CoinField Review (Jan 2023): Why We Don’t Like It

November 19, 2022
Reviews

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.

VirgoCX is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $20 signup bonus (available until January 30, 2023), I can't recommend VirgoCX 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 and supports 6 different fiat currencies.

The exchange offers a wide range of features, including 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.

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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:

Tier30 Day Trading VolumeMaker/Taker Fees
1$0 to $50,0000.15% / 0.25%
2$50,000 to $100,0000.13% / 0.23%
3$100,000 to $250,0000.11% / 0.21%
4$250,000 to $500,0000.09% / 0.19%
5$500,000 to $2,500,0000.07% / 0.17%
6$2,500,000 to $5,000,0000.04% / 0.08%
7More than $5,000,000FREE / 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).

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 unfortunately 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 VirgoCX. Here are a few of the reasons we recommend it over CoinField:

Introducing VirgoCX: Our #1-Rated Crypto Exchange In Canada

#2 In Canada

Trading Fees: 0% up to $200
Security: Best in class
Customer Support: Excellent

Top-notch security + low fees.

★★★★★

Rated 4.5/5

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

As a new ZenGo user, you won't pay any trading fees on trades up to $200. ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.

Features

  • Supports 75+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.7/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Account Opening: Free
  • Trading Fees: 0% on trades up to $200

Best For

Crypto investors looking for the most secure trading experience + low fees.

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Sign up by January 30, 2023.

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.

VirgoCX is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $20 signup bonus (available until January 30, 2023), I can't recommend VirgoCX highly enough.

CoinField FAQs

How To Withdraw 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.

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).

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