Security Compliance
To secure an Uphold account, users enable two-factor authentication, which Uphold requires before funds can be transferred. The platform keeps around 90% of digital assets in cold storage and has never suffered a sitewide hack. For former Canadian users, the more pressing security matter is retrieving stranded balances before unclaimed property rules kick in.
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.
Both exchanges emphasize security. Uphold uses two-factor authentication (2FA) and biometric recognition on mobile devices, and stores user assets in secure offline storage. Coinfield also employs 2FA and email confirmations for withdrawals. It boasts of never having been hacked, and it uses cold storage, secret vaults, multisignature wallets, encryption, and isolated servers for enhanced security.
Regulatory Compliance
Uphold is regulated in the USA and compliant with the Office of Foreign Assets Control (OFAC) and Bank Secrecy Act (BSA) record-keeping requirements. However, it is no longer Canadian-friendly: Canada appears on Uphold's non-supported jurisdictions list, and Canadian accounts were wound down in 2025. Uphold has publicly stated it's working on plans to return to Canada, but no timeline has been announced.
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.
Uphold is registered with the FINTRAC.
Coinfield is an EU-based exchange but it operates in Canada, adhering to local regulations and guidelines.
Customer support
Uphold offers help centres on its website and in-app, with support via an online ticketing system. If you're a former Canadian customer trying to recover funds, their Canadian services withdrawal help page is the place to start, and be patient, as reviews frequently mention slow, message-only support with replies taking days.
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.
Uphold offers support via email and a comprehensive FAQ section, with a reputation for responding promptly. Coinfield, in contrast, has been criticized for slower response times, despite offering support via email, online tickets, and Twitter. Both platforms could benefit from offering phone support for urgent issues.
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 Uphold and Coinfield, go ahead with Uphold.
While both Coinfield and Uphold are strong contenders in the cryptocurrency exchange arena, the title goes to Uphold. Uphold offers a wider selection of cryptocurrencies, metals, and national currencies. Its higher mobile app ratings, strong security measures, and prompt customer service make it an appealing choice for Canadian crypto enthusiasts. Coinfield does have its unique features and is undoubtedly a strong competitor, but it falls short in a few critical areas, including a limited selection of popular cryptocurrencies and slower customer service response times.
We recommend choosing Uphold over Coinfield for your cryptocurrency trading needs. By opting for Uphold through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Uphold 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.
