Wealthsimple Reviews 628

They are fond of asking for too many fees that they did not inform you about in the beginning. Also, their support is not proactive, and they are not ready to help customers. Don't do anything with them if you do not want to lose your money.

This in fact, is not a review as I am not yet a client of Wealthsimple. I am considering a move from a large institution where I pay over 8,000$ a year in fees. My initial thought was to go to Valeurs mobilières Desjardins (Disnat classique) where I already have three accounts. However, I am more and more annoyed with the fact that it takes more than hour, sometimes one hour and a half to get a hold of somenone and at times just hang up in frustration. Customer service is pathetic. After visiting Wealthsimple website, I was thrilled to see all the advantages they offer (eventhough there is no way they will tell me if such and such ETF fund can be exchanged (I am thinking of Global X, Harvest, Hamilton, Evolve, etc); their platform seems more user friendly and complete than that of Disnat and their interest rate for margin is considerably lower. But, there is a HUGE BUT, since I read the comments of so many disatisfied Wealthsimple clients. Would I be jumping from the frying pan into the fire? I think I will reconsider. If I were to obtain as bad a customer service with Wealthsimple as the one I already get from Disnat, there is not much point in swithching from Disnat, is there? Many thanks for the many people whose honest comments prevented me from making a huge mistake.

Negative stars. Wealthsimple limits everything. What you can buy, how much, what you can transfer, how much, and their assets are limited as well. The fees charged are very high, yet the services are terrible. Absolutely crap platform, I would prefer to use a bank to trade than Wealthsimple. Stay away this one.

The worst customer service I ever had in any industry.

I'll just include the email I sent to them. It explains the problem.
(edit) Go here to lodge a complaint if unsatisfied with bank
www dot obsi dot ca
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I had made a point (see attached chat log) that I needed to know if it would be done before the 26 January.

Was told my RSP would be transferred in 4 business days. It was not. I was not informed.

If I had not noticed, AND SORTED IT OUT MYSELF, the RSP would have been dumped into my chequing account and I would have had a HUGE tax hit. Wealthsimple apparently would have let this happen, screwing me over severely.

I came to Wealthsimple because I was tired of the other banks and their terrible service. Seems little different here. Is this a one time screw up? Will anyone bother to address my issue here?

Really unimpressed with the chat agent lying to me. I must now assume that this represents how Wealthsimple operates and now look elsewhere for my banking. Shameful behaviour and TOTAL lack of consideration of the client.

Others have asked me what I think of Wealthsimple. Previously, I have said it is too early to known. Now I know what to tell them.

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Still no response from Wealthsimple.

First major problem, maybe they will make it right somehow. But so far? Nothing.

Really poor service. So far, really poor communication about the poor service complaint. Seeing a pattern.

(EDIT to add)

After reading these reviews, I think a lawyer should be involved for a class action against Wealthsimple. Way too many reports of what appears to be fraud disguised as incompetence. Regulators need to take a very hard look at how Wealthsiple is screwing customers over with their actions and often inactions.

Still no reply from Wealthsimple. Clearly, they don't care to make it right, apologize or even acknowledge the event.

It is simple, NEVER use Wealthsimple. If you do, you will regret it soon after.

(edit feb3)

Nope. They don't care AT ALL. Still nobody has even bothered to acknowledge my email. NOTHING. Yet they have the audacity to send me a "Wealthsimple would love your feedback!" email after! Which they also seem to have ignored the comments I left.

RUN AWAY from this 'bank'. TOTAL DISRESPECT FOR CUSTOMERS!

ZERO STARS

i had to wait A MONTH of transfer of funds to another institution and then they told me there was the blocker on my transfer and i had to reinitiate it again!!! this was unacceptable. the worst investment company ever!!!!

Pathetic platform and they are not eligible to be called fintec.

Terrible experience and I regret moving my investments and win a apple macbook. It would have been better if I bought a mac on my own. Not that I really needed a mac. I wanted to move part of my portfolio from another institute hence made use of the promotion period. Wow what a nightmare. They cannot even correctly account for the net new deposits I transferred. It was way more than the min $100k required to qualify for the apple promotion. Recently I moved some funds still maintaining way more than $100k even though the buffer to maintain is 20% of $100k. They are telling me I have gone below the buffer hence I have to pay for the mac. ITS A JOKE. I HAVE LOST MY TRUST WITH THUS COMPANY AND REGRET FOR MOVING MY INVESTMENTS. I tried to explain this and get it fixed as soon as I transferred my portfolio but they never rectified it.

