In this article:
Overview
If you're concerned about unauthorized access to your Wealthsimple account, you can ask us to add a security restriction. This measure helps protect you in several scenarios, including:
- You've lost a mobile device that has the Wealthsimple app installed.
- You notice unusual activity, such as a login notification you don't recognize.
- You want extra peace of mind while travelling or during a period of inactivity.
A security restriction blocks certain activity on your account until you ask us to remove it. This gives you a way to pause access while you secure your information.
Types of security restrictions
We offer three types of security restrictions, depending on how much access you want to pause:
Account lock
Blocks all activity on a specific account — no withdrawals, no deposits, no trading. This is the most restrictive option. Best if you want to fully pause an account.
Withdrawal block
Blocks all outflows from a specific account, including cash withdrawals, transfers, and crypto withdrawals. Trading and deposits continue to work. Best if you want your money to stay put but still want the flexibility to manage your investments.
Crypto withdrawal block
Blocks crypto withdrawals across every account on your profile. Other transactions, including cash withdrawals and trading, still work. Best if you're specifically concerned about your crypto being moved off the platform.
Request a security restriction
To add a security restriction to your account, follow these steps:
- Log in to the Wealthsimple app.
- Tap the chat icon to start a conversation with our support team.
- Let us know:
- The restriction type: Choose from an account lock, a withdrawal block, or a crypto withdrawal block.
- Affected accounts: Specify which accounts to protect (crypto blocks apply to all accounts).
- The reason: Explain why you need the restriction, such as losing a mobile device.
- An expiry date: Let us know if you want the lock or withdrawal block to end on a specific date.
- We'll verify your identity and confirm the request before applying the restriction.
- Log in to your Wealthsimple profile.
- Select the chat icon to start a conversation with our support team.
- Let us know:
- The restriction type: Choose from an account lock, a withdrawal block, or a crypto withdrawal block.
- Affected accounts: Specify which accounts to protect (crypto blocks apply to all accounts).
- The reason: Explain why you need the restriction, such as losing a mobile device.
- An expiry date: Let us know if you want the lock or withdrawal block to end on a specific date.
- We'll verify your identity and confirm the request before applying the restriction.
Once it's in place, we'll send you a message confirming what was applied.
Remove a security restriction
You can ask us to remove a security restriction at any time. To make sure no one else can lift it without your knowledge, we ask for an extra layer of identity verification before we proceed.
To remove a restriction, follow these steps:
- Log in to your Wealthsimple profile.
- Start a chat with our support team.
- Let us know which restriction you'd like removed.
- Complete the additional identity verification steps when prompted.
Once verified, we'll remove the restriction and confirm by message.
Frequently asked questions
How long does it take to add or remove a restriction?
Most requests are handled within one business day after we've verified your identity. We'll keep you updated through chat or email.
Can I add a restriction myself in the app?
Not at this time. Security restrictions are added by our support team to make sure your identity is verified before we change access on your account.
Can a family member request a restriction on my behalf?
Generally no — we need the request to come from you. The exception is if your family member has a documented Power of Attorney (POA) on file with us. Learn more about Power of Attorney.
What if I want to block trading specifically, not withdrawals?
We don't currently offer a trading-only block. If you have concerns about your trading activity, reach out to our support team and we can talk through what options might work for your situation.
Will a restriction affect automated activity, like recurring deposits or dividend reinvestment?
An account lock pauses all activity on the account, which includes automated transactions like recurring deposits and dividend reinvestment. A withdrawal block doesn't affect deposits or trading, so recurring deposits and reinvestment continue normally. The crypto withdrawal block only affects crypto outflows, so it doesn't impact your other accounts.
Does this work for managed accounts?
Yes. The account lock and withdrawal block both work for managed investing accounts. Keep in mind that an account lock will pause dividend reinvestment, so a withdrawal block may be a better fit if you still want your portfolio to be managed normally.
What if my situation changes and I just want to make a one-time exception?
Restrictions are all-or-nothing while in place. If you need to make a transaction, you'll need to remove the restriction first, complete the transaction, and then request that the restriction be re-applied.
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