NDAX review

By   |   Updated 5th April 2022

NDAX Crypto Review
  • National Digital Asset Exchange (NDAX) is a cryptocurrency exchange based in Canada.
  • It is a versatile platform suitable for both beginner traders as well as experts.
  • Start trading immediately thanks to instant ID Verification.

NDAX has a specific set of features, such as instant ID verification, competitive fees, free deposits, staking, and 24/7 live customer support, which makes it stand out from the crowd in Canada.

Want to find out more about what NDAX offers? This is the review for you.

NDAX

On website

NDAX

Highlights

  • Get $10 when you sign up and deposit at least $100 in your account.
  • Has the lowest fees in Canada.
  • Set up recurring buys for assets like Bitcoin, Ethereum, and 18 other coins so you can invest in cryptocurrency on your own schedule.
  • NDAX holds a majority of user funds in an offline, multi-signature wallet.

Pros

  • Competitive trading fees at 0.2% for both selling and buying cryptocurrencies.
  • Get 24/7 customer support.
  • Earn by referring a friend.

Cons

  • Other exchanges have a larger choice of digital assets to trade.
  • Only available to Canadian residents

What is NDAX?

NDAX, which is the acronym for National Digital Asset Exchange, is a Canadian cryptocurrency exchange. Since launching in 2018, it has built a reputation for its large selection of cryptocurrencies, free deposit fees, a unique referral program, and its FINTRAC membership.

Is it safe?

NDAX is a legitimate cryptocurrency exchange. National Digital Asset Exchange Inc. (MSB M18632135), the company that operates NDAX, is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and must comply with their rules and regulations.

NDAX holds a majority of their user’s cryptocurrency assets in offline, cold storage for the highest level of security. Furthermore, when assets are moved from cold storage, multiple approvals from their senior management are required, which adds to its level of safety and security.

Two-factor authentication (2FA) is used throughout, making it much more difficult for your account to be breached or taken over.

Who is NDAX aimed at?

NDAX offers a set of powerful cryptocurrency trading tools for Canadians. Trading pairs are all in CAD.

Beginner and experienced traders use the platform because its user interface is easy to use and understand. Like all good design though, the clean UI incorporates some more complex features.

Tradable assets

You have access to well-known coins including Bitcoin (BTC/CAD), Ethereum (ETH/CAD), Ripple (XRP/CAD), Litecoin (LTC/CAD), Dogecoin (DOGE/CAD), and Cardano (ADA/CAD).

NDAX also lists various altcoins: EOS, Stellar, Tether, Chainlink, Polkadot, Uniswap, The Graph, Compound, Aave, Polygon, and Gala.

Their offering is a solid set of digital assets, covering the bases for new investors and giving more seasoned investors exposure to more speculative options.

NDAX is not Binance though. Look elsewhere if you want an exchange that’ll list any and every freshly-minted altcoin.

Staking

In February 2022, NDAX introduced staking, making it the first domestic Canadian exchange to add the much sought after feature.

It is possible to stake Cardano, Polkadot, and Ethereum on NDAX. Yields are competitive — I checked — with what's available elsewhere. Using it is extremely simple and fast, which is what I've come to expect of NDAX. Setting up the contract is very easy and there is no confusing jargon.

Perhaps one of the best features of staking on NDAX is the flexibility. You can stake your assets for up to 36 months and, depending on the plan you choose, you can unstake instantly.

Although there are exchanges where you can stake a wider choice of assets, NDAX have told me that they plan on expanding what can be staked in future.

Useful features

There are several features available on NDAX that make it stand out.

Fast CAD deposits

NDAX caters their service for Canadians, so it should come as no surprise that it is extremely easy to fund an account. There are no deposit fees, and the exchange partners with several banking providers in order to offer same-day settlement for CAD and USD deposits as well as withdrawals.

Live chat support

Resolve most urgent queries with live chat. Response times are typically fast. A ticketing system is also available at support@ndax.io with responses within 24 to 72 hours.

