Coinfield vs. Bitcoin Well: What Works Better For Canadians in 2023

Oleg Galeev

1 month ago

As the cryptocurrency landscape in Canada continues to mature, two exchanges stand out in their offering: Coinfield and Bitcoin Well. Each has carved a unique niche, with Coinfield extending its reach beyond Canada’s borders, while Bitcoin Well centers its focus primarily on Bitcoin and offers a trusted platform particularly for Canadian enthusiasts.


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

Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.


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.

Bitcoin only


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. 

Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 


  • 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
  • Immediate self-custody of assets
  • Option to buy bitcoin privately with cash
  • Buy online with Visa debit, e-Transfer or wire
  • No withdrawal fees or wait times
  • Public Company which offers transparency


  • High deposit and withdrawal fees
  • Desktop platform can be confusing for beginners
  • Some of the most popular coins not available 
  • Slow customer service 
  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types

Account Limits

Only limits at your local financial institution may apply

  • minimum of $100 payment
  • $50,000 transaction limit.

Methods to buy

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

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


  • Cold storage
  • Secret vaults
  • Multi-signature wallets
  • Encryption and isolated servers
  • 2FA

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. 

Mobile and Desktop Trading

In the arena of digital trading, both Coinfield and Bitcoin Well recognize the importance of accessibility. Coinfield's mobile application garners a commendable 4.3-star rating on the Apple App Store and a slightly lower 3.4 on Google Play, indicating a generally positive reception. Feedback highlights include its intuitive dark-themed design, complementing a desktop platform that might initially appear intricate but offers both quick and advanced trading options. On the other hand, Bitcoin Well, while not explicitly detailed in its mobile offering, ensures a user-centric desktop interface that simplifies trading dynamics for both novices and experts.


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

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Transaction limits on Bitcoin Well

Setting up the account with Bitcoin Well

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.


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 2023, 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.


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.