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Coinfield Review – Is Coinfield Scam or Legit?

Coinfield Exchange Rating
Account Types9.2
Trading Speed8.7
Customer Service9
Safety9.2
9
Conclusion
Read our Coinfield review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this Coinfield review before you sign up with the exchange.

Coinfield Review

Coinfield logo

Coinfield is the leading Canadian crypto exchange community, with its headquarters in Vancouver. The exchange platform was launched in January 2018, and has since serviced the global crypto space, with a special focus on the Canadian crypto community.

Cryptocurrency and especially its leading asset, Bitcoin have made serious headlines recently. The past couple of months and weeks have seen the asset class thrive in the market, attracting several investors and trade enthusiasts from all around the globe. The future looks prosperous for crypto thanks to its excellent market track-record and the various advancements in crypto technology.

Modern trends have facilitated crypto incorporation across a more dynamic range of business processes including, item purchases, bill payments, deposits, etc. Developments like this have amplified cryptocurrency’s efforts in going mainstream on a global scale. Because of this, many investors are taking interest in participating in the crypto market, in a bid to make profit from the billions of dollars generated by millions of crypto activities around the world daily. We will put special focus on this trend in today’s post.

Billions of dollars are generated by Bitcoin and crypto activities around the world daily. Proactive investors are taking advantage of the opportunities available within the crypto space and improving on their strategies in order to make more substantial profits. One effective method to achieve this is by partnering with a solid, secure, efficient, and dependable exchange services platform.

Whether you are a professional or aspiring crypto investor or trader, it is crucial to secure the services of a fully-grounded exchange services platform to manage, monitor, and secure your financial interest within the crypto space. This way, you can easily grow and manage your assets securely and effortlessly.

While seeking out a worthy exchange platform to partner with, it’s important to note that there are several fraudulent exchange service providers nowadays. Without guidance, insight and careful research and analysis, it is easy to fall prey to one of their shammy schemes. Oftentimes, these deceitful exchanges sugarcoat their products with unrealistic offerings and promises in a bit to capture unsuspecting investors. Without adequate insight, one could easily fall victim and even lose all of their hard-earned investments instantly.

Thankfully, there are also several legitimate exchange services providers that offer quality and secure services to their teaming customer base daily. These platforms provide their users with reliable, secure, and efficient crypto exchange services. They also provide a range of useful services like timely information, security, trading/investment tips, educational resources, advanced trading tools, etc. to enable their users have an edge. With this, users can achieve their trading goals quickly and effortlessly.

Every investor’s goal is to achieve success and exponential growth. To actualize this, you must secure the services of a quality, trusted, and dependable exchange services provider. This is important because your exchange services provider is your closest ally in the crypto space. They provide you with the necessary support, tools, and the resources you need to maneuver the market’s volatility and to succeed in the crypto space.

The right candidate must provide quality tools, timely information, and security. Where any of these is lacking, you may be open to losses or more severe repercussions. Timely information, for instance is vital. If trading tips and updates arrive late, you will make wrong trading decisions or make the right ones a little too late. The importance of security and advanced trading resources cannot be over emphasized. Hence, selecting the right candidate is crucial.

Taking on the task of research on your own can be difficult and time consuming. You may have to go through several weeks of research and more until you find a suitable service provider. However, through this post, we intend to lift that burden because our team of experts are constantly surveying the market to find worthy and reputable exchange service providers. Today, we will introduce Coinfield, a solid, efficient, secure, and reliable exchange services platform with a plethora of resources to cater to your specific investment/trading needs.

This review on Coinfield exchange will be comprehensive and straightforward, providing only factual and relevant information. Our aim is to help you come to an excellent and well-informed decision.

EXCHANGE PLATFORMCoinfield
Websitehttps://coinfield.com/
LocationHeadquarters – Vancouver, Canada Global Team – Canada, Russia, Korea, Brazil, Turkey, Europe, Japan, UK… (193+ Countries)
Trading PairsSOLO/XRP, ETH/EUR, SOLO/EUR, BTC/XRP, XML/XRP, ZRX/XRP, REP/XRP, OMG/XRP, ZIL/XRP, CAD/XRP, USD/XRP, BTC/GBP, XLM/GBP, XRP/AED, BTC/EUR, SOLO/USDC, XRP/USDC, ETH/GBP, LTC/GBP, XRP/JPY, LTC/EUR, ETH/XRP, BCH/XRP, BTG/XRP, REP/XRP, BAT/XRP, XRP/CAD, BTC/USDC, XRP/USDT, XRP/EUR, XLM/GBP, BTC/EUR, SOLO/GBP, etc.
Total Trading Pairs266
Margin TradingYes
Digital Assets187+
Do you need an account?Yes
Authentication protocol?Required
Levels of Verification3 tiers
Trading/Exchange PlatformMobile App, Web
Payment MethodsCrypto only
Deposit FeesModerate
Trading FeesFlat Fees (may vary in some cases)
Withdrawal FeesN/A
Withdrawal Fees DiscountTiered Discount System
Fiat DepositYes
Customer ServiceTelephone, FAQ, Live chat, and e-mail
24 hours Trading Volume98,787.3 BTC
Native TokenYes (SOLO token)
Stable Coins TradingN/A
Daily Withdrawal Limit194+
Native Token Smart ContractYes
Trading MarketsN/A
Proof of ReservesN/A

