Coinfield Review 2020

Coinfield is a useful Canadian-founded cryptocurrency exchange that now caters to not only Canadian customers but European, Asian and has registered users in 193 countries around the world. They offer trading pairs in 6 fiat currencies and deposits and withdrawals in those currencies as well.

Coinfield uses Ripple (XRP) as its base currency rather than Bitcoin (BTC) like many other exchanges and is supporting a crypto project called Sologenic (SOLO) that is based on tokenizing assets using Ripple. Ripple is also the most traded asset on the exchange.

Overview

Coinfield logo

Coinfield

  • User-friendly Canadian exchange that's great for beginners
  • Supports credit cards and Interac for deposits and withdrawals
  • Rock-solid history of security
  • Nice selection of different cryptocurrencies

General Overview

The Benefits PRO's
  • Easy to use trading interface
  • 6 fiat currencies for deposits, withdrawals, and trading pairs
  • Simple sign-up process
  • Mobile app available
The Downside CON's
  • High fees for fiat deposits and withdrawals
  • Higher than average fees for crypto withdrawals

Funding Methods

Method Deposit Withdrawals* Speed
e-Transfer Yes Yes 1-48 hours
Credit Card Yes Yes Instant
Wire Transfer Yes Yes 24-48 hours
EFT Yes Yes 24-48 hours
Paypal No Yes 1-48 hours
Cryptocurrency Yes Yes Instant
Interac Yes Yes Instant

*It should be noted speeds for withdrawals are slower for new accounts.

These methods are all applicable for Canadian Dollar transaction types. For information on funding and withdrawal methods for the other currencies supported by Coinfield (GBP, USD, AED, JPY, EUR) click here.

Sign-up Process

Coinfield has a simple sign-up process that has three different account levels: Starter, Pro, and High Limit.

For a starter account, which lets you deposit, withdraw and trade cryptocurrencies only, you simply need to:

  1. Visit coinfield.com
  2. Click Sign-up
  3. Enter email and create password
  4. Accept terms and conditions
  5. Click confirm
  6. Verify email address through email they send
  7. Login
  8. Done!

To upgrade to a Pro account, which allows you to deposit and withdraw fiat currencies up to $10,000, follow above instructions then:

  1. Click Finish Verification
  2. Provide full name
  3. Provide photo of front and back of government issued ID
  4. Provide a selfie holding a note with “Coinfield” and the current date
  5. Once these documents are verified you are done!

To upgrade your Pro account to a High Limit account where your limit is increased to $2 million you will need to:

  1. Provide a proof of address document from the past 3 months such as a utility bill
  2. Fill out a short questionnaire
  3. Once this information is verified you are done!

What You Can Buy

They support over 20 crypto assets and many are available to trade for one of the 6 fiat currencies they support as well. Some of the crypto assets they support are:

Is Coinfield Safe?

It is safe to use and follows all standard regulatory compliance necessary for fiat to crypto exchanges. All deposits and withdrawals have their blockchain transactions posted to your account for complete transactional transparency.

The exchange has never been hacked and claims to store many of the assets in cold storage wallets. Their wallets are directly synchronized to the blockchain and hosted securely on private isolated servers. Each server can only be accessed through a set of complex rules unique to their private network.

Supported Applications

Coinfield offers a website for their exchange along with a mobile app for iOS and Android.

They hold your assets in custodial wallets, meaning you do not hold the private keys, which employ BitGO multi-signature technologies to ensure systematic and secure transactions. These wallets are stored on private, isolated servers.

This is still susceptible to hacking and so we recommend as always that when not trading you store your crypto assets on a software or hardware wallet of your choosing, as long as you hold the private keys yourself.

If you’re looking for more options check out our recommended crypto wallets.

Fees

Their exchange offers competitive fees for trading, maxing out at 0.25%, which is lower than many other big exchanges. Their fees for credit/debit card deposits is also reasonable and lower than many other exchanges at 2.95%.

However, their fees for depositing and withdrawing through Interac e-Transfer, EFT, and wire transfers are very high compared to other exchanges. For example they charge a 2% or $15 minimum for an Interac e-transfer deposit while Shakepay allows you to use deposit funds via Interac e-transfer for free. We recommend Shakepay for Canadian crypto users trying to deposit and withdraw with e-Transfer. Check out our in-depth comparison of Coinberry vs Shakepay here.

Additionally, their fees for withdrawing crypto are higher than average as well. For example they charge a flat rate of 0.001 BTC for a Bitcoin withdrawal which is about 1.5x what you will pay on other exchanges.

Overall the fees are somewhat exorbitant when it comes to anything other than a crypto deposit or crypto trade.

Coinfield Exchange Frequently Asked Questions

About the Author

Kyle Torpey

Kyle Torpey

Kyle is the creator of https://thecryptofeed.net and has been writing about Bitcoin since 2014. He's interested in the use of Bitcoin as digital gold and means of censorship-resistant transaction, in addition to issues related to online privacy.