Security Compliance
ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage.
For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account.
This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario.
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.
ByBit employs stringent security measures such as two-factor authentication, cold storage for assets, and robust encryption protocols. It prioritizes the safety of user funds and information.
CoinField has earned a reputation as one of the most secure cryptocurrency exchanges in Canada. It utilizes cold storage, secret vaults, multisignature wallets, encryption, and isolated servers. Users have the option to activate two-factor authentication, adding an extra layer of security to their accounts.. CoinField has never been hacked, demonstrating its commitment to security.
Regulatory Compliance
In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.
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.
ByBit ensures compliance with Canadian regulations and laws. While specific details about federal organizations monitoring compliance are not provided, ByBit operates in accordance with the regulatory framework in Canada. ByBit don't work in Ontario.
CoinField is fully compliant with regulations in Canada. As an EU-based exchange, it follows strict compliance standards. CoinField is licensed as a Money Service Business (MSB) by FINTRAC and maintains a focus on security, privacy, and legal compliance.
Customer support
ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.
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.
ByBit provides customer support via live chat, email, and a comprehensive help center featuring frequently asked questions. However, the specific details regarding the responsiveness and customer satisfaction are not explicitly mentioned in the available information.
CoinField allows users to submit support tickets online or via email. While phone support is not offered, customer support is available on weekdays and weekends. However, CoinField has received mixed reviews regarding the speed of customer support responses.
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 ByBit and Coinfield, go ahead with ByBit.
Both ByBit and CoinField are reputable crypto exchanges with their own strengths. ByBit excels in terms of advanced trading features, stringent security measures, and a user-friendly interface. CoinField distinguishes itself with its strong adherence to compliance standards, extensive selection of fiat currencies, and diverse deposit methods. While both exchanges have their merits, ByBit emerges as the winner due to its comprehensive offerings and robust security measures.
Initially, we recommended choosing ByBit over CoinField for your cryptocurrency trading needs. However, Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over CoinField.
If you find that neither ByBit 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.
