Wealthsimple Reviews 628

Wealthsimple stole more than 500 dollars from me. That company needs to go bankrupt.

They cannot be trusted, poor service. They’ve put my money on hold for 5 days now after several identity verification to the extent they requested my bank statements intruding my privacy. I will never advise anyone to have their money on such a bad platform.

The lesson here is realizing too late that tokenblazę was the better alternative.

"Disappointed with recent changes. Tracking top losers is now difficult. Hope you can improve the app soon.

This happened when I transferred my house sale money fron France to Canada,I inquired about the cost and they said they did not charge as they made money on the exchange difference. I checked the va lue of the euro to the Cananadian but when the transfer csme throu,they took 500$ off and then ignored my emails.

Wealthsimple suddenly restricted my account “for my protection,” which in reality meant freezing all of my money — including my paycheques. These are funds my family relies on for our mortgage, car payments, groceries, and basic living.

When I called to verify my identity, I was told the team that handles this wasn’t available and nothing could be done. When I called again later, I was passed between multiple people before reaching someone from the Account Integrity team, who then told me he also couldn’t help and that my account might be reviewed in several business days. So essentially: “Sorry, you can’t access your own money, maybe sometime next week.”
This is unacceptable and irresponsible for any financial institution.

For context, the only transactions that took place when my account was restricted were two payroll deposits and a coffee. If Wealthsimple considers that suspicious activity, their systems and policies desperately need review.

The experience was made worse by the representative, Noe, who treated me like I had done something wrong. I’ve never felt so dismissed or disrespected by a customer service agent.

Because of this freeze:
Scheduled payments are now being rejected
I’m having to rely on my line of credit
I’m being charged fees and interest because of Wealthsimple’s actions

We were in the process of moving more of our investments to Wealthsimple, but after this experience, we immediately switched our payroll to a financial institution we can actually trust. If this is how Wealthsimple “protects” its customers, it’s not protection — it’s harm.

This situation has completely destroyed my trust in Wealthsimple.

I strongly warn anyone considering using them for daily banking. When a company can freeze your money without cause, treat you poorly, and then tell you to wait days for access to your own earnings, that’s not a service you can depend on.

App has been hacked multiple times. After an hour of back-and-forth with "customer support" I informed them that I will be closing all accounts and withdrawing everything from all of my family's account. I tried to transfer crypto to start with and immediately received an email that my account is restricted! BUT!!!! I am still allowed to deposit money to my account. I believe it is time to get the securities commission and better business bureau involved!

They block you without telling you why, and they tell you they won't answer if you ask. You file a complaint and get no response after four months. I logged in, tried to improve my account, add information to make stock market transactions, and I was blocked for life. I can't open another account because my phone number is linked to the blocked one. In short, they treat you like outcasts. This customer service is absolute garbage.

Wealthsimple’s customer service is absolutely pathetic. I’ve never dealt with a financial platform where support is this slow, unhelpful, and completely disconnected from real issues. Whenever something goes wrong — a failed transfer, a negative balance, anything — you’re basically on your own.
They take days to respond, send generic automated messages, and never actually solve the problem. For a company that manages people’s money, this level of service is unacceptable.
The app itself is great for investing, but the customer support is a total disaster. If you ever need real help, good luck. Wealthsimple seriously needs to fix this before calling themselves a modern financial service.

They possibly have the worst customer service out of any Canadian company. Advisors are more like salespeople.

Not my best experience so far.

My account has suddenly been blocked with no reason.

I joined #Apex# #point# #llc#, over the months and still a beautiful experience.

After I made the investment in crypto and wanted to send it to my personal Hot wallet, they locked my account because of suspicious activity. That was November 5th. I have been on the phone for hours with them every day, to clarify there were no suspicious activities. I asked them what the activities are. No answer on that. I did send them everything they were asking for and still can't either cancel the transaction or withdraw my money.

I honestly cannot believe how badly Wealthsimple handled my situation. This has been, without exaggeration, one of the most useless and painful customer service experiences I’ve ever dealt with from any financial company.
For weeks, I’ve been bounced around with empty apologies, copy-paste answers, and “we’re working on it” messages that lead absolutely nowhere. No one takes real responsibility, no one follows up properly, and no one seems to actually know what the previous agent said or did. I had to explain the same thing over and over again because they don’t bother to read the conversation.
A simple referral bonus issue, something that should be resolved in a day, was dragged out endlessly with excuses and zero progress. Every time I thought someone would finally fix it, the case was passed on, ignored, or delayed again. It honestly feels like Wealthsimple’s support is designed to waste customers time until they give up.
The level of disorganization and lack of professionalism is shocking for a financial platform that people trust with their money. If they can’t handle something as basic as a referral bonus, how are customers supposed to trust them with anything more serious?
This experience has completely destroyed my confidence in Wealthsimple, and I will not be recommending them to anyone. If this is how they treat customers when something goes wrong, then people deserve to know what they’re getting into.

