Security Compliance
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.
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
The inherent digital nature of cryptocurrency heightens the importance of security. Bitcoin Well has evidently channeled substantial investments into creating a secure environment, implementing multi-factor authentication, advanced cold storage solutions, and relentless monitoring. Coinfield, on the flip side, boasts of an unblemished security record, having never faced a security breach. Its layered security approach, encompassing cold storage, secret vaults, multisignature wallets, and more, underscores its commitment to user safety.
Regulatory Compliance
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.
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
In Canada, regulatory adherence in the cryptocurrency space is non-negotiable. Bitcoin Well not only facilitates crypto transactions but also ensures it operates within Canadian legal frameworks. Coinfield, being EU-based yet significantly Canada-friendly, equally operates under the Canadian regulatory purview. While specifics on federal organizations overseeing these exchanges aren't provided, their commitment to transparency and adherence suggests a conscientious approach to national regulations.
Customer support
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.
Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus.
Behind every successful platform is a team committed to user satisfaction. Bitcoin Well prioritizes its users, evident in its robust customer support, ensuring timely responses and expertise. Coinfield, while it extends support both online and via email, unfortunately, has room for improvement. With a slightly unfavorable Trustpilot rating and some reviews pointing towards delayed responses, its customer support realm has seen better days.
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 Bitcoin Well and Coinfield, go ahead with Bitcoin Well.
In concluding this comparison, it's clear both Coinfield and Bitcoin Well bring significant strengths to the table. Bitcoin Well caters specifically to the Canadian market with a localized touch, and its emphasis on security and user experience is commendable. Coinfield, however, with its international outlook, wider array of cryptocurrencies, and multifaceted trading platforms, emerges with a slight edge. Its imminent plans for its proprietary crypto coin and the significant acquisition by Tingo Mobile PLC further amplify its potential growth trajectory. Thus, for 2024, Coinfield takes the crown, albeit by a small margin.
We recommend choosing Coinfield over Bitcoin Well for your cryptocurrency trading needs. By opting for Coinfield through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Coinfield nor Bitcoin Well 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.
