NDAX Review for Canada 2023
Making Crypto Simple
The National Digital Asset Exchange Inc. (NDAX) – situated in Calgary – is one of the best Canadian crypto exchanges around. NDAX offers a user-friendly interface that helps less-experienced traders buy and sell Bitcoin and other digital assets easily and instantaneously. Professional traders can also take advantage of the site’s advanced trading features.
In this review, we’ll look at the trading platform’s security to see whether it conforms with Canadian cryptocurrency trading legislation. We’ll also answer all sorts of questions, such as whether it pays off to swap coins through NDAX at all. So, read on!
About the NDAX Exchange
NDAX is a regulated cryptocurrency trading platform established in 2017 by Bilal Hammoud, a Canadian entrepreneur. NDAX was designed to facilitate fast and simple exchange of virtual currencies for Canadian Dollars (CAD). The trading platform also offers advanced financial instruments such as OTC trading.
NDAX’s engineers collaborate with Canada’s financial authorities and institutions to ensure the trading platform meets the highest cryptocurrency trading standards of the country. In compliance with the regulations, the funds invested on this platform do not move outside of Canada to other countries. Users’ money is kept segregated from the exchange’s operative budget in a separate Canadian bank account for increased safety.
Bitcoin and Supported Cryptocurrencies
NDAX users can effortlessly trade Bitcoin (BTC) and more than 30 popular altcoins for Canadian Dollars (CAD). Supported cryptocurrencies include Ethereum (ETH), EOS (EOS), Ripple (XRP), Tether (USDT), Cardano (ADA), Litecoin (LTC), Dogecoin (DOGE), Stellar (XLM), Aave (AAVE), Chainlink (LINK), Polygon (MATIC), Shiba Inu (SHIB), The Graph (GRT), and Polkadot (DOT).
Trading Fees and Limits
The NDAX trading platform transaction fees are quite modest compared to other platforms. The exchange boasts a transparent fee schedule that starts as low as 0.20%.
You don’t have to pay deposit fees to fund your NDAX account with Canadian dollars or cryptocurrencies. The withdrawal service costs a flat fee, regardless of the sum you’re moving from your NDAX account, which only varies based on the cryptocurrency in question.
NDAX also provides various financing options that guarantee same-day clearance of your CAD or USD bank transactions. Some payment options include Interac e-Transfer, wire transfer, bank draft and direct bank transfer. There are no minimum or maximum limits to the amount you can deposit to your NDAX account.
The NDAX cryptocurrency exchange combines simplicity and ease of use with sophisticated crypto trading tools. The following are some of the most prominent functionalities of the NDAX trading platform:
- Instant ID verification;
- Cryptocurrency trading market;
- Staking digital assets;
- NDAX Wealth – OTC desk;
- Referral program;
- Various order types (including stop limit, trailing stop order, stop order, etc.);
- 24/7 client support and a live chat.
If you are a HODLer, you will appreciate the NDAX staking program. The platform allows traders to stake their digital assets and earn benefits through recurring payouts. NDAX also features a staking calculator that allows you to estimate your expected revenues.
The process of staking your assets on the NDAX platform is quite straightforward. All you have to do is choose the qualifying currency from the staking dashboard, enter the asset amount, and you’ll start earning staking rewards shortly.
NDAX supports Ethereum (ETH), Polkadot (DOT), and Cardano (ADA) staking. The initial staking APYs range from 4.8% to 12% for a wide range of assets and marketplaces.
If you’re not sure how staking works, NDAX has a large library of educational materials to assist you in brushing up on the concept.
NDAX Wealth – OTC Desk
NDAX Wealth is a crypto OTC trading desk for cryptocurrency investors who plan on investing at least $200,000 in digital assets.
The NDAX over-the-counter trading desk gives crypto investors access to a diverse assortment of crypto assets and deep liquidity. It also allows conducting large-volume trades with no quote slippage.
