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.
It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.
Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.
Coinfield takes pride in its robust security measures, boasting never being hacked and using cold storage, secret vaults, multisignature wallets, encryption, and isolated servers. Users can also use two-factor authentication for added protection. Bitvo, on the other hand, holds 95%-100% of assets in cold storage with a small amount in hot storage and has layered firewall infrastructure. It also screens any cryptocurrencies looking to be listed on the platform for additional customer protection.
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.
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
Both Coinfield and Bitvo comply with federal regulations. Coinfield, while being EU-based, is fully compliant with Canadian laws. Bitvo is a registered Money Service Business in Canada and adheres to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations, ensuring legal and secure operations within the country.
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.
Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.
Coinfield's client support involves submitting support tickets online or via email. However, its response times can be slow, and it does not offer phone support. Bitvo stands out in this area with its customer satisfaction guarantee and 24/7 support, including live chat, email, and phone support, a unique offering in the crypto exchange sphere.
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 Bitvo and Coinfield, go ahead with Bitvo.
Both Coinfield and Bitvo provide excellent platforms for cryptocurrency trading. However, the winner between the two would be Coinfield. Despite higher fees and slower customer support response times, Coinfield's security measures, vast crypto offerings, future plans of launching its own coin, and the fact that it is looking to expand its reach through partnerships sets it a step ahead.
We recommend choosing Coinfield over Bitvo 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 Bitvo 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.
