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.
Our custodial partner, Gemini, has insurance for up to $200 million to protect you. In the unlikely circumstance of a security breach or other incident, your assets will be safe. 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?
The first thing you should consider is setting up 2-factor authentication (2FA) on your account. This makes it so someone needs not only your username and password, but also access to a trusted device, to log in to your account. This makes it more difficult for a hacker to gain access to your account and personal information. To learn more about 2FA and how to set this up, follow the instructions provided in this article.
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.