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.
Coinbase uses its own digital wallet for storing your cryptocurrency.
Coinbase keeps 98% of its cryptocurrency in cold storage. This makes it hard for thieves to steal crypto assets if the exchange is hacked. Cold storage is the most secure way to store cryptocurrency, so the fact that Coinbase does this is a huge plus.
Coinbase is known for being one of the safest crypto exchanges. 98% of its assets are stored in cold storage, and it sets up two-factor authentication on all accounts. Coinfield also prioritizes security, keeping 95% to 100% of assets in cold storage and maintaining a multi-layered firewall infrastructure. Each platform uses encryption to secure wallet and private keys and conforms to strict employee background check policies.
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.
Coinbase is a US-based cryptocurrency exchange, however, no restrictions for Canadians. Canadian residents can use Coinbase to their full capacity.
Both Coinfield and Coinbase are registered Money Services Businesses in Canada and are fully compliant with FINTRAC regulations. Coinbase, as a publicly-traded company in the US, has additional transparency obligations towards its shareholders.
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.
Coinbase customer support is very slow. It took them 4 days to address our request to a real person. Even though they offer 24/7 support and a live chat option, the quality of the support is bad due to a very high volume.
Customer support is an area where Coinfield outshines Coinbase. Coinfield provides 24/7 customer support, including live chat, email, and even phone support. Coinbase, on the other hand, has been criticised for its customer support, with complaints of ignored requests, slow verifications, and delayed withdrawals, despite offering live chat, email, and 24/7 phone support.
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 Coinbase and Coinfield, go ahead with Coinbase.
Both exchanges have their strengths. Coinbase's global presence, educational resources, and strong security measures make it an appealing choice. However, for Canadians, Coinfield emerges as the winner due to its customer-centric approach, low fees, robust security measures, excellent customer service, and the fact that it's a homegrown platform. The limitations on Coinbase for Canadian users, including low buying limits and high costs, make Coinfield the preferred platform.
We recommend choosing Coinfield over Coinbase 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 Coinbase 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.
