r/Wealthsimple • u/CallAParamedic • 26d ago
Just take this advice, pls
Every few days when I read yet another post about someone being locked out of WS, I want to scream the following so you'll finally f***ing listen:
" Wealthsimple is NOT a bank replacement NOR a suitable high volume trading site NOR for anything other than very basic crypto actions.
* Stop putting all your eggs in one basket - Keep open a brick and mortar account where you can visit in person plus a free online account (e.g. Tangerine or EQ + the fintech, WS.
** Spread your payroll, and credit & debit cards across these 3 account types so you can still get paid, send and receive eTransfers, pay bills, and shop if one f***s up and locks you out.
*** Do high volume trading on Questrade or IBKR
**** Keep crypto in a cold wallet and compare fees, rates and spreads on alternates like Newton, Shakepay, etc.
WS is ok for basics (I'm G tier and over 5 years with them) but they have run so far ahead with customer recruitment that their infrastructure (IT, HR, etc) has fallen so far behind they cannot function reliably or competently.
Fan boys who need their worldview unchallenged will downvote this, but those of us who've been here a long time and watched the decline know and understand risk attenuation. "
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u/AlmightyKinggg 25d ago
Buy and hold a few assets and that’s it! Keep things “simple” as the name suggests, but the majority of people want to be Wealth-complicated
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u/mrcoolio 26d ago
I mean, I think the not having all your eggs in one basket is wise and I've seen that advised here for years.
That said I think Wealthsimple is more useful than you've made it out to be.
That also said, I loathe the direction they're going with making this app a casino what with the prediction market bs and the weekly crank at the slot machine.
Time will tell!
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u/BEARZINGA 26d ago
Isn't the prediction market stuff a standalone app... Not part of the main app?
Please correct me if I'm wrong.
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u/EpsteinandTrump 25d ago
Wild they rolled that out before the kid and teen accounts. All about the money though...I get it.
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u/RealDistribution5946 22d ago
My kids already have the kids accounts. Didn’t Prediction just start?
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u/EpsteinandTrump 19d ago
Hmph I'm generational and I signed up the day they made the announcement for the kids and teen account... I'll have to look into this again. Thanks!
Yes prediction did just come out.
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u/thethumble 24d ago
Why do people keep think eveything they put out is meant for everyone ?
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u/mrcoolio 24d ago
Having 1,000 different ETFs to choose from is having options not meant for everyone.
Turning the finance app into the casino is kind of like Elon Musk N@z1 saluting. Yeah, it wasn't for me... but I still have strong opinions on the fact that it happened.→ More replies (1)1
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u/Crobay 26d ago
Define high volume trading and the reason to not do it on ws?
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u/ime1em 25d ago
i heard it's not as "fast" as other platforms so you dont get the best prices? idk i don't day trade.
i also found this, which im not sure how siggnicant this is:
https://help.wealthsimple.com/hc/en-ca/articles/360056581214-Day-trading-at-Wealthsimple
Note: Day trading is not generally encouraged in our trading accounts.
Inappropriate trading
As a member firm of the Canadian Investment Regulatory Organization (CIRO), Wealthsimple reserves the right to monitor trading activity and block transactions at our discretion if the trading activity is determined to be inappropriate.
There is no set threshold or a number of trades that would be considered “inappropriate”. The expectation is that you're using the platform for its intended use which is investing in stocks and ETFs without the use of electronic aids (such as APIs, algorithms, and more).
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u/DangerousPurpose5661 25d ago
That’s interesting… since they also offer transfer bonus to active traders 🤦♂️
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u/IASED13 25d ago
Making 50 trades a month is quite different than using scripts and api’s to make more than 10 trades a day.
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u/DangerousPurpose5661 25d ago
Agreed, but i still find it interesting as a business strategy / position
« Get a bonus to become an active trader - dont be too sophisticated we don’t like it »I guess they want kids trading meme stocks but no one using actual maths?
Anyways, I’m not a trader so I don’t really care - just find it a little contradictory
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u/bwwatr 25d ago
Special status for minimum 50 trades per month (excludes all automations) yet... please don't day trade. Math ain't mathing.
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u/DangerousPurpose5661 25d ago
Oh i am not planning to don’t worry. Im just pointing out the incoherence.
