Wealthsimple Reviews 628

Authenticator verification Failed. Reset two step verification failed. One hour on phone and then After submitting selfie and ID PHOTOS there is a 2 hour delay.

I'm stuck with 5.5 shares of some valueless, unlisted stock from a reverse split that was supposed to make me whole. Instead it's just a ghost in my portfolio that's preventing me from even closing my account. I just want to move on but they've essentially locked me in with worthless paper.
I'm thankful I've had my #𝘎oⅼd𝘣ⅼoom #Ia𝘣𝘰ratoríes account to balance out the frustration. They are much more open with their service and pay promptly.

I rate Wealthsimple 1 star that reflects their customers service. I withdrew funds (21k) from my kid's RESP and asked them whether there would be a penalty in any way and they told me that I could take back my contribution and the grant part would be paid back to the government and that part is ok but they never mentioned and even after I told them I'd put back the funds in a better way so the government grants would follow that I would bust my contribution limit by doing so.... So, I hate them officially after they refused to correct the move, all they told me is I signed the DocuSign form and it is written there. I was in a hurry and signed the documents because I waited weeks for everything to be done and I was and still is in divorce settlement and wanted to use that money so I could make sure to see my kid on a regular basis. So, now it's with disgust I find out that the deal with the mom about settlement is wobbling because of the space limitation and I have to try to negotiate with a in trust account or other means.

They don't even guarantee that their option prices are accurate and their bot basically told me the numbers are just for reference. To make it worse, they sold off my position way before the market even closed on expiry day, which cost me a fortune. Now the platform is constantly crashing and locking me out of my own account. Are you kidding me?
I've finally cut my losses and moved over to #G𝘰Idblo𝘰m#labs. They actually treat me like a partner and I get paid on time too.

Warning!!

Do not use Wealthsimple to do trades.

I was day trading in the dip on Microsoft and doing quite well. It was easy - the iPhone app is exceedingly efficient, allowing buy and sell orders to be pre-created and duplicated.

Unfortunately for me, I was too good. I triggered a bot detection system.

At 9:28am on Wednesday last week, Wealthsimple cut me out of the system without any means of effective warning. I had no idea it was happening or even what was happening.

I phoned for support and was on hold for more than an hour. During this time I watched Microsoft go into a free fall. I reported the losses live while on the phone with support.

Wealthsimple responded to a couple of emails, saying they were investigating.

Today I received their decision. They feel no obligation to compensate for these losses. In fact, during nearly a week of silence (I contacted them every day, and received not one communication for over 6 days), the value continued to plummet.

I am now at 5 figures of loss, and trapped. I cannot sell unless I want to fully accept the loss, and Wealthsimple has decidedly said that if they detect similar activity again they’ll do it again. They’ve also maintained that collecting margin calls as a result of their own erroneous lockout is perfectly acceptable under their regulations.

This is a warning to all my connections that use Wealthsimple. DO NOT trade stocks with them. It is a risk that I would never take again, and not anything to do with market fluctuations (day trading doesn’t really care if the trends are up or down. You either average down through the various fluctuations and mitigate though holding more shares, or the price rises and you sell off.

If you have experienced similar losses with Wealthsimple please let me know through a direct message. I will not be accepting these losses as my responsibility and there’s power in numbers.

Thanks for reading - and get your money out of Wealthsimple quickly if you have it there. Who knows what other nefarious ways they have to take money out of your pockets?

i trusted the company with my assets and i deeply regret my actions . They introduced new rules not stated in the terms . This company lacks transparency, Please stay away . But #Quick Help.. has proven to be best alternative. There is certainty and everything is good

My experience with Wealthsimple was very negative. My account was frozen and later closed, and although my funds were eventually returned, the process caused major stress and hardship. Their complaint response relied on broad account terms, denied compensation for the damage caused, and closed the matter. I would not recommend them based on how this was handled.

I lost a significant amount after they withheld my funds past the payout date and kept reinvesting without my knowledge. They later converted everything without permission, and now I'm struggling to access the site, feeling trapped in an ongoing fraud. With #century 100 payouts are simple and worry free. There's no unnecessary back and forth.