NDAX Wealth

NDAX offers Over-The-Counter (OTC) trading, known as NDAX Wealth, for high net worth and institutional investors who can access a deep liquidity pool and a large selection of digital assets.

Gifting

If you would like to send cryptocurrency to a friend or relative, you can do so from within NDAX for any of the coins listed.

Like anything on NDAX, it's a simple and fast process: select what the occasion is and then enter the recipient's details (which coin you want to send and the amound, plus the recipient's email address). This could be a great way to get the people you care about into the crypto.

Fees

Funds deposited from a Canadian bank account into your NDAX are free.

You can withdraw crypto to your wallet or transfer fiat to your Canadian bank account for a flat-rate withdrawal fee of CAD $4.99 for bank transfers and wire transfers.

There is a 0.2% buying fee and a 0.2% selling fee on trades.

Pros and cons

Pros

  • They're a legit, trustworthy company. (I've spoken with them personally).
  • Competitive trading fees at 0.2% for both selling and buying cryptocurrencies.
  • Deposits are completely free when depositing funds from a Canadian bank account.
  • Instant verification gets you up and trading quickly and effortlessly.
  • Make money from your crypto. Stake several coins on NDAX.
  • 24/7 customer support available via email and live chat, which is convenient and reassuring.
  • Trade some of the most popular cryptocurrencies and altcoins, including Solana, MATIC, and Chainlink.

Cons

  • Withdrawals are not free, but $4.99 is lower than it used to be.
  • Other exchanges have a larger choice of digital assets to trade.
  • The exchange is specifically tailored towards Canadians with deposits being free only from Canadian bank accounts.

Alternatives

There are a number of Canadian alternatives to NDAX. These are some of the most prominent brands.

  • Bitbuy. A convenient way to purchase and trade digital assets. Founded in 2013. Registered as a Money Service Business.
  • CoinSmart. Founded in 2018 in Toronto, Canada, Coinsmart offers users an easy way to trade a range of cryptocurrencies and altcoins. They are “constantly adding” more according to their website.
  • Coinsquare. A popular Canada-based exchange to trade cryptocurrencies. No bells and whistles.
  • Coinberry. A refined exchange that makes it easy to trade. Excellent educational material.
  • Newton. FINTRAC-registered, PIPEDA-compliant, and proudly Canadian. Excellent user interface makes trading a joy.

Comparisons

How does NDAX compare against other exchanges? Use these side-by-side comparisons to find out.

FAQs

Does NDAX have a demo account for paper trading?

No.

Is NDAX insured?

NDAX claims to have USD 3 million in insurance per instance on its hot wallets and keeps USD 5 million on its cold wallets, which covers internal theft and Hardware Security Module (HSM) malfunction. They also have CAD 5 million in general business liability.

Do I need to bring my own crypto wallet to use NDAX?

No. NDAX users can use their multi-signature wallet.

How do I fund my NDAX account?

Go to the Dashboard, click on Deposit, or go to My Wallet and click on deposit, where you will see CAD. Choose what method to use: Interac e-transfer, wire transfer, and bank draft. Fill out the form and submit it. Finally, go to your bank account, click on Interac e-transfer, send to the Interac recipient, enter the amount, click on next. Go to NDAX, copy your name, and paste it into the name field to add a new recipient on Interact, do the same for email. Click on next. Paste the unique message code on the message tab, and finally click on send, and click on okay.

How do I withdraw from NDAX?

Go to your dashboard and click on withdrawal, or go to My Wallet and click on withdrawal, then on CAD.

Verdict

NDAX is a solid cryptocurrency exchange specifically tailored towards a Canadian audience. Getting set up is easy and fast. It has competitive fees, an excellent support staff, and a wide selection of cryptocurrencies to trade. The addition of staking makes it a much more compelling — and potentially profitable — place to trade crypto.

It may not have as many altcoins as some other exchanges, but what it does offer is more than enough for the average trader who wants to build a position in crypto.

On website