Wealthsimple is launching Wealthsimple Trade, a new stock trading platform with zero commissions for its Canadian users.
Starting today existing Wealthsimple customers are being invited to start using a beta version of the platform and encouraged to share feedback with the company before it undertakes a broader rollout.
The trading platform will only be available in Canada for now, although Wealthsimple does offer some of its products in the U.S. and the U.K. It will start by offering the ability to buy and sell shares of more than 8,000 Canadian and U.S. stocks and exchange-traded funds, and says it plans to keep adding to that number in the future.
Wealthsimple has raised about $125 million in funding and manages more than $2 billion for about 100,000 customers. While the company is one of the most well-known Canadian fintech startups, it will face stiff competition from popular trading app Robinhood if it wants to launch this product in the U.S.
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