CoinField is a widely accessible and interesting cryptocurrency exchange that supports a considerable number of digital assets and has its own NFT marketplace. However, its high fees (particularly for credit/debit card deposits and withdrawals) and the fact that not all of the cryptocurrencies it lists are available for trading are significant drawbacks that don't allow us to fully recommend its use.
The best crypto exchange in Canada is Kraken, both for its high level of security and for its extremely low fees. Kraken charges 10-20x less than other Canadian exchanges, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada, I can't recommend Kraken highly enough.
What Is CoinField?
CoinField is a European-based cryptocurrency exchange that was launched in 2018. The exchange is available in over 187 countries (including Canada) and supports 6 different fiat currencies.
The exchange offers a wide range of features like OTC trading and a slick mobile app. The exchange also supports a crypto project called the Sologenic (SOLO) token, which aims to tokenize assets using Ripple (XRP).
CoinField Features
1. Wide Array Of Supported Countries And Fiat Currencies
As mentioned before, CoinField is available in over 187 countries and supports 6 different fiat currencies (USD, EUR, CAD, GBP, JPY, and AED). This makes it one of the most widely accessible exchanges in the world and considering that some exchanges are only available in a handful of countries or even just one country, this is a big selling point.
Furthermore, the fact that it supports so many fiat currencies means that there should be no issues when it comes to withdrawing or depositing funds into your account.
2. CoinField Mobile App
CoinField also has its own mobile app, which is available for both iOS and Android devices. The app is neatly designed, easy to use, and offers all of the same features as the website.
The app also has high ratings on both the Google Play Store and App Store (iOS), with a rating of 4.3 and 4.4 out of 5 stars respectively. This is a great sign, as it shows that users are very satisfied with the app.
3. CoinField NFT Marketplace
CoinField also has its own NFT marketplace, where you'll be able to buy, sell, mint, and trade unique digital items on the blockchain. The marketplace is still in its testing phase, but it's already looking very promising.
One of the great things about the CoinField NFT marketplace is that it supports a wide range of digital assets, including art, music, and even gaming items. It also allows you to use your fiat currency or cryptocurrency balance to buy NFTs, which is very convenient.
Cryptocurrencies On CoinField
CoinField currently supports 27 cryptocurrencies, which are as follows:
| CoinField Coin (CFC) | Bitcoin Cash (BCH) | Golem (GLM) | Loom Network (LOOM) |
| Ripple (XRP) | Bitcoin Gold (BTG) | Augur (REP) | Tron (TRX) |
| Bitcoin (BTC) | Zcash (ZEC) | OMG Network (OMG) | MimbleWimbleCoin (MWC) |
| Ethereum (ETH) | Tether (USDT) | SALT (SALT) | Songbird (SGB) |
| Stellar (XLM) | USD Coin (USDC) | Basic Attention Token (BAT) | Sologenic (SOLO) |
| Litecoin (LTC) | DigiByte (DGB) | Zilliqa (ZIL) | Cudos (CUDOS) |
| Dash (DASH) | 0x (ZRX) | Civic (CVC) |
CoinField Fees
CoinField's trading fees have a straightforward maker-taker fee structure that's based on a 30-day trading volume. The fees are as follows:
| Tier | 30-Day Trading Volume | Maker/Taker Fees |
| 1 | $0 to $50,000 | 0.15% / 0.25% |
| 2 | $50,000 to $100,000 | 0.13% / 0.23% |
| 3 | $100,000 to $250,000 | 0.11% / 0.21% |
| 4 | $250,000 to $500,000 | 0.09% / 0.19% |
| 5 | $500,000 to $2,500,000 | 0.07% / 0.17% |
| 6 | $2,500,000 to $5,000,000 | 0.04% / 0.08% |
| 7 | More than $5,000,000 | FREE / 0.02% |
However, credit/debit card deposits on this exchange have extremely high fees (2.95%), and Interac e-Transfer, EFT, and wire transfer withdrawals are significantly more expensive than other exchanges. (For example, a 2%/$15 minimum fee will be charged if you withdraw through Interac e-Transfer). This puts it in a similar price point to some Canadian crypto exchanges like Shakepay, Newton and Wealthsimple Crypto, which we don't recommend due to their high costs.
CoinField also has higher withdrawal fees than usual. For example, they charge a fixed amount of 0.002 BTC for a Bitcoin withdrawal, which is nearly double what you can expect to be charged in other crypto exchanges.
Our Recommendation
Despite CoinField's many features and advantages, we can't recommend this exchange. Its high fees (particularly for credit/debit card deposits and withdrawals) are a considerable drawback, as is the fact that not all of the cryptocurrencies it lists are available for trading.
