Security Compliance
Bitbuy remains one of the safest crypto exchanges for Canadians. Client assets are segregated and held predominantly in insured cold storage with custodian BitGo, protected by mandatory two-factor authentication, and verified through quarterly proof-of-reserves reporting required under CIRO oversight. Bitbuy has operated since 2016 without a hack. The Robinhood acquisition doesn't change these protections, since Robinhood stepped into Canada's existing regulatory structure rather than around it. As always, crypto itself isn't covered by CIPF, so long-term holdings belong in your own wallet.
CoinField marketed itself as a highly secure exchange using cold storage, multi-signature wallets and encryption. The regulatory record tells a different story: the OSC found the platform did not have sufficient crypto assets in custody to satisfy investor withdrawal requests and misled both investors and the regulator about why withdrawals were delayed. Whatever its technical security, customer funds were not safe. This is a textbook example of why we recommend holding your own coins in your own crypto wallet rather than leaving them on any exchange.
Both Bitbuy and Coinfield take security seriously. Bitbuy utilizes third-party cold storage, keeping 95% to 100% of assets offline. In addition, it operates multi-layered firewall infrastructure and scrutinizes coins before listing them.
Coinfield, too, boasts of strong security measures, utilizing cold storage, secret vaults, multisignature wallets, encryption and isolated servers. It also offers two-factor authentication and sends verification emails for withdrawals and when a new device or IP address is used to log in. Coinfield, so far, has never been hacked
Regulatory Compliance
Bitbuy's regulatory pedigree is among the best in Canada: it was the country's first registered crypto marketplace back in 2021, is registered with FINTRAC, and operates under CIRO oversight through the WonderFi group's registered dealer. In June 2026, Robinhood completed its C$250 million acquisition of WonderFi after CIRO approved the transfer of control, making Bitbuy part of a Nasdaq-listed company while keeping all Canadian registrations in place. The old IIROC Crypto-Asset Working Group reference is obsolete, as IIROC merged into CIRO in 2023.
CoinField's FINTRAC registration was ceased, and the company was never registered with Canadian securities regulators. In August 2024, Ontario's Capital Markets Tribunal found it violated securities law through unregistered trading, illegal distribution and misleading investors, and in 2025 it was permanently banned from Ontario's capital markets with over $3 million in combined penalties, disgorgement and costs. CoinField did not participate in the proceedings.
Both Bitbuy and Coinfield are fully compliant with Canadian regulations. Bitbuy is registered as a Money Service Business in Canada and abides by the rules set by FINTRAC. Similarly, Coinfield, being based in the EU but Canada-friendly, operates within the regulatory framework set by Canadian authorities. This compliance makes both platforms trustworthy for Canadian users.
Customer support
Bitbuy has FAQs and a knowledge centre on its website, with support handled through email tickets. There's no live chat or phone line, and replies can take a while for complex issues, which is a genuine weakness compared to competitors like NDAX or Netcoins that offer real-time channels. Bitbuy account holders should also watch their inbox for Robinhood migration communications and review new terms carefully before accepting them.
There is no customer support because there is no company left to contact. Former customers with unfulfilled withdrawals were harmed when the platform collapsed, and the tribunal noted the total harm to investors remains uncertain. If you were affected, you can report your experience to the OSC. If anyone contacts you claiming to recover your lost CoinField funds for a fee, that is a recovery scam, a common second-wave fraud targeting victims of collapsed exchanges.
Bitbuy offers a unique advantage in terms of customer support by providing a 24/7 service that includes live chat, email, and phone support – the latter being a rare feature among crypto exchanges. On the other hand, Coinfield, while providing support through tickets and email, does not offer phone support. Its customer support has garnered criticism for being slow, and it has a poor Trustpilot rating of 1.5 stars, with complaints of delayed crypto withdrawals.
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 Bitbuy and Coinfield, go ahead with Bitbuy.
In conclusion, both Bitbuy and Coinfield offer great platforms for Canadians looking to venture into crypto trading. However, Bitbuy takes the lead with its strong focus on customer support, security, and user-friendly interface. Despite Coinfield's unique features, Bitbuy's comprehensive package makes it the preferred choice for both beginners and experienced traders.
We recommend choosing Bitbuy over Coinfield for your cryptocurrency trading needs. By opting for Bitbuy through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitbuy 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.
