Toronto-based Wealthsimple Inc. is planning to launch what the robo-advisor says is the first zero-commission stock-trading service in Canada, the company announced Thursday.
The financial technology company says through this new service, called Wealthsimple Trade, users will have access to unlimited zero-commission trades of more than 8,000 publicly traded stocks and ETFs listed on major Canadian and U.S. exchanges.
People will be able buy, sell and track stocks and exchange-traded funds through an app, which is currently in a private beta testing phase, with no account minimum or fees.
There are some other online platforms that offer commission-free trading, but may also charge monthly flat rates and require a minimum balance.
Wealthsimple says its new service is the first of its kind in the country and the Wealthsimple trade app will be rolled out to users by invitation leading up to a public launch, potentially later this year.
The company currently has 100,000 clients in Canada, the U.S. and the UK, and manages more than $2.5 billion in assets.