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.
BitMEX's technical security record is genuinely strong: it has never been hacked, keeps all bitcoin in cold storage with multi-signature wallets, and has employees manually audit withdrawals. Its regulatory record is another matter. BitMEX and its founders pleaded guilty to violating the US Bank Secrecy Act for failing to run an anti-money-laundering program, the company was fined $100 million in January 2025, and its three co-founders were pardoned by President Trump in March 2025. Funds on the platform have historically been safe from hackers; the risk was always regulatory.
Both CoinField and BitMEX take security seriously. CoinField has never been hacked and prides itself on utilizing cold storage, secret vaults, multisignature wallets, encryption, and isolated servers for enhanced security. Users are also able to enable two-factor authentication on their accounts for added protection. BitMEX also implements similar security measures, including cold storage for user funds, two-factor authentication, and PGP email encryption.
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.
BitMEX initially restricted only Ontario and Québec, but as of late 2023 its Restricted Jurisdiction Policy lists all of Canada as restricted. Its US legal troubles have concluded with guilty pleas, a $100 million fine and subsequent presidential pardons for the founders. There is no indication BitMEX intends to register with Canadian regulators or return to the Canadian market.
CoinField, based in the European Union, is compliant with Canadian regulations and is one of the safest exchanges for Canadians. On the other hand, BitMEX was not available to Canadian users in Ontario and Quebec due to regulatory restrictions. However, BitMEX had been actively working to comply with worldwide 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.
BitMEX offers support via a contact form on its website and has a detailed FAQ section. For Canadians this is academic, since the platform is off-limits entirely.
CoinField offers customer support via support tickets online or via email. They don't offer phone support, and their response time can sometimes be slow. BitMEX offers 24/7 customer support through a ticketing system but has also been criticized for slow response times.
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 BitMEX and Coinfield, go ahead with BitMEX.
While both CoinField and BitMEX are credible and popular exchanges, for Canadians, CoinField is a clear winner. CoinField supports multiple fiat currencies including CAD, allows deposits and withdrawals using Interac e-Transfer, and offers a beginner-friendly mobile app along with an advanced desktop platform. Furthermore, with its diverse crypto offerings, staking rewards, a decent referral program, and its forthcoming coin, CoinField seems to have an edge over BitMEX, especially for Canadian users.
We recommend choosing CoinField over BitMEX 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 BitMEX 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.