Coinfield is a Canadian-based crypto exchange services that serves millions of users all around the world. The platform was launched in January 2018 and is headquartered in Vancouver, Canada. One of the advantages Coinfield brings to the table is its ease of use and 24 hours, seven days a week customer support. The platform is also secure and transparent. Hence, it ranks easily as one of the top crypto exchange services in Canada and globally.

Coinfield website

Signing Up

The ease of use Coinfield talks about is not a mere lip-sync. They actually bring it to the table, and they do well to integrate it in just about every aspect of their platform and product offerings. One of the ways Coinfield makes this evident is through their signup.

Typically, this process should take only 30 seconds, thanks to the integration of Jumio technology. Singing up on Coinfield only requires two things, a selfie and a valid ID. Finito! The rest is handled automatically once these are provided. Afterward, the entire process should take between 30 seconds to 1 minute. Now, how’s that for ease?

Liquidity

since its launch in 2018, Coinfield has maintained an excellent track-record and has grown to become one of the top exchange providers in the industry. In 2019, the platform recorded a 24-hour trading volume of 13 million USD. This statistic won them the 87th position among the top 100 exchange services in the world that provided 24-hour trading volumes. By March 2020, Coinfield doubled its standing to 27.6 million USD. Hence, the platform has good liquidity even though it can still improve.

US-investors

SEC obligations prevent a lot of exchange services from operating in the United States. Exchange companies that seek to do their business in the United States are expected to meet a range of specific obligations in the interest of US customers. Although this is a this is a thoughtful idea, and also helps exchange providers provide better security, especially for their US clients, many of these companies cannot afford to keep up.

Although there may be ways around it, officially, Coinfield restricts US investors. This does not mean that US citizens cannot use the platform. Rather, it means that the company is unregistered with SEC, has not fulfilled inter alia, and does not necessarily prepare their marketing material in accordance with United States SEC standards. As such, US citizens do not have any insurance in the event of any unforeseen circumstances or losses as a result of participating on the exchange platform.

Mobile Support

The mobile experience makes things a lot easier for traders and investors. It offers you the opportunity to carry your financial activities on crypto with you. You can invest and trade on the go no matter where you are and at your own convenience.

Thankfully, Coinfield offers a mobile experience in addition to their web-based exchange platform. The mobile app is available in both Android and IOS variants. It features a simple, yet comprehensive tool to invest and trade seamlessly from anywhere. Just like its web variant, the app provides two trading views.

The first is a simple minimalist view that provides the most essential features like Buy and Sell and other key menu options while leaving you with more room on your screen to monitor the details of your activities clearly. It is excellent for new-timers in the crypto space. They will quickly learn what the basic functionalities are and how they can use them to maneuver the market. The second offers a more compact and professional experience. It delivers a more comprehensive lineup of menus and options right on your mobile screen. This view offers more in-depth analysis to the market trends. It is excellent for pro investors and traders that want to analyze and weigh their options expertly with every decision they make in the market.

Trading View

Different exchange platforms provide different trading views. There is no one-view-fits-all when it comes to trading views. Generally, the best experience depends on what the exchange provider is trying to offer their users. For some, it can be speed, for others, it can be insight, and for another it can be ease. Hence, it’s all about how each of these platforms can interpret their unique vision through their trading view in a manner that actualizes their goal while providing unparalleled user experience.

From the customer point of view, it is in your hands to determine what trading view suits you, by also deciding what experience you are looking for; whether it is one that offers speed, functionality, insight, ease, etc.

Like most other exchanges, Coinfield provides a dynamic view that features all the relevant tools, menus, and information you need to invest and trade successfully. Among other features, you are provided with the order book, a price chart of your preferred crypto assets, your order history, Buy and Sell menu options, etc. The view is quite professional and minimalist, allowing for a smooth user experience, even for first timers.

Trading Fees

It is important to clearly ascertain the trading fees of the exchange platform you intend to partner with before starting out. Usually, trades occur between two parties: The Makers (who places orders on the order book prior to a trade), and the Takers (who typically copies and or places an order that matches that of the Maker, i.e. “Takes” the order of the Maker). Makers catalyze the market’s liquidity and Takers alleviate this liquidity by matching orders made by Makers with theirs.

