Overview

Each time you log into your account on a new device we require a few things to ensure it’s you:

• An email address and password
• An authentication code is sent to your two-factor authentication method

How it works

Two-factor authentication (sometimes called 2FA or MFA) protects your Wealthsimple account by requiring a unique, time-sensitive authentication code each time you log in on a new device. You can receive your authentication codes in one of 2 ways:

• Authenticator app (such as Google Authenticator)
• Phone number (either a text message or automated phone call)

Why it’s important

Two-factor authentication is a layer of protection against bad actors and cybercriminals. If someone gains access to your email address without two-factor authentication, they might be able to access other accounts like Wealthsimple. By requiring a unique, time-sensitive authentication code when you log in, we know it’s you. It’s one of the ways we keep your account safe.

Understand the difference between the two authentication methods

You can receive authentication codes to an authenticator app or your phone number to verify it's you logging in to your Wealthsimple profile. 

Authenticator app

An "authenticator" is a type of app that generates authentication codes. Popular choices include:

• Apple passwords
• Google Authenticator (iOS, Android)
• Microsoft Authenticator (iOS, Android)
• Authy (iOS, Android)

Aside from being the most secure two-factor authetnication method available, authenticator apps have other benefits:

• They’re easy to use. Open the app to copy and paste a new authentication code when needed.
• They work without cell service or wifi. This is helpful when you’re low on signal or travelling abroad.
• They’re one of the best ways to protect yourself online. Your authentication code usually resets every 30 seconds, making it difficult to steal.
• And because your authentication codes are generated on your own mobile device, we know it’s you.

Phone number

We can send your authentication codes to a verified phone number. Just keep in mind that a phone number can only be linked to one Wealthsimple profile at a time.

• It’s convenient as most phones will automatically copy and paste your authentication codes for you. This can help save you time.
• You have options, as we can send your authentication codes by text message or an automated phone call.
• We support mobile, landline (home phone), and fixed VoIP phone numbers.
• We support phone numbers from Canada and the U.S.

Update your two-factor authentication method

You can change the way you receive authentication codes by following these steps:

For your security, we block crypto withdrawals for 24 hours after you change your authentication settings.

Find or use your recovery code

When you set up two-factor authentication, we’ll show you a recovery code. Write this down and keep it somewhere safe. If you’re unable to receive a authentication code, you can use your recovery code to access Wealthsimple from a web browser.

To use your recovery code:

1. Sign in to your Wealthsimple profile
2. Enter your email address and password
3. Choose Log in
4. Choose Use a recovery code and enter it
5. Follow the steps above to set up two-factor authentication with your new authenticator app or phone number

Troubleshooting

Below are some troubleshooting tips based on common problems clients face:

Your authentication code isn't working when using an authenticator app

Be quick: To keep you safe, authenticator apps replace your authentication code with a new one every 30 seconds. Pay attention to the countdown in the authenticator app when copying the code to ensure you have enough time.

Check your clock: Your device’s date and time are used to generate your authentication codes, so it’s important they’re set automatically. View the steps for iOS, Android, Windows, and macOS.

Your authentication code isn't working when using a phone number

Try unblocking Wealthsimple in your contacts: You may have previously blocked Wealthsimple from sending you text messages. Text START to 28849 to confirm you’re okay to receive text messages from us.

Wait 1 minute before requesting a new authentication code, and always use the newest: When you request a new authentication code, the old one expires, but may still be on the way. For example, if you’ve requested 2 codes, wait for 2 codes to arrive before requesting another one. Only the newest code will work.

Try requesting an automated voice call instead: Sometimes the mobile network or text message provider experiences delays in delivering text messages. Choosing an automated voice call may be faster.

You can’t receive authentication codes (lost phone, deleted the app)

If something has changed (like your email or phone number) and you're having a hard time receiving your authentication code to log in, you have 2 options:

1. If you have your recovery code, follow the steps above.
2. Follow the steps to reset your two-factor authentication method as detailed below.

To reset your two-factor authentication method:

1. Enter your email and password on the Wealthsimple app
2. On the next screen where you would normally enter your authentication code, tap Can’t access your authenticator app? or Can’t get codes on your phone? button
3. Tap Get started on the reset your two-factor authentication recovery option
4. Tap Verify identity to start the two-factor reset process
5. Follow the prompts to verify yourself with our authentication partner, Persona
6. Head back to the app once you’ve received an email notifying you that Persona has verified your identity
7. Follow the prompts to reset your two-factor authentication method

Frequently asked questions