Wealthsimple Reviews 628

Title: Unacceptable Account Freeze – No Access to My Own Money

My Wealthsimple account has been frozen since October 8, 2025, and I’ve received no meaningful support or updates.

I provided all requested documents to prove the legal source of my funds (from employment income), yet my account remains locked. This has left me unable to pay for food or gas, and several payments have been rejected.

I’ve contacted support multiple times and filed a complaint, but the situation hasn’t improved.

I truly hope someone from Wealthsimple’s executive team sees this and helps resolve my case as soon as possible.

Client from Québec – Account under review since Oct 8

HORRIBLE, FRUSTRATING and OVER PRICED.
This is supposed to be an investment firm. Investments are a time sensitive exercise. Wealth Simple has long delays to process your money transfer causing a loss of timing = costing you money.

When you want your money out, they charge way more than most other - MORE productive and responsive investment companies. DO NOT USE WEALTH SIMPLE - they suck on service and they charge 2x the fees of others. I'm closing my account!

Extremely bad customer service - the service and app are very good, however their customer service is just REAAAAALLLY bad! They read off a script, have very poor or negligable understanding of how their service works.

I opened a Wealthsimple business account after my friends couraged me to do it. It was a nightmare, I get an e-transfer from the work I have done, I got paid for that and wealth simple locked my account without any messages or let me know why. It is already five days I can’t move my money to pay my bills. Not everyone is a criminal today or is committing fraud, if you are a hard worker and you need your money to live this is not the place. I tried to pay my rent and looked what happened?

This app ruined my life. I got into huge depression after losing tons of money due to their glitches and getting refused to help.

This app has frequent server problems, especially during critical trading times when the market is up and it’s time to sell. The outages always seem to happen at the worst moments, making it impossible to trade effectively. Extremely unreliable and not suited for anyone serious about investing.

Had my accounts frozen because of a registered and legal company sent me a deposit into my checking account!!! Only got an email informing that my account was frozen and all preapproval automatic withdrawal and withdrawal would be denied. Call several times waiting over half hour to only get someone who could not understand me speaking English or French. After all day today my account is still frozen and cannot withdrawal any money!!! Been completely locked out of my account since October 3rd after going g through their verification process and giving them answers , now October 11th and still locked out!!! I was away on holidays when they locked my accounts. Paperwork requested is easily available for them to check on their own, used their system for the transfer!!! October 12 still locked out of my account!!!! October 13, still completely locked out of my account!!! October 21st, account still frozen and no answers from them why? October 25th account still locked, no answer why. Receiving emails with always a different name attached without answers!!! Been over a month now October 28, unbelievable still locked out of my account!!!

So this is an update on my previous review regarding my account being closed since September 8 and still an ongoing issue due to the fact nothng has benn done to rectify the issue of expediting the remaining balance and my pensions that still are locked down and holding it for no valid reason ..oh in fairness few activities on wealthsimple CSR part were putting me in hold gor hours on end. Been given the runaroundphond hung upon me . And my favorite intentionally giving false missleading responses to my queries..so tomorrow is October..still being given the same song and dance and fake empathy...was it horrible experience with wealthsimple ?

I've been invested in one their private credit funds for almost a year, they insist that the fund is returning 9 percent, but my actual return after their sky high fees is around 3.4 percent. absolutely pathetic and dishonest.
The app is also terrible, almost impossible to track real performance versus some kind of dreamed up values they think you are making.
I'm looking forward to closing my account next month.

1st problem - took 85 minutes to get someone to answer the phone. No dedicated email for trading questions either!
2nd problem - claims zero commissions but then I find out there is a monthly account fee to trade US stocks. So backhanded commission really.
3rd problem - the lovely online chat bot didn't answer my questions the same way the phone agent did. Bot gave misinformation. Also the bot promised to get a live agent to chat with, instead it just spun in a circle stating waiting for live agent to join!
Totally does not live up to its 'Mr Suits' advertising promise.
Disappointing - will be closing account.

This platform fell short of expectations, which is quite frustrating,as i once believed it would be profitable and reliable like Zineᥒsis Investment but unfortunately, that was not the case.

Not to be used for investment, you will loose all your profits and even some of your initial investment.

Their policy is to take maximum tax even if it’s outside your bracket.

They will get your to fight for your gains with the government.

Do not put your money in this it should be illegal.

I have been locked out of my account for eight days, resulting in missed bill payments and difficulties in accessing essential funds, which has caused significant inconvenience. Despite manual verification and daily follow-up calls, the issue persists, with the Persona app verification process repeatedly failing. Considering my tenure with Wealthsimple since 2021, this level of service is disappointing. The 2.75% interest rate does not justify the service inconsistencies. I cannot recommend this platform to long-term users who are now experiencing these issues.

Please stay away from wealthsimple platform. There are a lot of fraudenlent acivities there. You can lose all youir funds in a asecond and no one care about you. They will never help you recover your hard earned money. I lost over 60000 dollars on the platfore. I thought it wasv a reputable platform

Wealthsimple has been one of the most frustrating financial services I have ever dealt with. Their phone system routinely promises a 10–15 minute wait, but in reality, I have never been connected in less than 30 minutes, and often it takes over an hour.

Even worse, their customer service is ineffective and dismissive. I was defrauded of money, and more than 30 days later, they have shown little urgency, provided almost no updates, and denied me meaningful visibility into my own account during this ordeal.

This is not the level of care or accountability one should expect when entrusting a company with their finances. I strongly urge anyone considering Wealthsimple to think twice.

BEEN TRYING TO GET THROUGH FOR OVER 2 HOURS, KEEP GETTING TRANSFERRED FROM ONE REP TO ANOTHER WITH WAITS IN BETWEEN REPS OF 20 MINUTES-OVER TWO HOURS

Between waiting literal months for a reply from customer service and a very very glitchy app, the appeal that wealthsimple had for me is now gone. I will be going back to brick and mortar.

The state of Canadian fintech has reached an all time low and wealthsimple is leading that downward charge. You somehow made koho look better.

Unable to reach anyone. Tell you wait time is currently 10 mins EVERYTIME then you hangup after 40! No number/portfolio manager for high end clients. My Quest was to move to another, unamed brokerage.

WOREST APP EVER. Made me lose money for their shitty technical issues always happen

This company is extremely disappointing. They lure customers in with special offers that sound appealing, only to later revoke them. Their customer service is unhelpful, and their security practices are unreliable. If you want the risk of having your account locked without access to your money, this is unfortunately the company that provides that experience.