Wealthsimple is committed to protecting your information using the highest standards of security available. Below are a few safety features that we use to help protect your account —
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. It’s a layer of protection against bad actors and cybercriminals — by requiring a unique, time-sensitive verification code when you log in, we know it’s you. We support verification codes by an authenticator app, text message, and automated phone call. Learn more about managing your two-step verification settings here.
We use state-of-the-art security to protect your data. Our 256-bit SSL/TLS certificate encrypts all information transmitted between your device and our web servers. We use it to keep your account information safe, as it is being transmitted to us. Once here, the "Behind the Scenes" stuff takes over to make sure this information is handled securely - more on that below.
Behind the Scenes
Wealthsimple’s multi-pronged approach to security ensures you are protected at all times, and is the sole focus of our full-time Security team. We adhere to industry standards for protecting your data, securing our web application, and processing all transactions. We’re continuously updating our policies and procedures across our entire organization to ensure that Wealthsimple offers the highest level of security.
Wealthsimple utilizes a back-up strategy based around modern cloud technology (rather than outdated tapes, floppy discs, etc.) - so that no matter what happens, your data is not at risk of being lost.
Frequently asked questions
- Does Wealthsimple sell my data or information to any third parties?
- What would happen if Wealthsimple were to go out of business?
Your assets are held by Wealthsimple's very own custodial brokerage, Wealthsimple Investments Inc. Wealthsimple Invesetments Inc. is an IIROC Dealer Member and CIPF participant which means that in the extremely unlikely event that Wealthsimple were to go out of business, your account would remain safe and be largely unaffected. All securities are registered in your name, and if we were to close, you could choose to transfer it to a new advisor or redeem for cash to your bank account.
- Are my Crypto accounts protected?
Insurance held by us and our custodial partners helps protect your cryptocurrency against theft resulting from a security breach or hack, employee theft or fraudulent transfer. Our crypto custodial partners hold a total of over $500 million in insurance.
Their policy doesn’t cover any losses from unauthorized access to your account so be sure to keep your account safe and enable two-factor authentication. Any purchased cryptocurrencies are not covered by the Canadian Deposit Insurance Corporate (CDIC) or Canadian Investor Protection Fund (CIPF).
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