By utilizing Alpaca’s Broker API, Bitbuy be able to integrate real-time fractional trading and instant settlement into their existing platform.
The company is taking aim at leading competitor, Wealthsimple by being the FIRST fractional stock trading platform in Canada with real-time settlement.
WonderFi has partnered with a leading Canadian investment bank and IIROC member that will route, execute, clear and custody all customer accounts and trades.
Bitbuy stock trading is expected to go live in Q1 2023.
WonderFi CEO Ben Samaroo commented: “Providing seamless access to stock trading makes Bitbuy the first platform in Canada to offer a full suite of crypto trading as well as fractional trading of US equities with real-time settlement. This is in furtherance of our goal of making users’ lives easier and bringing key asset classes within our easy-to-use, regulated platforms.”
WonderFi Strategic Investor Kevin O’Leary added, “This is an excellent move for WonderFi and Bitbuy – Alpaca is an excellent partner to team up with on the launch of Bitbuy Stocks. Stock trading through Bitbuy promises to be extremely efficient, low cost and innovative in the Canadian market.”