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 provides 24/7 customer support through multiple channels, including live chat, a detailed 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.
