Security Compliance
Wealthsimple Crypto requires new customers to complete KYC before trading and supports two-factor authentication, along with Touch ID or Face ID for convenient logins. Client crypto is held in cold storage by regulated custodian Gemini Trust Company, backed by insurance and a Coincover partnership for asset recovery. One transparency note: Wealthsimple disclosed a data breach in September 2025 via a third-party supply chain attack, where some personal data was affected but no funds were stolen.
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.
Wealthsimple Crypto requires new customers to complete KYC before trading and supports two-factor authentication, along with Touch ID or Face ID for convenient logins. Client crypto is held in cold storage by regulated custodian Gemini Trust Company, backed by insurance and a Coincover partnership for asset recovery. One transparency note: Wealthsimple disclosed a data breach in September 2025 via a third-party supply chain attack, where some personal data was affected but no funds were stolen.
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.
Wealthsimple Crypto holds client crypto in cold storage with Gemini Trust Company, backed by custodial insurance and a Coincover partnership, with KYC, 2FA and biometric login as standard. CoinField marketed itself as secure but the OSC found it misled investors about the state of customer funds. Only Wealthsimple Crypto is relevant for Canadian users here.
Regulatory Compliance
Wealthsimple Crypto holds the strongest regulatory position in Canadian crypto: it is the country's only CIRO-registered crypto investment dealer and is listed by the CSA as an authorized platform. Eligible fiat balances are covered by the Canadian Investor Protection Fund up to $1 million, though crypto assets themselves fall outside CIPF coverage. Wealthsimple has been a staple of Canadian investing since 2014 and manages tens of billions in assets.
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.
Wealthsimple Crypto holds the strongest regulatory position in Canadian crypto: it is the country's only CIRO-registered crypto investment dealer and is listed by the CSA as an authorized platform. Eligible fiat balances are covered by the Canadian Investor Protection Fund up to $1 million, though crypto assets themselves fall outside CIPF coverage. Wealthsimple has been a staple of Canadian investing since 2014 and manages tens of billions in assets.
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. 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.
Wealthsimple Crypto is Canada's only CIRO-registered crypto investment dealer, with CIPF coverage on fiat balances and CSA authorization across all provinces. CoinField had its FINTRAC registration ceased, was never registered with Canadian securities regulators, and was permanently banned from Ontario's capital markets in 2025 for securities violations.
Customer support
Wealthsimple has a comprehensive help centre on its website and in-app, covering both crypto basics and platform how-tos. Support runs through live chat and email around the clock, and quality is well regarded, though there's no dedicated phone line for crypto issues. One tax perk worth knowing: the app provides a downloadable crypto realized gain/loss report that imports cleanly into tax software.
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.
Wealthsimple has a comprehensive help centre on its website and in-app, covering both crypto basics and platform how-tos. Support runs through live chat and email, and quality is well regarded, though there's no dedicated phone line for crypto issues. One tax perk worth knowing: the app provides a downloadable crypto realized gain/loss report that imports cleanly into tax software.
There is no CoinField 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.
Wealthsimple's live chat and email support is the only relevant option for Canadians. CoinField has no support function at all.
Conclusion
CoinField is not a legitimate operating exchange. It collapsed in 2023 with unfulfilled customer withdrawals, was permanently banned from Ontario's capital markets in 2025, and impostor scam sites now operate under its name. Avoid any site presenting itself as CoinField. If you were a CoinField customer with unmet withdrawals, report your experience to the OSC. If anyone contacts you offering to recover your funds for a fee, that is a recovery scam.
Wealthsimple Crypto is the clear choice for Canadians. As Canada's only CIRO-registered crypto investment dealer, it offers the strongest regulatory protection in the country, with CIPF coverage on fiat balances up to $1 million. The 140+ coin selection, integrated TFSA/RRSP access, staking, swaps, free recurring buys, and highly rated app make it one of the most complete platforms for Canadians who want crypto alongside their broader investment portfolio. The 2% Core-tier fee is high for active traders — users doing volume should move to a dedicated platform like NDAX (0.2% flat) or Kraken (Kraken Pro rates) — but for most Canadians buying and holding, Wealthsimple is hard to beat.
We recommend choosing Wealthsimple Crypto over CoinField for your cryptocurrency trading needs. By using our referral link, you get $50 and support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that Wealthsimple Crypto doesn't meet your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
