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Coinfield Exchange Review 2021
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.
- 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
Easy to use trading interface
6 fiat currencies for deposits, withdrawals, and trading pairs
Simple sign-up process
Mobile app available
High fees for fiat deposits and withdrawals
Higher than average fees for crypto withdrawals
Coinfield at a Glance
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.
|Wire Transfer||Yes||Yes||24-48 hours|
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:
- Visit coinfield.com
- Click Sign-up
- Enter email and create password
- Accept terms and conditions
- Click confirm
- Verify email address through email they send
To upgrade to a Pro account, which allows you to deposit and withdraw fiat currencies up to $10,000, follow above instructions then:
- Click Finish Verification
- Provide full name
- Provide photo of front and back of government issued ID
- Provide a selfie holding a note with “Coinfield” and the current date
- 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:
- Provide a proof of address document from the past 3 months such as a utility bill
- Fill out a short questionnaire
- 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:
- Ripple (XRP)
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Tron (TRX)
- Stellar (XLM)
- Bitcoin Cash (BCH)
- Tether USD (USDT)
- Sologenic (SOLO)
- Bitcoin Gold (BTG)
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.
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.
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 Frequently Asked Questions
Coinfield is based in Vancouver, British Columbia, Canada.
Yes! It is available in the United Kingdom and supports GBP for deposits and withdrawals.
Yes! You can buy Ripple with any of their accepted fiat currencies, or trade for it with any of their supported cryptocurrencies. Ripple is the base currency of Coinfield and therefore their preferred crypto asset for trading, evidenced by it having the lowest fees of all their supported cryptocurrencies.
Liquidity on Coinfield is highest for Ripple, which is their most traded asset, but overall liquidity on Coinfield is average for all their other supported crypto assets and they do not support four of the top 10 cryptocurrencies by market cap.
Yes! Coinfield Exchange accepts Interac e-Transfers for both depositing and withdrawing funds. However, they charge a 2% fee or minimum of $15 for deposits and 2.5% or minimum of $15 for withdrawals.
While their trading fees are very competitive, their fees for depositing and withdrawing cryptocurrencies are higher than many other exchanges we have reviewed. For example if you deposit using Interac e-Transfer there is a 2% or $15 minimum fee and if you withdraw the same way there is another 2.5% or $15 minimum fee as well.
For complete deposit and withdrawal fee information please click here.
No, it is currently unavailable to US residents but they do allow deposits and withdrawals in USD.
Yes! They have a mobile app available for both iOS and Android.