Security Compliance
Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.
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.
Security remains a paramount concern for cryptocurrency enthusiasts. While both Bitget and Coinfield have robust security measures in place, Bitget has a slight advantage with its advanced encryption protocols and two-factor authentication. Coinfield, although not trailing far behind, focuses on ensuring user data protection with its unique data storage mechanisms.
Regulatory Compliance
Not regulated by Canadian financial institutions.
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.
Canada, like many other nations, has federal agencies that monitor the operations of cryptocurrency exchanges for compliance. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is responsible for overseeing these platforms, ensuring they adhere to Canadian laws. While both Bitget and Coinfield operate in Canada, Coinfield stands out as it's based in the country and has a more in-depth understanding and alignment with the Canadian regulations. Bitget, although international, ensures it is compliant with all FINTRAC requirements.
Customer support
Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out.
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.
Support can often be the breaking point for many users when choosing an exchange. Both Bitget and Coinfield prioritize their users by offering 24/7 support, ensuring any issues are promptly addressed. Bitget has a more extensive network of support agents, making their response time slightly faster than Coinfield. Coinfield, however, compensates with its detailed FAQ section and informative blog posts that preemptively address many users' concerns.
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 Bitget and Coinfield, go ahead with Bitget.
Both Bitget and Coinfield are strong contenders in the world of cryptocurrency trading. They cater to their user base with their unique selling propositions, making the choice between them challenging. However, Bitget inches ahead with its advanced security features, faster client support, and international appeal, making it our top pick for 2024.
We recommend choosing Bitget over Coinfield for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitget 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.
