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ByBit vs Coinfield: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

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 The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada.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 The comparison below is outdated and kept for educational purposes.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

In this comparison, we will explore two prominent cryptocurrency exchanges in Canada: ByBit and CoinField. ByBit offers advanced trading features and stringent security measures, while CoinField focuses on simplicity, compliance, and supports a wide range of fiat currencies. Let’s delve into the details of these exchanges to understand their differences and strengths.

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.

 

Description

ByBit is a global cryptocurrency exchange with headquarters in Dubai with over 100 cryptocurrencies to trade. Unfortunately, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget.

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

Coins

100+ crypto coins

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 trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P fees

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

  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • 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

  • Won't be available in Canada in October 2023
  • Advanced trading platform can be confusing for beginners
  • Only card payments or third-party transfers
  • No CAD deposits
  • 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

A peer-to-peer trading limit of $1000 per day and a withdrawal limit of 2 BTC per day

Only limits at your local financial institution may apply

Methods to buy

  • CAD deposits are not available
  • You can deposit  by card payment, a third-party such as Banxa (3% commission)
  • Peer-to-peer marketplace

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

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

Security

  • ByBit uses cold storage for assets
  • 2FA
  • Cold storage
  • Secret vaults
  • Multi-signature wallets
  • Encryption and isolated servers
  • 2FA

Mobile and Desktop Trading

ByBit provides users with a highly rated mobile app, boasting 4.3 stars on the App Store and 4.8 stars on Google Play. The app delivers a seamless trading experience on mobile devices, ensuring convenience and user-friendliness. ByBit's desktop platform is widely recognized for its advanced trading features and intuitive navigation, catering to the needs of experienced traders.

In contrast, CoinField provides users with a mobile app that has garnered positive ratings of 4.3 stars on the App Store and 3.4 stars on Google Play. The app is designed to provide a straightforward interface, making it suitable for beginners entering the crypto space. Additionally, CoinField offers a desktop platform equipped with advanced trading features tailored to the requirements of experienced traders, allowing them to execute trades efficiently.

ByBiy

ByBit has a mobile app for both iPhone and Android users. On iOS, the ByBit app has a 3.9-star rating from 689 reviews. On Google Play it has a 4.3-star rating from 76,000 reviews.

Desktop view for ByBit app

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit

One-click buy on ByBit App

ByBit's mobile app screenshot from my account

ByBiy app main screen

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

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.

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.