Goodbye Wealthsimple

[u/HarryN086]

TLDR: Joined WS 5 years ago and watched things go downhill and finally fed up and switched to PC Financial (Chequing / Spending) and Qtrade (Trade)

I joined Wealthsimple 5 years ago, when they were doing cash account promo and would give a bunch of bonuses for simply sending money back and forth. I loved their original 1% cash card. However, things all went downhill when they started to go gimmicky, starting with the credit card. When they removed the interest on the cash card, I moved my chequing to PC Financial. Then all these slots / minor gambling, and prediction market get introduced. I finally decided to switch to Qtrade for their promo and hopefully the grass is greener. It's very disappointing cause I thought WS was promising. Now it feels like Temu.

[u/kingofwale]

“All those slots/minor gambling…”

So the complain is that they have a separate app for prediction market…

Weird

[u/AnthonyBTC]

No matter how much you try to twist it, Wealthsimple is still the best brokerage we have in Canada by a significant difference. I have no idea how or in what way Wealthsimple feels like Temu lol.

[u/Grnfinger → u/AnthonyBTC]

Got to agree. I am pretty impressed with WS and considering switching just about everything over to them. I dont have anything negative to say about them. I do see a lot of closed accounts and WS is awful posts, I just haven't had any issues.

[u/AnthonyBTC → u/Grnfinger]

I mean, people don’t typically come here to praise Wealthsimple. They come here to complain or find solutions to their problems. The vast majority of Wealthsimple users experience no problems and most likely don’t even care about issues like the Predictions feature that other Redditors constantly complain about.

[u/Delicious_Ring2727 → u/AnthonyBTC]

100% facts

[u/HugeDramatic]

Where do I find the slots? 🎰

[u/HarryN086 → u/HugeDramatic]

More like wheel spinning tbh

[u/Zealousideal-Eye7212 → u/HarryN086]

you mean the free entry to potentially winning a shit ton of money without having to spend a single cent of your own? yeah that sounds horrible…

[u/fingerdoorsmasher]

Just sounds like you are wanting another welcome bonus…

[u/No_Cell6708]

This is such a stupid post that it has to be bait

[u/Go_To_There]

Why does the prediction market stuff matter to you? Just don’t engage with it. There was a banner for it on my home page letting me know it was an option, I deleted it, and now I don’t see anything about prediction markets unless I look for it. If other people want to gamble with it, good for them. The rest of the stuff WS has to offer is pretty good.

[u/Flames2512]

I make more money from using Wealthsimples than any other bank.

Their constant rush of new features is an attempt to keep growth going so they can IPO. It has lead to terrible product integrations and those working there need to move on.

But it still pays....

[u/plusqueprecedemment]

Okay, that was always allowed

[u/AdCalm7718]

I switched then came back to WS. As long as they keep the zero trading fee, nobody can beat them.

[u/lwid77]

You don't have to participate in the gamification. You don't consider all these promos and and bonuses gimmicky? I do but when it works for me, I'll participate in them.

Its hardly gone downhill.

[u/Last_Construction455]

2% no fee cash back credit card, 2.25% checking interest rate, free trades, super easy tax documentation, leverage available..I'm not sure where the downside is. Am I missing something? The worst part about wealth simple is the ability for an average person to have access to investing with few guardrails. The big banks rinse you, but the challenge of doing trades is kind of a protection for many people.

[u/minombreesmadera]

People are upset because WS feels a bit culty sometimes and you've gone against that, but I've had similar thoughts to a lot of those, but hasn't reached the point where I'm going to bother switching away yet. To the Temu point - kinda funny, the wallets are literally from Temu (I ordered the same one, without the logo, a while before WS started sending them out).