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2023 Complete NDAX Review: Is it right for you?
Luis Clark
- URL: https://ndax.io/
- Headquarter: Calgary, CA
- Year Founded: 2018
- Platform App: Desktop/Mobile
- No. of Cryptos: 30+
- Fiats Available: CAD
- Withdraw Method: Wire Transfer/Bank Direct/Crypto
- Payment Method: Interac E-transfer/Wire Transfer/Bank Draft/Crypto
NDAX Review: Our Opinion
NDAX, short for National Digital Asset Exchange, is a Canadian crypto exchange established in 2018. Since its launch, NDAX has built a solid reputation for its low trading fees, large selection of cryptocurrencies, FINTRAC membership, and more.
When performing in-depth research into the cryptocurrency exchange for this NDAX review, we discovered it largely lived up to its reputation. However, as you’ll see, it has a few downsides. That said, if you’re a Canadian looking to buy and sell crypto to boost your bank account with digital assets, NDAX might be a good fit for several reasons we’ll cover below.
NDAX is a Canadian cryptocurrency exchange designed to make it easy for traders of all skill levels to buy and sell digital assets using Canadian dollars. Suitable for beginner and experienced traders alike, the popular cryptocurrency exchange was launched in 2018 with the goal of providing a fast, easy, and secure cryptocurrency trading experience for both individuals and institutional investors looking to cash in on the growing crypto space.
Why Listen to Us?
Here at Skrumble, we are dedicated to helping Canadians interested in crypto assets make safe, informed investment decisions. As such, we are committed to our readers and providing traders of all levels with unbiased reviews of today’s top crypto services and trading tools.
Our comprehensive review process takes everything from the registration process and trading platform to cold storage, price slippage, and customer support into consideration. We accurately assess each Canadian exchange to arm you with the information you need to make your own sound, informed personal finance and crypto investment decisions.
An Overview of NDAX
NDAX, short for National Digital Asset Exchange, is an up-and-coming Canadian cryptocurrency exchange established by Bilal and Hussein Hammoud in 2018. The exchange is headquartered in Calgary and offers an intuitive trading platform as well as a full range of crypto trading services for beginner and experienced traders throughout Canada.
In a few short years, NDAX has earned the trust of Canadians looking to trade crypto by managing to become fully compliant with all local financial regulations. In addition to being a registered Money Service Business, NDAX adheres to the Terrorist Financing Act to prevent money laundering and closely follows regulatory framework established by the Financial Transactions and Reports and Analysis Centre of Canada, also known as FINTRAC.
NDAX also provides a deep liquidity pool and offers some unique features unmatched by many of its competitors, such as free deposits, low trading fees, a large selection of cryptocurrencies, and extensive trading options. With a robust cryptocurrency ecosystem in place, it offers everything needed for Canadians to begin trading and managing a crypto portfolio.
Pros
- Lowest trading fees in Canada
- Simple and secure verification process
- Good selection of crypto coins
- Advanced trading features
- NDAX Wealth for institutional investors and more advanced traders
- Cold storage crypto wallet
- OTC trading desk
- 24/7 customer support
Cons
- Small fee to withdraw funds via bank wire or e transfer
- Deposits are only free when transferring from Canadian bank accounts
- Fiat deposits must be in Canadian dollars
Key Features of NDAX
- Fast CAD deposits.
- Quick Buy/Sell feature.
- Technical charts and advanced order types.
- NDAX Wealth for high-net-worth traders.
- 24/7 live chat support.
- Staking capabilities.
Cryptocurrencies Available on NDAX
Low trading fees are great, which we’ll get to in a minute, but NDAX users especially appreciate having access to a wide range of cryptocurrencies. Compared to many other exchanges in Canada, NDAX offers a surprising variety of digital assets for its users to trade or invest in, including:
• Bitcoin
• Ethereum
• Litecoin
• Dogecoin
• XRP
• XLM
• Cardano
• Stellar
• Tether
• EOS
• USDT
• Polkadot
• GRT
• Avalanche
• Matic
• MANA
• LUNA
• SHIB
• AAVE
• Fantom
• AXS
• HBAR
• Solana and more
Altogether, there are over 30 options available to trade on the NDAX cryptocurrency exchange, and more are being added all the time.
NDAX Fees
Any NDAX review will tell you one of the greatest benefits of trading crypto with NDAX is the exchange’s competitive fees.
Deposit Fees
Firstly, whether you fund your account via wire transfer, Interac e transfer, or bank draft from a Canadian bank account, depositing money into your NDAX account from a Canadian bank is 100 percent free.