I am writing to file an urgent complaint regarding the repeated mishandling of my verification issue by your Integrity Team.

I have completed facial verification twice, and each time I was told the issue would be resolved within 48 hours, but my account is still restricted. On 20 November, I contacted the Integrity Team again and had an extremely unprofessional experience.

The first representative I spoke with was rude, refused to help unless I verified again, and abruptly ended the call.

I then spoke with an agent named Max, who told me I did not need to complete another selfie verification and that I would receive an email link instead. No email arrived.

After waiting, I called again and was connected once more to Max. This time he claimed that I had “refused” the verification, and now he could not send any link. He then said I would receive an email, which again never came.

At this point, your chat support tells me to call the Integrity Team, and the Integrity Team tells me I will receive an email — but I receive nothing. I am stuck in a loop with no resolution and no access to my account.

This situation is extremely frustrating and unprofessional.
I need:

A clear explanation of why my verification process is being mishandled.

Immediate assistance in sending the selfie verification link so I can complete the process.

Confirmation that my account will be reviewed and reinstated as soon as the verification is completed.

Please escalate this matter to a supervisor or senior team member as soon as possible

My card has been locked for regular prepaid debits. No call text or email to let me know. I had to dial the number 5 times it hung up on me the first 4. I have now been on hold for 50 minutes and counting. No update just shitty music. Wondering if anyone is even going to pick up.

Just like many of the people here, Wealthsimple keeps locking my account every week. As of today Im contacting a legal team to file a class action law suit. Anyone who interested in taking a legal action, can contact me.

They used to be great but my recent interaction with their support team has shown their incompetence. I asked to transfer assets from one of my accounts to another. At first they said you should stop trading on the account so we can transfer (I was not trading on the account so did not get what they are talking about). Two weeks later they get back to me and tell me oh your account is connected to this other account that prevents the transfer, can you disconnect it. I am confused again: you mean you cannot do that on your end to initiate the transfer.
Their support has got very bad which was one of the best points about them.

HORRIBLE. If they'll screw up an $11 etransfer, imagine how much they'll screw you on any larger investment.

Will never promote them again. My friend, a fellow WealthSimple user sent me a small etransfer of just a measly $11 from his WealthSimple account to my WealthSimple account. It has been 3 hours and nothing when WealthSimple says it should take up to 30 minutes. I have screenshot evidence that it was sent to my autodeposit. The agents over chat wasted my time only to tell me they'll get back to me over email. The agent over the phone said the same thing, but she said the processing time could take up to 24 hours. Really?! 24 hours for a simple $11 e-transfer. Then she comes back and says she doesn't know where it is. They have no record even though the sender and recipients are both using WS for the transaction and I provided her with the WS sender's email as well as mine.

Guys, this is for an $11 e-transfer where BOTH the recipient and sender are using WealthSimple. If I can't trust them to send a simple $11 via a simple transaction process like e-transfer then DO NOT INVEST YOUR MONEY INTO THIS PLATFORM.

They couldn't even offer an explanation.

Can't get money out.
Changed phone numbers so needed to change the 2 step verification.
Managed to establish Authenticator but the codes do not work.
Spent hours with customer service but always get cut off before establishing a 2 step verification.
There is no way to retrieve the money or close the account.

There is a lot of hype around this financial services company, most of it from the developers. But the truth is, they operate no differently than many of the old, traditional banks. Yes, their fee structure may be lower in many (BUT not all cases) but when it comes to banking services they are no better and in some cases worse. Example: I recently deposited a corporate-issued cheque. My other bank would clear this in 3 to 5 business days. WealthSimple is 6 business days. But even that isn't necessarily true. My most recent deposit is currently past day 6. Not released as of this writing. Yes, their interface is intuitive and user friendly, but not that much different (or better) than the other guys. Bottom line: don't expect light years of difference between these guys and the traditional banking crowd. It just isn't so.