Kucoin vs Coinfield: What Works Better For Canadians in 2024

Security Compliance

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet. 

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. 

KuCoin and CoinField prioritize the security of their users' assets. KuCoin employs multiple security layers, including dynamic multifactor authentication, while CoinField implements cold storage, secret vaults, multisignature wallets, encryption, and isolated servers. While both exchanges have robust security measures, KuCoin has a more extensive track record and global reputation for security.

Regulatory Compliance

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

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.

Both KuCoin and CoinField operate in Canada. It is important to note that Canadian federal organizations, such as the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), monitor compliance in the cryptocurrency industry. CoinField is fully regulated and licensed as a Money Service Business (MSB) by FINTRAC, ensuring compliance with Canadian regulations. KuCoin has faced regulatory issues in the past, particularly in Ontario, where it was fined by the Ontario Securities Commission (OSC) for non-compliance.

Customer support

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

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.

Both KuCoin and CoinField offer customer support through their websites, support tickets, and email communication. KuCoin has a reputation for responsive customer service, while CoinField's support response times can vary. Users of both exchanges have access to support resources and assistance when needed.

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 Kucoin and Coinfield, go ahead with Kucoin.

Both KuCoin and CoinField are reputable cryptocurrency exchanges with their own strengths. However, KuCoin stands out as the winner due to its global presence, extensive range of cryptocurrencies, advanced trading features, and higher security reputation. While CoinField caters well to the Canadian market and offers unique features like its franchise program and referral program, KuCoin's broader offerings and track record make it the preferred choice for many cryptocurrency traders.

We recommend choosing Kucoin over CoinField for your cryptocurrency trading needs. By opting for Kucoin through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Kucoin 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.