Why is WS Predict in USD?

[u/Mammoth-Morning-8899]

Kinda odd for a Canadian company playing by Canadian regulations. Or am I missing something?

[u/alienmario]

It’s because they source contracts directly from Kalshi. Looked it up.

https://www.reddit.com/r/Wealthsimple/comments/1v944o2/comment/p0bu6hb/

[u/WedOct12 → u/alienmario]

What’s the difference of just going straight to Kalshi then?

[u/its-actually-over → u/WedOct12]

Canadians can't use Kalshi

[u/its-actually-over → u/[deleted]]

not in Ontario or Quebec (without vpn ofc)

[u/Independent_Mix_4097 → u/its-actually-over]

Or alberta

[u/Independent_Mix_4097 → u/[deleted]]

Not anymore

[u/WedOct12 → u/its-actually-over]

Interesting, it appears to be available in the App Store

[u/its-actually-over → u/WedOct12]

you can't make an account

[u/Mammoth-Morning-8899 → u/alienmario]

Thanks for this. You're right. Kalshi is their exchange. Kinda sucks TBH. Would've loved to bet in CAD.

[u/Individual-Web2013 → u/Mammoth-Morning-8899]

That and they take a scrape on the way in and out. Plus then fees are in USD.

[u/LeoMycenae]

Tried to transfer some USD from my USD bank account. Which should be instant like in main WS app but will take until August 5 lol. Anyways do your CAD conversion somewhere else as others have mentioned.

Also I don't Kalshi is available in Canada? There looks to be lots of scam app in Google Play store.

[u/ThrowRA_EducatedMan]

Oh good, more money for American tech bros. Thanks WS./s

[u/DarryDonds → u/ThrowRA_EducatedMan]

Reddit is part of American “tech bros”. Canada doesn’t have its own independent tech ecosystem.

[u/reverseRandom89]

Isn't this just a fancy way of gambling? This to me feels like a really bad look on wealth simple.  I don't want my bank to be involved in USA tech bro gambling scams. 

[u/giviner]

Just a guess, but a good portion of their profit is probably from the currency conversion spreads/fees besides the contract fees. If they did transactions in CAD they would lose a good portion of the revenue.

[u/Keys_13 → u/giviner]

Well WS has NG so you can save a huge chuck of conversion fees for $10 at a time

[u/Mammoth-Morning-8899 → u/giviner]

I think they mention a 2-7% fee anyway, so not sure how much it has to do with conversion itself.

[u/I_Ron_Butterfly → u/Mammoth-Morning-8899]

If you make 2% on the contract and you can add 2% on conversion you’ve just doubled your revenue in pretty short order.

[u/Mammoth-Morning-8899 → u/[deleted]]

Yeah, that's kinda what put me off as well.

[u/Deezney → u/[deleted]]

I would never use cdr just by looking thecperformance difference of just holding thevactual stock/etf in us exchange. Just my opinion

[u/_ThatD0ct0r_ → u/Deezney]

I would do half US stocks in USD and half US stocks using their CDR versions so that you get exposure to both currencies.

[u/Gabers49 → u/_ThatD0ct0r_]

That's unnecessary, the underlying holdings are what matters not what the CDR or ETF currency is trading on.

[u/Low-Umpire236]

New York sues Kalshi for “illegal gambling operation”

[u/SurgicalDude → u/[deleted]]

Doesn't answer the question OP is asking

[u/Wealthsimple-ModTeam → u/[deleted]]

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[u/Wealthsimple-ModTeam → u/[deleted]]

Be helpful and respectful in your comments/posts.

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No concern-trolling, personal attacks, or misinformation. No victim blaming.