In this article:
Overview
An authorized trader is a family member you can add to your Wealthsimple Trade account to buy, sell, and manage trades on your behalf. You're still the sole owner of the account, and your authorized trader can't move money in or out of it.
Who can be an authorized trader
You can add one of the following as an authorized trader:
- Spouse or common-law partner
- Child
- Parent
- Parent-in-law
- Sibling
Trading account types that support authorized traders
- Non-registered
- TFSA
- FHSA
- RRSP
- Spousal RRSP
- LIRA
- LIF
- RRIF
What an authorized trader can and can't do
An authorized trader can:
- Buy and sell holdings in the account
- Place options and margin trades
- View account holdings, account balance, buying power, account activity, and pending orders
- Cancel or modify pending orders on the account, including orders you placed yourself
An authorized trader can't:
- Move money in or out of the account
- Set up or change recurring investments
- Place a phone trade with our Trade Desk on your behalf
- Trade crypto or prediction markets
- Open a self-custody crypto wallet or place decentralized exchange (DEX) trades
Add an authorized trader
Follow the steps below to add an authorized trader:
- Log in to the Wealthsimple app
- Tap the account you'd like to manage
- Tap the Settings (gear) icon
- Tap Permissions
- Tap Get started
- Enter your authorized trader's information, then tap Next
- Choose the account or accounts, then confirm your request
Your authorized trader gets an email invitation. Once they accept, the authorized trader agreement is automatically signed, and they can start trading on the account.
Remove or pause an authorized trader
Follow the steps below to remove or pause an authorized trader:
- Log in to the Wealthsimple app
- Tap the account you'd like to manage
- Tap the Settings (gear) icon
- Tap Permissions
- To pause access, turn off the Trading access toggle. To remove your authorized trader, tap the trash can icon
If you've been added as an authorized trader
If someone has designated you as their authorized trader, you'll get an email invitation to accept. Once you accept, the authorized trader agreement is automatically signed.
As an authorized trader for someone else's account, you can:
- Buy and sell holdings in the account
- Place options and margin trades, up to the lower of your approved options level and the account owner's
- View account holdings, account balance, buying power, account activity, and pending orders
- Cancel or modify pending orders, including ones placed by the account owner
You can't:
- Move money in or out of the account
- Set up or change recurring investments
- Place a phone trade with our Trade Desk
- Trade crypto or prediction markets
- Open a self-custody crypto wallet or place DEX trades
Accepting the invitation to become an authorized trader
You can accept your invitation from the email we send you. Once you tap Accept, you'll see the account in the Authorized accounts section on your Home page, under your personal accounts.
If your account access is paused
If the account owner pauses your trading access, you'll still see the account in your Authorized accounts list, but it'll show as Access paused until they resume it.
Frequently asked questions
Can I add an authorized trader to any of my trading accounts?
You can add an authorized trader to your non-registered, TFSA, FHSA, RRSP, spousal RRSP, LIRA, LIF, and RRIF accounts.
Why can't I add my friend or a non-family member as an authorized trader?
Authorized traders are currently limited to family members. We don't have plans to expand this right now.
Can I move money in or out of an account I've been added to as an authorized trader?
No. You can only buy, sell, and manage trades. You can't deposit, withdraw, or set up recurring investments.
What options level can my authorized trader trade at?
Options trades are limited to the lower of the two approved levels. For example, if you're approved for Level 2 and your authorized trader is approved for Level 4, they can only place Level 2 trades on your account.
It also works the other way: if your authorized trader is only approved for Level 1, they're limited to Level 1 trades on your account, even if you're approved for a higher level.
How many authorized traders can I have on an account?
One authorized trader per account.
What happens to an authorized trader relationship if someone becomes a non-resident?
The authorized trader relationship is automatically removed if either the account owner or the authorized trader becomes a non-resident of Canada.
I see a trade I didn't place. What should I do?
If you have an authorized trader on your account, the trade may have been placed by them. If you don't recognize the authorized trader or didn't authorize them, please contact our support team right away.
Will I be notified about trades I place as an authorized trader?
No. You won't get email or push notifications when your trades are filled, cancelled, or expired. The account owner will get those notifications instead.
Do trades I place as an authorized trader count toward my own Active Trader status?
No. Trades placed on an account you're an authorized trader for count toward the account owner's Active Trader status, not yours. To build your own Active Trader status, place eligible trades in an account where you're the owner.
Where can I see the holdings of an account I'm authorized to trade in?
Your authorized account holdings won't appear mixed in with your personal holdings on the Securities details screen. To view them, go to that account under the Authorized accounts section.
My authorized trader is a step-relation. Are they eligible, and what should I select?
Yes. Step-relationships are eligible. Select the category that matches the underlying relationship: add a step-sibling as a sibling, and add a parent's new spouse or a step-parent-in-law as a parent.
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