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

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 The review below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada. More information here. The review below is outdated and kept for educational purposes.

CoinField is an EU-based cryptocurrency exchange that caters to Canadian users. It was once considered one of the best platforms for trading in Canada, but its reputation has shifted over time. As someone who has been trading crypto since 2016 and tested over 50 exchanges, I signed up for CoinField to see if it’s still worth using for Canadians. Here’s my detailed review.

CoinField Quick Summary

 

Previously owned by the founders of the 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 distributed to its subscribers across Africa, marking an interesting expansion strategy for the platform.

CoinField is marketed as a secure crypto exchange with a strong verification process, and it’s one of the better-known options for trading cryptocurrency in Canada. While it supports major digital currencies like Bitcoin, Ethereum, and Litecoin, it notably lacks popular options like Cardano, Solana, and Dogecoin. The complete list of supported coins includes Bitcoin, Ethereum, XRP, Stellar, EOS, TRON, Sologenic, BAT, Mimblewimble, USDT, USDC, Bitcoin Cash, Bitcoin Gold, DigiByte, Golem, OMG, Augur, 0x, Zilliqa, Civic, and Loom.

The platform has also announced the upcoming launch of its own cryptocurrency, CoinField Coin, which promises exclusive benefits for its holders—something I’ll be keeping an eye on as it develops.

When it comes to fees, CoinField has a few notable costs. Interac e-Transfers come with a hefty 2% deposit fee and require a minimum deposit of $100, while US dollar wire transfers are free. Withdrawal fees via Interac are 2.5%, and the maker/taker trading fees are 0.15%/0.25% for trading volumes under $50,000 over a 30-day period. These fees are worth considering if you’re thinking about using CoinField for frequent trades.

CoinField Features

CoinField offers a diverse selection of cryptocurrency pairs, multiple deposit methods, and support for a wide range of fiat currencies—not just Canadian dollars. This makes it a strong contender for one of the best places to trade cryptocurrency in Canada. The platform operates in 186 countries, including Canada, but is not available in the United States. For EU residents, CoinField offers free and fast SEPA deposits, while Canadians can conveniently use Interac e-Transfer.

CoinField stands out as a versatile platform with a variety of products. Its franchise program allows individuals to purchase and operate a CoinField franchise in their country, while the White Label program enables users to license CoinField’s technology and integrate it with their own branding.

For those interested in referrals, CoinField offers a program where you can earn Sologenic (SOLO) for bringing friends on board. SOLO holders benefit further with reduced trading fees and access to CoinField’s staking program, which provides rewards ranging from 6-20% per year paid in SOLO. However, with CoinField’s recent acquisition and the upcoming launch of its CoinField Coin, these rewards may be subject to change.

For larger trades, CoinField’s OTC Desk offers personalized services, including a dedicated account manager and pre-agreed pricing, making it an attractive option for high-volume traders.

The platform caters to both beginner and advanced traders with a robust mobile app and a desktop platform that includes advanced trading features, offering flexibility regardless of your level of experience.

Registration & Verification Process

CoinField has a robust sign-up process similar to other Canadian exchanges due to regulations. 

What You Need to Open an Account:

• Must be 18+
• A government-issued ID
• Answer employment & financial questions
• A selfie
• Proof of address

A proof of address document can include a bank or credit card statement, mortgage statement, tax document, or a utility bill. No older than three months with the date visible on the document. 

Financial and employment questions include your employment status and industry. You’ll also need to enter your country of birth.

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

Fee Breakdown:

• Free crypto deposits
• Variable crypto withdrawal fees
• 0.15%/0.25% trading fees
• 2% ($15 minimum) CAD deposit fee
• 2% ($15 minimum) CAD withdrawal fee
• 2.95% card processing fee

One of the downsides to CoinField is its fee structure. In a time when many crypto exchanges offer free deposits, CoinField stands out for the wrong reasons. Both deposits and withdrawals come with fees, in addition to trading fees. While the trading fees (0.15%/0.25%) are reasonable, the 2% deposit fee and 2% withdrawal fee—each with a $15 minimum—can quickly add up. You’re also required to deposit a minimum of $100 with each transaction.

Despite these fees, CoinField can still work out cheaper than some so-called “no-fee” exchanges like Wealthsimple or Shakepay, which compensate with significantly higher trading fees and spreads.

That said, the crypto withdrawal fees are a major letdown. These fees vary depending on the asset, but for Bitcoin withdrawals, CoinField charges a steep fixed fee of 0.0015 BTC (roughly $46 at current rates), with a minimum withdrawal amount of 0.004 BTC. Compared to most Canadian exchanges, which offer much lower crypto withdrawal fees, this is disappointing.

Ultimately, these fees make CoinField an expensive platform to use, and there are more cost-effective alternatives available for Canadians. For those looking to avoid excessive fees, exchanges like Bitbuy or Newton are worth considering.

How Much Does it Really Cost To Trade with Coinfield?

We deposited $150 to our CoinField account and received $135, meaning we already lost $15 or 22.5%. The deposit fees are 2% with a minimum of $15, so we paid $15.