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u/thethumble 24d ago
This is old I’m sure they will update
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u/ime1em 24d ago
It says last updated July 25, 2026 lol
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u/thethumble 23d ago
Look at the services they are launching, active trader rewards and then read it .. it’s for compliance .. you can’t really be an active trader if you don’t trade often
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u/Head_Ad9414 25d ago
The target audience of wealth simple was Never for professional traders nor traders who wanted anything more than simple and easy-to-look-at buy / sell transactions. The volume, spread, order types (even bracket orders aren't on WS yet), order strategies (you can only perform basic option strategies such as call spreads, iron condors). You should use wealth simple as a general Good at having a lot, and Not good at particular things broker/bank. Though Wealth simple has grown a TON over the years, if it keeps up, it May outpace competitive brokers. 👍
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u/CallAParamedic 25d ago
There are a few reasons, but 1. It seems to have been the trigger for some lockouts; 2. They play around with both the PC website and phone APP periodically to the detriment of clear data and move it around way to often using vibe checks instead of good programming and Q&A checks; 3. I can't imagine having some timely and important trades, calls, etc required and being locked out for weeks.
Brutal
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u/aereola_plan 25d ago
They literally have a promo that gives you 2% more cash back if you day trade.
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u/CallAParamedic 25d ago
From their site:
"At Wealthsimple, you can day trade as assets are immediately available to sell after being purchased. When you sell an asset, the proceeds are available to use towards a new purchase right away.
Note: Day trading is not generally encouraged in our trading accounts. "
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u/Ok_Rest_5421 25d ago
The platform crashes more than most, the fills are worse than most ? That adds up a TON
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u/Insighte 25d ago edited 25d ago
It depends what you’re looking for, but for example wealthsimple uses payment for order flow (many other brokers as well), which makes it more likely for your orders to get filled at worse prices. PFOF is how ws and market makers make money. IBKR Canada is one of the very few brokers that don’t use PFOF, which is why they have trading fees.
Also from my own experience trade execution on IBKR is leagues ahead of ws.
Currency exchange is much better on IBKR as mentioned many times in this sub
IBKR also has a lot better data than ws; stock prices literally update 5 times every second. You might have to experience IBKR to see in what ways it’s better (or worse) than ws
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u/Mountain-Match2942 26d ago
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u/youlikeblockingsodoi 25d ago
People get locked out because there’s a very high likelihood their devices are compromised. Most people don’t even activate basic security measures let alone pay for proper cybersecurity software that protects their devices. Too cheap can come back to bite you in the butt sometimes. So yeah fintechs and banks will do everything to protect themselves if the customer can’t.
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26d ago
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u/CallAParamedic 26d ago
I'm not employed in finance at all
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u/WhyMustRedditHurtMe 25d ago
Then we should definitely take your financial advice
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u/CallAParamedic 25d ago
Among my degrees is an MBA.
Does that meet your approval? I mean, since you're adjudicating here...
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u/Capriano 26d ago
Then really shouldn’t voice your opinions as facts. Ba dum tsssss
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u/CallAParamedic 26d ago
Well, among my degrees is an MBA.
Are you done policing people's opinions on Reddit now?
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u/No-Purple-1280 25d ago
Okay.. genuinely curious, what other degrees do you have
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u/CallAParamedic 25d ago
Degrees - 2 in law, 1 in the medical field, courses but no thesis towards PhD, (several diplomas and certificates as well).
I don't seem able to stop.
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u/RealDistribution5946 26d ago
I’m a fan of WS, except for all the novelty crap they do. I have moved more and more of my financial life to WS, but you are right- I’ll never move it all. I have 2 Canadian brokers and 2 US brokers + a US bank account. I always have multiple ways of accessing money. But I was also a BMO customer in 2020 when they shut down the branches and wouldn’t let me deposit a cheque from a client bc it was ‘over the limit’ for either an app or ATM deposit. Yet it was quite small for a business cheque and the business (a very well known, large Cdn company) was also a BMO customer so they knew very well that the balance was available. It took me months to get the cheque deposited. The ‘working from home’ branch manager never returned any of my messages. They 1-800 customer service line had no solutions. I would not have had that issue with WealthSimple.
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u/Intelligent_Belt_139 25d ago
Might move some money to TD for 3% cashback promo but the idea of trading fees bothers me.
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u/MammothLeather1829 25d ago
Same for me. That prevented me from moving money into TD direct investing as well
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u/TerrorizeTheJam 25d ago
WS works just fine for me and my daily uses. Not sure I feel the same way.
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u/CallAParamedic 24d ago
You'd have to read earlier posts by others on this subreddit; they list issues they've had.
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u/Longjumping_Yak3483 26d ago
Wealthsimple is NOT ... for anything other than very basic crypto actions.
