Security Compliance
Bull Bitcoin is completely safe since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your crypto wallet.
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.
Bull Bitcoin: Takes security seriously by enabling users to take immediate self-custody of their Bitcoin. This approach minimizes the risk associated with exchange hacks. The platform is also compliant with Canadian laws and employs standard security measures to protect user information and funds.
CoinField: Known for its stringent security measures, including cold storage, multisignature wallets, and two-factor authentication. Despite these features, it has faced criticism for slow customer service. However, it remains a safe and compliant exchange within the Canadian cryptocurrency landscape.
Regulatory Compliance
Bull Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Bull Bitcoin is fully compliant with Canadian regulations.
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 Bull Bitcoin and CoinField are subject to Canadian federal laws and are monitored by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Bull Bitcoin is registered with FINTRAC as a Money Services Business, ensuring full compliance with Canadian regulations. CoinField, despite facing operational issues for Canadians as of mid-2023, including the cessation of its MSB registration with FINTRAC, has historically complied with Canadian regulations.
Customer support
Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service.
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.
Bull Bitcoin: Offers email support and maintains a high Trustpilot rating, indicative of customer satisfaction. Its smaller size may lead to slower response times, but the quality of support is generally high.
CoinField: Supports its clients through online tickets and email, with additional support via Twitter for urgent issues. Despite its broader reach, CoinField has faced criticism for slow response times, as reflected in its lower Trustpilot rating.
Conclusion
While both Bull Bitcoin and CoinField offer valuable services within the Canadian crypto market, Bull Bitcoin emerges as the winner for those prioritizing Bitcoin transactions and security. Its focus on direct ownership, combined with a simple, efficient trading process and robust security measures, makes it particularly appealing for beginners and those seeking a straightforward way to trade Bitcoin. CoinField, with its wider cryptocurrency selection and advanced trading features, remains a strong contender, particularly for users seeking diversity in their crypto portfolio. However, Bull Bitcoin's commitment to security, compliance, and user-friendly design gives it an edge in this comparison.
Bull Bitcoin is the most cost-effective platform for trading Bitcoin in Canada, offering a unique feature that allows users to pay bills, including phone, electricity, and even taxes to the Canada Revenue Agency (CRA).
