Pros and cons of CoinField
Pros
- Variety of cryptocurrencies
- Slick user interface and experience (UI/UX)
- Robust security system
Cons
- Delayed withdrawal process
- No support for investors
- “High” withdrawal fees
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CoinField cryptocurrency exchange review
Buy and sell cryptocurrencies and make offline purchases with your SOLO card with CoinField.
- Available in 180+ countries
- Fees for fiat deposits and withdrawals
See our full list of pros and cons below.
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6
Fiat currencies
24
Supported assets
Details
| Product Name | CoinField Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | USD, EUR, CAD, GBP, JPY, AED |
| Cryptocurrencies | BTC, ETH, XRP, BCH, LTC, XLM, TRX, DASH, USDT, OMG & 10+ more |
| Deposit Methods |
Cryptocurrency Interac e-Transfer Wire transfer Credit or Debit Card SEPA EFT Faster Payments (FPS) |
| Trading Fee | Cryptocurrency: Fees vary |
| Deposit Fees |
Credit or Debit Card: 2.95% Wire Transfer: 0.50% or min $25 (CAD), 0.50% or min ¥2500 (JPY), 0.50% or min AED75 (AED), 0.50% or min £25 (GBP), Free (USD, EUR) SEPA: 0.50% or min €3 (EUR) Interac e-Transfer: 2.00% or min $15 (CAD) |
| Withdrawal Fees |
Credit or Debit Card: 3.5% or min $10 (CAD, USD, EUR, GBP) Wire Transfer: 1.0% or min $50 (USD), 2.0% or min $75 (CAD), 1.0% or min €50 (EUR), 1.0% or min ¥5000 (JPY), 1.0% or min AED200 (AED), 1.0% or min £50 (GBP) SEPA: 0.5% or min €15 (EUR) Interac e-Transfer: 2.5% or min $15 (CAD) |
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What is CoinField?
CoinField is a crypto exchange platform that enables users to buy and sell popular cryptocurrencies. It also offers digital crypto wallets and helps convert cryptocurrency to fiat currency for withdrawals and trading. It has users in 193 countries around the world.
Unlike other cryptocurrency exchanges, CoinField makes use of Ripple (XRP) as its base currency rather than Bitcoin (BTC). It supports 6 fiat currencies for both deposit and withdrawal options. Customers can trade 20+ cryptocurrencies as soon as they sign up and CoinField is committed to adding a new cryptocurrency every month.
However, users must be fully verified before they can trade with either fiat or cryptocurrency, and get access to airdrops and rewards. This verification process is long and can involve submitting ID documents, selfies or video interviews. So, new users should be ready to go through the verification process to get started with CoinField.
- If this is your first exchange. Although there are no demo accounts, the user-friendly interface makes it easy for beginners to trade. There are also extensive FAQs that can help you get started with trading and becoming familiar with the interface.
- If you’re switching exchanges. OTC trading, currency converter, low minimum deposit and physical cards are features that make CoinField a preferable exchange to use. However, the slow withdrawal process is something to consider when choosing CoinField.
Verdict: Is CoinField any good?
CoinField’s customisable dashboard trading view provides a smooth and efficient trading experience for users. Users can rest assured that their information and funds are safe with the security measures put in place by CoinField. But if you’re looking to earn on your cryptocurrency, CoinField is not for you as it doesn’t offer any earning features other than SOLO.
What to know about CoinField
Coinfield supports a crypto project called Sologenic (SOLO). The project helps tokenize projects using Ripple (XRP). This means you can use SOLO coins for trading, market making and liquidity. Being a SOLO coin holder affords you the opportunity to be involved in staking rewards, airdrops, discounts and community funds. For example, on Coinfield, you can stake your SOLO coins and earn up to 20% return per annum. SOLO coin owners can also get a plastic card that they can use to make offline purchases using the exchange’s multi-currency wallet.
Coinfield accepts a variety of fiat currencies and deposit and withdrawal methods, but there are fees on both ends, along with minimums. Its withdrawal fees for cryptocurrency are also quite high. It is not available to US residents.
CoinField also recently started the presale of its very own utility coin called the CoinField Coin (CFC). The coin would be used to facilitate food security in Africa and it can be used by users to pay exchange fees, withdrawal fees, and enjoy discounts on the exchange.
Finder ratings: Coinfield
| Supported cryptocurrencies |  |
| Transferring money or assets | |
| Fees and costs | |
| Ease of use | |
| Customer service | |
| Trustworthiness/security | |
| Overall score | 2.5 |
Supported cryptocurrencies
CoinField supports up to 28 cryptocurrencies including:
CoinField does not support other coins like Cardano, Dogecoin, Shiba Inu, Polygon and Polkadot. However, users can look forward to these coins being available soon, as CoinField is trying to add new cryptocurrencies every month.
Transferring fiat and cryptocurrency
Users’ fiat currency deposits take up to 48 hours depending on the payment method. There are varying withdrawal methods to choose from depending on the fiat. The fiat currencies supported by CoinField include USD, EUR, AED, CAD, JPY and GBP. There are minimums for fiat deposits and withdrawals.
