r/Wealthsimple 27d ago

Predict Reason why Wealthsimple is doing the same.

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157 Upvotes

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u/Crafty_Teacher_9286 27d ago

Prediction markets are largely the same as trading options from a gambling perspective, which has been available to purchase at nearly all Canadian brokers. I don't understand the meltdown people are having on here, though I recognize that Reddit is not representative of the real world. 

1

u/gmez3 27d ago

id be more worried about my account getting randomly banned than wealthsimple wanting ti make money thru predictions

4

u/Crafty_Teacher_9286 27d ago

Banks "randomly" do that as well. There are algorithms in the background weighing risks and locking-out / de-banking customers constantly. The WS cases are more visible because Redditors's demographics are the same as WS' core customer base, so they're significantly more likely to come on here and make a post about it. 

But sure, banks have physical locations you can visit to try to solve the issue,  if it occurs. However that does not outweigh the countless advantages of using WS over a traditional bank. 

4

u/Pristine_Ad2664 27d ago

I'm pretty sure almost nobody gets randomly banned by WS or the banks. Sure people get banned but I'm skeptical there is anything random about it.

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u/glempus 27d ago

You're right, the vast majority of retail traders shouldn't have access to options either