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.
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodians BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
Coinfield takes pride in its robust security measures, boasting never being hacked and using cold storage, secret vaults, multisignature wallets, encryption, and isolated servers. Users can also use two-factor authentication for added protection. Bitvo, on the other hand, holds 95%-100% of assets in cold storage with a small amount in hot storage and has layered firewall infrastructure. It also screens any cryptocurrencies looking to be listed on the platform for additional customer protection.
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.
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (2025). Former Bitvo customers with account questions should contact Bitbuy support.
Both Coinfield and Bitvo comply with federal regulations. Coinfield, while being EU-based, is fully compliant with Canadian laws. Bitvo is a registered Money Service Business in Canada and adheres to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations, ensuring legal and secure operations within the country.
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.
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
Coinfield's client support involves submitting support tickets online or via email. However, its response times can be slow, and it does not offer phone support. Bitvo stands out in this area with its customer satisfaction guarantee and 24/7 support, including live chat, email, and phone support, a unique offering in the crypto exchange sphere.
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 Bitvo and Coinfield, go ahead with Bitvo.
Both Coinfield and Bitvo provide excellent platforms for cryptocurrency trading. However, the winner between the two would be Coinfield. Despite higher fees and slower customer support response times, Coinfield's security measures, vast crypto offerings, future plans of launching its own coin, and the fact that it is looking to expand its reach through partnerships sets it a step ahead.
We recommend choosing Coinfield over Bitvo 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 Bitvo 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.
