Overview

Keeping your crypto assets safe involves a combination of factors. Continue below to learn about the measures Wealthsimple takes to protect your assets and what you can do to enhance your own security. It's crucial to choose a platform you trust and to follow strong personal security practices to safeguard your investments.

Why you can trust Wealthsimple

Wealthsimple is the first regulated crypto trading platform in Canada. We chose 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. We use paper trails and financial statements to help ensure transparency and accountability within our platform.

Your crypto is also protected against crimes like hacks or theft through insurance held by us and our custodial partners. You can read more about security tips.  

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.

How to further protect your crypto assets

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.

It's also important to be wary of crypto scams where bad actors try 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.