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.
Shakepay holds the majority of users' funds in cold storage with insurance covering risks like theft or key loss, and client funds are held 1:1 with approved custodians. Operating since 2015, it has never been hacked. As a CIRO member, Shakepay's CAD balances carry Canadian Investor Protection Fund coverage up to $1 million, though crypto assets fall outside CIPF. Two-factor authentication, biometric login and email withdrawal confirmations round out account security.
In terms of security, Coinfield takes the lead by providing clearer details about its security practices. Coinfield holds 96% of cryptocurrencies in cold storage and uses advanced security measures like 2FA and AES-256 encrypted wallets. While Shakepay also employs security features such as 2FA, FaceID, and biometrics, it does not provide explicit information about its cold storage or digital asset insurance policy.
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.
Shakepay is one of the most regulated crypto platforms in Canada. Beyond its FINTRAC Money Service Business registration, it became a CIRO-registered investment dealer in January 2025, the first Quebec-based crypto platform to reach that tier, and the first crypto-native member of Payments Canada in May 2025. Its bitcoin-backed lending product operates under a three-year exemptive relief from Quebec's AMF with passport coverage across all provinces. Montreal-based, it operates in every Canadian province and territory.
Both Coinfield and Shakepay are compliant with Canadian federal regulations. Coinfield operates under the regulations of FINTRAC and is also registered with the Canadian MSB. Similarly, Shakepay is licensed as a Money Service Business (MSB) by FINTRAC and is fully regulated in Canada, adhering to stringent federal standards to ensure safe and legal operations.
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.
Shakepay offers chat support, helpful FAQs and email support at [email protected], with tickets typically answered within hours, even on weekends. When we tested it, we received a reply in under 24 hours, and customer reviews consistently rank Shakepay's support among the friendliest in Canadian crypto.
Coinfield provides customer support via live chat and email, offering a responsive service but without explicitly mentioning the speed of response. On the other hand, Shakepay promises to answer support tickets within hours, even on weekends, primarily through email, demonstrating a strong commitment to customer service.
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 Shakepay and Coinfield, go ahead with Shakepay.
Both Coinfield and Shakepay provide excellent platforms for cryptocurrency trading, but Coinfield takes the crown for a few reasons. It offers a broader range of cryptocurrencies, clear and transparent security measures, advanced trading features, and competitive fees. While Shakepay excels in user-friendliness and unique features, Coinfield's comprehensive offerings make it a more suitable choice for both beginner and experienced traders.
We recommend choosing Coinfield over Shakepay 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 Shakepay 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.
