Wealthsimple remains eager to become Canada’s next big bank—or something better—with another rollout of enhancements to the Toronto firm’s financial platform.
Given the frenetic pace of change and innovation in the financial technology realm today, it’s no surprise these updates come on the heels of upgrades announced just a couple of months ago.
This week’s rollout includes an all-new website, the addition of real-time streaming data, and instant currency conversion between CAD and USD, among other enhancements.
“We completely rebuilt our site to make desktop trading as fast, sophisticated, and comprehensive as it is in our app,” Matthew Karasz, a director of product for Wealthsimple, wrote in a memo to clients.
“Real-time streaming data lets you select new investments or manage your existing portfolio with confidence,” he added.
After initially launching offering a limited number of assets, Wealthsimple has steadily added available symbols over time. Now, every common stock and ETF listed in Canada or the US can be traded on the platform, according to Karasz, as well as Bitcoin and most other crypto coins.
The head of product also hinted at what the Canadian fintech is working on launching next. On the table is margin trading, which lets you trade with borrowed money to increase risk and reward, and covered calls.
“Selling covered call options against your stock holdings lets you easily generate income off of your portfolio, partially hedge your position, or both,” offers Karasz.
With these tools eventually added to the platform’s kit, Wealthsimple will become a fully equipped trading platform.
And that’s not all, Karasz says. Wealthsimple is also developing joint self-directed accounts, which would enable spouses or even friends to co-manage both investment and cash accounts.
The announcements are part of what has been a continuous upgrade cycle for the company as Wealthsimple eyes ambitious growth targets in an increasingly competitive market.
Over the last couple of years, for example, Wealthsimple has released venture capital, private credit, and private equity offerings.
The fintech was founded in Toronto in 2014.
Any mention of 4am or overnight trading? Currently 7am is their earliest…
After comming from Questrade it’s a real shock as to the layout of the investing pages, A spreadsheet would be way better than thie piecemeal complicated layout that requires a lot of scrolling.
I feel limited to spend time scrolling and most lilkely just use your site for parial purchase trades and seldom acccess stocks. For most other trades I will continue to use Questrade for my sanity.