Security Compliance
CoinField marketed itself as a highly secure exchange using cold storage, multi-signature wallets and encryption. The regulatory record tells a different story: the OSC found the platform did not have sufficient crypto assets in custody to satisfy investor withdrawal requests and misled both investors and the regulator about why withdrawals were delayed. Whatever its technical security, customer funds were not safe. This is a textbook example of why we recommend holding your own coins in your own crypto wallet rather than leaving them on any exchange.
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's FINTRAC registration was ceased, and the company was never registered with Canadian securities regulators. In August 2024, Ontario's Capital Markets Tribunal found it violated securities law through unregistered trading, illegal distribution and misleading investors, and in 2025 it was permanently banned from Ontario's capital markets with over $3 million in combined penalties, disgorgement and costs. CoinField did not participate in the proceedings.
Bitcoin Well is registered with FINTRAC (registration M19811620) and with Revenu Québec, and is fully legal in Canada. As a company listed on the TSX Venture Exchange, it also publishes audited financials, a level of transparency almost no other Canadian bitcoin platform offers.
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
There is no customer support because there is no company left to contact. Former customers with unfulfilled withdrawals were harmed when the platform collapsed, and the tribunal noted the total harm to investors remains uncertain. If you were affected, you can report your experience to the OSC. If anyone contacts you claiming to recover your lost CoinField funds for a fee, that is a recovery scam, a common second-wave fraud targeting victims of collapsed exchanges.
Bitcoin Well runs an in-house Canadian support team available around the clock, and you can browse their help centre, open a support ticket, or even call or text their team. Most crypto platforms do not offer a phone number, so this is a big plus. Their Trustpilot rating sits around 4 stars across a modest number of reviews.
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.
