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.
NDAX keeps roughly 95% of digital assets in cold storage using Ledger Vault, a big name in crypto security, alongside multi-signature wallets and regular audits. Two-factor authentication is mandatory at sign-up, a policy we like since most exchanges leave it optional. Changing account details like your email or phone number requires submitting a selfie with a handwritten note, an old-school but effective defence against account takeover. As a CIRO member, NDAX also keeps client CAD balances in segregated accounts, though crypto assets themselves aren't covered by deposit insurance.
Both Coinfield and NDAX take security very seriously. Coinfield employs the advanced security system, SSL encryption, cold storage for funds, and two-factor authentication (2FA). NDAX also offers robust security features including mandatory 2FA, cold storage using Ledger Vault, and whitelisting of addresses, which allows only authorized withdrawals.
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.
NDAX is one of the most compliant platforms in Canada: a registered investment dealer and CIRO member since December 2024, licensed across all provinces and territories, and registered with FINTRAC and the AMF. It has also received CIRO approval to offer staking, which very few Canadian platforms can claim.
Coinfield and NDAX are fully compliant with Canadian regulations. Both are registered as Money Service Businesses with FINTRAC. NDAX also has compliance with AMF. They adhere strictly to all federal laws and guidelines, making them secure platforms for crypto trading.
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.
NDAX provides a knowledge centre answering the most common questions, plus live chat, email and phone support available Monday to Friday from 10 AM to midnight ET. When we contacted them, we got a reply in an impressive 20 minutes. Their team also responds to negative reviews publicly, which speaks well of how seriously they take support.
Coinfield provides 24/7 customer support through email and live chat. However, there have been mixed reviews regarding the response time and effectiveness of their customer service. NDAX, on the other hand, has a live chat function and email support, which has shown impressive response times. However, they do not offer phone support despite having a contact number listed.
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 NDAX and Coinfield, go ahead with NDAX.
Both Coinfield and NDAX are excellent choices for crypto trading in Canada, boasting solid security measures, user-friendly platforms, and compliance with Canadian regulations. While NDAX has certain unique features like address whitelisting and extensive educational resources, Coinfield is deemed the winner due to its competitive fee structure, broader global reach, and a wider array of supported currencies.
We recommend choosing Coinfield over NDAX 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 NDAX 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.
