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NDAX vs. Coinbase: Which is best in 2023?
Swen Keller
- Headquarter: Calgary, CA
- Year Founded: 2018
- No. of Cryptos: 30+
- Fiats Available: CAD
- Fees: 0.2% for buying and selling cryptocurrencies
- NFTs Available: No
- Native Coin: No
- Beginner Friendly: Yes
- Platform App: Desktop, Mobile
- Security Features: FINTRAC and Revenue Quebec Regulation, cold storage, multi-signature account, and insurance
- Headquarter: San Francisco, USA
- Year Founded: 2012
- No. of Cryptos: 150+
- Fiats Available: USD, EUR, GBP
- Fees: up to 0.6% trading fees, up to USD 25 withdrawal fees
- NFTs Available: Yes
- Native Coin: USDC
- Beginner Friendly: Yes
- Platform App: Desktop, Mobile
- Security Features: Cold storage, Auto- enrolled 2 Factor-Authentication, multi-approval withdrawals, insurance, password protection
NDAX vs. Coinbase: Verdict
Our pick is Coinbase as the overall winner due to its support for NFTs, more payment methods, and seamless usability.
Pros
- Low trading fees
- Free deposits
- Suitable for advanced trading
- Fast deposit and withdrawals
- It supports a solid amount of cryptocurrencies
- Suitable for beginners
Cons
- Fiat payments are only accepted in Canadian Dollars
- Expensive withdrawal fees
Pros
- Supports more than 150 cryptocurrencies
- Suitable for both beginners and advanced traders
- Users can earn free crypto rewards
- Visa debit card
Cons
- Complex fees structure
- High trading fee
NDAX vs. Coinbase: Unique Features
Unique Features of NDAX
1 – NDAX Wealth
NDAX wealth is an OTC trading desk designed for investors who wish to trade $200,000 or more on the NDAX platform.
NDAX wealth gives investors access to a deep liquidity pool, a segregated bank account, same-day settlements, and competitive execution fees. NDAX deposits and withdrawals are free and no confirmation is required for crypto deposits.
The investors also have access to expert traders who will advise and guide them on how to execute trades.
2 – NDAX Referral Program
NDAX users can earn referral rewards when new users join the platform through their affiliate link. Affiliate commissions are as high as 10% (about $25) per referral. The referral bonus is the same regardless of how much the referred customer trades.
The affiliate program is not only for active users. Anyone with an NDAX account can participate in the affiliate program.
Referral bonuses are paid in Canadian dollars into the user’s account between 0-30 days.
Unique Features of Coinbase
1 – Coinbase Earn
Coinbase Earn is a learning hub designed by Coinbase that enables users to learn about cryptocurrencies while earning cryptocurrency rewards. The program educates users about cryptocurrencies, their utility, underlying technology, and any other vital information required to excel in the crypto space.
Users can earn free cryptocurrencies by watching videos and completing assignments and short quizzes about specific altcoins. Users who pass the quiz are rewarded with the particular altcoin the quiz was about.
2 – Coinbase Prime
This is an integrated solution that provides an advanced trading platform, secure custody, and prime services to users who are willing to manage their crypto assets in one place.
With Coinbase Prime, users’ trades can be optimized to their specifications. Users also have access to detailed reports on how their trades were executed. These post-trade reports contain information on how trade orders are split, routed, and filled across venues. Users also have access to historical and real-time analytics for derivatives markets and crypto spots.
3 – Coinbase Card
The Coinbase Card is a Visa debit card that enables the cardholder to spend cash or crypto directly from their Coinbase account balance. The card is accepted anywhere Visa debit cards are accepted worldwide. Users get free crypto rewards whenever they purchase with the Coinbase debit card.
Winner in Unique Features
Coinbase wins in unique features because it has a lot of features that cater to both individual traders and businesses.
NDAX vs. Coinbase: Cryptocurrencies Available
NDAX supports over 30 cryptocurrencies. This includes: BTC, DOGE, ETH, LTC, XRP, ADA, USDT, and LINK
The Coinbase exchange supports the trading of over 150 cryptocurrencies. This includes BTC, ETH, USDT, AVAX, SOL, DOGE, MATIC, LTC, DOT, ETC, GALA, SHIB, CRO, etc.
Winner in Crypto Availability
Coinbase wins as it has more cryptocurrencies than NDAX. While NDAX had just about 30+ coins, Coinbase supports over 150 digital assets.
NDAX vs. Coinbase: Can You Buy and Sell NFTs?
Yes, you can buy and sell NFTs, as well as, participate in NFT drops via the Coinbase NFT platform.
Winner in NFTs Availability
Coinbase wins in NFTs availability as the platform supports a wide range of NFTs on its NFT platform. NDAX, unfortunately, does not support NFTs.
NDAX vs. Coinbase: Fees
NDAX Fees
NDAX offers a simple fee structure. Both buying and selling cryptocurrency on the platform cost a flat 0.2% in fees. Concerning deposits, all payment methods which include Interac e-Transfer, cryptocurrency, bank draft, instant crypto, and bank wire are free. For withdrawals, NDAX charges CAD 4.99 in fees for bank direct and wire transfers. Crypto withdrawals also attract different fees depending on the asset withdrawn.
Coinbase Fees
Coinbase uses a taker and maker fee model that’s based on pricing tiers.
Fiat Deposit and Withdrawal Fees
Winner in Fees
NDAX is the winner in fees as the crypto exchange offers a simpler fee structure in comparison to Coinbase, which has a very complex and sometimes confusing fee structure.
