When thinking about account security, it’s best to take a multi-pronged approach. It’s important to use a crypto dealer you trust, while also taking personal security precautions whenever possible.
Why should I trust Wealthsimple?
We’re actually the first regulated crypto trading platform in Canada. We took the initiative to meet the high standards set by the Provincial and Federal governments to become regulated. This helps ensure the safety and security of our clients and their crypto assets. Paper trails and financial statements help ensure transparency and accountability within our platform.
Insurance held by us and our custodial partners helps protect your crypto against crimes like hacks or theft. You can read more about that and some other security tips here.
We also have a robust due diligence process for assessing all the new cryptocurrencies added to our platform. You can learn more about our cryptocurrency regulatory and compliance processes in our crypto asset review process article.
What steps can I take to protect myself even further?
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 authenticator app, text message, and automated phone call. Learn more about managing your two-step verification settings here.
You should also be wary of crypto scams where bad actors will attempt to trick you into giving them confidential information. They may also encourage you to send them crypto, with promises of quick returns and get rich quick schemes. You can read more about common scams and ways to protect yourself in our article - how to avoid crypto scams.