Security Compliance
Newton does daily backups to minimize risk and states on its website that customer data is stored in Canada. They also perform daily site backups, have offline third-party storage for digital assets, and they allow their customers to directly connect their bank account to reduce fraud.
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.
Newton is a self-proclaimed "no funny business" platform, assuring users of the robustness of their security protocols. CoinField, on the other hand, takes pride in never having been hacked. Both platforms utilize cold storage and encryption for added safety. Both exchanges also provide 2-factor authentication (2FA) for added security. However, CoinField appears to have a more stringent security protocol with the use of secret vaults, multi-signature wallets, and isolated servers.
Regulatory Compliance
Newton is fully compliant with FINTRAC regulations in Canada.
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 Newton and CoinField are compliant with the rules and regulations set by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). However, CoinField offers a wider reach by operating in 186 countries excluding the US, while Newton mainly caters to Canadian clients.
Customer support
Newton has FAQs and a knowledge center on the website. Customers can message the support teams either online via their support pages or through email. Newton does not have a phone and live 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.
Newton provides a responsive customer support service, with quick turnaround times on queries and issues raised. CoinField, unfortunately, has been criticized for slow customer service response times. While both platforms provide email support, only Newton offers phone support, which can be crucial during urgent situations.
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 Newton and Coinfield, go ahead with Newton.
While both Newton and CoinField are excellent platforms, Newton edges out CoinField as the preferred choice due to its superior customer service, zero-fee structure, and a simpler, more intuitive user interface. CoinField's high fees and slow processing times have been a sticking point for some users. That said, CoinField's robust security measures, wider international reach, and more diverse crypto pair offerings make it a strong contender in the market.
We recommend choosing Newton over CoinField for your cryptocurrency trading needs. By opting for Newton through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Newton 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.
