CoinField Review For Canadians: What Happened To It?

What Happened To CoinField?

As of July 15, 2023, CoinField's website stopped operating properly for Canadians, and FINTRAC ceased its money services business status. We pointed that out at the time and told readers to avoid it. The shutdown that followed was not an orderly wind-down. In January 2025 Ontario's Capital Markets Tribunal sanctioned Manticore Labs OU and Manticore Labs Inc., the operators behind CoinField, with a permanent ban from Ontario's capital markets, a CAD 2.4 million penalty and a disgorgement order of CAD 537,034.46, plus CAD 89,538 in costs.

The tribunal found that the platform, which began operating in 2018, served at least 1,275 Ontario clients holding about CAD 2.5 million at the end of 2022 without being registered, and that it failed to let Ontario clients withdraw. That fits what I saw when I tested it: weeks-long withdrawal complaints and a 1 out of 10 score from me.

What Should CoinField Users Do?

If you were a customer, check your own records for deposits, withdrawals and trade history, because you may need them for tax reporting and for any claim. Contact the Ontario Securities Commission if you have questions about the proceeding. Treat every unsolicited message that mentions CoinField, recovery or compensation as a scam. Our guide to common crypto scams in Canada shows how recovery scams work.

What Should CoinField Users Use Instead?

CoinField was an unregistered operator. Any replacement should be registered with Canadian regulators, and NDAX is the nearest like-for-like with Interac funding and flat fees.

The full best crypto exchanges for Canadians ranking has every score, and the exchange quiz narrows it down for you.

What Was CoinField Like When It Operated?

CoinField was an EU-based exchange that catered to Canadian users and was once counted among the better platforms for trading in Canada. As someone who has been trading crypto since 2016 and tested over 50 exchanges, I signed up for CoinField to see if it was worth using for Canadians. What follows is that review, kept as a record. None of it describes a service you can use now.

CoinField Coins And Features

It listed Bitcoin, Ethereum, XRP, Stellar, EOS, TRON, Sologenic, BAT, Mimblewimble, USDT, USDC, Bitcoin Cash, Bitcoin Gold, DigiByte, Golem, OMG, Augur, 0x, Zilliqa, Civic and Loom, and it lacked popular coins like Cardano, Solana and Dogecoin. It supported six fiat currencies (CAD, USD, EUR, GBP, AED and JPY), an OTC desk, a franchise program and a white label program. Staking was limited to its own CFC token, with rewards of 5% to 15% a year depending on the lock-up.

CoinField Registration And Verification

You needed to be 18 or older with a government ID, a selfie, proof of address no older than three months, and answers to employment and financial questions. Verification was often instant, but manual checks could take several days.

CoinField Fees

CoinField charged free crypto deposits, variable crypto withdrawal fees, 0.15% maker and 0.25% taker trading fees, a 2% CAD deposit fee with a CAD 15 minimum, a 2% CAD withdrawal fee with a CAD 15 minimum, and a 2.95% card processing fee. Interac e-Transfer deposits required a minimum of CAD 100. Bitcoin withdrawals cost a fixed 0.0015 BTC, with a minimum withdrawal of 0.004 BTC.

We deposited $150 to our CoinField account and received $135, meaning we already lost $15 or 10%. The deposit fee was 2% with a minimum of $15, so we paid $15. We then bought bitcoin and received 0.0043 BTC or $134.5 worth. The trade cost us $0.49, which included a 0.12% trading fee and a spread of roughly 0.6%. Because of the deposit fee, this made CoinField the most expensive exchange we had used.

CoinField Deposit And Withdrawal Speed

Our Interac deposit took 12 hours to appear in our CoinField account, considerably longer than other exchanges we had used. Bitcoin withdrawals should take around 10 minutes on a healthy network, but many users reported delays of weeks. Fiat withdrawals carried a 7-day hold.

CoinField Liquidity, Apps And Support

CoinMarketCap gave CoinField a liquidity score of 164 out of 1000 for BTC/CAD when we looked, against 367 for Bitbuy, and its 24-hour volume was $26.3M. The iOS app held 4.4 stars from nearly 500 reviews and the Android app 3.8 stars from over 1,000. The mobile app was clean and easy, and the desktop platform offered a Quick Trade screen and an Advanced Trade screen with limit and stop orders.

Support ran through tickets and email, with no phone line, and responses were inconsistent. CoinField held a 2.2-star rating on Trustpilot with 62% of reviews rated bad, and the recurring complaint was long waits for crypto withdrawals. For me, that was a red flag, because smooth and timely withdrawals are non-negotiable for any exchange.