Wealthsimple Reviews 628

They will take your money anyway they can.

After I deposited a large sum of money, my account was immediately locked for no reason when I tried to withdraw a small amount. They think it is their money now. The have control of it. They frustrate you by giving you the roundaround and then ignore you altogether in hopes you will give up. Wealthsimple is a scam disguised as a financial company.

I initiated a transfer of my TFSA and RRSPs on Feb. 25 to TD direct investing. The TFSA transfer failed and nobody informed me why. I found out that it was because I had partial shares. I sold my partial shares and I re-sent the transfer on Mar. 17 and only my CAD shares have been transferred. There are still 4 USD positions in wealthsimple. The transfer was supposed to be 10 business days and 19 have passed. There are two positions I wanted to sell when the transfer was completed on Mar. 31. I was unable to on wealthsimple (i assume because of the transfer.) In the meantime I have lost a considerable amount on these positions while waiting for the transfer to complete. I have called them and lodged a complaint, they haven't responded.

I’m incredibly disappointed to share my experience with WealthSimple, an ordeal that has now dragged on for over a month with no resolution in sight.

WealthSimple has failed to properly transfer my accounts and, to make matters worse, has locked me out entirely, preventing access to my own funds. This is not just an inconvenience but a complete failure of basic operational competence.

I was assured multiple times that this issue would be resolved and that someone from their team would reach out. That never happened. Instead, I’ve spent countless hours on the phone, chasing a resolution that should have been handled from the outset. I’ve been misled, ignored, and left without answers.

This is completely unacceptable for a company entrusted with managing people’s finances. Their lack of accountability, transparency, and basic follow-through has been staggering.

If you’re considering using WealthSimple, I urge you to think twice. My trust in their service has been severely broken, and I would not wish this experience on anyone.

WealthSimple, this is not how you treat clients.

Never listen to them, they deny me my payouts and avoid responding to my messages. They are not legitimate companies to invest in and they are manipulators. Guys stay with PAIVA. Things have changed for good since I started with them—easy to navigate and regular payouts.

Wealthsimple is a complete joke of a company. They will make sure you deposited massive amounts of your money. Stating you can use it and move it how ever much you want through Crypto. Until you actually go and try, then they will inform you. That you can only transfer 25,0000. A week. 10,000 per day.

Because of this they lost me well over 30,000 usd and still counting. As it’s been 7 day and numerous people that I had to correspond with. Telling them all the same information over and over again. To raise my transfer limit of my funds. So I could get the usdc into my other wallet and platform. After 7 days they denied me to send all my funds. So if you want to try to make money with your crypto and moving you assets and coins. This is most definitely not the people to use. In the end they will only cost you profits and gains. Not to mention complete irritation and frustration. Do not ever use Wealthsimple you will regret it.

Stephen K

I lost $1,400 CAD due to a glitch in Wealthsimple's display of open positions. Around market open, I purchased call options at the market for $QQQ. The order was not filled and was cancelled. No problem, I simply entered another order, and it was filled. As the market started to drop, I sold my calls and purchased puts. Around 10:20 am, I closed my put position for around $1,200 CAD profit. I noticed at this time that I was down almost $1,400 on the day. How is this possible? Upon checking my current positions section, I noticed that the first call option trade of the day had actually been filled it just didn't display properly until almost an hour after open. This was insane. I contacted support and we began an investigation. A few days later, I received an email from Wealthsimple stating that they apologize for the inconvenience; however, I will not be reimbursed. Their reason for not reimbursing me was that I agreed to their terms, which apparently state in layman's terms that "they are not responsible for glitches on their end". Wealthsimple will experience more glitches; it is inevitable. What is not inevitable is you losing money to them. Do this by never depositing with Wealthsimple to begin with. They are unprofessional clowns in the online trading industry.

charges me for withholding tax even I told them im buying my first house

They didn’t honour their own promotion and have been dragging out the transfer of my assets to another bank. I would never recommend them.

I opened an account with this soulless criminals and since then it has been constant headache, I emailed their customer support I was not replied. My money has been pending for days and no one from their team could let me no what is going on. I can't just sit and be looking I report them to my name and I was able to get back everything.

FOR YOUR PEACE OF MIND AVOID THIS COMPANY !!!!

Terrible customer service. Shady promotional practices. When you have a problem customer service won't respond to emails. Amateur hour, stay clear, better off using more established trading platforms with less hassle.

I opened an account with them only because they offer a crypto wallet. It took them five days just to process a transfer. I made a small transaction to test it, but when I tried a second one, they permanently locked my crypto wallet. I ended up wasting seven days and a lot of effort. I do not recommend them—they are completely unreliable.

Terrible customer service. Good luck transferring your money. Big scam

Seemed like a decent platform. Then is tarted trying to buy stocks for my tfsa. Cancelled. Cancelled. Cancelled. Over and over. When it does go through the stock is up and ive literlly just lost money becuse of Wealthsimple cancelling my buy orders over and over. This has to be criminal.

I filed my tax with Wealthsimple for the last 7 years, the first, second and third time their system gave me a correct amount of refund (a bit off but not much), then the fourth, the fifth, the refund amount was off than the previous refund.

Then the years of 2023 and 2024 were way off

*2023 they calculated I would get 2xxx of refund, but when I received notice of assessment, I only got less than 1xxx something

*2024 they calculated I will get 3xxx but only got 1xxx. In the year of 2024, my marital status changed to Single and my income was over the threshold of CWB benefit and on paper I wasn't eligible to receive that benefit, but when I filed my tax, Wealthsimple somehow told me I was allowed to receive that benefit, how? I don't know

When I use Turbo-HR (not recommended, because your data is at risk, google it), CloudTax and Genu...They were given me a correct amount, some a bit off, but not much, not like Wealthsimple

So do research and hope for the best if you are using WB

Enough complaining here, do good to yourself and seek help to get back your loss funds from this company through my profile picture.

Industrial age investment house, absolute garbage. I tried to make one money transfer to another account and the locked my account, stating it was for security concerns. their crypto platform is terrible go with Coinbase,Uphold or any other investment house but wealthsimple.

I've used many platforms, WealthSimple, Questrade, and multiple Canadian banks. WealthSimple is by far the easiest to use of all of them. And they keep innovating and getting better. For the average person, who's not a wall street day trader, they are the best option. No fees, lots of choice of types of accounts, good tax service. As of the writing of this review, the only account type they don't have that I would like is self-directed RESP.

Poor Customer Service.

I would not recommend using Wealth Simple for Crypto trading. They have high fees (2%) vs. .02% NDAX, for instance, and long holdouts of your money. I deposited 15,000 and did not have access to it for 8 days. On other sites, the deposits are approved within 30 minutes or less, regardless of the amount. They also have a hold and limit your ability to transfer crypto or download it to another wallet. Dont waste your time and money and go with other much better services.