We then bought bitcoin and received 0.0043 BTC or $134.5 worth. This trade cost us $0.49 which included a 0.12% trading fee and the spread of roughly 0.6%.

Due to the high deposit fee, this makes CoinField the most expensive exchange we have used.

Coinfield Spreads

CoinField Liquidity

CoinField claims to have “deep liquidity” and since they have an OTC Desk, making large trades should not be an issue. However, CoinMarketCap gives CoinField a score of just 164 out of 1000 for its BTC/CAD pair, meaning the liquidity is low compared to other exchanges. Bitbuy’s in comparison is 367 for BTC/CAD. CoinField’s 24-hour trade volume is $26.3M.

CoinField Currencies & Deposit Methods

CoinField supports six fiat currencies, including CAD, USD, EUR, GBP, AED, and JPY, making it a versatile platform for users worldwide. Canadians can deposit funds using Interac e-Transfer, which remains the easiest and most convenient option, typically completing within 2–24 hours. The platform also accepts credit/debit cards where available and bank transfers for larger transactions.

For Canadian users, the inclusion of Interac e-Transfer is a major plus, though the processing time might feel a bit lengthy compared to some other exchanges. Still, the variety of deposit methods makes CoinField accessible for a wide range of users.

How Long Do Deposits Take?

Our Interac deposit took 12 hours to appear into our CoinField account. This is considerably longer than other exchanges we have used.

How Long Does it Take to Withdraw Coins?

Crypto withdrawal times can vary depending on the network and its congestion. For Bitcoin withdrawals, the process should typically take around 10 minutes for the funds to appear in your wallet, assuming the network is running smoothly.

However, it’s worth noting that many CoinField users have reported delays, with some withdrawals taking weeks to process. This is a concerning issue, so I’d recommend exercising caution and planning ahead if you’re considering withdrawing your funds from CoinField.

For fiat withdrawals, CoinField imposes a 7-day hold on your funds before you can initiate a withdrawal. This additional delay is something to keep in mind, especially if you’re used to faster fiat withdrawal times on other platforms.

CoinField Security and Safety

Is CoinField safe for Canadians to use? Based on my experience, I’d say yes—CoinField is one of the safer crypto exchanges available in Canada. Impressively, it has never been hacked, which is a significant reassurance in the crypto space. While the platform does receive criticism for its slow customer service, its strong focus on security and compliance is evident.

With CoinField, you can trade with confidence knowing the exchange employs robust security measures. These include cold storage, secret vaults, multisignature wallets, encryption, and isolated servers. Additionally, users can enable two-factor authentication for added protection, and all withdrawals require email confirmation. The platform also takes extra precautions by sending verification emails when logging in from a new device or IP address.

For Canadians seeking a secure exchange, CoinField provides a strong foundation of trust and security, though its customer service delays might require a bit of patience.

CoinField Mobile and Desktop App

On the Apple App Store, the CoinField app has a respectable 4.4-star rating with nearly 500 reviews. On Google Play, it has a slightly lower 3.8-star rating with over 1,000 reviews. While the app’s design and usability seem to satisfy many users, the most critical reviews highlight frustrations with high fees and slow processing times, which are common complaints across various platforms.

Despite the mixed reviews, the CoinField app stands out for its ease of use. The sleek, dark color scheme adds a modern touch, and the app’s cryptocurrency trading platform simplifies the basics like charting, deposits, withdrawals, and trading. For beginners, the mobile app offers a more intuitive experience compared to the desktop platform, making it an ideal starting point for those new to crypto trading.

CoinField Design and Usability

The CoinField mobile app is well-designed, user-friendly, and easy to navigate. It provides market information, access to your wallets and portfolio, and functionality for deposits, withdrawals, and uploading documents for verification. It’s a comprehensive app that includes everything a trader might need, making it a convenient option for on-the-go trading.

The desktop platform is equally robust, offering features like wallet views, order history, referrals, staking, and more. While it might initially feel overwhelming for beginners, the layout is intuitive once you explore it. For quick transactions, the “Quick Trade” option enables fast, market-price orders, while the “Advanced Trade” feature caters to experienced users who want to set limit and stop orders.

Although the Advanced Trade interface might appear intimidating at first glance, it’s simpler than it looks—just ignore the charting if you’re a beginner, and you’ll find it easy to execute trades. Overall, the desktop platform is slightly more advanced than the mobile app but still manageable with a bit of practice, offering options to suit both novice and experienced traders.

To start trading on CoinField, simply select your preferred trading pair from the drop-down menu. Next, choose your order type and enter the amount you’d like to buy—it’s that straightforward.

Unlike platforms like Binance, which can feel overwhelming with its endless drop-down menus and products, CoinField’s interface is refreshingly simple and user-friendly. Its design makes it easy to navigate, even for beginners.

The Quick Trade feature is particularly intuitive. To make a purchase, just select “Quick Trade” from the left-hand menu, pick the cryptocurrency you want to buy, and proceed with the trade. It’s designed for speed and simplicity, making it ideal for anyone who wants to avoid the complexity of advanced trading platforms.

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. 

