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Coinfield

Coinfield

25

Coins 

0.15%/0.25%

Trading Fee 

Estonia

HQ

Last Updated Jan 23, 2024  |  Affiliate Disclosure

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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 may not be their top priority.

For Canada's best crypto exchange, check 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
  • Not supported in Ontario
  • High fees to deposit CAD (0.50% to 2.95%)
  • High fees to withdraw CAD (2% to 2.50%)
  • Only 25 coins and limited features

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

  • Web app

  • Mobile App

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 Pro 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.

Coinfield Verification

Requirements

Application Time

  • 2 minutes for demo account
  • 10+ minutes for full KYC

KYC

Yes 

Instant Verification

No

Who Is Eligible?

  • Canada (except for Ontario)
  • 180+ Countries

Sign Up Requirements

  • Email
  • Name
  • Address
  • Phone Number
  • Selfie
  • Government Issued ID
  • Questions about employment
  • Proof of Residence (eg. utility bill)

Trading Fees

Coinfield Dynamic 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

  • Holds digital assets in cold storage (not much info)
  • Company uses multi-sig wallets
  • Fully regulated in Europe
  • Never had any hacks
  • See Coinfield's Security Page
  • Not FINTRAC regulated in Canada (license seems to have expired)

User Security Features

  • 2 Factor Authentication
  • Pin or Face ID login
  • Always monitoring your account for suspicious activity

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
Coinfield

Sign up today and trade 25 digital assets

CoinField Alternatives

NDAX.io

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Kraken

Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. 

  • e-Transfers supported
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  • Fiat withdrawal fees
BYDFi

If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.

  • 450+ coins
  • No KYC, No VPN
  • Up to 200x Leverage
  • No $CAD supported
  • Beginner-friendly

Author

Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.


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