Wealthsimple Reviews 628

Where do I begin, Firstly. Worst bank system whatever you want to call wealth simple ever.

I noticed that I had an issue with someone frauding my chequing account one day. And it was like $2000 here and $4000 there over three months. It ended up being close to $15,000 and I had called their service line. They went about telling me there’s nothing they can do I’d have to email them blah blah blah. I stated that this is “Fing bs” and not only did my account get banned and shut down due to their BS assumptions. But they closed my dispute for the $15,000 USD that was fraud from my account. After almost a month of back and forth they have now blocked my phone number from contacting. And cut off all communication SHADY AND VERY VERY SCAMMY!

I’d stay far away. Not to mention the fact I was a loyal customer for over a year. It’s shady. Waste of time and money. These guys are scam artists.

Customer service
No answer no phone number

Total scam. I opened a chequing account and deposited 10 dollars via interac transfer. A day later, I tried to send 5 dollars via interac transfer to a different account. Wealthsimple blocked my chequing account. Verdict - scam. Stay away.

Avoid wealthsimple like the plague. They have locked my account for nearly a month i have filed complaints with OSC, OBSI and CIRO. I doubt i will ever see my money again. Looking for clients who would be interested in filing a class action lawsuit against them with me. During this month my dog developed a severe illness that required surgery. The money in my ws account could have been used to save him. Wealthsimple failed to unfreeze my account. I had to euthanize him 2 weeks ago. During this time I also received a margin call. Ws failed to take any action for remediation. Despite me begging for them to liquidate my entire portfolio. Customer service will not take any action. Asked me 3 times to verify my identity. I am literally on the verge of homelessness thanks to these idiots. I will pursue legal action against them to the fullest extent of the law.

Been with them for 6 years. When I first signed up, I could do everything in my web browser. But then they came out with a phone app, IMO a poorly designed one at that, and I have to use this to do functions that just aren’t offered on a web browser,
What’s worse is their support.. In the beginning, they featured both phone and email support. NEITHER are now available. Imagine typing out a difficult issue in a chat window. It’s frustrating and time consuming.
They need to step up their support game, and based on other’s reviews here, I’m not alone in my assessment. Looking at alternatives.

It used to be good. Recently they've decided to not let you speak to agents by phone. Only chat. This is ridiculous. An online bank! You can't speak with them. And you have to chat with a dumb ai first.
Not being able to speak to someone by phone is a total joke even more for an accessibility point of view.
Congratulations you've managed to have the worst customer service ever now

It works fine if its working but when it doesnt dont expect any help. I am currently on hold for two hours. I have called 5 days straight whenever i talk to someone they tell me they will email me or call back wth the info...DOES NOT HAPPEN! I have been locked out of my account for 2 weeks. I have many accounts with other companies Coinbase, Robinhood etc and never ever have i had problems like this!!!! If you do any kind of investing wth them i suggest you have stops to protect yourself on loses because I did not and was unable to get into the account to manage it!!!! I would give it minus stars if I could. RUN AWAY

Wealthsimple has got to be the absolute WORSE type of "bank" EVER. They are even worse than KOHO.
​I am sharing this as a dire warning after Wealthsimple unilaterally shut down my account and locked up my money. Their customer service issues, confirmed by hundreds of reviews (like those below), are not just an inconvenience—they cause real financial distress.
​My Shocking Timeline of a Simple E-Transfer
​Friday, October 31st: I sent money via a standard Interac e-Transfer into my new Wealthsimple checking account, with the intention of funding a TFSA.
​Monday, [November 3rd]: Wealthsimple abruptly closed my account for no stated reason.
​Today, Wednesday, November 5th: My legitimate, non-fraudulent e-Transfer is STILL being held by Wealthsimple—5 days later! AFTER ALREADY HOLDING THE DEPOSIT FOR 7 BUSINESS DAYS. The money is gone from the sending account but has not been returned or released to me.
​This is a Systemic Problem, Not an Accident
​The reviews from other customers prove this is their standard practice:
​Reviewer S. Weiland: Account closed September 8th, still unresolved September 30th. That's weeks of being locked out.
​Reviewer Yves Thomas: Locked out since October 3rd, still frozen on October 28th (over a month!) after trying to clear up a deposit from a legal company.
​Reviewer Scott: Account frozen for 3 weeks, "on hold everyday."

​Wealthsimple’s business model appears to involve locking up legitimate customer funds, providing zero communication, and forcing people to wait weeks or months for their own money. This is not how a regulated financial institution is supposed to operate.