NDAX vs. Coinbase: Payment Methods
NDAX offers 5 payment methods which include Interac e-Transfer, cryptocurrency, bank draft, instant crypto, and bank wire. The Interac e-Transfer, bank draft, and bank wire payment methods all support only CAD. Instant Crypto and Cryptocurrency deposits allow you to fund your account using crypto you already own on another crypto trading platform.
Coinbase offers Canadian users 2 payment methods: debit cards and PayPal. These payment methods support the major fiat currencies and are all instant.
Winner in Payment Methods
Coinbase wins here as it offers more convenient payment options.
NDAX vs. Coinbase: Security
NDAX Security Features
NDAX is the first Canadian crypto platform to receive a SOC2 Type II certification. The platform holds a majority of its crypto assets in cold storage offline. The cold storage is provided by Ledger Vault and protected by multi-signature technology.
NDAX holds different amounts in insurance to cover different incidents including fraud. It holds 5 million CAD for general business liability, $5 million covering internal theft and hardware security module malfunction of the cold wallets, and $3 million per instance on its hot wallets.
Users’ funds are held in a segregated bank account at a Canadian Crown-owned financial institution. Every transfer of funds from the cold storage must be approved by different members of NDAX’s senior management team.
All user’s accounts are protected by a mandatory two-factor authentication. Without this deposits and withdrawals will not be accepted. All users must also confirm all withdrawals via email.
The user also receives an email notification containing the login time and IP address whenever the user logins to their account. For any account information to be updated, the user must meet the strict requirements laid down by the NDAX team.
Coinbase Security Features
Coinbase holds about 97% of its crypto assets in encrypted, geographically separated cold storage. All the digital assets stored online in the customers’ accounts are also insured.
Coinbase accounts are protected with auto-enrolled 2-Factor Authentication and password. Users can lock their accounts and stop any transaction or activity from occurring when they suspect any suspicious activity.
Coinbase users can also store their digital assets in the Coinbase Vault. With this feature, users can add trusted individuals who they want to co-sign their withdrawals. The vault will cancel any withdrawal that is not approved by all the parties within 24 hours.
Users are notified when there is a major security change to their account settings. If the changes were not authorized by the user, they can lock their account.
Winner in Security
NDAX wins in security. It has a lot of security features in place to ensure the protection of customers' digital assets. Unlike Coinbase, the platform has not been hacked.
NDAX vs. Coinbase: Earn/Staking Rewards
NDAX offers a staking rewards service that enables users to earn up to 12% APY on 5 cryptocurrencies including Polkadot, Cardano, Ethereum, MATIC, and The Graph. The program offers various plans that allow you to unstake your coins when you choose. Plus, NDAX claims to secure your staked coins in a cold wallet for safekeeping.
Coinbase offers a staking program for over 6 cryptocurrencies via Coinbase Earn that offers users up to 5.75% APY. The program also offers DeFi yield although, this aspect is not available to users in the United States. You can begin staking with as little as $1.
Winner in Earn/Staking Rewards
There is no winner here. NDAX offers up to 12% APY while Coinbase offers 5.75% APY. However, Coinbase offers more cryptos for staking and DeFi yield. So the winner here would depend on if you want more options for staking or a high APY.
NDAX vs. Coinbase: Usability
The NDAX crypto trading platform has a contemporary design that makes it seamless to deposit and purchase cryptocurrency. However, there are numerous user complaints about the strenuous withdrawal process that includes the locking of funds and fees.
This crypto exchange offers one of the fastest ways to purchase digital assets with various payment methods. Its platform is beginner friendly and finding what you’re looking for is very easy even for complete newbies.
Winner in Usability
Coinbase is the winner in usability, especially for beginners or advanced traders.
NDAX vs. Coinbase: Customer Service
NDAX customers can reach the platform’s support team through live chat, email, and phone.
The platform also has a support center that is well-equipped with answers to FAQs, as well as all the information users, need to have a good trading experience.
Coinbase has a knowledge base where its users can find the relevant information they need concerning the platform. There is also a help center with answers to frequently asked questions about Coinbase.
Coinbase also has a phone and live chat support.
Winner in Customer Service
NDAX wins in customer service. It offers more live support to its users.
Conclusion: Final Verdict
NDAX is an excellent crypto exchange for beginner Canadian users who want a simple platform to trade crypto on. However, if you want more advanced features NDAX falls short. Coinbase, on the other hand, supports more than one country and various fiat currency. It also supports NFTs and more payment methods as well as cryptocurrencies than NDAX.
Overall Winner
Coinbase is the overall winner with a score of 4/5.
FAQ
Most frequent questions and answers
Coinbase offers more cryptocurrencies than NDAX, has lower fees per trade volume, and is available for users in various nations.
Yes, NDAX is a good exchange for newbie Canadian crypto investors.
Yes, NDAX is a beginner-friendly crypto exchange. You can easily buy and sell crypto without any assistance.
There are several good crypto exchanges in Canada like Shakepay, Coinberry, Coinsquare, etc.
Newton is better if you want more altcoin options. But NDAX is better if you need lower fees and an intuitive trading platform.
Yes, because NDAX is a Money Service Business registered with FINTRAC, the exchange must report to the Canada Revenue Agency (CRA) unlike other exchanges void of regulation.
NDAX charges a percentage trading fee for every buy or sell transaction.
Yes, NDAX is registered with FINTRAC and Revenue Quebec as a Money Service Business.
Fiat withdrawals are processed once a day.
NDAX stores staked crypto in a cold wallet.
National Digital Asset Exchange popularly known as NDAX is a cryptocurrency exchange.
NDAX has been on the crypto scene since 2018 and is registered under FINTRAC and Revenue Quebec.
Yes, Coinbase is good in Canada, however, it has very high trading fees which makes it an expensive option for most Canadians.
Yes, you can. However, there are user review complaints about delayed withdrawals.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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