A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of CoinField consists of four parts: general info, fees, deposit methods and security.
CoinField is a Canadian crypto exchange that launched in January 2018. As its main selling points, CoinField promotes that it is easy to use (with 24/7 support as well), and that is secure and transparent. We consider all of these things as important factors in the choice of the platform to trade at.
Apparently, the sign-up process only take 30 seconds through the help of something called Jumio. The only thing you have to do with Jumio is to upload one ID and a selfie. How about that?
On the date of first writing this review (2 July 2019), CoinField had a 24 hour trading volume of USD 13 million. With this figure, it landed on place no. 87 on the list of the top 100 exchanges in the world sorted in order of 24 hour trading volumes. On the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), the trading volume had more than doubled, to USD 27.5 million (according to Coinmarketcap). Accordingly, liquidity here is acceptable, but there is definitely some progress left to be made.
US-investors may not trade here. This is primarily due to the US-legal regime that imposes obligations on companies that accept funds from the US-investors. Such obligations include, inter alia, preparing marketing material in accordance with SEC-standards and registering them with the SEC. This is a very tough process. Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out what options you have.
If you are on of the people who prefers to do his/her trading while “on the go”, then you’ll be happy to learn that CoinField is also available through mobile use.
CoinField Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book. Or, at least part of the order book. They also show a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you cansee that it feels right to you. The below is a picture of the trading view at CoinField:
CoinField Trading fees
The one thing we can’t stress enough is that you must always ascertain the trading fees at any exchange you are interested in. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.
CoinField’s trading fees vary a lot depending upon which trading pair you are working with (see the picture below). The range is between 0.05% to 0.25% for makers, and between 0.15% to 0.50% for takers, mostly dependent upon which fiat currency you want to trade with. However, for most crypto-to-crypto trading pairs, the trading fees for takers are 0.24% and for makers 0.15%. These fees are in line with the historic industry averages.
CoinField Withdrawal fees
CoinField charges a withdrawal fee amounting to 0.002 BTC when you withdraw BTC. This is actually far above the global industry average. The global industry average is 0.000812 BTC per BTC-withdrawal. It is a bit surprising to us that CoinField has chosen to charge a withdrawal fee that is almost 150% higher than the industry average.
All in all with respect to fees, CoinField has reasonable trading fees but their withdrawal fees are quite high.
At CoinField, you can deposit through both wire transfer (such as SEPA) and credit cards. This can be helpful especially for newer crypto investors putting in their first funds in the crypto world. It also makes CoinField what we call an “entry-level exchange”.
VISA and MasterCard deposits incur a fee of 2.95%, which is quite decent compared with other exchanges offering credit or debit card deposits.
In addition to the wide range of cryptos, CoinField also accepts six fiat currencies: USD, CAD, EUR, GBP, JPY and AED (the latter being the United Arab Emirates Dirham).
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. CoinField received an F- score in this test. This should however be viewed in light of the fact that F is the Mozilla Observatory-score received by the majority of all exchanges in our Exchange List.
As mentioned above, this exchange supports credit card deposits. Either alone or through the use of any of its payment service providers. Other exchanges that also have this option include: