Security Compliance
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.
BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading.
Both CoinField and BitMEX take security seriously. CoinField has never been hacked and prides itself on utilizing cold storage, secret vaults, multisignature wallets, encryption, and isolated servers for enhanced security. Users are also able to enable two-factor authentication on their accounts for added protection. BitMEX also implements similar security measures, including cold storage for user funds, two-factor authentication, and PGP email encryption.
Regulatory Compliance
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.
BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally.
While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations.
CoinField, based in the European Union, is compliant with Canadian regulations and is one of the safest exchanges for Canadians. On the other hand, BitMEX was not available to Canadian users in Ontario and Quebec due to regulatory restrictions. However, BitMEX had been actively working to comply with worldwide regulations.
Customer support
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.
BitMEX offers support via a contact form on their website and has a detailed FAQ section as well.
CoinField offers customer support via support tickets online or via email. They don't offer phone support, and their response time can sometimes be slow. BitMEX offers 24/7 customer support through a ticketing system but has also been criticized for slow response times.
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 BitMEX and Coinfield, go ahead with BitMEX.
While both CoinField and BitMEX are credible and popular exchanges, for Canadians, CoinField is a clear winner. CoinField supports multiple fiat currencies including CAD, allows deposits and withdrawals using Interac e-Transfer, and offers a beginner-friendly mobile app along with an advanced desktop platform. Furthermore, with its diverse crypto offerings, staking rewards, a decent referral program, and its forthcoming coin, CoinField seems to have an edge over BitMEX, especially for Canadian users.
We recommend choosing CoinField over BitMEX for your cryptocurrency trading needs. By opting for CoinField through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither CoinField nor BitMEX 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.
