Coinfield is a shady crypto trading exchange with a troublesome background. We found some irregularities and lies behind the legal status of this company and decided to analyze its business in our Coinfield Review.
Read all about the company’s products, fees, referral programs, and more. The goal of this review is to answer the question of whether Coinfield is reliable in terms of fund security and safe trading.
Is Coinfield Legal or Not?
First, we must address the legal background of this suspicious exchange company, i.e. where this business is based and whether it is regulated by a reputable financial market authority. The coinfield exchange website claims that a company called Manticore Labs Inc runs everything.
Allegedly, this entity is based in Estonia and the British Virgin Islands (BVI). We checked the databases of Estonia’s FI and BVI’s FSC but did not find Manticore Labs there, meaning that this company is not regulated at all.
Hence, our honest advice to you is to avoid offshore, and especially unregulated exchanges such as the coinfield crypto exchange or Mercatox. You should instead look for a reputable exchange licensed by top-tier financial market authorities such as the FCA (UK), SEC (US), MAS (Singapore), IIROC (Canada), etc.
Traders’ Opinion of Coinfield.com
I have spent the last few months trying to transfer crypto form coinfield to my wallet I even tried exchanging for other crypto still stuck in limbo with no response so I found on here that they have assets in flr tokens but to my loss you have to convert to usdt and once all said and done I started with 2717$ in assets and when I got my flr I got 63$ worth… Stay away from Coinfield they are scamming people out of their hard earned money.
These reviews suggest that Coinfield was once a functional and transparent exchange, which as of late turned into a “trap”. Stuck funds and withdrawal issues are seemingly inevitable with this company. If you are having such issues, please contact us for help.
Look back in this subs history for some of the shenanigans the CEO pulled. He routinely posted fake claims against Quadriga from an alt account, and they literally scraped Quadrigas content and posted it as their own site. When I called him out he deleted his posts. These guys are really sketchy. I would stay far away.
How Does the Coinfield Scam Work?
Since this is a crypto exchange, the underlying scam can only be realized through “fund trapping”. By that, we mean the company delays clients’ withdrawal requests for long periods of time. This delay can negatively affect the value of the crypto token.
When clients transfer it to their wallets, they end up getting less money but the exchange still managed to charge its fees. That’s one way the scam may work. Another would be simply the seizing of funds and a cease of communication with the client. Judging by the complaints, both fraudulent practices are at play.
Who Are Coinfield’s Victims?
This website has actually been active since January 4, 2016. Since then, the company has “changed” its legal domain from Canada to Estonia & the BVI. Nevertheless, we did some research to discover who are the main victims of this scam. Here’s a list of countries where they live:
Probably three of the most heavily regulated domains in the world. There is no room for financial swindlers such as Coinfield in these domains. To reiterate, Coinfield is unregulated. Please call us if you need help recovering your funds.
CoinField App & Wallet
Coinfield’s exchange can be accessed via the coinfield app the company designed for Android and iOS systems. It can also be used on the desktop. The company holds traders’ assets in custodial wallets, which are stored on private, isolated servers. However, the user does not have the private keys to this wallet.
Coinfield’s mobile app looks user-friendly and offers market information, the user’s wallets, deposit & withdrawal options, and enables the client to go through the verification process. Although it offers numerous benefits, it still cannot compensate for the fact that this exchange is unregulated.
Assets You Can Trade With CoinField
As mentioned, Coinfield is a crypto trading exchange. There is a wide range of available crypto tokens that can be traded. These assets can be traded either against other tokens or fiat currencies such as the US dollar and the British pound. Here is a short overview:
CoinField Registration & Verification Process
The Coinfield verification process is seemingly pretty tight. It requires users to provide proof of residence/address and a document that includes a bank or credit card statement, mortgage or tax document, or a simple utility bill. The submitted documents must not be older than three months and the date must be clearly visible.
Aside from the required documents, Coinfield also asks questions regarding the user’s financial and employment status. When it comes to the basic registration information, users must enter their email and phone number, and provide a photo of a government-issued ID, and a photo with a note with today’s date.
The coinfield login page offers users the option to enter the coinfield referral code. As of February 2022, the company has a referral program. Coinfield promises 10 CFC for each signup including a 25% commission on referrals trading fees.
According to the website, the initial rewards will be deposited instantly to both accounts as soon as the new user signs up, completes & passes the AML/KYC procedure and deposits a minimum of 100 $ or equivalent in other currencies.
CoinField Fees
The trading fees follow a maker-taker fee structure based on a 30-day trading volume. However, the coinfield fees for credit/debit card deposits are extremely high – 2.95%. For Interac e-Transfer, EFT, and wire transfer withdrawals are considerably more expensive compared to other exchanges.
Moreover, Bitcoin withdrawal fees are fixed at 0.002 BTC, which is nearly double what you can expect to be charged in other crypto exchanges.
When it comes to trading, the coinfield price for makers is 0.15% and for takers reaches up to 0.25% for a 30-day trading volume of 0-50,000 $, which is lower than many other big exchanges. For a volume north of 5,000,000 $, the maker fee is zero while the taker fee is 0.02%.
Coinfield Academy
On the exchange’s website, there is a link to the company’s academy. This program is titled Crypto for Beginners. As you can imagine, this course is meant for absolute beginners.
The basics of crypto trading are dissected in this program, which is certainly an advantage of this company. But, the lack of regulation is still an issue. Please contact us for help if you lost money to this company.
Deposit & Withdrawal Methods
Deposits can be made via a wide range of payment methods depending on the jurisdiction. Users can invest money via various cryptocurrencies as well as fiat. Here are some of the methods:
The minimum deposit and withdrawal amounts vary from method to method. For instance, the minimum deposit for credit/debit cards is 50-100 EUR/GBP but the card must be issued by either PaySafe or ECOMMPAY. It’s a huge disadvantage that the company does not accept MasterCard and Visa cards.
Crypto deposits are free of fee. The minimum withdrawal amounts vary. We already discussed the high BTC withdrawal requirements and fees, which is why this company is not the best choice for crypto trading.
CoinField Review: Conclusion
To sum up, Coinfield has gone from an alleged Canadian exchange to an Estonian and BVI-based unregulated company. This entity was blacklisted by the Canadian financial market authorities.
Even regulated crypto exchanges such as the NBX are not issue-proof but unregulated exchanges are a red flag and we recommend you avoid them.
The majority of traders that lost money to this exchange scam are residents of the United Kingdom, United States, and Canada. If you are among them, please contact us for help in recovering your hard-earned funds!
Book your free consultation with us today and get your money back!
FAQ Section
CoinField is an unregulated crypto trading exchange. Many traders were scammed by Coinfield. If you’re one of them, call us.
No. CoinField is not regulated in the jurisdictions (Estonia, BVI) in which the exchange claims to operate.
No. This exchange is not regulated. Many traders have lost money to this sophisticated cyber scheme.
Yes, but it is not recommended. CoinField is blacklisted by two Canadian financial market authorities.
CoinField is an unregulated crypto trading exchange. Many traders were scammed by Coinfield. If you’re one of them, call us.
No. CoinField is not regulated in the jurisdictions (Estonia, BVI) in which the exchange claims to operate.
No. This exchange is not regulated. Many traders have lost money to this sophisticated cyber scheme.
Yes, but it is not recommended. CoinField is blacklisted by two Canadian financial market authorities.
The post Coinfield Review: Is This European Crypto Exchange Reliable? appeared first on Global Fraud Protection.
