UPDATE 20 December 2023: We have received reports from a number of independent sources that Coinfield Exchange does not process withdrawals and does no longer respond to support queries. The following article from usatales.com details what they believe to have happened:
Coinfield.com Team has Disappeared – with No Money Given!
This seems to be a repeat of the FTX and Quadriga saga for many. Reports from numerous users painted a disturbing picture: sudden and unexplained account suspensions, pending withdrawals stretching for months, and a deafening silence from customer support. It seemed that the very foundation of CoinField’s promise – a secure and transparent trading platform – was showing cracks.
Without prior notice, CoinField has ceased operations.
Users found themselves locked out, their funds trapped within the platform. Allegations started pouring in, with many terming the sudden shutdown as an “exit scam.”
Accounts of users from Ontario, Canada, and several other regions highlighted the same narrative – an inability to access their accounts, with the website displaying an “Error 522” message. Concerns were raised about the whereabouts of user funds, with many speculating about the involvement of CoinField’s top executives, like Surya Chowdhury and Alex Lightman.
Accordingly, we have marked Coinfield Exchange as a scam in our database and moved it to our Exchange Graveyard.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
What is CoinField?
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.
Jumio Sign-up Process
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 last updating this review (2 December 2021) the trading volume was USD 17 million compared to USD 20.3 million on 9 September 2021, according to the information on Coinmarketcap. Although the liquidity levels are still somewhat within acceptable thresholds, there is definitely a lot of room for improvement.
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 start at 0.25% for takers and 0.15% for makers. This is quite in line with the latest global industry averages, which according to a report published in January 2021 was 0.217% for takers and 0.164% for makers. The below table (published on 4 February 2021) shows how the trading fees vary between tiers, where the traders ith more than USD 5,000,000 in 30-Day Volume only have to pay 0.02% in trading fees when they are takers and nothing when they are makers. Further discounts are also available if you hold a certain amount of SOLO Tokens.
CoinField Withdrawal fees
CoinField charges a withdrawal fee amounting to 0.0015 BTC when you withdraw BTC. This is actually a fair bit above the global industry average. The global industry average is around 0.0006 BTC per BTC-withdrawal.
All in all with respect to fees, CoinField has reasonable trading fees but their withdrawal fees are definitely on the high end.
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).
As of 21 October 2020, GBP Faster Payments Service (FPS) is also available for any customers from the UK. This means that if you’re a UK resident, you can transfer funds from your bank account to your CoinField account in a matter of minutes.