⚠️ CONSUMER WARNING – READ BEFORE USING ONLINE INVESTMENT PLATFORMS

I want to share a real experience so others can make informed decisions.

My investment account was suddenly restricted without notice, access to my own funds was temporarily blocked, and I was given conflicting explanations about why it happened.

Even after compliance was completed, the communication was confusing, inconsistent, and stressful. I later received a formal letter acknowledging misinformation — but the response treated the issue as “closed” with a token goodwill credit.

If you rely on timely access to your money, clear explanations, or reasonable handling when something goes wrong, think very carefully.

Security measures may be legal — but how customers are treated matters.

I’m now escalating through independent oversight so the facts can be reviewed objectively.

Do your research. Read the fine print. And understand that “self-directed” can mean “you’re on your own when things go wrong

Let me put this in a “simple” way for everyone to understand. This platform is built for the unsophisticated investor who values simplicity over actual performance or value. Their customer service is slow and unapologetic when it comes to the issues you bring up. I ended up leaving WS and moving my 6 figure portfolio to Questrade. WS doesn’t value your business and wants to squeeze every penny they can from you through poor performing wealth portfolios, super high management fees, very high fees on alternative investment products, and locks you in for years for your “freebies”. Even after I told them I would leave and move my high 6 figure portfolio, they just wished me luck and didn’t even bother trying to offer alternatives.

I recently encountered a problem while filing my taxes using Wealthsimple Tax. While the platform is generally intuitive, I ran into an issue that affected my return based on CRA notice of assessment. I reached out to support, but the response was not even trying to understand the problem statement rather mostly generic and unclear guidance. On top of that they kept on iterating their platform is flawless without demonstrating any investigation outcomes or proof.

For a service that promises accuracy and ease, this experience was frustrating. Tax season is stressful enough without having to chase down solutions for problems that should be handled by the platform. Wealthsimple Tax works well for simple filings, but if your situation isn’t straightforward, be prepared for slow support and minimal guidance. They need to improve responsiveness and accountability.

Horrible wait time, people can barely communicate, bad overall. Terrible banking app and doesn’t do shit for you besides a referral. On hold over a hour because they locked my account just to get a no go and more wait time. I told them to basically go f themselves and hung up . DO NOT USE! SCAM

Same problem 3 years in a row when I tried to move money from my RRIF to my local financial institution. Was sent instructions to click on options that didn't exist. Tried to speak to a supervisor but kept getting shifted to Customer Support who are useless. Got contradictory information from different Customer Support Specialists, none of it of any use.
RUN, DON'T WALK, FROM THIS TERRIBLE COMPANY. Terrible terrible terrible. I would have given zero or minus stars if that was an option

They are holding my funds from RRSP and not letting me to withdraw. Tried contacting several times but did not helped they just hang up during the long call. Terrible

Tangerine takes forever to answer. I was on hold for more than an hour when their automated says wait time is less than 5 mins! And they're liars. Lied to me about not having any restrictions in my account, admitted by customer service after being taken in circles about the same issue over and over again. They dont listen to customer legitimacy when it comes to doing banking, but rather insist on screwing up my banking. A request to remove a lock, they won't do it, very unreasonable and unfair. Security agrees to remove it but other dpt won't. You can't do business without customers. They'd rather starve me.

I initially joined for the perk of having no ATM withdrawal fees and early check deposits by 1 -2 days. However, they have been poor at best with early or even timely deposits for the last 6 months. More often than not deposits are later than traditional brick and mortar banks. I switched back to RBC.

Not sure the reason they have so many negative reviews. Platform could be better, but its pretty good for buying individual stocks.

They hold my money for security... They verified me on so many level plus I have my 2FA and biometric connection.. Thats the worst platfrom of all those I use.

Got my accounts withdraws locked called up to get it unlocked and 8 days later they locked up my entire account and now I’m stuck and confused on what to do and have to call again and deal with more b.s when I’m stressed out to the max. B.S company with shady business practices that won’t even let me have access to my own money!! STAY TF AWAY FROM THESE SCAMMER PIECES OF SHIT.

I trusted them with little payments and it went through smoothly at first. Then the mistakes began. Every time i attempted to withdraw, a few unforeseen errors appeared. Additionally, they requested extra money when i attempted to withdraw. Nothing changed, and withdrawals from my account were blocked right away. Everything i put in was lost. I've taken the decision to examine how p2prosper handles matters, and doing so has made it simpler to evaluate and make wise choices.