Wealthsimple Reviews 628

Website looks sharp but beware

-After months of DCA & hard work WS went offline for 'maintenance' when btc top happened.
[can buy but can't sell]
-Stocks disappeared when they 'updated' their app.
-The time customer service did some 'Fem-spreading' meaning acting over sexual was embarrassing when having to speak to somebody who was holding my money.

Recurring incidents with 'plausible deniability'
So are they incompetent or calculated evil ?
Unfunny puzzle by wealth simple

Wasted my time, money, health

Guys I invest on your guys now
Nice platform easy to use
Can trade stocks too
But you need to change while others don’t have KYC you have too many rules
Please think like NVDIA
Be thankful to your clients !!!
Treat them well!!
For example
1 business account can’t trade bitcoin??
2 I transferred money from other banks to your company
I need wait another 5 days to use ????
3 I have premium account but I don’t receive any special support???

We are in AI age
You have to change!!
To strive!!

God bless you all

The app looked legitimate, and I was convinced until I totaled $69000 and noticed the delays. I'm incredibly grateful to Imperal Wave for stepping in."

Locked my account when I tried to withdraw $300. Money goes into the account but so far it's impossible to make a withdrawal.

So so so so bad. It took over a month, on two occasions, to withdraw funds from my RESP. I've now transferred it out to another institution. Customer Service and escalation procedures are non-existant. I couldn't have had a worse experiience, and no one there seems to care.

Application

They are not honouring the limit order that got executed. Their reason is technical error and they are not sending proof. now they want me to add funds to the RRSP account. They are not responding to emails and blocking my funds for trading..Such a fraud team with malpractices. I am happy with questrade.

I have my funds and holding stocks in TFSA account, I asked to transfer to my non-registered account. I takes for SO MANY DAYS to do it, even until now when I am writing this review, it's not been cleared yet!

I am losing money because i cannot sell or buy during the transfer transition! You know that stock market cannot be hold for THAT long!!!!

Even when I asked to transfer the available funds, they refused it!!!

VERY DISAPPOINTING!!!

I had the unfortunate experience of opening an account with Wealthsimple. I had painstakingly waited for 5 months for them to reconsider their decision. Regrettably they have continued their breach of fiduciary duties, colossal disregard of extant customer protection regulations and abysmal customer service.

I was a victim of a robbery incident that occurred late December 2024, and my phone was in the car at the time it was stolen. I swiftly tried to call Wealthsimple customer service, who have refused to operate a 24hrs customer service line. Sadly between the time when my phone and car was stolen and when I eventually reported the incident, the culprits AHS’s breached my phone’s security and moved funds from my account!

I informed wealth simple about the incident, only to be told that I was complacent and I was not diligent enough to avert the breach of my phone.

Wealthsimple didn’t establish evidence or facts to support their outrageous claims, despite extant financial consumer regulations emphatically stating that incidents like robbery is completely beyond the control of a bank customer and as such the customer ought to be indemnified!

Wealthsimple remained adamant and conceited!

By the extant provisions of the Financial Consumer Agency of Canada as stipulated in the Canadian Code of Practice for Consumer Debit Card Services revised 2004, Section 10 Appendix A, sub-clause 3 Interpretation “The cardholder is not liable for losses relating to transactions: where the cardholder has been the victim of fraud, theft, or has been coerced by trickery, force or intimidation, provided that the cardholder reports the incident promptly and co-operates fully in any subsequent investigation.”

Wealthsimple treated a good customer with disdain!!!

Horrible the worst worst bank they locked my account and robbed my small amount of money

No explanation no help at all and never even called , e to discuss what the issues were what a horrible excuse for a company very depressing . I hope anyone reading this does not waste there hard earned money on a unreliable unpredictable criminal platform

I have tried a few times over the past 6 months to set up a Wealthsimple account. The Persona application does not work whatsoever. It either doesn't load, or won't upload my images.

You would think this company would want to fix this issue so that I can give them money, but I guess not.

Your loss Wealthsimple.

Don't trust them. Everything they advertise are lies. Read their terms of service closely. They locked up all my assets for months at the market top and rode me all the way down and forced me to take heavy losses and taxable events. Then when I got a lawyer they eventually got my assets back to me taking heavy losses... Then they terminated my account with them in perpetuity without any due process just because I stood up to them when they broke the law.