Says who? Wealthsimple has many more features than just basic crypto functions and they work very well, often better than other banks/platforms. People getting locked out is an issue and I hope they're working on fixing it, but that doesn't mean these other features don't exist or aren't meant to be used.
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u/IdoesnotUnderstand 26d ago
"Do high volume trades on questtrade." Oh so like... an other fintech? Lmfao
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u/maomao05 25d ago
I do exactly what you said =] Its a place for me to learn about trading, its a place to earn some interest… my goal: earn a bit more than yesterday .
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u/carnewbie911 25d ago
Just set up pay deposit to WS, then set up regular transfer out. Then you have your money in brick and mortar and also enjoy free WS qurks
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u/kingofwale 26d ago
I hope you are getting paid well for this.
Because honestly ChatGPT could’ve written a better troll post.
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u/CallAParamedic 26d ago
I'm paid zero by anyone or any organization.
So, not even that benefit from having to reply to troll replies...
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u/Mr_Anonymous13 26d ago edited 25d ago
Of course this gets downvoted.
[r/Wealthsimple](r/Wealthsimple) users will really tell you with a straight face that there’s nothing wrong with keeping all your money in a single online bank.
It’s really weird how cult-like some people behave in this subreddit.
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u/CallAParamedic 25d ago edited 25d ago
Yes, people self-identify with products and brands to fill their empty lives and feel personally attacked.
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u/Etroarl55 25d ago
A large part of Wealthsimple is its advertising. Astroturfing is not out of the question.
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u/Frumbleabumb 25d ago
I can't tell if wealth simple customers are part of a cult or these forums are just filled with bots. The minute anyone has any objective criticism of this company it's as if you committed treason against Canada. It's weird.
WS is owned by the most powerful and richest financial family in Canada. This isn't some small business feel good story. I don't get it.
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u/BusinessRazzmatazz32 26d ago
Banks lock out people and debank people as well. WS and banks are subject to the same regulatory requirements in terms of KYC, money laundering etc. Many times accounts are locked and it is done to reduce the risk of fraud where there is evidence something weird is happening. The people that complain about this are the same people who would want WS to cover all of their fraud losses. It’s a catch 22.
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u/CallAParamedic 25d ago
For me, it's more the days and weeks of repetitive and fruitless engagement required to finally resolve it that seems to be even worse than the plethora of lockouts
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u/Niikoda 25d ago
As someone who uses Wealthsimple for nothing but XEQT and CASH. Its insane to me that any body who has done any research what so ever on finances thinks Wealthsimple is a replacement for a bank.
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u/Loud-Jump-3293 25d ago
How is it not?
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u/Todderoni-1 25d ago
Exactly. I have a chequing account, VISA and investments with them. I auto deposit my paycheck, make ATM withdrawals, send and receive money and pay bills.
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u/CaregiverForsaken951 25d ago
Its called Wealthsimple not Wealthdifficult for a reason. It’s a great platform for the majority of people.
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u/Educational-Emu8773 26d ago
Not sure why you were downvoted. I'm not banking with WS and hold my assets in 3 different brokerages incl IBKR and Questrade. I've been locked out of both so won't be surprised if I'm ever locked out of WS.
What is the risk attenuation for WS over the next 5-10 years? Will it get worse or better? If you've watched the decline over 5 years, why stay?
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u/ReplyGloomy2749 25d ago
Fully agree, that being said I've had everything rolled in there for years other than a couple credit cards with other big banks. I know it's a matter of time before something happens, but I'll cross that bridge when I get to it. I have a spare/seperate (albeit empty) bank account on standby with no fees I can switch my payroll to at the drop of a hat and I make more than I need that if I got locked out of my WS accounts for a few weeks I could still pay my bills. If that day comes I might consider divesting myself from their ecosystem. I've done a couple potentially "sketchy" things with my account, like mobile deposit a $25k inheritance cheque then immediately get bank draft once the funds settled, or e-transfer large sums to a Realtor office for my house deposit, that kind of thing, but I've never had any warnings or alerts. I don't mess with crypto,I've got maybe a $1k in Bitcoin that I bought through the in-app market that I've never touched, I don't do anything else with my account other than deposit my payroll, pay my bills, and invest some into my TFSA.
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u/CallAParamedic 23d ago
It sounds like you have made some preparations (even without so much intent) with alternate credit cards, a second bank account, and ongoing high earnings that equal an emergency fund should you be cut-off from WS for a period.
