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.
Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.
Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.
Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to
Crypto.com appears to have an edge when it comes to security, as it stores 100% of its customer funds in cold storage, uses multi-factor authentication, and consults leading cybersecurity firms. Coinfield also emphasizes security, offering 2FA, SSL encryption, and segregated accounts, but it doesn't specify the percentage of funds kept in cold storage.
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.
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
Both exchanges are compliant with Canadian regulations. Crypto.com has signed a pre-registration undertaking with the Ontario Securities Commission, making it the first global crypto exchange to comply with OSC regulations. Coinfield is a registered business in Canada, operates under FINTRAC as an MSB, and is audited annually by a third-party firm, making it a secure platform for Canadian users.
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.
The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.
Coinfield offers a comprehensive support center with live chat, a self-help portal, and email assistance. On the other hand, Crypto.com's customer service is said to be slower, though it still offers email support and a comprehensive crypto education section on their platform.
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 Crypto.com and Coinfield, go ahead with Crypto.com.
Both Coinfield and Crypto.com are competitive in their offerings, security, and compliance. However, considering the broader selection of cryptocurrencies, superior customer support, and a slight edge in app ratings, Coinfield could be the preferable choice for some users. However, those who value a more feature-rich platform, with offerings like staking and a crypto Visa card, may find Crypto.com more appealing.
We recommend choosing Coinfield over Crypto.com 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 Crypto.com 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.
