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 —
You are required to use two-step verification every time you login to your Wealthsimple profile, unless you allow your device to remember you for 30 days. This allows you to prevent someone from accessing your account if they have your username and password. Two-step verification is a unique code sent via SMS, email, or through an app. We'll ask you to provide this code after you've entered your username and password.
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Wealthsimple utilizes a back-up strategy based around modern cloud technology (rather than outdated tapes, floppy discs, etc.)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?
Our Custodian, Gemini Inc, maintains a commercial criminal insurance policy in an aggregate amount of up to $200,000,000. Their policy insures against the theft of Cryptocurrency that results from a security breach or hack, employee theft or fraudulent transfer.
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).