DriveWealth, a pioneering brokerage platform, has gained attention for its cutting-edge technology and partnerships with global financial firms. However, the reviews on Trustpilot present a complicated picture of the company, revealing significant issues with customer service and transaction processes, leaving some users deeply frustrated.
The Good: Innovation in Fractional Trading
DriveWealth has been praised for revolutionizing fractional share trading, allowing everyday investors to access U.S. markets with as little as a dollar. Several users acknowledged the benefits of DriveWealth's infrastructure, particularly its wide variety of global stocks and the ability to invest fractionally. One user even highlighted how understanding the process with their own bank could help make withdrawals smoother, praising the platform for facilitating investment accessibility
.
The Bad: Consistent Complaints About Customer Service
Despite the innovation, the overwhelming sentiment among users is dissatisfaction, primarily with customer service. Complaints about unanswered support requests are prevalent, with many users claiming their issues have gone unresolved for months. Whether it’s about transferring money, getting cost basis documents, or processing wire transfers, many users found the response times from DriveWealth far too slow. One reviewer mentioned waiting over three months for a simple cost basis document transfer as part of an ACAT transfer
. This lack of communication left users feeling neglected and frustrated, especially considering the urgency of these matters in financial transactions.
Worse: Allegations of Fraud and Mismanagement
Even more alarming are reviews accusing DriveWealth of fraud and mismanagement. One user claimed to have been deceived by an account manager with a questionable past, leaving them feeling trapped as their money was withheld
. Another reviewer discovered that DriveWealth had reported stock sales to the IRS in their name, despite never having an account with the company. This review echoed concerns about potential identity theft and unauthorized transactions
. These claims highlight a deeper mistrust for the company's handling of sensitive financial data and its relationship with partner firms.
Structural Issues: Delays and Restrictions
Another recurring issue is DriveWealth’s delays in processing transactions, including withdrawals. Multiple reviews mention that users have waited weeks or even months for their funds to be transferred. Some users described DriveWealth as blocking or rejecting withdrawal requests without clear explanations
. Additionally, during certain market events, users accused the company of restricting stock purchases, claiming it was done to protect hedge funds, further fueling negative sentiment
.
Final Thoughts: A Platform in Need of Service Overhaul
While DriveWealth is undoubtedly a trailblazer in bringing fractional investing to the masses, the company is clearly struggling with operational issues, particularly in customer service and transaction transparency. For users who encounter no issues, the platform may serve their needs well. However, for those requiring support, the experience often seems to turn into a nightmare, with delays, unanswered queries, and allegations of unethical behavior. For DriveWealth to maintain its credibility and continue innovating, addressing these customer service challenges should be a top priority.
Sources:
Trustpilot Reviews on DriveWealth: Trustpilot
This blog balances positive aspects of the platform with the overwhelming customer service and fraud concerns raised in reviews.