Kucoin vs Coinfield: What Works Better For Canadians in 2024

Security Compliance

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet. 

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.

KuCoin and CoinField prioritize the security of their users' assets. KuCoin employs multiple security layers, including dynamic multifactor authentication, while CoinField implements cold storage, secret vaults, multisignature wallets, encryption, and isolated servers. While both exchanges have robust security measures, KuCoin has a more extensive track record and global reputation for security.

Regulatory Compliance

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

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.

Both KuCoin and CoinField operate in Canada. It is important to note that Canadian federal organizations, such as the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), monitor compliance in the cryptocurrency industry. CoinField is fully regulated and licensed as a Money Service Business (MSB) by FINTRAC, ensuring compliance with Canadian regulations. KuCoin has faced regulatory issues in the past, particularly in Ontario, where it was fined by the Ontario Securities Commission (OSC) for non-compliance.

Customer support

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

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.

Both KuCoin and CoinField offer customer support through their websites, support tickets, and email communication. KuCoin has a reputation for responsive customer service, while CoinField's support response times can vary. Users of both exchanges have access to support resources and assistance when needed.

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 Kucoin and Coinfield, go ahead with Kucoin.

Both KuCoin and CoinField are reputable cryptocurrency exchanges with their own strengths. However, KuCoin stands out as the winner due to its global presence, extensive range of cryptocurrencies, advanced trading features, and higher security reputation. While CoinField caters well to the Canadian market and offers unique features like its franchise program and referral program, KuCoin's broader offerings and track record make it the preferred choice for many cryptocurrency traders.

We recommend choosing Kucoin over CoinField for your cryptocurrency trading needs. By opting for Kucoin through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Kucoin nor CoinField 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.