At Coinfield, the trading fees begin at 0.15% for Makers and 0.25% for Takers. This is very much in line with global industry standards, although many other exchanges offer less. Coinfield also offers a variety of other discounts on trading fees in various circumstances. For instance, if a trader has a balance above USD 5,000,000 in a 30-day volume, they will only be charged 0.02% in trading fees when participating as Takers and nothing at all when participating as Makers. The platform also provides a variation of other discounts when users hold a specific amount of SOLO tokens for an allotted period of time.

  • Withdrawal Fees

Withdrawal charges are another important prerequisite to consider before deciding on what exchange services provider to partner with. Coinfield charges its users a withdrawal fee of 0.0015 BTC when they withdraw BTC. This charge is quite high when compared to global industry rates, which currently stand at around 0.0006 BTC per BTC withdrawal.

All said, regarding fees, Coinfield offers reasonable trading fees. However, their withdrawal charges are definitely on the high side, especially when you compare them to most other exchange providers, or global industry standards.

Deposit Methods

Coinfield offers a variety of deposit methods including fiat. This qualifies it as an entry-level exchange because new or entry-level users can kickstart their crypto journey at Coinfield without having to buy crypto from a third-party exchange provider.

Coinfield accepts deposits through wire transfer (SEPA) and credit cards. VISA and MasterCard deposits on the Coinfield exchange platform attract a fee of 2.95%. this is quite a decent charge when you compare with global industry standards or other exchange services that offer debit or credit card deposits.

Furthermore, apart from the wide range of cryptos that Coinfield supports, they also accept up to 6 fiat currencies. They include, AED, CAD, JPY, USD, GBP, and EUR. In October 2020, the company launched certain protocols that made GBP FPS (Faster Payments Service) available to UK customers. This means that if you’re a Coinfield user residing in the UK, you can transfer funds directly from your bank to your Coinfield address quickly and seamlessly.

Security

Coinfield takes a proactive approach when it comes to matters of security. The company has made several remarkable alliances with top security providers across the industry. This development has helped to intensify their security strength against attacks from hackers and cybercriminals. Recently, the company signed a strategic partnership with an undisclosed security giant in a bid to further strengthen user data security.

In addition to its primary obligations, the partnership would prevent up to 52% cyberattacks on data and improve the company’s overall security. Additionally, Coinfield will also enjoy a lineup of added services including improved scalability, adaptability, and interoperability, thanks to the partnership. The company will also have access to modern hi-tech strategies like dPoW (Delayed Proof of Work) which provides Coinfield users the leverage of harnessing the security provisions of the Bitcoin network.

Coinfield is always on its toes to update to the latest security strategies. A recent interview indicates that the company is currently making provisions for additional security. With respect to this cause, the company also integrated Google Authenticator as an additional security strategy on the exchange platform. Users can either download and integrate the Google Authenticator via a PC or mobile smartphone (Android or IOS). The app is remarkably lightweight, only about 9-mb or less. Once you download and activate the Google Authenticator, you will receive a code on your device. This will help to verify that you are the rightful owner of the account. Afterward, the authenticator will verify and grant you access to your Coinfield account.

Token

Coinfield offers a native token (SOLO) which is also available for both on Coinfield and a select number of other exchange platforms. The platform also offers referral bonuses where SOLO tokens are awarded to both the refereé and the referrer. The referral must complete KYC upon sign up and then make a deposit of at least $100 fiat. Upon successful completion of these prerequisites, both the referral and referrer will be awarded a sum of 40 SOLO tokens. Coinfield SOLO tokens are fully regulated. Coinfield is regulated by a Centralized Crypto-to-Fiat Exchange system which is managed and monitored by Europe’s Virtual Currency Wallet department. The platform is heavily superintended by the F.I.U. (Financial Intelligence Unit).

3-Way Wallet System

Coinfield incorporates a 3-way wallet system to secure user assets and transactions within the exchange platform. This technology is facilitated by the integration of 3 advanced wallet technologies.

Cold Wallet: The cold wallet storage comprises of offline wallets located across secure offline locations where they are safe from cyber access and cybercriminals and hackers. This eliminates the possibility of breach or intrusion.

Hot Wallet: This wallet caters to the platform’s needs when there is an influx of deposit requests. The wallet enables accurate accounting of digital currencies.

Warm Wallet: This wallet serves the need of the platform’s daily expenditures. It enables the daily cash flow that is required to run the daily operations of the platform. The funds are stored in a secure, independent secret digital vault with maximum security.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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