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Discover reviews on "wealthsimple" based on Reddit discussions and experiences.

Last updated: December 22, 2024 at 03:59 AM
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Summary of Reddit Comments on Wealthsimple

Pros and Cons of Wealthsimple

Pros:

  • Offers free trades
  • Simple to start investing with
  • Provides various account types
  • User-friendly app interface
  • High interest rates to attract new customers
  • Easy access to buy all-in-one ETFs

Cons:

  • Not as regulated as traditional banks
  • Lack of history and susceptible to technology risks
  • Money held in trust by partner banks, not disclosed
  • Limited customer services compared to traditional banks
  • Missing features like GICs, fixed income products, and chequing services

Wealthsimple Cash Account:

  • Pros: FX rate on purchases
  • Cons: No CSV export, no cheque deposit or ATM access
  • Not suitable for transactions requiring cheques or cash-only merchants

Wealthsimple Investment Services:

  • Suited for retail investors, especially for all-in-one ETFs
  • Managed portfolios offer a set-it-and-forget-it approach

Wealthsimple Trade:

  • No margin or advanced trading features like options
  • Suitable for basic trading, lacking advanced trading capabilities

Wealthsimple General Comments:

  • Some users find Wealthsimple a marked improvement over big banks for investing
  • Wealthsimple Cash has limitations compared to traditional banking services

Transfer Promotions and Referrals:

  • Some users express interest in Wealthsimple promotions, like the iPhone/macbook offer
  • Transferring large amounts to qualify for promos may not be worth it unless you need the device
  • Referral codes allow users to share bonuses, benefiting both the referee and referrer

General Comments:

  • Wealthsimple is favored for its free trades and user-friendly interface
  • Some users express concerns over regulation, lack of traditional banking services, and opaque partner banks
  • Users recommend evaluating the product fit based on individual needs and preferences

Recommendation:

Based on users' feedback, Wealthsimple appears popular for its user-friendly interface, free trades, and simplicity in investing. It may be suitable for basic trading and long-term investments, but lacks some traditional banking services and advanced trading features found in established banks and brokerages.

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