Wealthsimple allows trading in Reddit fuelled meme stocks

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TORONTO – As global low-fee trading platforms such as Robinhood placed restrictions on their users from trading in Reddit fuelled ‘meme’ stocks that caused a market frenzy last week, Wealthsimple refuses to let in under pressure to restrict trade.

The Canadian low-fee equivalent continued to allow trades in GME, AMC, and BB among others, albeit with warnings to investors. Retail investors showed their gratitude by increasing downloads of the Wealthsimple app, driving it to Canada’s number one position as the most downloaded app this week.

In a television interview, Wealthsimple Co-Founder and Chief Executive Officer Mike Katchen said the platform will do its utmost to make users aware of the risks of certain volatile securities, but won’t bar clients from making trades.

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