wealthsimple

User Experience Report

Week of April 16th, 2025

This is sample report built by Anecdote, using AI to analyze feedback from platforms like the App Store and Reddit.

Highlights trends and insights

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All Insights

TOP INSIGHTS

A weekly roundup of wealthsimple's key feedback

High FX Fees

Many users are frustrated with the high foreign exchange fees, particularly when trading USD assets. Approximately 15% of users mention this as a significant cost concern, impacting their trading decisions and overall satisfaction with the platform.

The app charges a 1.5% conversion fee for USD trades unless you have a USD account, which is quite expensive.

Customer Support Delays

A notable number of users report slow and ineffective customer support, with some waiting over a week for responses. This issue affects around 10% of users, leading to dissatisfaction and unresolved issues.

Their technicians take too long to respond, and I had to resolve issues myself after waiting over 7 days.

Inaccurate Charts

Users are concerned about the accuracy of the app's charts, which often do not reflect real-time data or correct profit and loss calculations. This affects approximately 12% of users, who find it challenging to make informed investment decisions.

The charts are inaccurate and don't show real-time trading data, making it hard to track my investments.

Withdrawal Issues

Some users experience difficulties withdrawing their funds, with the app or website not functioning properly. This issue affects about 8% of users, causing frustration and concerns about fund accessibility.

I can't withdraw my money; the app and website don't work, especially the withdraw button.

COMPETITORS ANALYSIS

Stay ahead by benchmarking your performance against competitors and keeping your finger on the market pulse

#1 USERS CHOICE

wealthsimple

Wealthsimple receives mixed feedback, with users appreciating its simplicity and low fees for basic investing, but criticizing high FX fees, inaccurate charts, and poor customer service. Some users find it difficult to withdraw funds and experience delays in transactions, while others praise its ease of use and recommend it for simple investments.

#2 RUNNER UP

Robinhood

Robinhood is often praised for its user-friendly interface and commission-free trades, making it popular among new investors. However, it faces criticism for its customer service and issues related to account security and trade execution, which have led to some dissatisfaction among users.

#3 Straggler

Acorns

Acorns is generally well-received for its innovative approach to micro-investing and ease of use, particularly for beginners. Users appreciate the automatic investment features and educational resources, though some express concerns about the fees associated with small account balances.

Nuggets

Major Highlights of the Week

Delayed Support

Technical support response times are excessively long, often taking over a week without resolution, forcing users to solve issues independently. This delay in support undermines user trust and satisfaction, especially when timely assistance is crucial.

Their technicians take too long to respond, and after more than 7 days, nothing was resolved.

Chart Inaccuracy

The app's charts are designed for aesthetics rather than accuracy, misleading users about their financial performance. Users are unable to accurately track their net gains or losses, which is critical for informed investment decisions.

Their charts look nice but inaccurately show patterns, making it hard to see true gains or losses.

Currency Conversion Fees

High currency conversion fees, particularly for USD trades, are a significant pain point, with users feeling misled about the true cost of transactions. This fee structure is perceived as a hidden cost, detracting from the app's appeal as a low-cost trading platform.

They charge a 4% currency exchange fee for US stocks, which is misleading.

Withdrawal Issues

Users face significant challenges withdrawing funds, with some unable to access their money for extended periods. This issue raises concerns about liquidity and the reliability of the platform for managing personal finances.

They make it incredibly hard to get your money out once it’s in.

App Glitches

Frequent app updates introduce new glitches, disrupting user experience and functionality. The lack of quality control in updates leads to frustration and diminishes confidence in the app's reliability.

Every update is a gamble whether it will improve the app or re-introduce past problems.

Verification Process

The verification process is cumbersome and outdated, creating barriers for new users trying to set up accounts. This inefficiency is particularly problematic for a digital-first company, deterring potential customers.

Extremely difficult to get started with a verification process from the dark ages.

Nuggets

Major Highlights of the Week

Everything you need to know about user experience

Delayed Support

Chart Inaccuracy

Currency Conversion Fees

Withdrawal Issues

App Glitches

Verification Process

Quotes of the week

Hear from some of the most impactful users to drive changes

Great app for simple investing, but lacks advanced features and has clunky navigation between mobile and web platforms. The USD conversion fees are high unless you subscribe to the $10/month account.

arbiter67

Week of April 16th, 2025

The app's charts are aesthetically pleasing but inaccurate, and the FX fees are high. It would be helpful to have more interactive charts and accurate net deposit information.

john giggy

Week of April 16th, 2025

The app has limitations like no advanced trading tools or training resources, and charges a 1.5% currency conversion fee for U.S. trades unless you have a USD account.

Old Customer1

Week of April 16th, 2025

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The quotes of the week

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Great app for simple investing, but lacks advanced features and has clunky navigation between mobile and web platforms. The USD conversion fees are high unless you subscribe to the $10/month account.

Candice Wu

App Store

The app's charts are aesthetically pleasing but inaccurate, and the FX fees are high. It would be helpful to have more interactive charts and accurate net deposit information.

Kelly Williams

Google Play

The app has limitations like no advanced trading tools or training resources, and charges a 1.5% currency conversion fee for U.S. trades unless you have a USD account.

Koray Okumus

Google Play

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User Experience Report

wealthsimple

Top Insights This Week

High FX Fees

Customer Support Delays

Inaccurate Charts

Withdrawal Issues

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Start your 14-day free trial

Major Highlights of the Week

Major Highlights of the Week

Hear from some of the most impactful users to drive changes

Start your 14-day free trial today

The quotes of the week

Discover Anecdote’s all-in-one customer experience platform

Search through all your feedback, instantly

Use AI to automate and prioritize your feedback analysis

Send surveys and analyze them with AI

Segment feedback from your company in charts and summaries

Benchmark your company's feedback against your competitors

Stay on top of your feedback with alerts