Oleg Galeev

2 weeks ago

CoinField Canada Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

CoinField is an EU-based cryptocurrency exchange that is Canada-friendly. It is one of the best crypto exchanges to buy Bitcoin in Canada. We signed up to see if CoinField really is worth using. 

CoinField Quick Summary

CoinField main dashboard screenshot

Previously owned by the founders of cryptocurrency Sologenic, CoinField was recently acquired by Global Fintech Trading LTD (GFT) for an onward sale to Tingo Mobile PLC. Tingo Mobile plans to preinstall the CoinField app on all new mobile phones provided to its subscribers in Africa

CoinField is a secure crypto exchange with a robust verification process. It is one of the best places to trade cryptocurrency in Canada. While it offers the usual digital currencies such as bitcoin, Ethereum and Litecoin, it does not offer popular coins such Cardano, Solana, 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.

CoinField has recently announced that it will soon be launching its own crypto – CoinField coin, which will come with a number of benefits for its holders. 

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. 

  • CoinField crypto exchange logo

    9.3/10

  • Pros & Cons

    • 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
    • Deposit and withdrawal fees
    • Desktop platform can be confusing for beginners
    • Some of the most popular coins not available 
    • Slow customer service 
  • Fees

    • 0.15%-0.25% trading fees
    • 2% deposit fee
    • 2.5% withdrawal fee
  • Coins

    Bitcoin, Ethereum, XRP, Stellar, EOS, TRON, Sologenic, BAT, Mimblewimble, USDT, USDC, Bitcoin Cash, Bitcoin Gold, DigiByte, Golem, OMG, Augur, 0x, Zilliqa, Civic, and Loom.

CoinField Features

Reviewing CoinField's features

CoinField offers a wide range of cryptocurrency pairs, deposit methods, and it supports a good number of fiat currencies, not just Canadian dollars, which makes it one of the best places to trade cryptocurrency in Canada. It operates in 186 countries including Canada, but not the United States. Those in the EU can take advantage of free and fast SEPA deposits, while Canadians can use Interac e-Transfer.

CoinField is one of the best crypto exchanges. It has a lot of products including its franchise program, where you can buy your own CoinField franchise and operate it in your country. There is also the White Label program where you can purchase the right to use CoinField’s technology but incorporate your own branding. 

CoinField also has a referral program where users can earn Sologenic (SOLO) for referring friends. SOLO holders can also take advantage of cheaper trading fees. 

If you hold SOLO, you can take part in CoinField’s staking program where you can earn between 6-20% rewards per year paid in SOLO. Of course, with CoinField’s new owners and the imminent launch of the CoinField Coin, these rewards may change in the near future. 

CoinField also has an OTC Desk for people wishing to make large trades. You’ll get your own personal account manager and you’ll be able to agree upon the price of your trade beforehand. 

The exchange has a robust mobile app that is suitable for beginner traders and its desktop platform offers advanced trading features for more experienced traders. 

CoinField Registration & Verification Process

Reviewing CoinField's registration process

CoinField has a robust verification process but it is a good thing. CoinField is fully compliant with Canadian laws and regulations. During the signup process, you will be asked to enter your email and phone number, plus provide a photo of a government-issued ID, a selfie with a note with today’s date and “For CoinField”, as well as a proof of address document. Verification is necessary in order to trade on CoinField but verification is often instant. In cases where your details must be manually verified, CoinField’s compliance team can take several days to do this. 

CoinField Fees

Reviewing CoinField's fees

One of the downsides to CoinField is its fees. In an age where a lot of crypto exchanges are offering free deposits, CoinField does not. There are both deposit and withdrawal fees as well as trading fees. While the trading fees are not that high (0.15%/0.25%), there is a 2% deposit fee and a 2.5% withdrawal fee which can add up. You are also required to deposit a minimum of $100 each time. Still, CoinField does work out cheaper than some “no-fee” exchanges such as Wealthsimple or Shakepay which have much higher trading fees and spreads. 

CoinField Currencies & Deposit Methods

CoinField accepts six fiat currencies including CAD, USD, EUR, GBP, AED, and JPY. Users can deposit fiat into their account using Interac e-Transfer, credit/debit where accepted, and via bank transfer. Interac e-Transfers take between 2-24 hours to complete but is the easiest way for Canadians to deposit funds. 

CoinField Security and Safety

Is CoinField safe for Canadians to use? 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. 

CoinField Mobile and Desktop App

On the Apple App Store, the CoinField app has a 4.4-star rating with almost 500 reviews. On Google Play it has a 3.8-star rating with over 1000 reviews. Some of the worst reviews are people lamenting the high fees and slow processing times. 

Reviewing CoinField's mobile app interface

Despite this, the CoinField app is easy to use. It looks good, with a dark colour scheme. Its cryptocurrency trading platform offers simple charting, deposits and withdrawals, trading and much more. The mobile app is easier to use than the desktop platform and is better suited for beginners.

One of the pages on CoinField's app

CoinField Design and Usability

CoinField’s mobile app is easy to navigate and user-friendly. It offers market information, your wallets and portfolio, the ability to make deposits and withdrawals, and upload documents for the verification process. Overall, it is a well-designed app that offers everything anyone would need to trade. 

CoinField’s desktop app is slightly more advanced and can be confusing for beginners. However, the platform offers a “quick trade” for fast, market price orders, or an advanced trade for those who wish to set limits and stop orders. 

Reviewing CoinField's usability from desktop version

CoinField's quick trade window

The Advanced Trade option can definitely be daunting for beginners, but if you ignore the charting, it’s actually pretty easy to buy or sell. 

CoinField's advanced trade window

The CoinField website and desktop platform are not at all as confusing as Binance, which has many drop-down menus and products. CoinField actually has a straight-forward interface and it’s easy to use. 

On the left of the screen are the menus where you can view your wallets, order history, referrals, staking and portfolio.

CoinField Customer Support

CoinField allows users to submit support tickets either online or via email. It does not offer phone support. Customer support is available 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. 

Conclusion

CoinField is a strong cryptocurrency exchange and is one of the best places to buy cryptocurrency in Canada. It is one of the safest crypto exchanges, fully compliant, offers a beginner-friendly app and a more advanced desktop platform, but it’s not too overwhelming either. It has staking rewards, a decent referral program, and it will soon launch its own coin. CoinField is a good choice for Canadians because you can deposit and withdraw using Interac e-Transfer, and unlike most Canadian crypto exchanges, CoinField also supports other fiat currencies and deposit methods. 

While its customer service can be slow and you can’t avoid its deposit and withdrawal fees, the fact that CoinField was recently acquired by a company that wishes to preinstall its app on over a million mobile phones is something to boast about. Its founders will now concentrate on the Sologenic project, so it will be interesting to see how CoinField develops with its new owners. 

One of the biggest let-downs of CoinField is the lack of popular cryptocurrencies available. It does not offer Cardano, Solana, Dogecoin, or many others in the top twenty. If it can offer more coins and become available to US residents, then there is nothing stopping CoinField from becoming one of the most popular exchanges in the world. You can sign up here.

 

Coinfield rated as a #4 in the list of the best crypto exchanges for Canadians

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Author

Oleg is a 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 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. 

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