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Netcoins vs. Coinfield: What Works Better For Canadians in 2024

Oleg Galeev

Last updated September 20, 2024

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 The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada.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 The comparison below is outdated and kept for educational purposes.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 Netcoins and Coinfield, go ahead with Netcoins.

The crypto landscape in Canada is vast and varied, with numerous exchanges vying for users’ attention. Among them, Netcoins and Coinfield stand out, differing in various aspects such as mobile compatibility, security, and compliance.

Description

Netcoins is a Canadian crypto exchange owned by a publicly-traded company called Bigg Digital Assets. Netcoins was founded by Mitchell Demeter who created the world’s first Bitcoin ATM in 2013.

CoinField is an EU-based cryptocurrency exchange that is Canada-friendly. It was a secure crypto exchange with a robust verification process.

Unfortunately, CoinField is no longer active in Canada. The Ontario Securities Commission (OSC) has stated that the exchange does not have adequate assets to satisfy withdrawal requests.

Coins

Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, USDC, Algorand, XRP, Avalanche, Ethereum Classic, SHIB, DOGE, MATIC, AXS, Cardano, Solana, Polkadot

While it offers the usual digital currencies such as bitcoinEthereum and Litecoin, it does not offer popular coins such CardanoSolana, or Dogecoin. The full list of coins available are: Bitcoin, Ethereum, XRP, Stellar, EOS, TRON, Sologenic, BAT, Mimblewimble, USDT, USDC, Bitcoin Cash, Bitcoin Gold, DigiByte, Golem, OMG, Augur, 0x, Zilliqa, Civic, and Loom.

Fees

  • Free deposits
  • Free fiat withdrawals
  • 0.5% trading fees

When it comes to fees, CoinField has many. It charges a 2% deposit fee for Interac e-Transfers with a minimum deposit of $100. US dollar wire transfers are free. CoinField charges a 2.5% withdrawal fee using Interac and its maker/taker trading fees are 0.15%/0.25% if your trading volume is less than $50,000 over 30 days. 

Pros

  • Free fiat and crypto deposits
  • Free fiat withdrawals
  • Interac e-Transfer available
  • Phone support
  • Instant verification
  • Licenced and regulated in Canada
  • Educational resources available
  • Great customer service
  • Secure and compliant exchange
  • CAD Interac e-Transfers available
  • Advanced trading features available
  • Easy-to-use app
  • Accepts many fiat currencies and deposit methods
  • Staking rewards and referral program

Cons

  • Few cryptocurrencies available
  • No credit/debit card purchases
  • CAD only
  • High trading fees
  • High deposit and withdrawal fees
  • Desktop platform can be confusing for beginners
  • Some of the most popular coins not available 
  • Slow customer service 

Account Limits

  • $10 min for Interac e-Transfer
  • $500 min for wire transfer
  • $50 min for online bill payment

Only limits at your local financial institution may apply

Methods to buy

  • Interac e-Transfer
  • Bank wire
  • Online bill payment

CoinField accepts six fiat currencies including CAD, USD, EUR, GBP, AED, and JPY.

  • Interac e-Transfer
  • Credit/debit where accepted
  • Bank transfer

Security

  • 2FA available
  • Registered with FINTRAC
  • Cold storage
  • Secret vaults
  • Multi-signature wallets
  • Encryption and isolated servers
  • 2FA

Mobile and Desktop Trading

Both Netcoins and Coinfield are equipped with robust platforms for both mobile and desktop trading. On mobile platforms, Netcoins and Coinfield have received commendable ratings and feedback. According to the App Store and Google Play statistics, users appreciate the intuitive interface and ease of transactions on both apps. On the desktop front, both platforms provide comprehensive tools and graphics for cryptocurrency trading, appealing to both novice and experienced traders.

Netcoins

Netcoins’ trading platform is simple to use with a sidecar offering all you need including options to buy, sell and trade. Your dashboard has two big options to either deposit funds or deposit crypto.

Buying crypto with Netcoins is easy thanks to its simple trade feature.

The Netcoins app has a 4.1-star rating from 171 reviews on the Apple App Store. It has a 3.6-star rating on Google from 127 reviews. 

The app is easy to use and beginner-friendly. It is almost an exact copy of the desktop platform but optimized for mobile.

Netcoins trading screen

Netcoins Desktop App (trading screen)

Funding money to our account with Netcoins

Netcoins Desktop App (funding account)

Netcoins vs Coinsmart trading mobile app

Netcoins Mobile App (balances)

Netcoins vs Coinsmart bitcoin transaction in mobile app

Netcoins Mobile App (trading)

Coinfield

On the Apple App Store, the CoinField app has a 4.3-star rating with almost 500 reviews. On Google Play it has a 3.4-star rating with over 1000 reviews. Some of the worst reviews are people lamenting the high fees and slow processing times. 

Reviewing CoinField's features

Coinfield trading view

Reviewing CoinField's usability from desktop version

Coinfield view with selecting coins

One of the pages on CoinField's app

Coinfield app main screeen

Reviewing CoinField's mobile app interface

App view while trading

Security Compliance

Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.

Two-factor authentication is available to help keep your account secure.

CoinField is one of the safest crypto exchanges in Canada. It has never been hacked. While CoinField may receive bad reviews for their slow customer service, CoinField is certainly a safe and compliant exchange. With CoinField you can have peace of mind knowing you are dealing with an exchange that prides itself on its security and privacy. The exchange utilizes cold storage, secret vaults, multisignature wallets, encryption and isolated servers. Users can enable two-factor authentication on their accounts for extra protection, and users must confirm all withdrawals via email. Signing in on a new device or with a new IP address also triggers a verification email. 

Security is paramount when trading cryptocurrencies. Both exchanges take this seriously, employing advanced encryption techniques and two-factor authentication. While Coinfield boasts about its state-of-the-art security infrastructure, Netcoins prides itself on constant security audits and transparent reporting. Neither has faced any significant security breaches to date, making it a close call to determine which is safer.

Regulatory Compliance

Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.

Coinfield used to be a FINTRAC-regulated crypto exchange in Canada but recently their registration status was ceased. It's hard to tell at this point how compliant it is but many Canadians still use it.

In Canada, the regulation of crypto exchanges falls under the purview of various federal organizations. Both Netcoins and Coinfield adhere strictly to the regulations set by these bodies. They are under the watchful eye of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Canadian Securities Administrators (CSA). Both exchanges have consistently demonstrated a commitment to staying compliant with federal laws, ensuring users' trust.

Customer support

Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.

CoinField allows users to submit support tickets either online or via email. It does not offer phone support. Customer support is available on weekdays and weekends, but CoinField does not have the fastest customer support – in some cases it can take days for an answer. You can, however, also get in touch via Twitter if you need urgent support.

Unfortunately, CoinField has a poor 2.2-star rating on Trustpilot with 62% bad reviews.

A lot of customers say that they have been waiting weeks to receive their crypto withdrawals.

Customer support plays a pivotal role in user experience. Coinfield offers a detailed FAQ section and a responsive email support system. Netcoins, on the other hand, provides multi-channel support, encompassing phone, email, and chat services, ensuring users can reach them in multiple ways. Feedback suggests Netcoins often responds quicker, making it a preferred choice for those requiring immediate assistance.

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 Netcoins and Coinfield, go ahead with Netcoins.

While both crypto exchanges offer exceptional services, based on our evaluation, Netcoins edges out as the winner. Its superior customer support combined with a slight edge in security practices makes it a top choice for users in Canada.

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

If you find that neither Netcoins 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.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.