NDAX Review – Canadian Crypto Exchange
Canada is home to several cryptocurrency exchanges, so finding the best one for your needs can be challenging. You must consider several factors, such as the platform’s security for its clients, customer support, and trading features for experienced and novice cryptocurrency traders.
NDAX is one of the newest exchanges available in Canada. Our NDAX review below will tell you everything you need to know about this crypto exchange, including its advantages, drawbacks, and trading services.
- Operating Since 2018
- Cryptocurrencies Supported 30+
- Fees Starts at a fixed 0.2% for market takers
- Deposit Methods Interac e-Transfer, Wire Transfer, Bank Draft
- Fiat Currencies CAD, USD, EUR, AUD
- Verification Methods Email, 2FA, Google Authenticator
- Margin Trading No
- Futures Trading Yes
NDAX.io: Canadian Crypto Exchange Overview
Headquarters for NDAX (National Digital Asset Exchange) is in Calgary, a province of Alberta, Canada. With the backing of a major Canadian financial institution, this cryptocurrency exchange hit the Canadian market in 2018 with lots of fanfare. Bilal and Hussein Hammoud created NDAX with the promise of developing a full crypto exchange accessible to novice and experienced users.
Because the exchange is relatively new, NDAX offers few facts about its platform to prospective users. We can tell you that NDAX is a complete, albeit limited, crypto exchange. It’s a reputable platform, but has less trading volume than more established competitors.
NDAX is a platform strictly for Canadian users. The platform is one of the country’s best exchanges because of its security measures.
For instance, it complies with local financial regulations from the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Canada’s Financial Transactions and Reports and Analysis Centre. NDAX is also registered as a Money Service Business.
NDAX is setting itself up to be a long-term, respectable cryptocurrency marketplace despite its young age. Besides its regulation compliance, NDAX is also devoid of trends and gimmicks. Instead, users of all cryptocurrency trading levels will appreciate the platform’s professional approach to trading, buying, and selling.
Since launching in 2018, it has built a reputation for FINTRAC membership, a unique referral program, free deposit fees, and its wide selection of cryptocurrencies.
Currently, NDAX offers support to 30+ cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Tether (USDT)
- LItecoin (LTC)
- Uniswap (UNI)
- Cardano (ADA)
- Ripple (XRP)
- EOS (EOS)
- Stellar (XLM)
- Aave (AAVE)
- Polkadot (DOT)
- Newton (NEW)
- Polygon (MATIC)
NDAX focuses on being a versatile platform to accommodate experienced and novice cryptocurrency traders. Though the platform doesn’t have as many pairs as international marketplaces, it provides Canadian users the opportunity to trade, buy, and sell some of the most popular cryptocurrencies in the world.
The excellent news about NDAX is that it listens to customer feedback about desired asset listings. For example, NDAX saw increased user interest in stablecoins and decentralized finance tokens. As a result, the company added Tether, a stablecoin linked to the U.S. dollar, and Chainlink, a DeFi token for smart contracts, to its assets.
Before including new assets on its platform, the crypto exchange carefully considers its customers’ wants and the assets’ high trading volume.
Trading Fees and Limits for NDAX
NDAX has some of the best trading fees available to the Canadian market. Its competitive rate starts at a fixed 0.2% for market takers. Making deposits incurs zero expenses.
If you choose to deposit funds using Interac e-transfers, the maximum deposit amount will be $10,000, and it takes about three hours to complete. You can also deposit funds into your NDAX account via wire transfers and bank drafts for free, and they have no minimum or maximum order limits.
Withdrawals have fees at rates that depend on the type of cryptocurrency a user withdraws. The platform allows you to take out $100 to $100,000 in Canadian dollars through a direct bank deposit for a $25 fee or $50 for a wire transfer. Price fluctuations affect the cost of fees for crypto withdrawals.
NDAX Trading Services
NDAX makes it easy for anyone to participate in crypto trading, regardless of their skill level, due to its easy-to-navigate interface. However, the platform also offers advanced trading tools for experienced traders like multiple order types and an OTC desk.
Because it offers several trading execution methods, NDAX is the ideal exchange for users who want to explore various cryptocurrency trading strategies. Knowledgeable traders will be pleased to know that advanced order types are available through NDAX. Users can execute limit, stop, stop limit, fill or kill, reserve and iceberg, and trailing orders.
Another appealing feature of this crypto exchange is the NDAX OTC desk. In 2020, NDAX celebrated its achievement of $200 million in institutional trading by rebranding its existing over-the-counter desk as NDAX Wealth.
NDAX Wealth offers extensive trading opportunities to institutional investors who want to trade more than $50,000 without losing money through slippage or causing market disruptions. The trades are possible due to the platform’s deep liquidity pool, allowing users to make high-volume orders without deposit or withdrawal fees. NDAX Wealth also has state-of-the-art security, zero price slippage, and same-day settlements for crypto and fiat transactions.
NDAX Customer Support
NDAX has a smooth, easy-to-use operation, but that doesn’t mean users won’t have questions or concerns. The crypto exchange offers assistance via knowledgeable support representatives via phone.
There isn’t much information available about the quality of the customer service from the telephone line except for a few positive NDAX reviews from customers. However, no negative news is usually good news for customer reviews.
Unfortunately, representatives for the telephone line are not available 24/7, but you can use the live chat-bot function on the NDAX website to address your concerns at any time. During business hours, the chat function will connect you to an NDAX customer service agent. Chats after hours are only to collect your information so someone can contact you the following business day.