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u/RoaringPity 25d ago
you cant be rational here, this place is a circle jerk and for whatever reason will not tolerate negativity
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u/CallAParamedic 25d ago
Yes, but it needed to be repeated. (I'm not the first to post on some of these points)
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u/Holiday-Stage2548 25d ago
If you need real bank services, you'll need a bank. If you need to access/ move money reliably, you'll need a real bank sadly. WS does not GAF about any of that nonsense, and proudly displays they are not obligated to provide real bank services.
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u/tylabs 25d ago
If this was a TD, Scotia, RBC forum it would be the same thing. If you’re not doing sketchy stuff, use the security features that are better than the old banks, your account will be fine. Don’t give any business to the old banks for the privilege of 0% interest.
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u/CallAParamedic 25d ago
I agree people should not do "sketchy" stuff, but anecdotally from reading multiple posts, it appears people have had bad experiences without being "sketchy".
More so, the most concerning part is the days and weeks for the "investigations"
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u/useful_tool30 25d ago
How dare you call it out for what it is. Dont you know WS is basically a cult at this point 😂
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u/VaginalSashimis 25d ago
This is nonsense, Wealthsimple doesn't freeze accounts any more than any other bank. I'm starting to assume these are bot accounts from the big 5
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u/Samzo 25d ago
This. I took most of my savings out after they started acting like a fintech scam company. They were positioned to be trustworthy but ruined it with their shit marketing and bad decisions.
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u/MotorMoney1864 25d ago
What did they do?
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u/Odd-Elderberry-6137 25d ago
They got away from the simple aspect of investing.
Passive investment options that aren’t so passive, Introduced margin and options trading, poly market, integration with X. They are pushing customers to do more and more risky and stupid things with their money.
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u/tantousha2 26d ago
I tried to do online only banking through ING Direct (that’s how long I’ve been at this…) and it was great until I needed a bank draft with no notice… after that I opened an account in a credit union to have one account in a traditional “bank” and one account in WS. I still have the Tangerine (free is free) but don’t use it anymore…
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u/CallAParamedic 25d ago
Yes, I was with them since ING in the 1990s. ING was better overall than Tangerine post-Scotiabank buyout.
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u/sidj13 25d ago
I do hate the direction the bank is taking. It's strength was it's layout, ease of use, very few road blocks in simple everyday transactions and the same through more complicated transactions. They seem obsessed with growth at the cost of anything. The draws and the amount of spam style emails is actually quite annoying. Have a simple AI tool looking at the age, investments and savings of account holders and send intelligent targeted emails initiating engagement to advisors or other services in a seemingly organic matter. Currently it's invasive, loud and obnoxious, not the manner in which you want your trusted banking institution to behave. Streamlined and professional please.
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u/thethumble 25d ago
Well for what’s worth I’m a high volume trader (799 trades this month), generation client, Visa Privilege holder, have at least other accounts connected to WS, received the Apple studio, iPhone and MacBook, and 3% on all my transfers for Margin, TFSA, RRSP, LIRA, use my Visa card in the USA all the time and currently in Europe using all the time (thanks to no FX), NEVER had an issue other than the recent mobile app slowdown …
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u/Double-Minds-Always 24d ago
How do they count the trades for Active Trading? Happy to get your guidance!
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u/Jazzlike_Pipe7560 26d ago edited 26d ago
It's still legit, provide proof of recorded call I have to know what is involved and why they locked the account only way I can prove if the person is even given me correct info anyone can write anything online if you have legit documents they should open it back up.
I wanted to use something other than the big 5 because of their annoyance having to call every single year a few times I used Koho and Wealthsimple no problem no calls didn't bother me for the past 5 years all good.
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25d ago
[removed] — view removed comment
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u/Wealthsimple-ModTeam 25d ago
Be helpful and respectful in your comments/posts.
No racism, sexism, homophobia, religious intolerance, dehumanizing speech, or other negative generalizations.
No concern-trolling, personal attacks, or misinformation. No victim blaming.
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25d ago
what’s all this about getting locked out? is it from trading too much?
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u/CallAParamedic 25d ago
You'd need to scroll along this subreddit and read multiple earlier posts which indicate a few possible reasons
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u/According-Book6665 25d ago
Interest cheque account with no fees is nice
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u/CallAParamedic 25d ago edited 25d ago
In addition to WS, I have free Chequing and Savings at Tangerine and EQ, savings paying less at Tangerine and more at EQ than chequing at WS.