NDAX Withdrawal fees
Withdrawal fees are competitive at $25 per wire or bank transfer. Similar to other exchanges, NDAX also charges a flat rate based on the coin whenever you transfer crypto out of the exchange. The good news is the rates are lower than those charged by many of its competitors.
Trading fees
In terms of trading fees, NDAX charges a 0.2 percent trading fee each time you buy or sell Bitcoin or another cryptocurrency on their exchange.
Here’s a breakdown of the rates for the exchange’s top crypto offerings:
• Bitcoin – 0.000399 BTC
• Ethereum – 0.0099 ETH
• Litecoin – 0.0499 LTC
• Dogecoin – 10 DOGE
• XRP – 3 XRP
• Stellar – 8 XLM
• Cardano – 3 ADA
• Tether – 3.5 USDT
• EOS – 1 EOS
• Polkadot – 0.3 DOT
• Chainlink – 0.35 LINK
Payment Methods
Whether you’re depositing funds from your bank account or want to withdraw money, the NDAX exchange provides several payment methods to choose from, including:
• Interac e-Transfer
• Bank wire
• Bank draft
Note: NDAX is only for Canadian users, so the exchange only supports financial transactions to and from a Canadian bank. While NDAX fees are low, they should also be taken into consideration along with any bank fees.
NDAX Security
Since safety is a big issue when buying or selling digital assets, no NDAX review would be complete without discussing security. So, is NDAX safe?
The answer is simple: yes. NDAX is a legit cryptocurrency exchange registered with the Financial Transactions and Reports Analysis Centre of Canada, known as FINTRAC. As such, it must comply with all of their rules and regulations.
As a registered Money Service Business, it employs several security protocols to keep user and transaction data safe and secure. For instance, thanks to its partnership with Ledger Vault, a majority of user crypto assets are held offline in cold storage. Two factor authentication is also used throughout the platform, making it difficult for others to breach your account.
Best of all, since NDAX operates a custodial platform, cryptocurrencies in their custody are automatically insured against hardware malfunction, internal theft, and fraud. In other words, there is little to worry about when making a Canadian dollar e transfer and purchasing crypto with NDAX.
Staking Rewards
For those interested in taking their personal finance to another level, NDAX recently became the first Canadian exchange to offer staking in February 2022. Now, NDAX users can stake Ethereum, Polkadot (DOT), and Cardano (ADA) for competitive yields.
Effortless and flexible staking with NDAX: Experience the speed and simplicity of staking, with the option to stake assets for up to three years and unstake instantly at your convenience.
While some exchanges outside of Canada provide a wider selection of assets to stake, like its supply of cryptocurrencies, NDAX plans on expanding its availability of staked assets in the near future.
Opening a NDAX Account
Advanced traders are generally familiar with the account opening process, but beginners new to the crypto world may be questioning how the process works. Fortunately, opening a trading account on the NDAX crypto exchange is relatively simple and straightforward.
Signing Up for a NDAX Account
First things first, you must provide your first name, last name, and email address. Then, you will select your username and password. After confirming your password, you must click on a box stating you are over 18 years of age and agree to the exchange’s terms and conditions.
Then, you simply click the ‘Sign Up’ button. When you do so, an activation email will be sent to finish the registration process. After clicking on the activation link, you will receive a confirmation email along with a message for you to verify your identity.
Verifying Your NDAX Account
After signing up, you will need to verify your account and ‘Know Your Customer’ information, which is required for compliance with Canada’s financial regulations. To do so, you will be asked for your Social Insurance Number (SIN), which is optional but will speed up the verification process. You will also be asked for your date of birth and physical address. A mailing address, if different than your physical address, will not suffice.
Afterwards, NDAX will ask you a series of questions regarding how you heard of NDAX, why you are opening an account, and your employment status. You will then be shown a summary of the information you have provided.
Lastly, you must verify your phone number using SMS or the platform’s ‘Call Me’ feature. After doing this, you will be sent to a page where you can upload a scan of your driver’s license to confirm your identity and become verified. Some users report being automatically verified in a matter of minutes, while others not receiving instant ID verification report having to wait one business day to complete the verification process.
Making Your First Deposit
After registering and verifying your account, you will be able to make your first deposit and fund your account with cryptocurrency or Canadian dollars via direct transfer from your Canadian bank account. This can be done by clicking on the ‘Deposit’ button, which will redirect you to the exchange’s secure digital wallet. After funding your account, you must enable two factor authentication prior to making your first trade.
Trading Experience on NDAX
For the average trader, trading on the NDAX exchange is easy and intuitive. Unlike some other exchanges, you don’t need to be tech savvy in order to buy crypto, sell crypto, and transfer trading profits to your bank account.
