Security Compliance
Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.
Two-factor authentication is available to help keep your account secure.
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.
Security is paramount when trading cryptocurrencies. Both exchanges take this seriously, employing advanced encryption techniques and two-factor authentication. While Coinfield boasts about its state-of-the-art security infrastructure, Netcoins prides itself on constant security audits and transparent reporting. Neither has faced any significant security breaches to date, making it a close call to determine which is safer.
Regulatory Compliance
Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.
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.
In Canada, the regulation of crypto exchanges falls under the purview of various federal organizations. Both Netcoins and Coinfield adhere strictly to the regulations set by these bodies. They are under the watchful eye of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Canadian Securities Administrators (CSA). Both exchanges have consistently demonstrated a commitment to staying compliant with federal laws, ensuring users' trust.
Customer support
Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.
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.
Customer support plays a pivotal role in user experience. Coinfield offers a detailed FAQ section and a responsive email support system. Netcoins, on the other hand, provides multi-channel support, encompassing phone, email, and chat services, ensuring users can reach them in multiple ways. Feedback suggests Netcoins often responds quicker, making it a preferred choice for those requiring immediate assistance.
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 Netcoins and Coinfield, go ahead with Netcoins.
While both crypto exchanges offer exceptional services, based on our evaluation, Netcoins edges out as the winner. Its superior customer support combined with a slight edge in security practices makes it a top choice for users in Canada.
We recommend choosing Netcoins over Coinfield for your cryptocurrency trading needs. By opting for Netcoins through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Netcoins 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.
