Digital payments and financial technology company Mogo has launched a commission-free trading app, the second of its kind in Canada, the firm claims.
MogoTrade Targets Canadian Investors
MogoTrade distances itself from the competition by offering free real-time streaming quotes on the stock trading app. Commission-free trading will be rolled out throughout the first quarter of 2022.
Available for download through the App Store and on Google Play, new and existing members can get immediate access to free live-streaming stock prices and will be added to the waitlist for access to the commission-free trading feature.
David Feller, Chief Executive Officer of Mogo, added: “How people invest is changing, and we couldn’t be more excited for Canadians to experience what we see as the future of investing. We are very much in the early days of the transformation of investing and wealth management to a mobile-first digital experience. MogoTrade is the centerpiece of our digital wealth strategy. Our next-generation platform will begin with equities, and we expect to expand this over time to include other assets such as crypto and NFTs.”
Greg Feller, President at Mogo, added: “This is the most significant new product in our history and a major growth milestone for Mogo. MogoTrade, which is only the second commission-free stock trading app in Canada, gives us access to a large and quickly growing market. Canadians have over $8 trillion in financial assets, including more than $3 trillion in equities, mutual funds and ETFs, and our goal is to give them the best digital tools to better manage and grow their wealth. We expect this will be an important driver of member growth and engagement as we move through 2022.”
Mogo Serves 1.8 Million Customers
The company will regularly invite members to activate the commission-free trading feature. Mogo caters to Canadian investors and currently serves nearly 1.8 million members.
Besides the commission-free stock trading app with real-time streaming quotes, Mogo also offers its free Mogo app, the Visa Platinum Prepaid Card, and access to Bitcoin. The Mogo app also enables you to easily buy and sell bitcoin, get free monthly credit score monitoring and ID fraud protection, and access personal loans.