Wealthsimple Reviews 628

I want to share my experience with Wealthsimple so others are aware.

On August 12, I sold XRP and LINK. As of today, my funds have still not shown up in my Wealthsimple balance. I contacted support, was promised a callback, and nobody ever followed up.

To make things worse, I also sold NVIDIA and ABX on August 21, and those funds haven’t been deposited into my balance either. I’ve called 5 times and chatted with support, and all they say is that they’re “investigating.”

This has been extremely frustrating. It feels like Wealthsimple is holding onto my money with no explanation, and I don’t feel like I can trust them anymore.

I strongly recommend that others think twice before trading with Wealthsimple. Based on my experience, their support is unresponsive and your funds may not show up when you need them.

They cant meet any of the timelines set by them and mentioned on their website. I did a wire transfer and got confirmation email stating they will complete it on same day but they didn't complete it for days. In another scenario, i requested demand draft and it was delayed. Wealthsimple works fine only on the trading front but their banking division cant be trusted or relied upon.

Have several self directed investment accounts with WS (Margin, TFSA, LIRA, RRSP, SRSP, Corp). Also “Chequing” accounts. Everything works great, far better service for my needs than TDDI or RBC Direct Investing offer. All external transfers are lightning fast compared to traditional banks… And responsiveness is great too.

The range of services has improved dramatically over the last 2 years we’ve been using WS. Love the perks too (airport lounges, Strava, etc). Lack of NG is the only downside but even on that WS has been making improvements.

They suck when it comes to anything, anything they say never lines up with their time frames, etc!!! I've been locked out of my account after making a deposit and trying to play my usual online slots but apparently they had to lock me out and I'm still locked out, now they are saying there so called team will reach out to me in 2-4 days after doing their stupid verifications, (my id& me with ID and answering 10000 questions, I wouldn't reccomend them to anybody!!!

I could give 0 rating if available. Very poor customer service , no one is available for the call , wait time is 15 minutes and you are waiting for more than an hour , no agents are available to chat for more than 30 minutes , Money transfer has lot of issues , wont recommend this services to any one, better to deal with local banks than this one.

Avoid this platform at all cost, they have frequent outage and bugs, sometimes you get completely locked out of your account, sometimes you can't even close positions. Contacting support only makes your experience worst, they will push paperwork on you and delay till you give up.

Called 3 times to get someone on the phone and nada. The message is your wait time is 10-15 min, but after 40 min i just hung up. I tried this 3 days in a row. Called because im waiting a month to tsf funds from another financial institution. Dates keep moving with no explination so im trying to call and see whats the hold up. The other instituton says they havent received anything? Great customer service all around.

Whatever you do, do not bank with Wealthsimple. After being with this "bank" for more than 5 years, I tried to send myself a simple e-transfer. Then the nightmare began. I called in to address the issue, several times and was authenticated (MFA) as well as by providing their reps with the correct answers to the questions they asked. Wealthsimple insisted that I take a selfie etc. (which I had already done when I opened the account). Why after being authenticated, on the phone, and via MFA did I need to re-authenticate to send myself my own money? After about 10 phone calls and about 6 emails and getting nowhere. I decided to end my relationship with this unscrupulous company. The kicker is, while they locked me out of sending myself money, they indicated I would still be able to make deposits and do trades. Ridiculous! Wealthsimple, it truly is the "end of banking", with you, that is.

This company really messed my income up and as a low income senior, very unpleasant. I had been doing business with them for 7 plus years and although I supposedly had the option to do my taxes for free, I always sent money to them via Pay Pal. This year I did my taxes and sent them payment. THREE weeks later, my money was sent back and I was told that they no longer took that form of payment. Meanwhile, pension took a substantial amountof money out of what I usually get for July 2025 and I didn't get any other benefits that I qualify for. The moral of this story is not to do business with this company and get your taxes done on time as well as making sure that they take your payment. Fascinating that my money was no longer good with them and glad that they can turn money down...arrogant and greedy opportunists. O' and bye the way, I did aim for my taxes on the so called FREE option. Buyer beware.I have since had my taxes done by a reputable company and filed in less than 24 hours.

I still can’t believe I fell for it. I’ve always thought of myself as pretty smart, so it’s been tough feeling this fooled. I just hope others don’t make the same mistake. Thankfully, it didn’t turn out too badly for me—it could’ve been a lot worse. My local police recommended Urfa .io, and they really came through and helped me sort things out.

I used their referral system to get the $25 bonus. My friend used the referral link Wealthsimple provided, successfully signed up and funded the account. Wealthsimple had no record of the referral and refused to issue the $25 referral bonus.

I really want to thank all who took time to write their reviews. I tried this bank out by deposit just $500 with the intention of building up my TFSA fund. After reading all the comments, I tried to e-transfer out $250 and WS will not allow it. They put my transfer out on restriction. Imagine when my fund accumulated and I wanted to withdraw, it would be a nightmare. I check and WS is legit but the way they do business is like in a third world country. Not sure how the parent company, Power Corp, accumulated its wealth the last centuries.

Update:
After calling the customer service, there are some truths in the feedback comments but my experience with my agent was excellent. Waiting time was 7 min and problems fully explained. Agents were nice and polite. For now I will give this bank a benefit of the doubt.
Latest update:
It took 24 hrs but my problem with e-transfers was resolved. I will try out other features later on. I think it is not that bad.

