Two-step verification

Tip: If you can’t log and need to reset your two-step verification method, follow the steps to reset your two-step verification method.

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
  • A verification code sent to your two-step verification method
Note: If you're having a hard time accessing your account despite using the right login credentials, you might be using an old version of the app. Make sure you're using Wealthsimple's unified app found on the App Store or Google Play store. 

How it works

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

  • Authenticator app (such as Google Authenticator)
  • Phone number (either a text message or automated phone call)
Note: If you previously received verification codes by email, you’ll need to choose a new way to receive verification codes by following the steps below.

Why it’s important

Two-step verification is a layer of protection against bad actors and cybercriminals. If someone gains access to your email address, without two-step verification they might be able to access other accounts like Wealthsimple. By requiring a unique, time-sensitive verification 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 verification methods

Authenticator app

An "authenticator" is a type of app that generates verification codes. Popular choices include —

The most secure two-step verification method available, authenticator apps have other benefits —

  • They’re easy to use. Open the app to copy and paste a new verification 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 verification code resets usually every 30 seconds, making it difficult to steal.
  • And because your verification codes are generated on your own mobile device, we know it’s you.

Phone number

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

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

Update your two-step verification method

Tip: If you're having trouble logging in and need to reset your two-step verification method, follow the steps to reset your two-step verification method.

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

Wealthsimple app Web

  1. Sign in to the Wealthsimple app on your mobile device.
  2. Tap the Profile icon in the top-right corner.
  3. Tap the Settings (gear) icon in the top-right corner.
  4. Tap the Login and security menu item.
  5. Tap Two-step verification.
  6. Tap the verification method you'd like to switch to.
    Tip: Your current verification method is labelled as Current.
  7. Follow the prompts to change your method.
Note: If changing your verification method to an authenticator app, you'll want to click through the Continue prompts. From there, copy your unique code, then paste it into your chosen authenticator app. 
  1. Sign in to your Wealthsimple account.
  2. Select your Profile in the top right corner.
  3. Select Settings from the menu.
  4. Select the Two-step verification tab.
  5. Choose the verification method you'd like to switch to.
  6. Follow the prompts to change your method.
Note: If changing your verification method to an authenticator app, you'll want to click through the Continue prompts. From there, copy your unique code, then paste it into your chosen authenticator app.

Find or use your recovery code

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

To use your recovery code —

  1. Sign into your Wealthsimple account.
  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-step verification with your new authenticator app or phone number.

Troubleshooting

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

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

Be quick: To keep you safe, authenticator apps replace your verification 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 verification codes, so it’s important they’re set automatically. Steps for iOS, Android, Windows, and macOS, are here.

Your verification 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 verification code, and always use the newest: When you request a new verification 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 verification codes (lost phone, deleted the app, etc.)

If something has changed (like your email or phone number) and you're having a hard time receiving your verification 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-step verification method as detailed below.

To reset your two-step verification method:

  1. Enter your email and password on the Wealthsimple app.
  2. On the next screen where you would normally enter your verification 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-step verification recovery option.
  4. Tap Verify identity to start the two-step reset process.
  5. Follow the prompts to verify yourself with our verification partner, Onfido.
  6. Head back to the app once you’ve received an email notifying you that Onfido has verified your identity.
  7. Follow the prompts to reset your two-step verification method.

Frequently asked questions

How do I turn off two-step verification?

Two-step verification is required for all Wealthsimple accounts. It’s easy and protects your account from bad actors more effectively than a password alone. You can learn more about two-step verification at GetCyberSafe.gc.ca.

How often will I need a verification code?

You should be prepared to enter a verification code each time you use Wealthsimple, though most clients will only encounter it when logging into a device we don’t recognize.

To make things easier, we offer Quick access on the Wealthsimple app. This uses your device’s fingerprint, facial recognition, or a passcode, instead of a verification code. Learn how to set it up here.

And when logging into our website, you can choose to Remember this device for 30 days.

Someone asked for my verification code, what should I do?

We will never ask for your verification code or recovery code. You should never share them with anyone.

If you contact our Client Success team, we may send a security code to help verify it’s really you. It won’t come from your authenticator app, and cannot be used to log into your account.

I don’t have a mobile phone, what should I do?

You have options:

  1. You can link a landline or fixed VoIP phone number. Each time you log in you can choose the Call me instead button for an automated voice call. The automated voice will read your verification code out loud.
  2. Authenticator apps are available for mobile phones, tablets, laptops, and desktops. It could even be an old phone you have lying around without cell service. If you’d prefer using your laptop or desktop, some password manages like Bitwarden or 1Password have authenticators built in. 

I often travel or have poor cellular reception. Which option should I choose?

Authenticator apps work without cellular reception or wifi. If you plan to travel, switch to an authenticator app. It’ll ensure consistent access to your Wealthsimple account.

How do I receive my verification codes by email?

The ability to receive verification codes by email will soon be discontinued. If you currently receive verification codes by email, we recommend following the steps above and upgrading to either an authenticator app or your phone number. We’ll help everyone upgrade later this year.

We understand that for some clients, using an authenticator app or phone number isn’t possible. If you don’t have a compatible phone, tablet, computer, or landline, contact our Client Success team to learn about alternatives.

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