In order to open a Wealthsimple Crypto account, you must:
- Be a Canadian citizen, Canadian resident, or have a valid Canadian visa
- Be at least 18 years old
- Have a Social Insurance Number
- Have a Canadian residential address
- Be able to satisfy identity verification requirements
Wealthsimple Crypto accounts are non-registered accounts. Since they’re not registered with the Canada Revenue Agency (CRA) we need to verify your identity. This is a security precaution that protects you and is a requirement as per FINTRAC anti-money laundering rules.
Usually, we automatically verify the information you enter during sign up with a credit reporting agency. If your details match, then you’re all set! If there are any discrepancies, our team will reach out to:
- Double-check the information to make sure it wasn’t entered incorrectly. If that’s not the case;
- We’ll ask you to provide extra documentation (e.g. a utility bill, T4, or Notice of Assessment).
For more details on this identity verification process, check out this article by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).