The NDAX platform is available online or through the Android or iOS app. If you’ve ever traded currencies, commodities, or stocks before through an online brokerage, the experience is somewhat similar.
On the main dashboard, you can view your NDAX portfolio. From there, you’re only a few clicks away from being able to deposit or withdraw funds from your account through an Interac e transfer, buy and sell crypto, execute trailing stop market orders, and more.
Since crypto markets operate 24/7, you can log in and place a trade for Bitcoin or another digital asset at any time. Purchases are instantly credited to your account, and while they are low, trading fees may apply depending on the specific digital currency you ‘re buying or selling.
NDAX Customer Support
In addition to a fully functional trading platform with a variety of order types and competitive fees for crypto withdrawals and trades, NDAX offers 24/7 customer support via email and live chat. This means you can always reach out and receive assistance whenever it’s needed.
Unlike some crypto exchanges, the response time is typically quite fast. In our tests, we received a live chat response in just a few minutes, while email responses took a bit longer. The typical wait time for responses to email queries is 24-72 hours. However, you can contact the NDAX support team by phone for a faster response as well.
Customer Satisfaction
In general, NDAX users tend to be satisfied with the Canadian crypto exchange. It has a Trustpilot score of 2.6 out of a possible five, which is middle of the road. That said, NDAX compare well in this regard to other exchanges like Coinbase, which has a Trustpilot score of only 1.7. Sure, it lacks the trading volume of this larger exchange, but NDAX clients tend to be more satisfied overall.
Account Management
Effortless account management and trading anywhere: empower yourself with NDAX’s user-friendly website and mobile app. Take control of your portfolio with ease, anytime and anywhere, whether you’re at home or on the go.
Education on NDAX
If you’re new to crypto trading and want to learn about digital wallets, margin trading, or identifying buying or selling opportunities, you’re out of luck. However, in an effort to be the best crypto exchange in Canada, NDAX does educate its traders on the platform’s various alt coins and how to buy them. Experienced traders may not find this information very helpful, but novice crypto investors can certainly benefit from the exchange’s education resources.
Is NDAX Right For You?
NDAX offers the lowest trading fees in Canada, a variety of crypto assets, a powerful set of cryptocurrency trading tools, and even an OTC trade desk for more advanced traders via NDAX Wealth. In other words, it has features every trader from beginner to experienced can appreciate.
However, all trading pairs and e transfer deposits and withdrawals are in CAD, making the exchange only suitable for Canadian residents. If this sounds like you, then NDAX might be a good fit.
Final Thoughts
After thorough research and testing, it’s clear NDAX is a strong cryptocurrency exchange geared towards a Canadian audience. It offers fast and easy account setup, over 30 crypto assets to trade, low deposit and withdrawal fees, responsive customer support, and more nuanced trading options and services than many of its direct competitors.
All in all, it’s a solid exchange for anyone looking to carve out profits from the rapidly emerging crypto space.
Our extensive analysis of the Canadian Crypto Exchanges doesn’t stop here. You can also read our best crypto exchange Canada Guide to find an alternative to NDAX.
See how NDAX Compares with Other Canadian Crypto Exchanges:
FAQ
Most frequent questions and answers
Yes, NDAX is a registered Money Service Business in Canada and compliant with all FINTRAC regulations.
NDAX takes security seriously. In addition to encryption and two factor authentication, it is a custodial exchange and implements cold wallets to keep user funds safe and secure.
From your NDAX dashboard, click on ‘My Wallet.’ Then, select your bank account from the dropdown menu, enter in the withdrawal amount, and provide your two factor authentication code. You should receive the funds in your Canadian bank account within one business day.
No, NDAX provides a secure, multi-signature wallet for its users.
NDAX makes its money from charging a trading fee whenever you buy and sell a cryptocurrency, withdraw fiat currency to your bank account, or withdraw crypto to an external wallet.
NDAX was established in 2018, making it a relatively new up and coming exchange.
Yes, you can send crypto from NDAX to an external wallet or another exchange.
Yes, NDAX sells Dogecoin and recently added Solana to its crypto offering. As a new exchange, it is consistently adding new alt coins for its Canadian userbase.
1. Log into NDAX.
2. Click on ‘Wallet.’
3. Select the cryptocurrency you want to transfer.
4. Click the ‘Send’ button.
5. Enter the destination address.
6. Enter the amount you would like to send.
NDAX holds most of its digital assets in offline cold storage with multi-signature technology powered by Ledger Vault.
You can fund your NDAX account with Canadian dollars via wire transfer, Interac e transfer wire, or bank draft.
We always try to provide the most accurate information available, and make sure our team follow through.
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