Last updated: December 22, 2024 at 03:59 AM
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.