Wealthsimple

Name: Wealthsimple
Address: 80 Spadina Ave. 4th Floor, Toronto, ON M5V 2J4, Canada, V, Canada

4.5/5 ★ based on 8 reviews

Contact Wealthsimple

Address :	80 Spadina Ave. 4th Floor, Toronto, ON M5V 2J4, Canada
Phone :	📞 +898
Website :	https://wealthsimple.com/
Categories :	Financial institution ,
City :	V

80 Spadina Ave. 4th Floor, Toronto, ON M5V 2J4, Canada

Best Financial institution in Canada

I	Ili Light on Google ★ ★ ★ ★ ★ BEWARE of how SEVERELY PASSIVE the wealthsimple money management approach is -it’s really “NON-management”. Based on your chosen risk level, wealthsimple will buy a bunch of equity and debt ETFs for your portfolio. After that wealthsimple does basically nothing to manage your money. The 0.5% management fee seems low but it is actually much much too high given that wealthsimple doesn’t really manage your money- they just HOLD it. If you have little money to invest and won’t need that money for about 10 years, you might do ok with wealthsimple. If you have a significant amount of money to invest, and want to use that money sooner than 10 years, you will likely lose money with wealthsimple. Wealthsimple does not consider past or forecasted future performance for any of the investments that they buy or hold for you. If an investment does very poorly, wealthsimple does nothing to mitigate your losses. Prime example is the disastrous “ZFL” - BMO Long bond etf. It has lost about 25% of its value since Jan 2021- much worse than its peers! Yet wealthsimple just mindlessly keeps buying and holding it for their clients. Why??? I deeply regret moving my money to wealthsimple.
M	Mathieu Taddeo on Google ★ ★ ★ ★ ★ The simplest, most intuitive and efficient financial service available in Canada. Their transparency as a company, willingness to genuinely help you, the follow-ups and beautiful user interface with no trading fees for TSX (on their Wealthsimple trade app) makes this an absolute must when investing, in my opinion. Highly recommend.
E	Emmanuel Oyewole on Google ★ ★ ★ ★ ★ Horrible experience. I started with 1401cad and they gave me 19cad+ bonus then started trading with total of 1421cad. It went down to 1404cad then sold all stocks and bought new stocks that were top performing and balance stayed almost same then after a while sold all the new stocks and by the time my app showed that there was no more pending transaction, my account jumped to 1470cad but within some minutes without any form of trading wealthsimple changed my personal account to 1374 obviously because they prefer my money to reduce than increase. I will have to close the account as soon as I can do so. Can't trust them anymore
W	WesleyAnne Rodrigues on Google ★ ★ ★ ★ ★ I went from knowing nothing about managing my financial portfolio, to getting a good handle on things within a week, thanks to Wealthsimple. I'm now in the process of transferring RRSPs from my broker, over to this platform. I'm very impressed with the financial control in my own hands, kudos on doing a fantastic job Wealthsimple, you've lived up to your name! ?? #notapaidreview
S	Shane Gray on Google ★ ★ ★ ★ ★ Read the fine print...it's misleading! Earlier this year 2021 I referred friends and family to Wealthsimple and received several $25 cash credits into my WS account. Not the case now. The new promotion is misleading and generated a tiny $5.88 reward. The improved Wealthsimple reward program promises some lofty stock rewards that are from an unpublished lottery system baiting you with cash equivalent of up to $4,500! What's not promoted in big print is the minimal they often pay. SITE QUOTE: "The stocks – and therefore the cash equivalent you receive in your account – have a value between $5 and $4500 with an average of $15. Around 95% of people will receive less than $50 based on the stock value at the time of selection. " Sure, "$5" isn't nothing. It is however a cheap and misleading incentive. Consider your time and effort, and read the small print before sending anyone into Wealthsimple.
D	Daniel on Google ★ ★ ★ ★ ★ I am very surprised by all the good reviews. I have tried extremely hard to close my account so I can create a new one to point my sin number to (because I need to close out the current email address) and when I call the help line I get some snarky punk that does not want to help and asks rhetorical questions. Word to professionals, don't use this beginner killer app that is more focused on flashy web design than actual functionality.
S	Sonia Khan on Google ★ ★ ★ ★ ★ I was so excited to use the Wealthsimple App as I saw lots of YouTube videos about it, but now I am shocked. Wealthsimple did an unauthorized transaction from my bank account and it was a large transaction of $245,265. Which I never requested for this transaction. Luckily I got an email from my bank about that transaction otherwise they would have almost taken a large amount of money from my account. Usually, after I did Transfer money from my bank to Wealthsimple I get an email right away for the deposit confirmation from the Wealthsimple, but for $245,265 transaction the Wealthsimple simple did not send me a confirmation email because they try to scam me and take the money from me if my bank wouldn’t emailed me they would have already got my money I wonder if anybody has a similar issues because we need to find out if it’s a skimming app or not.
R	Ravi Patel on Google ★ ★ ★ ★ ★ Not good for stock trade. They hold money for 5 days and within this days what we want to trade has a different price range. So they earn from our money by holding for few days. Stupid website and their developer. Instead use crypto.com or other trade stock like coinbase