Users can also use cryptocurrency to make deposits, withdrawals and transfers to other crypto wallets. Cryptocurrency deposit and withdrawal speeds depend on the network. There are no minimum deposits for cryptocurrency but there are minimum withdrawals.
Coinfield fees and costs
The trading fees system at CoinField consists of 2 parties, the maker and the taker. The maker creates orders that appear on the order book, while the taker places an order that matches that of a maker. The maker is the liquidity provider and the traders take the liquidity. ConField’s monthly user transactions are divided into 7 tiers. The higher the tier, the higher the trading volume and the lower the fees. Fees are discounted depending on how many SOLO tokens the user possesses.
For fiat deposits and withdrawals, there are minimums for both ends, and CoinField charges a fee for both deposits and withdrawals, with only SEPA, Faster Payments and US wire transfer being free for deposits. There are no free withdrawals.
Cryptocurrency deposits are free with no minimums. However, there are withdrawal fees that can be quite high compared to competitors, along with withdrawal minimums. For example, it costs 0.075 ETH to withdraw on CoinField, but only 0.005 ETH on Crypto.com. BTC withdrawals are 0.0015 BTC on CoinField but 0.0005 BTC on Crypto.com. This is a significant difference.
Trading fees
| Tier | 30-day volume (USD) | Maker fees | Taker fees |
|---|---|---|---|
| 1 | $0 – $50,000 | 0.15% | 0.25% |
| 2 | $50,000 – $100,000 | 0.13% | 0.23% |
| 3 | $100,000 – $250,000 | 0.11% | 0.21% |
| 4 | $250,000 – $500,000 | 0.09% | 0.19% |
| 5 | $500,000 – $2,500,000 | 0.07% | 0.17% |
| 6 | $2,500,000 – $5,000,000 | 0.04% | 0.08% |
| 7 | Above $5,000,000 | Free | 0.02% |
Fiat withdrawal and deposit fees
| Deposit | Withdrawal |
|---|---|
| 0-2.95% | 0.5%-3.5% |
Crypto withdrawal and deposit fees
| Deposit | Withdrawal |
|---|---|
| Free | Depends on cryptocurrency |
What is it like to use CoinField?
CoinField has a well-designed user interface that enables both beginners and experts to easily use the exchange. All features of CoinField such as the deposit, withdrawal and trade icons can be easily accessed on the dashboard. The KYC process is also very simple and fast.
Does CoinField have good customer support?
If you experience any problems or irregularities while using CoinField you can reach out to the customer support team through the live chat. You should get a reply in less than 2 minutes as the team members are online 24/7. You can also head over to the website and submit a ticket for review by the team. You’ll need to describe your issues with the platform and submit your email while filling out the ticket. A reply addressing your complaints will be sent to your email within 30 minutes. The CoinField support page also provides a lot of articles that can help address a variety of issues from users.
| Support offered | Wait times | |
|---|---|---|
| Live chat | ✅ | 2+ minutes |
| CoinField support ticket | ✅ | 30+ minutes |
List of services on CoinField
CoinField offers a few services for its users. These include the exchange, a savings program and its new NFT marketplace.
Trading on CoinField
To start trading on CoinField, it is mandatory to complete your KYC verification. To deposit your funds, click on the wallet option on the sidebar of the dashboard. From there you can deposit using fiat or cryptocurrency. You can start trading by clicking on the quick trade icon, which gives you the option of buying and selling cryptocurrencies. The advanced trade option displays the order books, exchange history and interactive charts on your chosen cryptocurrency. This is an option for expert traders.
Earning on CoinField
Users can earn by participating in the CoinField Savings Program. It is exclusive to the SOLO HODlers. They need to buy and stake their SOLO for a certain period to earn rewards. The APY (annual percentage yield) can range from 6% to 20% per annum. The rewards are distributed daily. There are 5 savings programs with different APYs and lock-up times.
NFTs on CoinField
CoinField is launching an NFT marketplace on the exchange. Users will be able to mint, buy, sell and trade NFTs 24/7.
CoinField trust rating
Past hacks
There have been no reported hacks on the CoinField exchange since it was founded.
Security audits
CoinField has not undergone any security audit. CoinField has ensured that its site is not susceptible to attacks by hackers by carrying out the following:
- Keeping its data safe and secure by isolating its servers.
- Storing sensitive information in a secret digital vault placed in a virtual cloud.
- Keeping users’ accounts safe by using 2-factor authentication (2FA).
- DDOS protection.
- Logging users’ activity to ensure suspicious activities are reviewed.
Insurance
CoinField is not backed by any insurance. Users are fully liable for all damages and losses they encounter on the site. It insists that its security features are top-notch and will protect any of its users from loss of information or theft.
Signing up on CoinField
Here are the steps to open an account on CoinField:
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CoinField frequently asked questions
Is CoinField safe?
Yes, CoinField is a safe trading and cryptocurrency-fiat exchange platform.
Where is CoinField based?
CoinField is based in Tallinn, Estonia.
Can Americans use CoinField?
No, Americans can’t use CoinField.
What is CoinField Coin?
CoinField Coin is a utility coin that enables users to have lower-cost access to trading, cryptocurrency, fiat and many more goods and services on CoinField.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.