Wefunder Inc. has been flagged by Ontario Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". Wefunder Inc. found at https://wefunder.com/ is not registered in Ontario to engage in the business of trading in securities. This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Wefunder Inc. had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Multiple order types|Customizable dashboard|Quick verification
Cons: Wait times can be long during peak hours|Withdrawal takes 1-2 business days
I requested my data from Wefunder Inc. under GDPR. They sent a partial export that was missing months of transactions. When I asked for the rest they said it was a technical issue. Still waiting. They do not take data rights seriously.
Pros: Fast deposits|Portfolio tracking tools
Cons: Minimum deposit could be lower
This company appears on the IOSCO I-SCAN international warnings list. Over 68 financial regulators worldwide contribute to this database. While being listed doesn't automatically mean fraud, it's a significant red flag that potential investors should take seriously. Do your research thoroughly.
Cons: Appears in regulatory warnings database|Uncertain regulatory status
Do not use Wefunder Inc. for anything serious. I used them for close to eighteen months for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Comprehensive tools|Portfolio tracking tools|Competitive fees
Cons: Limited ETF selection|Some tools only available on higher tiers
Several red flags with Wefunder Inc.: (1) They promise unrealistically high returns, (2) They're not registered with Ontario Securities Commission, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Listed in warning databases|No transparency|Pressure to invest quickly
Tried to withdraw my funds from Wefunder Inc. and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Pros: Initially responsive customer service
Cons: Cannot withdraw funds|Not regulated|Pressure tactics