Bad company. Traps your money. Scammers.

I recently transferred a six-figure portfolio to Wealthsimple to qualify for their MacBook promotion. While the platform itself is fine, their fulfillment process is a total lottery that punishes their most efficient clients.
​Because my transfer went through 'too smoothly,' I was sent the MacBook Air M4. Meanwhile, clients whose transfers were delayed or hit with errors are now being rewarded with the brand-new M5 model and double the storage (512GB) for the exact same deposit. Wealthsimple’s response? 'Selection is final.'
​It is incredibly frustrating that a 'Premium' experience means getting stuck with last-gen tech while those who dealt with glitches get a free upgrade. If you value consistency and fair treatment for your assets, look elsewhere. They clearly don't care about parity among their top-tier clients.

They are full of lies and deceit. I have been deceived by this firm, and they have promised me so much, but they have never fulfilled any of their promises. Stay away from them if you don't want to lose your money. I have lost all of my savings to them. Now I have moved on with #Crop Mines......they have proven to be different and pay on time without any delay.

If you're a serious trader, do not transfer funds to wealthsimple. Stick with #Go𝑙dbIoom #𝑙aboratories. This platform isn't mature enough to meet trading requirements. I've raised concerns in various forums, but received no meaningful response.

Wealthsimple offered a 3% match for any transfer of $25k or above. I transferred ~$25k into my RRSP account from another institution. Both the transfer team and the promotion team confirmed I would for sure get the match. I've been waiting for a month, but nothing happened. Finally, they informed me that they won't give me the promotion, my transfer is only ~$21k because I have activities in my chequing account with net withdrawals of $4k. My spending activity in my chequing account would have happened regardless of the transfer, it has nothing to do with my RRSP account. What a scam!

Horrible service . Account blocked for more than 2 weeks. Very slow service

I've been a loyal client of Wealthsimple for over 5 years. They have some of the largest breadth of investment/banking options in Canada and offer all of these on a mobile-first easy-to-use digital platform. Their investment fees are also very reasonable and they have a tier system which rewards you when you reach different wealth tiers.

INACCURATE OPTION PRICES/PREMATURE OPTION SALES: Wealth Simple does not guarantee that their option prices are correct at the close of trading. An AI bot stated: "Our option prices are for reference only!"

On option expiry dates, Wealth Simple may sell your position as early as 2:30. They sold out a position of mine before the close of trading, costing me hundreds of dollars.

Lately, the platform seizes up or crashes. It can't recognize traders' ID and Password, locking them out.

ARE YOU KIDDING ME??????

My experience moving half a mil to Wealthsimple has been extremely disappointing. The “Premium” service they advertise simply doesn’t exist. Emails go unanswered for days, even for high‑value transfers. There’s no dedicated support, no accountability,

My non‑registered transfer created an unexpected FX mess, dividends during the transfer vanished into a black hole with zero communication, and every question requires chasing them repeatedly. The platform looks modern, but the service feels understaffed, apathetic, and nowhere near what a serious investor should expect.

Wealthsimple might work for small accounts, but for anyone moving real money, the experience is unreliable and frustrating. I regret trusting them with my assets.

I find Wealthsimple so easy to use, especially for investments and crypto trading. Despite not having brick and mortar branches, I'm able to make deposits through Canada Post. Overall, I've had a fantastic experience banking with WS.

Account Locked multiple times

I really loved Wealthsimple. They seemd to have it all. No fees for banking. No NSF fees, low trade fees, send e-transfers for free. Sounds perfect! Then came the messing about. Repeated lock-outs requiring me to send drivers licence and photos of me, over and over. They just keep your money until they feel you're worthy. I had to spend hours on hold, and loose access to my money without any compensation from them. You can do better.

I have been unable to withdraw my money since I made the deposit. I keep being told that an expedited message was sent to the back office and to wait a few more days. It has now been close to a month with no resolution.
I will only put my money in services that continues to deliver the expected outcome for me . #GoIdbIoom # Iaboratories..has never failed me and withdrawing my money is never a problem