A cryptocurrency exchange platform via an app
Coinfield is a free app that puts users in touch with online cryptocurrency exchanges. Though the app and its associated website do some of the transferring and arranging, it is actually the cryptocurrency exchanges that set the prices and make the trades. However, this app is able to convert fiat money into cryptocurrency if needed.
This app links up with other exchanges, which provides the live data it shows, which is similar to how the Betting Exchange app works with online bookies. You can store cryptocurrency with the app, similar to how you can store cryptocurrency with a crypto wallet like Electrum.
Is Coinfield safe?
Most of the transactions you undertake are through third-party exchanges, which means most of the time your money and currency is safe. The only risks are within the app itself when it transfers you over, or when it tries to convert fiat money into cryptocurrency. It is not fundamentally unsafe, but like many finance apps, it has its vulnerabilities.
Who can use Coinfield?
North Americans, people in Latin America, and several countries in the Middle East. The service is available in many countries, but some countries like China have laws against using such apps. People from most countries can get accounts with Coinfield.
The fees are very unfair
This cryptocurrency exchange app directs your business to third-party exchanges but makes its money by adding a fee to every transaction. Even moving your coins, depositing, and withdrawing will cost a sizable fee. It is cheaper to use the exchanges directly rather than through this app.
The wallet doesn't communicate correctly with some exchanges
With some transactions, it is easy to see how much cryptocurrency you have in your wallet. However, the lag between exchange updates and the app can be very infuriating. It may show that you still have a currency in your account that you have already traded because the app’s wallet hasn't been updated yet.
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