If you're a Canadian crypto investor, you may be wondering if Coinfield is a good crypto exchange to use. So we put it to the test.
In this review, we looked at Coinfield's security, fees, customer service, and more. It's also part of a larger experiment where we tested over 20 Canadian crypto exchanges. By the end of this post, you'll have a good idea of whether Coinfield is the right platform for you. Let's jump in.
Overall Review
Canada should skip Coinfield. It has expensive deposit and withdrawal fees, limited features, and only 25 cryptocurrencies. It is also based in Europe so the Canadian market might not be their top priority. There are better choices like NDAX, Newton, and many more.
Use our free comparison tool to compare 20 Canadian cryptocurrency exchanges. We track 60+ variables like fees, security, features, and more so you can find the best places to trade crypto.
Where It Shines:
- 6 fiat currencies (trade with CAD, USD, EUR, and more)
- 24/7 customer service via email
Where It Falls Short:
- Long registration process
Overview
Coins Offered | 25 |
Trading Fee | 0.15% Maker 0.25% Taker |
CAD Funding Methods | e-transfer, credit card, wire transfer |
CAD Deposit Fee | 0.50% to 2.95% |
CAD Withdrawal Fee | 2% to 2.50% |
BTC Withdrawal Fee | 0.0015 BTC |
Notable Features | Native CFC token, 6 fiat currencies, beginner and advanced trading |
About Coinfield
Coinfield is a European cryptocurrency exchange founded in 2018. It offers trading in 25 different cryptocurrencies and supports 6 fiat currencies, including CAD. It also has its own native token called Coinfield Coin (CFC). The company operates out of Estonia and is available in 180+ countries.
- Founded in 2018
- Trade 25 digital assets
- 6 fiat currencies (CAD, GBP, EUR, USD, JPY, and AED)
- Beginner and advanced trading
- Based in Estonia
User Interface
Platform & Features
Coinfield is a user-friendly platform offering 25 digital assets and 6 fiat currencies. The platform is accessible on iOS, Android, and the web, making it easy to trade anywhere. Below, we have listed every feature that Canadians can use on the platform.
Demo Account
The Coinfield demo account lets you test the platform before investing real money. KYC is not required and you can access the dashboard, referral program, and view mode of the platform.
Trade 25 Coins & 6 Fiat Currencies
Coinfield allows users to trade in 25 cryptocurrencies and 6 fiat currencies. This includes CAD, GBP, EUR, USD, JPY, and AED. If you're looking to trade a large variety of altcoins, this may not be the best exchange for you. The best altcoin exchanges in the world right now are Binance (600+) and KuCoin (500+).
Advanced Trading
Coinfield Coin (CFC)
Coinfield Coin (CFC) is the native token of the Coinfield cryptocurrency exchange. By holding CFC, you get discounts on trading fees, increased staking rewards, and more. They also want to improve food security in Africa. You can read more in their whitepaper.
CFC Staking Programs (not available in Canada)
If investors stake and lock Coinfield Coin (CFC), they can earn daily rewards between 5%-15% APY. The minimum amount of tokens required to participate is 100 CFC. Unfortunately, Coinfield does not offer staking or rewards for other digital assets.
OTC Desk
Coinfield offers an OTC (over the counter) trading desk for institutional and individual investors that want to trade large amounts of money. The OTC desk has deep liquidity and fast settlement times with no trading fees. You must have a minimum order size of $50,000 to use the OTC desk.
Coinfield Card (coming soon)
The Coinfield Card will let users spend digital assets anywhere in the world. You will be able to load the card with money or even put up your digital assets as collateral. Coinfield has not stated whether Canada will be eligible or not, or what the fees and rewards will be.
NFT Marketplace (coming soon)
The NFT Marketplace will let users create, buy, sell, or mint unique digital items. It's being built with beginners in mind and will be accessible from anywhere in the world.
Games (coming soon)
For now, the only information available is that it's "coming soon." Speculation says that these will be Play-2-Earn or GameFi games in which you can earn cryptocurrency. This would not be new. KuCoin and other exchanges are getting into GameFi as well. For example, Hi.com offers 10 arcade games where you can bet cryptocurrency. We will update you as new information becomes available.
Other Coinfield Features
- Franchise
- Whitelabel (start your own crypto exchange)
- Coinfield Magazine
- Affiliate program & partner program
24/7 Customer Support
Customer support can be reached by submitting a ticket, and they aim to resolve any problem as quickly as possible. They don't have a live chat feature and we haven't tested their support, but they say they're available 24/7.
Opening An Account
Coinfield users can open a demo account in just a couple of minutes if they want to view the platform first. However, the full KYC process is extensive and more intrusive compared to other platforms we've tested. Registration is a 7-step process requiring identification, proof of residence, and personal questions for regulatory purposes.
Requirements
Application Time |
|
KYC | Yes |
Instant Verification | No |
Who Is Eligible? |
|
Sign Up Requirements |
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Trading Fees
Deposit & Withdrawals
Updated: Jun 9, 2022
CAD Deposit Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | 2% | 1-24 hours | Min $100 |
Wire Transfer | 0.50% | 1-2 days | Min $500 - Max $1.5M |
Credit / Debit Card | 2.95% | Instant | Min $100 - Max $5k |
CAD Withdrawal Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | 2.50% | 0-2 days | Min $100 - Max $3K |
Wire Transfer | 2.00% | 1-2 days | Min $1K - Max $2M |
Crypto Withdrawal Fees
Type | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | 0.0015 BTC | 0.004 BTC |
Ethereum | 0.075 ETH | 0.08 ETH |
Security
Company Security Features
User Security Features
Is Coinfield Safe?
Coinfield is regulated in Estonia, has never had any hacks and is a safe platform in general. It appears that their FINTRAC licenses in Canada have expired, which could be a concern. However, there are many safe crypto exchanges that are not fully licensed in Canada, like KuCoin.
⚠️ Although Coinfield is safe, 44% of platforms we tested have had a hack or incident in the past. We strongly recommend storing and protecting your crypto on a hardware wallet or any wallet where you have control of the private keys.
The Bottom Line
The bottom line is that there are dozens of exchanges out there, and Coinfield is not the best. It has limited features, high deposit and withdrawal fees, and only 25 coins. There are simply better choices available.
In our review of over 20 platforms, the best exchanges in Canada are Newton, NDAX, and VirgoCX.
Reasons To Use Coinfield:
- 24/7 customer support
- 6 fiat curencies
Reasons Not To Use Coinfield:
- Only 25 cryptocurrencies are available
- High deposit and withdrawal fees
- Banned in Ontario
- Many better options for Canadians
Sign up today and trade 25 digital assets