​If you value access to your own money, stay far away from Wealthsimple.

​#Wealthsimple #WealthsimpleCash #WSCash #Interac #HeldFunds #BankingFraud #ConsumerAlert #PersonalFinanceCanada #OBSI

worst customer service , i haven't seen , you wait 2-3 hrs , now no more live agent is available and chat option is not working on their website

credit card randomly gets declined.
Expect to wait +1hr everytime you need to speak with agent.

i have been on hold everyday for about 3 weeks now. account is frozen. many reps said they would handle it promptly yet none have. currently i am on hold as i compile this reveiw.

Tried to transfer my account from RBC.
Took 4 weeks.
At the end they say 2 securities cannot be transferred.
They send me an e-mail.
Replied to the email.
No answer.
Called them. AI bots infuriated me until they understood what i wanted
Waited dor 2.5 hours until reaching customer service who suggested i cancel the transfer since i had no more access to RBC account anymore

They said it would take another 2-4 weeks.

I Canceled the whole transfer since it is not worth it.
Utter incompetence.
Extremely disappointed.
I had no problem on my Questrade account

Out of all the crypto exchanges wealth simple it's my favorite. Easy to navigate clear processing fees and fast withdrawals.. I never had any issues with them very recommended

I opened an RSP accnt as they were offering a 2% matching contributions bonus. I followed all of their instructions at the time. However a month or so later buried amongst the promotional and newsletter emails they sent a sneaky email saying I would forfeit bonus payments if I did not open a chequing account. Of course I missed this in the 90+ emails they sent me. At this point I am fighting to get them to hour their promotional promise.

Wealthsimple states "Help whenever you need it

No automated responses when you call or email us – just real humans ready to help you"

Could not be further from the truth. Hopefully you don't experience any issues or have any questions about your account. You'll be passed around between chat bots and AI phone assistants, and when you (maybe) eventually get a real person, they are only giving scripted info and seem to have very little visibility on your account.

Yesterday, October 20, 2025 the app had an issue, no complain as it was a tech problem. Today, I wanted to use the momentum and sale my holdings, but I cannot see my account/ Holdings. From 10 Am till now (2:04 PM), I am trying getting support from virtual assistant channel as well as customer service support line (at this moment 1:47:39 waiting time). I have a small account, wondering how wealthy clients don't panic when they experience such thing. Any time I create a new chat in virtual assistant portal, the chat gets frozen after several minutes silence and asks me to restart a new chat. So disappointed!!

I would have left a no star review if possible. Non-Existent customer service, lack of knowledge, 90 minute plus wait times. I was trying to move my margin account (my old bank support was accurate and fast) to wealthsimple. At first they said they were unable to move one of my larger holding so I said fine if you can't move that let's will cancel the whole transfer. They then discovered they could do it after all, then they couldn't then they could and finally they couldn't (I have all this in writing). This took about 6 weeks, with an unsubstantiated margin call in between. Finally half my account was already moved over, the rest still with old bank. Takes them days to respond with email, often with incorrect information, if you call the expect holds of between 60-120 minutes. The one thing they are good at is apologizing. I think they are in over their head with anything but the most simple transactions. Stay away. A disappointing experience from beginning to end.

They locked me out my account with poor/little reasoning. This money is rightfully mine that I NEED. Do not use wealthsimple. Go read their reviews at trustpilot.com. I will be filing a complaint with the OBSI and will be pursuing against them to the fullest extent of the law.

I've opened an account with then, made a small deposit and received my card after a few days, no problems. I did transfert another account into this new one with a check, it took me 3 times to do it and the account has been frozen, no reason but unusual activity. Call us it says in my account. I can make deposits but no withdraw. You need to call them but to get the line is another thing. I had to call them 4 times already and still no really answer for the department that should ''investigate'' the maybe fraud in my account. Employes are really polite on the phone but the issues still persist. I never had any financial institution that have frozen my account and nobody really can tell why. Not impressed. Still frozen as I type.

My overall experience was very frustrating. It took over three weeks to regain access to my account and withdraw my funds, even though I provided every document requested promptly. Communication was slow, and despite explaining the urgency of the situation multiple times, it didn't seem to make any difference or speed up the process. While I understand the need for security checks, the process felt excessive, poorly coordinated, and caused unnecessary stress and delay in accessing my own money. I hope Wealthsimple can improve communication, response times, and the handling of urgent cases in the future.