Security Compliance
Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication.
In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available.
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.
Wealthsimple Crypto employs a custodial approach, which might be seen as less secure because users don't have control over their private keys. CoinField, however, has never been hacked and employs robust security measures like cold storage, secret vaults, multisignature wallets, and two-factor authentication.
Regulatory Compliance
Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform 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.
Wealthsimple Crypto is regulated by the Canadian Securities Administrators, showing it adheres to Canadian federal laws and regulations. CoinField, although EU-based, is also compliant with Canadian laws, offering a secure trading environment for Canadian users.
Customer support
Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly.
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.
Wealthsimple Crypto offers customer support via email and has a comprehensive FAQ section.
CoinField, although it has a wider range of support options including support tickets and Twitter, has slower response times with some users reporting having to wait days for a response.
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 Wealthsimple Crypto and Coinfield, go ahead with Wealthsimple Crypto.
While both Wealthsimple Crypto and CoinField offer good trading experiences, Wealthsimple Crypto emerges as the winner. This is primarily due to its more straightforward fee structure, intuitive trading platform, and regulation by the Canadian Securities Administrators. However, for traders looking for a broader range of cryptocurrencies and advanced trading features, CoinField is still a strong contender.
We recommend choosing Wealthsimple Crypto over CoinField for your cryptocurrency trading needs. By opting for Wealthsimple Crypto through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Wealthsimple Crypto 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.