Extremely disappointed with Wealthsimple’s customer support. I called three separate times regarding a serious issue of not being able to access my own money and each time, the agent hung up on me without resolving anything. No callbacks, no escalation, just complete disregard. This is not how you treat clients, especially when it involves their finances. I expected better from a company that handles people’s investments. Still waiting on someone to take this seriously. Would not recommend based on this experience alone.

Wealthsimple had a promotion on for free airpods if you deposit over $25,000. I deposited over $50,000 during the promotional period however I wasn't "enrolled" for the promotion, so they wouldn't extend it to me. Terrible customer service.

It provides false and misleading information to just get the customers in and then once the customers find out that they've been fooled, and tried to enquire they'll walk the track of empathy and nicely apologize to you and pretend to "understand your situation". But the damage is already done. It happened not once but twice with me.
1. They were running a promotion of giving out Airpods 4 with ANC, on bringing in $25K into their chequing account in deposit. I had clearly confirmed with them about any lock in period before depositing the money and I was blatantly told, "No lock ins and you withdraw when you want". After depositing the $25K and trying to claim the reward, they tell me, that Ill have to keep the $25K locked until 1 year to get the reward.

2. When I confirmed about the 1% cashback as to how it works, they told me, whatever money you keep in the chequing account, you get 1% of it back, every month. So I waited for a month after depositing the $25K and saw no cash back come into my account, I asked them and they said, the 1% cash back is when you spend money through the WS master/visa debit card, you get 1% back off those purchases.

Bottomline is, they're NOT trustworthy and you're possibly better off parking your money someplace else.

Disappointed with Wealthsimple’s Handling of U.S. Withholding Tax on ROC - Not Ideal for Serious Investors

I’ve been a Wealthsimple client for several years and wanted to like the platform - it’s easy to use, visually clean, and good for beginners. But as someone who invests seriously, especially using a TFSA, I’ve grown increasingly concerned with how Wealthsimple handles certain tax matters - specifically, U.S. withholding tax on Return of Capital (ROC) from U.S.-listed ETFs.

After multiple attempts to clarify and escalate my concerns, it’s become clear that Wealthsimple chooses not to adjust or refund excess U.S. tax withheld, even when a portion of the distribution is ROC and should not be taxed under the Canada–U.S. tax treaty. Other Canadian brokerages like RBC do make these adjustments - but Wealthsimple does not, and their answer has consistently been: “it’s too complex, it is not a must, there is no industry standard, so we don’t do it.”

This leaves Canadian investors permanently overtaxed in accounts like TFSAs, where we cannot recover the withholding ourselves through the CRA.

I understand that perfection is difficult, but ignoring a known issue that directly harms clients financially, while other brokers have systems to fix it. This is not acceptable. It shows that Wealthsimple prioritizes operational convenience over doing right by the investor.

I can no longer recommend Wealthsimple to others, especially if you’re investing larger amounts, using TFSAs for U.S. assets, or care about tax efficiency. The platform is fine for beginners - but for serious investors, you deserve a broker that advocates for your financial best interests, not just a nice user interface.

Figures they already have a 1 star review doesnt surprise me i opened a account in 2021 and they locked my account i called to try and reopen it and they said I broke the TOS and they cant open a new account? I didnt even trade or anything on that account in 2021 so if you want your account to get locked permanently with your money in it I wouldn't use these people ever

These guys are keeping my money hostage I am waiting over a week for a simple increase for a withdrawal request. Is wealth simple a scam?

I thought this was a solution. But when I answered, for my needs, that one account was to be higher risk--for long term -- and one account lower risk -- for short term -- their AI completely locked me out of accounts, made non-existent appointments for me, and after months of inaction during which my accounts were blocked did a months late appointment that was beyond underwhelming with ZERO follow up or answered emails. This was when I actually WANTED one account to be for growth and one for a short term goal. They've automated into doing violent disservice to customers.

Definitely stay away.

I was a customer for 18 months and badly want out--and even closing the accounts has been a total nightmare. Even attempts to leave their ecology seem to go nowhere--avoid this outfit they're bad news.

they're awful. I try to made my first interac deposit of 100$ from my Tangerine account to my chequing WS account (same name) and on the spot the blocked my account and keep my 100$ blocked for 8 days. after blocking they ask me: my ID, 3 pictures of me, and the original statement of tangerine, (only miss to ask my panties picture...) first they say was 3 day to unblock but after they change to 8 days. I also want to transfer my RRSP with them and need to do a partial all in kind transfer. They dont let you fill a form, they ask you all by email and the amounts and shares was wrong and they want you to confirm blinded the transfer. To try to unblock my 100$ account take 2 days of 10 calls speaking with many agents, every time it's a different agent, and it know only about one thing. then was 4 agents from the security department. 3 general agents when you call, 2 agents to speak about RRSP transfer. they don't give you the accurate info, they make mistakes. They don't let you do simples thing like change the paramenters of your account and security. they really love to control you. I feel like a trucker during the covid and wealtsimple was Chrystia Freeland blocking your money for fun. after being verified successfully they sent me an email that was rejected, after saying they unblock my account on the spot, I get a message of 3 more days to unblock. all it's very wealth-complicate with them. It's true that they don't charge to make withdraws from RRSP, but the time, uncertainty and stress you get with the support don't worth the 50$ that Questrade charge me. Result I'm closing all my accounts with them. really useless.