In addition, the NDAX Wealth charges no deposit fees and no withdrawal fees and offers segregated bank accounts, same-day settlement, and API connection through Rest, Websocket, and FIX.
Is NDAX.io Safe to Use?
NDAX’s security protocols are among the most stringent in the Canadian fintech field. To begin with, the exchange stores the overwhelming bulk of its virtual currencies in offline cold storage systems. These systems are protected by a multi-signature protocol designed by Ledger Vault, the industry’s leading crypto security company.
This Canadian exchange protects your money in the event of an insurable incident, such as fraud. The exchange keeps customers’ fiat currencies safe in segregated savings accounts in a Canadian bank to keep them separate from NDAX’s operational budget. In case of bankruptcy, fiat assets can be allocated to the authorized recipients.
NDAX employs DDoS monitoring, multiple data servers under 24/7 surveillance, and a mandatory two-factor authentication protocol (2FA) for all users to secure the information and funds on the exchange.
NDAX Canada also incorporates the Multi-Party Computation (MPC) technology, a cryptographic technique that keeps data private and secure and ensures the safety of users’ accounts and assets.
NDAX Canada Customer Support
NDAX customer care team can be reached immediately through the live chat feature on the platform. If there’s no pressing need for immediate assistance, you can also contact the support team by email. You can also call the exchange customer service centre.
Pros & Cons
For your convenience, we’ve listed some of the best and less favourable aspects of trading on the NDAX exchange:
- Highly secured and regulated crypto trading;
- Advanced trading options for the experienced traders;
- Low trading fees;
- Free deposits;
- Covers the loss of users’ funds in case of an insurable event, including fraud.
- The NDAX offers fewer trading tools than some of the globally popular trading platforms (such as Binance);
- An average number of supported cryptocurrencies;
- The exchange doesn’t accept credit card/debit card payments.
Versatile and simple to use, NDAX is one of Canada’s most prominent cryptocurrency trading platforms. High net-worth crypto investors and institutional clients appear to dominate on the exchange, judging by the offered financial instruments. However, you don’t have to be a high-volume trader to enjoy NDAX’s financial services. Many retail traders use this platform to trade in a fast, efficient, and safe manner, thanks to NDAX’s strict regulatory compliance and impressive security.
NDAX does not offer credit/debit card payments and offers a limited range of currencies for trading. However, NDAX compensates for that with its powerful security, ensuring your peace of mind while trading cryptocurrencies on the ever-volatile crypto market.
Frequently Asked Questions
Bitbuy and NDAX are competitors in the Canadian market and are popular with local traders. Their services are quite similar, but the trading costs on Bitbuy are a little higher than the fees on NDAX. In order to make up for this, Bitbuy provides a larger range of cryptocurrencies to trade than NDAX.
The more significant difference between these two exchanges is the level of customer service. While NDAX provides skilled assistance and a live chat for critical issues 24/7, the easiest way to contact the Bitbuy support staff is via email.
NDAX is a regulated cryptocurrency exchange. The company is a Money Service Business (MSB) registered with FINTRAC (Financial Transactions and Reports and Analysis Centre of Canada, registration number M18632135) and Revenue Québec (Registered Business Number M18632135).
Furthermore, NDAX complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) laws, as well as with other pertinent laws and policies. NDAX also adheres to rigorous Know Your Client (KYC) protocols that are mandated by law.
As NDAX strictly adheres to the KYC verification process rules, you need to provide several valid documents to confirm your identity, such as:
- Government-issued ID,
- Driver’s licence,
- Canada pension plan (CPP) statement,
- Property tax assessment issued by a municipality,
- Bank statement,
- Utility bill.
Yes. You can trade cryptos on your Android or iOS devices, anywhere and anytime you want, with the NDAX mobile app. The NDAX app provides access to most of the trading features available on the online platform. The app is completely free to use and requires the same login details as your NDAX account.