The CoinField website and desktop platform stand out for their simplicity, especially when compared to Binance, which can feel overwhelming with its abundance of drop-down menus and products. CoinField’s interface is straightforward and designed with ease of use in mind, making it a great option for those new to crypto trading.

The left-hand menu provides easy access to key features, including your wallets, order history, referrals, staking, and portfolio, ensuring that everything you need is just a click away. This clean layout helps users focus on trading without unnecessary distractions.

CoinField Customer Support

CoinField offers customer support through online tickets or email, but unfortunately, it doesn’t provide phone support—a feature I personally think is important for any crypto platform. While support is available on weekdays and weekends, I’ve found the response times to be inconsistent, with some users reporting delays of several days. If you’re in a pinch, reaching out via CoinField’s Twitter account might get you a quicker response, but that’s not an ideal solution for everyone.

That said, CoinField’s customer support reputation leaves much to be desired. It currently holds a 2.2-star rating on Trustpilot, with 62% of reviews rated as bad. A recurring complaint from users is the long wait times for crypto withdrawals, with some saying they’ve waited weeks to access their funds. For me, this is a red flag, as smooth and timely withdrawals are non-negotiable for any exchange. If you’re considering CoinField, this is definitely something to weigh against its other features.

Does CoinField Offer Staking or Other Services?

CoinField offers staking for CFC holders. If you hold CFC you can receive between 5% to 15% per year in rewards depending on your lock-up period. There is a minimum of 100 CF to participate. CoinField does not offer staking for other cryptocurrencies. 

If you hold CFC you can also receive discounts on trading fees.

Does CoinField Have an OTC Desk?

CoinField 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. 

Does CoinField Restrict or Freeze Accounts?

If CoinField detects anything suspicious on your account then they may freeze or restrict it. It is easy to link wallets with accounts on exchanges since all crypto transactions are recorded on the blockchain. 

If your wallet is connected with criminal activit.y then they can freeze your account. They may also freeze it if you start to trade more frequently or trade unusually large amounts in an effort to protect you in case your account was compromised. 

CoinField does place a 7-day hold on fiat withdrawals to protect you from fraud. This can be frustrating so keep this in mind before selling crypto with CoinField. 

CoinField Alternatives

There are several alternatives to CoinField such as Bitbuy or NDAX that have more expensive trading fees but cheaper deposits and withdrawals. 

Bitbuy and NDAX also offer more popular cryptocurrencies, something which CoinField is severely lacking. 

Bitbuy is a regulated Canadian exchange with a solid reputation and excellent security. Fees are based on your trading volume and vary between 0 to 1.5%. 

	CoinField	Bitbuy	NDAX
Trading fees	0.15% / 0.25%	0 to 1.5%	0.2%
Cryptocurrencies	10+	16+	35+
Additional features	OTC Desk, NFT marketplace (soon), CFC staking, franchise, white label	OTC Desk	Staking, OTC Desk
Customer Support	Poor	Good	Poor
Security	Great	Excellent	Good

Common Crypto Exchange Scams Related to Coinfield

Popular crypto scams include copycat websites, fake social media accounts, and phishing emails. These fraudulent emails, accounts, and websites are designed to look identical to the real ones. Scammers often try to trick you into revealing sensitive information, like passwords or private keys, by claiming there’s an issue with your account, asking you to click on suspicious links, or promising free crypto through fake airdrops.

To protect yourself, always verify the email address, social media account, and website URL of the exchange you’re using. Ensure you are interacting with the official channels of platforms like CoinField.

Remember, crypto exchange support teams will never contact you first. If someone emails or calls you claiming to be from CoinField or another exchange, it’s likely a scam. Always be cautious and double-check before sharing any information.

Lastly, never grant remote access to your computer to anyone. Doing so could give scammers full access to your files, passwords, and sensitive data. As someone who has been trading crypto since 2016, I’ve seen these scams too often, so it’s always better to be overly cautious than to fall victim.

Conclusion

CoinField is a solid cryptocurrency exchange and remains one of the better options for Canadians looking to buy and trade crypto. It’s among the safest and most compliant exchanges, offering a beginner-friendly app alongside a more advanced desktop platform that isn’t too intimidating for new users. With features like staking rewards, a referral program, and the upcoming launch of its own coin, CoinField continues to make strides in the crypto space. A major advantage for Canadians is the ability to deposit and withdraw funds via Interac e-Transfer, while also supporting multiple fiat currencies and diverse deposit methods—something rare among Canadian crypto exchanges.

While customer service delays and unavoidable deposit and withdrawal fees are drawbacks, the exchange’s recent acquisition by a company planning to preinstall the app on over a million mobile phones signals an exciting phase of growth. With its founders now focusing on the Sologenic project, it will be fascinating to see how CoinField evolves under its new ownership.

That said, one of the most noticeable downsides is its limited cryptocurrency selection. The absence of popular coins like Cardano, Solana, and Dogecoin is a significant letdown, especially for users wanting access to top-tier options. If CoinField can expand its coin offerings and make its platform available to US residents, it has the potential to become one of the most popular exchanges worldwide.

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.