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.
Shakepay hold users’ funds in cold storage, though they do not publicize the percentage. Shakepay has existed since 2015, and so far, never has been hacked.
Shakepay states on its website that digital assets are backed by an insurance policy, though it does not mention any details.
Shakepay also offers two-factor authentication (2FA) for their customers, so you can be sure no one else is accessing your account. With Shakepay, you will also need to confirm via email when withdrawing funds. If you set up 2FA for your email account, you can be pretty sure no unauthorized person is withdrawing funds from your account.
In terms of security, Coinfield takes the lead by providing clearer details about its security practices. Coinfield holds 96% of cryptocurrencies in cold storage and uses advanced security measures like 2FA and AES-256 encrypted wallets. While Shakepay also employs security features such as 2FA, FaceID, and biometrics, it does not provide explicit information about its cold storage or digital asset insurance policy.
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.
Shakepay is regulated as a Money Service Business (MSB) by FINTRAC. Shakepay is based in Montreal and is allowed to operate in every Canadian province.
Both Coinfield and Shakepay are compliant with Canadian federal regulations. Coinfield operates under the regulations of FINTRAC and is also registered with the Canadian MSB. Similarly, Shakepay is licensed as a Money Service Business (MSB) by FINTRAC and is fully regulated in Canada, adhering to stringent federal standards to ensure safe and legal operations.
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.
Shakepay offers chat support, helpful FAQs and access to customer support via their website.
Shakepay claims it has “customer service that cares.” It offers a useful support section on its website that can answer some of the most common questions and you can contact support via email at help@shakepay.com. Shakepay claims that support tickets can be answered within hours, even on weekends. We reached out to the support team via email to see how quickly they would respond. We received a reply the next day, less than 24 hours later.
Coinfield provides customer support via live chat and email, offering a responsive service but without explicitly mentioning the speed of response. On the other hand, Shakepay promises to answer support tickets within hours, even on weekends, primarily through email, demonstrating a strong commitment to customer service.
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 Shakepay and Coinfield, go ahead with Shakepay.
Both Coinfield and Shakepay provide excellent platforms for cryptocurrency trading, but Coinfield takes the crown for a few reasons. It offers a broader range of cryptocurrencies, clear and transparent security measures, advanced trading features, and competitive fees. While Shakepay excels in user-friendliness and unique features, Coinfield's comprehensive offerings make it a more suitable choice for both beginner and experienced traders.
We recommend choosing Coinfield over Shakepay 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 Shakepay 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.
