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.
Both Coinsmart and CoinField place a strong emphasis on security, adopting various measures to safeguard users' assets and personal data. Coinsmart employs SSL, and 2FA, whereas CoinField relies on cold storage, concealed vaults, multisignature wallets, encryption, and segregated servers. Both exchanges have never been hacked, but CoinField's additional security features give it a slight edge in terms of safety.
Regulatory Compliance
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
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.
Coinsmart and CoinField are both compliant with Canadian federal laws and regulations. They adhere to the guidelines set by the FINTRAC and the Canadian Securities Administrators (CSA). This ensures that both exchanges operate within the legal framework and maintain transparency with Canadian authorities.
Customer support
CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.
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.
Coinsmart provides customer support via email, live chat, and phone, offering a comprehensive approach to customer service. CoinField, on the other hand, allows users to submit support tickets online or via email but does not offer phone support. CoinField's customer support is known to be slower, sometimes taking days to respond.
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.
Both Coinsmart and CoinField are excellent choices for Canadian cryptocurrency traders, with user-friendly platforms, robust security measures, and compliance with Canadian regulations. However, Coinsmart emerges as the winner due to its competitive fees, more responsive customer support, and focus on simplicity, making it an ideal choice for beginners and experienced traders alike.
We recommend choosing Coinsmart over CoinField for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!
If you find that neither Coinsmart nor CoinField 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.