Used to file Canadian personal income tax with self employment.

Pro rating a 5! - if half way familiar with accounting and taxes, a breeze for a terrific price. You can print off a simple summary (comes in Excel format), plus a copy of the return submitted. Absolutely loved it; but sadly ... the Big Con.

Con - a 1.5 making average of a 3. Problem - getting into the tax section horrid. I recommend you make note of how exactly you got into the program as once you sign in, horrible to get back into it. Even once you select the option you want, a nightmare. Now why a company would have an excellent program and then do that to you; I have no idea. Makes no sense. For me, I would say go for it now you know what to do. I used another program initially and they ended up being bad so had to file my taxes late. Wish I had tried this one first.

They restrict my crypto withdrawal for no reason. i have answered all the questions they had and still no answer, support will never help you and they will just tell you to be patient and always apologizing but never helping. Do not use it

Wonderful experience for filling tax returns...I would recommend everyone to use this

This is a TERRIBLE company to deal with.

1. All the customer service is outsourced overseas and nobody speaks one of Canada's national languages as their first language. It's virtually impossible to understand them so how could they understand me?

2. The company remains well hidden. While one can find their Head Office address, their phone number and other contact information is not published. I wonder why? Maybe it's so the thousands of complaints are pushed to the incompetent "customer success" team?

3. *** -> They don't follow instructions. <- I instructed them to transfer all my TFSA at another institution to a WS TFSA savings. They decided to put it in a WS TFSA investment portfolio. First they held the funds for two weeks. i was paid no interest. Then the funds went into the portfolio account WITHOUT MY CONSENT and just as the markets were tanking. I lost $2800 in 48 hours. PLUS they had the NERVE to charge me the 0.5% management fee.

4. I decided that they had done more damage in 3 days than the 18 months I had with another instutition I had recently fired and therefore tried to move my funds out of WS. That was two weeks ago and it's still not complete. First I tried a link account transfer and it was rejected because my name was not the same as the name in the account where the funds were going to. Obviously their AI was at work because someone at WS entered my name incorrectly when my account was setup. Now they want me to present documentation as proof of my identity. I had to do that to open the accounts. WTF! Then I started transfering out $5K at a time as eTransfers. The current eTransfer was initiated 24 hours ago, they still have my money but have not completed the transfer. After 24 hours? It should have been automatic and taken no more than 30 minutes. I did two eTransfers before this without issue. Obviously they have decided I cannot have my money nor can I make any money from my own funds. They clearly have the funds in their possession but it's not "in" my account so it's not making any interest. They are using my money to make money.

This company is TOTALLY INCOMPETENT. I have filed a formal complaint with the OSC - Ontario Securities Commission.

If you want an investment company that is entirely unreliable and will cost you money, this is your best choice.

I had used them for years and never had issues but after trying submitting return to CRA on March 27, 2025, no error were seen, CRA confirmation code not received even after doing all step I done since 2023 and earlier. Pay what you can isn't worth. After seeing refund not being deposited,

I thought, something is wrong here, to test that, I used "studio tax" at no charges today and it passed with flying colors (use this software instead)

So far it's been great.
I probably may not be using the same services or same offers, as other reviewers, but for simple features like a 1% cash back Mastercard backed by a savings account, a 1% match offer from last summer, and their self-investment options, I'm satisfied for now.
Hopefully they'll still be reliable.

If I could give zero stars I would. I've been waiting for months for them to transfer my assets to another institution. At one point they transferred MORE shares than I own, so I now have a negative sum of shares in my account. They are absolutely the most incompetent bunch of hacks I've had to deal with.

The business has misled me with their Apple phone promotion!

They have a promotion to deposit within a certain timeframe $100K, but it wasn't deposited as there was an issue in accepting the transfer on their end.
Not on mine!

I have cleared with them the issue and have email trails from their promotions and support team that they have approved me given it was their error.

Now, they are denying me their approval as it nothing happened!

Crooks!! Doesn't want to honor what they approved! I am still waiting on them to honor their word!!