Because of these cons, we instead recommend that you consider using an alternative exchange, such as Kraken, CoinSmart or Bitbuy, the former being our best-rated crypto exchange for Canadians. Here are a few of the reasons we recommend it over CoinField:
Introducing Kraken: Our #1-Rated Crypto Exchange In Canada
Best In Canada
|
Total Fees: ~0.16% |
★★★★★ Rated 4.9/5 |
Based in the U.S. and regulated by FINTRAC in Canada, Kraken is undoubtedly the best crypto exchange in Canada. Founded in San Francisco back in 2011, Kraken outperforms the smaller Canadian crypto exchanges due to its significantly lower fees, better customer support, and superior overall trading experience.
For starters, Kraken's fees are far lower than any Canadian exchange, with most users paying 0.16% per transaction (fees decrease down to 0% if you trade high volumes). Kraken's spreads are also absurdly low, typically around $0.10 per Bitcoin, which is 0.0003%. Compare that with the other Canadian exchanges—which routinely charge up to 2% in commissions plus an additional 2% or more in spreads—and it's easy to see why Kraken is such a popular exchange.
Kraken also has better customer support than any other Canadian exchange, and is the only exchange in Canada offering telephone support (available in English, French and Spanish). It supports 100+ cryptocurrencies and has a world-class trading platform and mobile app that's powerful yet easy to use.
If that wasn't enough, Kraken's trading platform is far more professional and robust than its Canadian peers, offering features like NFT trading, staking and support for a wide range of fiat currencies including CAD, USD, EUR, and more.
Overall, Kraken is the best fit for most Canadian crypto investors because it has lower fees, better support and a better trading platform overall. If you're looking to start trading crypto in Canada, we strongly recommend Kraken.
Features
- Extremely low trading commissions (0.16%)
- Extremely low spreads (0.0003%)
- Trade 100+ cryptocurrencies
- Stake 100+ cryptocurrencies
- Simple, intuitive user interface
- Kraken Crypto Watch allows you to keep track of the crypto market
- NFT trading inside the Kraken app
- 24/7 customer support via phone, email and live chat
- Plenty of free educational resources available to users
- 95% cold storage policy
- Regulated by FINTRAC
Cost
- Trading Fees: 0.16% (spot trades cost 0.26%)
- Spreads: 0.0003%
- Fiat Deposit Fee: 0%
- Fiat Withdrawal Fee: $10 CAD
Best For
Canadian cryptocurrency investors looking to trade with the industry's lowest fees.
In Summary
CoinField is a widely accessible and interesting cryptocurrency exchange that supports a considerable number of digital assets and has its own NFT marketplace. However, its high fees (particularly for credit/debit card deposits and withdrawals) and the fact that not all of the cryptocurrencies it lists are available for trading are significant drawbacks that don't allow us to fully recommend its use.
The best crypto exchange in Canada is Kraken, both for its high level of security and for its extremely low fees. Kraken charges 10-20x less than other Canadian exchanges, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada, I can't recommend Kraken highly enough.
CoinField FAQs
How do I withdraw funds from CoinField?
Withdrawing from CoinField is simple and can be done by following these steps:
- Log in to your account.
- On your Dashboard, choose the fiat currency or cryptocurrency you want to withdraw.
- Choose the “Withdraw” option.
- Enter the amount you want to withdraw.
- Thoroughly check the withdrawal details before confirming the transaction.
Is CoinField safe?
Yes, CoinField is a safe and secure cryptocurrency exchange. It follows all required regulatory compliance related to fiat to cryptocurrency transactions. Both deposits and withdrawals are recorded on your account using blockchain transactions as well, which provides comprehensive transactional transparency.
The exchange has never been compromised and most of its assets are kept in cold storage wallets. Their wallets are directly linked to the blockchain and hosted securely on private secure servers. Each server is only accessible via a set of complex criteria that is specific to its personal network.
Is CoinField legal in Canada?
Yes, CoinField is a legal and registered cryptocurrency exchange in Canada.
Is there a CoinField referral code?
Unfortunately, there are no CoinField referral codes available at this time.
Does CoinField report to the CRA?
No. Although CoinField is supported in Canada, it is not a Canadian company. As such, it is not required to report to the Canadian Revenue Agency (CRA).
Any cryptocurrency profits that you make on CoinField will be considered taxable income if you're a Canadian resident, however. This means that you may be required to report your earnings to the Canadian Revenue Agency (CRA).
