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.
VirgoCX offers $1 Million in crime insurance coverage with Coinbase Custody. Should the exchange be compromised, VirgoCX could potentially refund any customers’ stolen coins.
VirgoCX’s crypto assets are held in cold storage with Coinbase Custody and only a small amount are kept on the platform for trading. All fiat assets are held with their Canadian banking partner, though it is not mentioned who the partner is. However, we always recommend transferring all the funds to your own Canadian crypto wallet.
Coinfield and VirgoCX both prioritize user security. Coinfield uses advanced security measures such as encryption, cold storage, and two-factor authentication. VirgoCX, on the other hand, holds crypto assets in cold storage with Coinbase Custody, offers two-factor authentication, and has $1 Million in crime insurance coverage. Both platforms stress the importance of transferring funds to a personal crypto wallet for optimal security.
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.
VirgoCX is registered with FINTRAC and PIPEDA. Therefore, it is fully compliant in Canada. VirgoCX also has regular audits which prove that its reserves exist.
Both Coinfield and VirgoCX are compliant with Canadian federal regulations. Coinfield is registered as a Money Services Business (MSB) with FINTRAC and VirgoCX is registered with FINTRAC and PIPEDA, indicating their commitment to maintaining high regulatory standards. They adhere to all federal laws related to cryptocurrencies and have measures in place to monitor and report suspicious activities.
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.
If you need help, you can contact VirgoCX’s support team via email or live chat 24/7. They also offer multi-language support. Not many exchanges offer live chat.
Coinfield offers support through email and live chat and prides itself on a quick response time. In contrast, VirgoCX provides 24/7 customer support through email and live chat, with the additional advantage of multi-language 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 VirgoCX and Coinfield, go ahead with VirgoCX.
While both Coinfield and VirgoCX offer robust trading platforms, diverse cryptocurrency offerings, advanced security measures, and commendable customer support, Coinfield takes the lead due to its slightly lower fees and higher ratings on mobile application platforms, providing an overall better user experience.
We recommend choosing Coinfield over VirgoCX 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 VirgoCX 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.