You can also receive customer support by emailing NDAX at email@example.com, but it comes with a 24 to 72-hour wait time. If your issue doesn’t require immediate assistance, you could access NDAX’s impressive FAQ section in their online help center,
Is NDAX Safe? Safety and Security Features
Because it is a regulated crypto exchange, NDAX is generally safe to use. The platform is also in partnership with Ledger Vault, one of the industry’s top crypto security solution providers. With the expertise of Ledger Vault, NDAX has an intricate multi-authorization and asset management infrastructure.
For instance, users must follow account security regulations, including mandatory two-factor authentication to make order requests or withdrawals. NDAX users must also subject themselves to a streamlined identity verification process that includes providing a legitimate photo ID to the company.
Furthermore, NDAX holds majority of their crypto holdings in offline, cold storage for the highest level of security. When crypto assets are moved from a cold crypto wallet, multiple approvals from their senior management are needed. This adds to its level of security and safety.
NDAX Vs. Coinsquare and Bitbuy
Coinsquare and Bitbuy are two of Canada’s most popular crypto exchanges. NDAX, Bitbuy, and Coinsquare have a limited selection of cryptocurrencies and don’t offer altcoin trading. The difference between the three services is their fees and advanced trading features.
Out of the three Canadian crypto marketplaces, Coinsquare has the lowest trading fees. However, NDAX and Bitbuy have excellent OTC desks for experienced and institutional traders.
Pros and Cons of NDAX
- Supports some of the world’s most popular cryptocurrencies and altcoins
- Provides 24/7 customer support
- Has a simple verification process
- Offers competitive trading fees at 0.2%
- Has a straightforward interface for new and experienced traders
- Provides advanced charting and multiple order types
- Deposits are completely free when depositing funds from a Canadian bank account.
- Registered with AMF and FINTRAC as a Money Service Business (MSB)
- Low trading fees of only 0.2% is perfect for new crypto traders who can get more crypto for their CAD
- Doesn’t offer standard crypto exchange features like yield farming and staking
- Doesn’t have 24/7 telephone customer support
- Mobile app does not have consistently high ratings among users
- Tradable digital assets are limited
- Only available to Canadians
- The withdrawal fee using bank transfer of wire transfer has a flat fee of $25 USD.
Frequently Asked Questions About NDAX
Is It Legal to Trade, Buy, or Sell Bitcoin in Canada?
Canada allows all citizens over 18 to trade, sell, or buy Bitcoin and other cryptocurrencies. However, crypto is not a legal form of tender because the country only has the Canadian dollar as its government-backed currency. Because Bitcoin is not a legal tender in Canada, cryptocurrency transactions have fewer protections than fiat currencies.
Does NDAX Support Multiple Countries?
At the time of our NDAX review, the platform is available only to people living in Canada. The Canadian Financial Authorities regulates this major crypto exchange. If the crypto exchange offers support to other countries, it leaves NDAX open to regulations from international authorities, which can be complicated.
There is no indication that the platform will open its trading services to international users.
Do You Have to Provide Your Own Cryptocurrency Wallet to Use NDAX?
No, NDAX provides its users with a cryptocurrency wallet through Ledger Vault for users to store their money for convenience. Ledger Vault is a France-based wallet management service that offers secure digital currency support using two-factor authentication to use an NDAX account and withdraw funds.
However, NDAX supports clients who prefer to use their personal hardware wallets to store cryptocurrencies long-term.
Does this Crypto Exchange Have a Mobile App?
Yes. Users with iOS and Android mobile devices can download the NDAX mobile app for crypto trading at your convenience. The mobile app features most of the same functions as its web-based site. Though the NDAX app is relatively new, it appears to be straightforward. New users can create an account, verify their identity, and immediately start trading.
Unfortunately, the NDAX mobile app has inconsistent ratings. Ratings on customer review sites range from 1.6 out of five stars to 4.7 out of five stars. Most of the lower reviews mention fluctuating prices and frequent app shutdowns after system updates.
Is NDAX the Same as Coinbase and Kraken?
NDAX is similar to Coinbase, its American counterpart. Both cryptocurrency exchanges support similar cryptos and payment methods. However, Coinbase has high conversion rates for Canadian users who pay Canadian dollars to trade, sell, or buy cryptocurrencies.
On the other hand, Kraken is one of the oldest cryptocurrency platforms available to Canadian traders. Kraken supports more currencies, including Canadian dollars, U.S. dollars, European pounds, and Australian dollars. If you’re interested in trading altcoins, using a more established marketplace like Kraken is best.
How About Binance?
If you are looking for a cryptocurrency trading platform where you can buy different kinds of altcoins, you can try Binance instead of NDAX. It has more than 600+ different crypto assets. However, take note that Binance is not available if you’re an Ontario-resident.
Any Canadian who wants to participate in trading, buying, and selling cryptocurrencies should consider using NDAX. Based on our NDAX review of the platform’s essential features, we believe it is one of the best exchanges available for the Canadian market.
This cryptocurrency trading platform is user-friendly and suitable for both experienced traders and beginners. Novice traders will enjoy NDAX’s simple features to place low-volume orders and buy crypto by linking their CAD debit or credit card to their NDAX account. The platform allows users to execute advanced orders like market and kill orders and place large orders through NDAX’s deep-liquidity OTC desk.
The only potential drawback we see with NDAX is the platform’s lack of altcoin support. However, the company has already added a stablecoin and DeFi token as part of its assets at the time of this NDAX review. We are confident the crypto exchange will continue evolving to meet its clients’ needs.