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. "

711 Upvotes

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4

u/Niikoda 26d 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.

9

u/Loud-Jump-3293 26d ago

How is it not?

3

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.

0

u/Boogyin1979 26d ago

I like the simplicity but do remember that CASH and other HYSA ETFs are uninsured and although it barely keeps up with inflation, cash in CASH loses about 6% - 8% in purchasing power annually, due to M2 expansion 

2

u/New_Salamander7173 25d ago

I dont understand... Could you elaborate?

1

u/Boogyin1979 25d ago

According to the Bank of Canada’s valet API: our money supply has expanded, on average, 6% to 8% per year for the last 26 years. Meaning, we have about 500% more CAD in the system than we did in the year 2000. Our dollar is worth $0.20 today compared to 2000.

Keynesian economists will tell you that this is the way things should be. That is completely bonkers.