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Binance vs. Coinfield: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

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 The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada.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 The comparison below is outdated and kept for educational purposes. 

In this comparison between CoinField and Binance, two prominent cryptocurrency exchanges in Canada, we will explore their features, security measures, regulatory compliance, customer support, and overall user experience. While CoinField stands out with its wide range of supported fiat currencies and deposit methods, Binance boasts a more extensive selection of cryptocurrencies.

Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over CoinField.

Description

Binance was founded in 2017 and is based in Malta. It averages $2 billion in daily volume and executes 1.4 million transactions per second. Canadians can purchase and trade hundreds of different coins with advanced order types. Binance stopped operating in Canada in July 2022.

CoinField is an EU-based cryptocurrency exchange that is Canada-friendly. It was a secure crypto exchange with a robust verification process.

Unfortunately, CoinField is no longer active in Canada. The Ontario Securities Commission (OSC) has stated that the exchange does not have adequate assets to satisfy withdrawal requests.

Coins

400+ including BTC, ETH, XRP, DOGE, USDT

While it offers the usual digital currencies such as bitcoinEthereum and Litecoin, it does not offer popular coins such CardanoSolana, or Dogecoin. The full list of coins available are: Bitcoin, Ethereum, XRP, Stellar, EOS, TRON, Sologenic, BAT, Mimblewimble, USDT, USDC, Bitcoin Cash, Bitcoin Gold, DigiByte, Golem, OMG, Augur, 0x, Zilliqa, Civic, and Loom.

Fees

Low
0.1% to 0.02% buy fee depending on VIP level

When it comes to fees, CoinField has many. It charges a 2% deposit fee for Interac e-Transfers with a minimum deposit of $100. US dollar wire transfers are free. CoinField charges a 2.5% withdrawal fee using Interac and its maker/taker trading fees are 0.15%/0.25% if your trading volume is less than $50,000 over 30 days. 

Pros

  • Good for Canadians looking to buy and trade altcoins
  • DEX/P2P trading
  • Advanced order types
  • Margin trading
  • Derivatives and futures trading
  • Stock token trading
  • 400+ coins
  • Low fees
  • Simple or advanced interface
  • Secure and compliant exchange
  • CAD Interac e-Transfers available
  • Advanced trading features available
  • Easy-to-use app
  • Accepts many fiat currencies and deposit methods
  • Staking rewards and referral program

Cons

  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • High deposit and withdrawal fees
  • Desktop platform can be confusing for beginners
  • Some of the most popular coins not available 
  • Slow customer service 

Account Limits

N/A

Only limits at your local financial institution may apply

Methods to buy

Credit/debit, SWIFT bank transfer with USD

CoinField accepts six fiat currencies including CAD, USD, EUR, GBP, AED, and JPY.

  • Interac e-Transfer
  • Credit/debit where accepted
  • Bank transfer

Security

2FA, coins held in cold storage with multi-signature wallets, KYC verification process

  • Cold storage
  • Secret vaults
  • Multi-signature wallets
  • Encryption and isolated servers
  • 2FA

Mobile and Desktop Trading

Binance offers a user-friendly mobile app available on both the App Store and Google Play, with a high rating of 4.7 stars and 4.4 stars respectively. Users praise its intuitive interface and comprehensive trading features. The desktop platform is highly esteemed among traders, offering a suite of advanced tools tailored to meet the needs of experienced traders.
CoinField provides a well-designed mobile app with a rating of 4.3 stars on the App Store and 4.3 stars on Google Play. The app offers a straightforward interface suitable for beginner traders. The desktop platform caters to traders of all levels, providing a comprehensive range of advanced trading features suitable for both novice and experienced users.

Binance Canada

Binance has a rating of 4.6 stars on the Apple App Store with 22,000 ratings. On Google Play, it has 4.5 stars with 271,000 ratings.

Binance’s app allows its users to switch between the Lite and Pro interfaces making it suitable for both beginners and experienced traders.