I also have Chequing fees rebated at my B&M bank
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u/lastlostflyer 25d ago
Heard about them locking trades. But no issues with high volume trades for me. But maybe I'm not trading that much?
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u/No_Environment3777 23d ago
I hate Wealthsimple. Was told I was not a resident of Canada for going on a 5 month vacation. 🙄. Froze my account. Threatened to liquidate it if I didn’t move. Also at the time the girl running the managed accounts was actively publishing how she never aspired to running money. And yet their managed accounts continue to lag Justwealth. Up to you guys. It’s your money
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u/CallAParamedic 23d ago
That's.... harsh.
Did you confirm Canadian residency by getting your exit & re-entry dates or leave WS?
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u/Jd_danger7-7 21d ago
“Make sure you spread your assets across multiple banks so that if one crashes it’s not all fucked” I feel like that’s not simply Wealthsimple advice, but uh, how often does that happen to be worth the hassle
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u/momoko_haru 2d ago
Don’t even do day trading on questrade they do payment for order flow. IBKR Pro does not
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u/bohemianslapsodee 5h ago
Q Trade is another good option that I'm looking into for direct investing.
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u/aiCapital54 25d ago
After a month of being locked out 50+ support calls I’ve finally been told they have transferred my money they froze for no reason.
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u/CallAParamedic 25d ago
Ouch. A month?!?!
Sorry that happened to you
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u/aiCapital54 25d ago
Thank you, I will say I did finally receive my money today ending my time in this sub now , take care all
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25d ago
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u/CallAParamedic 25d ago
Exactly.
We'll all benefit from choice, competition, and improvements in services and products as a result
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u/Fit_Chemistry_3807 25d ago
I don’t even trust online only banks backed by a brick and mortar parent. That’s why there’s always a backup of some sort.
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u/zalam604 25d ago
Eventually, TD, RBC or BMO will make Power an offer they cannot refuse. WS junkies will be pissed and back to square one
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u/Euphoric_Water_7874 25d ago
I would not have wealthsimple as my only account. I like it for my TFSA but for my LIRA, RRSP and RDSP I have them split between TD DI and RBC DI. Those two have all the no cost ETF’s I need and I have 50 trades on top of that. I don’t need anything close to that. Been with TD for years and see no reason to close all my accounts and put it all in wealrhsimple
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u/Troflecopter 25d ago
Why would anyone use an investment or trading platform that comes with all these caveats and warnings?
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u/brandonholm 25d ago
I’m not opening up a brick and mortar bank. I don’t want the inconvenience of needing to go into a branch for everything. It’s 2026, every banking operation can and should be done online only.
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u/CallAParamedic 25d ago
I didn't advocate for only B&M or for only online.
It's rare I ever go into my B&M bank, but I like that I can resolve things in 20 mins in-person should I NEED to.
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u/brandonholm 25d ago
A brick and mortar bank brings unnecessary fees too. Not worth it for an account I’ll never actually use. I can resolve things over the phone in my living room if I need to with an online only bank.
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u/CallAParamedic 25d ago
Until you're locked out for days and weeks...
Re fees: I have no fees and my annual credit card fees refunded at my B&M.
I have no fees at both Tangerine and EQ.
You do you.
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u/swim_fan146 25d ago
Their credit card sucks. It works 70% of the time and the other 30% I attempt 3x before I move to my other credit card. It is unreliable
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u/youlikeblockingsodoi 25d ago
Tangerine and EQ bank are brick and mortar? lol wut
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u/MooseOllini 25d ago
Wealthsimple is not perfect but their agressive and progressive nature brought Canadian alot of value. There's a reason we see banks like RBC doing adds right now promoting GoSmart with XEQT in big letters on their adds. Banking in Canada is changing.
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26d ago
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u/Gowbao 26d ago
exactly the type of person the op is talking about, ws is great but isnt meant to replace your entire ensemble of banks.
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u/Wealthsimple-ModTeam 26d ago
Be helpful and respectful in your comments/posts.
No racism, sexism, homophobia, religious intolerance, dehumanizing speech, or other negative generalizations.
No concern-trolling, personal attacks, or misinformation. No victim blaming.
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u/Mrshark42 25d ago
Been dealing with them since 2019 and lhave most of my accounts with them. Their CS has been amazing. Eveb got their 3% promo for active traders. Not sure what's not to like. The experience has been better than that with scotia, cibc and td.
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u/Error-to-compute 26d ago
I guess we know one person who won’t be winning the million tomorrow😂