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Wealthsimple allows stock trading without commissions or minimum balance

by

Justine Montminy

August 16, 2018 10:30

Photo : Freepik

Wealthsimple now allows stock trading without commissions or minimum balance in Canada by launching its mobile application Wealthsimple Trade. Thus, a customer may buy, sell, and track stocks and exchange traded funds (ETF) directly from their smart phone.

“The options that are currently available in Canada to perform operations stock market leave much to be desired. The brokerage is traditionally accompanied by high costs, the technology used is cumbersome and outdated, and the experience is far from being intuitive, ” says Mike Katchen, chief executive officer and co-founder of Wealthsimple.

Unlimited number of transactions

Users will be able to perform an unlimited number of transactions, without the payment of commissions, on more than 8,000 stocks and ETFS listed on canadian stock exchanges and the us.

Among the other features of the service, one finds up to $ 1,000 of transactions available on-the-field, instantaneous execution of operations, a CIPF coverage up to one million dollars and the opportunity to create watch lists to track certain actions without the buy.

“Our investment approach has not changed : the best way to grow your money long-term is to have a diversified portfolio, low-cost and that follows the market, as well as contribute to it regularly and stay the course. But this does not mean that there is no place for the buying and selling of individual stocks, provided that they do so responsibly and that this could be part of an overall financial plan, ” said Mr. Katchen.

Beta Version

The application is currently available in private beta version and will eventually be available on invitation, until its launch to the general public, specific Wealthsimple.

At the time of launch, the application will be offered only in English and a French version will come eventually.

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