Binance’s app interface also closely resembles its desktop counterpart, though, at first glance, it does not seem as user-friendly and intuitive as Coinbase. Binance offers its users multiple ways to purchase crypto depending on the type of trade you want. On its desktop platform, you can select “Convert” for a quick debit or credit purchase, or “Classic” or “Advanced” for more trading types.

Binance desktop platform (Convert)

Binance Convert

Binance desktop platform for advanced users

Binance Advanced

Binance Lite App for beginner users view

Binance Lite App for beginner users

Binance Advanced mobile view for Canadians

Binance App for advanced users

Coinfield

On the Apple App Store, the CoinField app has a 4.3-star rating with almost 500 reviews. On Google Play it has a 3.4-star rating with over 1000 reviews. Some of the worst reviews are people lamenting the high fees and slow processing times. 

Reviewing CoinField's features

Coinfield trading view

Reviewing CoinField's usability from desktop version

Coinfield view with selecting coins

One of the pages on CoinField's app

Coinfield app main screeen

Reviewing CoinField's mobile app interface

App view while trading

Security Compliance

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

Keep in mind, Binance has been hacked before. Back in 2019, hackers stole 7,000 Bitcoin along with customers’ 2FA codes and API tokens. The hackers used phishing and viruses to gain access to the exchange. However, because Binance holds most of its digital assets in cold storage, the hackers only got away with what was in the hot wallet – about 2% of Binance’s Bitcoin holdings at the time.

As long as you take precautions, and transfer your crypto off the exchange to an external cryptocurrency wallet, you should be safe.

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. 

Binance has implemented stringent security measures to protect user assets. It utilizes a multi-tier and multi-cluster system architecture, along with the Secure Assets Fund for Users (SAFU) for additional protection. Binance prioritizes account security and offers additional measures such as two-factor authentication (2FA) to bolster the protection of user accounts.
CoinField prioritizes security and privacy, employing measures such as cold storage, multisignature wallets, encryption, and isolated servers. Users can enable 2FA for added account protection, and all withdrawals require email confirmation. CoinField has a solid reputation for maintaining a secure environment.

Regulatory Compliance

Binance has no restrictions for Canadians, except for Ontario residents. You can use it at full capacity whether it’s a simple buy order at market price or a more advanced order type. 

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.

Being a global exchange, Binance complies with international regulations concerning anti-money laundering (AML) and counter-terrorism financing (CTF), which encompass guidelines such as the US Bank Secrecy Act and the recommendations of the Financial Action Task Force (FATF). While Binance operates in Canada, it is important to note that it faced regulatory concerns in some provinces, such as Ontario.
CoinField is a compliant exchange, ensuring adherence to regulatory standards. It follows the regulatory framework established by the European Union (EU), as it is an EU-based exchange. CoinField also operates within the legal framework of Canada, including compliance with provincial regulations.

Customer support

Binance offers 24/7 support and a live chat option. In addition, Binance also has helpful FAQs and online ticketing service for their customers. Binance replied to our concern within a day.

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.

Binance offers 24/7 customer support through various channels, including live chat, a comprehensive help center, and a support ticket system. Users appreciate the prompt and responsive customer service provided by Binance. CoinField allows users to submit support tickets online or via email for assistance. While customer support is available on weekdays and weekends, some users have reported slower response times. CoinField aims to improve its support system to better serve its customers.

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 Binance and CoinField are reputable crypto exchanges with their own strengths. Binance stands out for its robust mobile and desktop trading platforms, extensive security measures, compliance with international regulations, and excellent customer support. While CoinField offers a user-friendly mobile app, a wide range of fiat currencies, and a secure trading environment, it falls short in terms of the selection of cryptocurrencies and availability. Taking these factors into account, Binance emerges as the winner, offering a comprehensive and reliable platform for cryptocurrency trading.

Initially, we recommended choosing Binance or CoinField for your cryptocurrency trading needs. However, Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over CoinField.

If you find that neither Binance 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.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.