Security Compliance
Bitbuy is one of the safest crypto exchanges for Canadians. The Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is one of the highest percentages we’ve seen.
CoinField is one of the safest crypto exchanges in Canada. It has never been hacked. While CoinField may receive bad reviews for their slow customer service, CoinField is certainly a safe and compliant exchange. With CoinField you can have peace of mind knowing you are dealing with an exchange that prides itself on its security and privacy. The exchange utilizes cold storage, secret vaults, multisignature wallets, encryption and isolated servers. Users can enable two-factor authentication on their accounts for extra protection, and users must confirm all withdrawals via email. Signing in on a new device or with a new IP address also triggers a verification email.
Both Bitbuy and Coinfield take security seriously. Bitbuy utilizes third-party cold storage, keeping 95% to 100% of assets offline. In addition, it operates multi-layered firewall infrastructure and scrutinizes coins before listing them.
Coinfield, too, boasts of strong security measures, utilizing cold storage, secret vaults, multisignature wallets, encryption and isolated servers. It also offers two-factor authentication and sends verification emails for withdrawals and when a new device or IP address is used to log in. Coinfield, so far, has never been hacked
Regulatory Compliance
Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high-quality regulatory standards and strengthen Canadian markets.
Coinfield used to be a FINTRAC-regulated crypto exchange in Canada but recently their registration status was ceased. It's hard to tell at this point how compliant it is but many Canadians still use it.
Both Bitbuy and Coinfield are fully compliant with Canadian regulations. Bitbuy is registered as a Money Service Business in Canada and abides by the rules set by FINTRAC. Similarly, Coinfield, being based in the EU but Canada-friendly, operates within the regulatory framework set by Canadian authorities. This compliance makes both platforms trustworthy for Canadian users.
Customer support
Binance has FAQs and a knowledge centre on their website. They make it easy to submit a support ticket but the reply might take a while.
CoinField allows users to submit support tickets either online or via email. It does not offer phone support. Customer support is available on weekdays and weekends, but CoinField does not have the fastest customer support – in some cases it can take days for an answer. You can, however, also get in touch via Twitter if you need urgent support.
Unfortunately, CoinField has a poor 2.2-star rating on Trustpilot with 62% bad reviews.
A lot of customers say that they have been waiting weeks to receive their crypto withdrawals.
Bitbuy offers a unique advantage in terms of customer support by providing a 24/7 service that includes live chat, email, and phone support – the latter being a rare feature among crypto exchanges. On the other hand, Coinfield, while providing support through tickets and email, does not offer phone support. Its customer support has garnered criticism for being slow, and it has a poor Trustpilot rating of 1.5 stars, with complaints of delayed crypto withdrawals.
Conclusion
As of July 15th, 2023, Coinfield's website stopped operating properly for Canadians. Also, their registration status of MSB has been ceased by FINTRAC. As a result, we would recommend avoiding this crypto exchange at the moment. Feel free to check alternatives e.g. Bitget or BitBuy. The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada. More information here. The comparison below is outdated and kept for educational purposes. Apparently, if you pick between Bitbuy and Coinfield, go ahead with Bitbuy.
In conclusion, both Bitbuy and Coinfield offer great platforms for Canadians looking to venture into crypto trading. However, Bitbuy takes the lead with its strong focus on customer support, security, and user-friendly interface. Despite Coinfield's unique features, Bitbuy's comprehensive package makes it the preferred choice for both beginners and experienced traders.
We recommend choosing Bitbuy over Coinfield for your cryptocurrency trading needs. By opting for Bitbuy through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitbuy nor Coinfield meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
