services in the U.S., the U.K., and Canada. The company was founded by a team of financial experts and technology entrepreneurs, and is backed by the Power Financial group of companies. Power Financial Corporation (TSX:PWF) is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States and Europe. To learn more, visit www.wealthsimple.com.

SOURCE Wealthsimple

View original content with multimedia: http://www.newswire.ca/en/releases/archive/August2018/16/c1365.html

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