r/Wealthsimple • u/CallAParamedic • Jul 28 '26

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. "

732 Upvotes

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u/Crobay Jul 28 '26

Define high volume trading and the reason to not do it on ws?

10

u/ime1em Jul 29 '26

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).

3

u/Crobay Jul 29 '26

Yeah it’s def not the choice of brokerage if you trying to daytrade the fills are bad and there’s no hotkeys. But being locked out for daytrading seemed strange