Coinfield Exchange Review 2024

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:

• 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.

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.