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.
Coinbase keeps around 98% of customer crypto in cold storage with multi-signature wallets, making theft extremely difficult even if systems are compromised, and backs custodied assets with substantial crime insurance. It undergoes SOC 1 and SOC 2 audits and, as a public company, publishes quarterly audited financials, a level of transparency almost no competitor matches. Note that Coinbase also offers the separate, non-custodial Coinbase Wallet app for self-custody, which is distinct from holding coins on the exchange.
Coinbase is known for being one of the safest crypto exchanges. 98% of its assets are stored in cold storage, and it sets up two-factor authentication on all accounts. Coinfield also prioritizes security, keeping 95% to 100% of assets in cold storage and maintaining a multi-layered firewall infrastructure. Each platform uses encryption to secure wallet and private keys and conforms to strict employee background check policies.
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.
Coinbase went from unregistered convenience to the most credentialed international platform in Canada: it signed an Enhanced Pre-Registration Undertaking in March 2023, formally launched with Interac rails in August 2023, and became a CSA-registered Restricted Dealer in April 2024, the first international exchange to achieve this. It's registered with FINTRAC as an MSB and authorized in Quebec by the AMF. Canadians can use the platform fully, with the standard restricted dealer caveats: certain altcoin purchase limits and no CIPF coverage on crypto.
Both Coinfield and Coinbase are registered Money Services Businesses in Canada and are fully compliant with FINTRAC regulations. Coinbase, as a publicly-traded company in the US, has additional transparency obligations towards its shareholders.
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.
Coinbase offers 24/7 support with live chat, a comprehensive help centre and an extensive learning hub. Support quality remains its weak spot: reaching a human who understands Canadian banking specifics can take patience, and our own test took four days to get a real person. For routine issues the automated help works fine, but complex account problems can drag.
Customer support is an area where Coinfield outshines Coinbase. Coinfield provides 24/7 customer support, including live chat, email, and even phone support. Coinbase, on the other hand, has been criticised for its customer support, with complaints of ignored requests, slow verifications, and delayed withdrawals, despite offering live chat, email, and 24/7 phone support.
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 Coinbase and Coinfield, go ahead with Coinbase.
Both exchanges have their strengths. Coinbase's global presence, educational resources, and strong security measures make it an appealing choice. However, for Canadians, Coinfield emerges as the winner due to its customer-centric approach, low fees, robust security measures, excellent customer service, and the fact that it's a homegrown platform. The limitations on Coinbase for Canadian users, including low buying limits and high costs, make Coinfield the preferred platform.
We recommend choosing Coinfield over Coinbase 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 Coinbase 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.
