NDAX Review for Canadians

Updated: Jan 12, 2022 | Published: Feb 24, 2021  

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The Bottom Line

I ranked NDAX 3rd overall out of 15 Canadian crypto exchanges tested. They have beginner and advanced features, 20+ coins, tight spreads (0.40%) and a total purchase fee of just 0.50% (2nd lowest out of 15). NDAX is one of the best crypto platforms for Canadians right now. 

1st overall was Newton because it has 40+ coins and low all-around fees. However, NDAX is still better if you're looking for advanced features. Click here to see all 15 platforms tested.


NDAX Exchange

NDAX Overview

NowFuture Rating

3.9

Overall Ranking

3rd place out of 15 platforms tracked

Total Purchase Fee

0.50% (2nd place out of 15)

BTC Spread (Mar 1, 2021)

0.40% (3rd place out of 15)

Trading Fees

0.20% buy/sell

CAD Deposit Fees

Free

CAD Withdrawal Fees

$25 fixed

BTC Withdrawal Fee

0.000399 BTC

Funding Methods

e-transfer, wire, bank draft

List of Coins

20+ (BTC, LTC, ETH, XRP, EOS, XLM, DOGE, ADA, LINK, DOT, UNI, USDT, COMP, AAVE, GRT, MATIC, USDC, SHIB, FTM)

NDAX Exchange

NDAX: Get $10 free when you trade $100


Pros & Cons

  • Low Purchase Fees - 0.50% total purchase fee when tested (2nd overall out of 15 platforms)
  • Great Mobile App - Sleek user interface with beginner and advanced settings
  • For Beginner and Advanced Traders - There is an Instant Buy & Sell for beginners and an Pro Trading Terminal for advanced traders
  • Great Advanced Trading - Arguably the best Canadian-based platform for advanced traders (not including Binance or global exchanges). You'll find technical charts, multiple order types and more
  • Good Security - More security settings than the average Canadian platform
  • 20+ Cryptocurrencies - Not the most altcoins. Newton has 40+, Binance has 350+, Gate.io has 1000+
  • Fixed Crypto Withdrawal Fees - Relatively high crypto withdrawal fees compared to other places. Not ideal for smaller investors
  • CAD Withdrawal Fees - Fixed $25 fee to withdraw Canadian Dollars
  • New App - Mobile app is relatively new and not 100% done

About

NDAX (National Digital Asset Exchange) is a Canadian cryptocurrency exchange that offers trading of 20+ cryptocurrencies like Bitcoin, Ethereum and others. The platform is inexpensive, secure, simple, and offers beginner and advanced features.

The company was founded in 2018 and operates out of Calgary, Alberta. According to LinkedIn, they have over 20 employees.

NDAX Crypto Exchange

Opening An Account

Opening an NDAX account takes just a few minutes and is similar to opening a bank account. You can open an account just by verifying your phone number however, to make trades you'll need to verify your identity. Be ready to provide personal info because every Canadian crypto exchange requires identity verification for KYC and AML laws.

NDAX step 1 Sign Up

Who Is Eligible?

  • Canadian citizens and permanent residents
  • People above the age of 18

Sign Up Requirements

  • Email address
  • Phone number
  • Legal name, address, date of birth
  • Government issued ID
  • Provide a selfie
  • Provide info on country of residence, source of funds, data about your assets, source of assets, and place of work

Screenshots


Deposits & Withdrawals

NDAX is free to fund your account and offers e-transfer, wire transfer or bank draft. The downside is they charge a $25 fixed fee to withdraw $CAD and fixed fees for withdrawing crypto. Overall, withdrawing crypto and Canadian dollars on NDAX is more expensive than other platforms.

Deposits

NDAX Cad and Crypto Deposit Fees

Withdrawals

NDAX CAD and Crypto Withdrawal Fees

NDAX Fees

Header

Total BTC Purchase Fee

0.50% (Mar 1, 2021)

Trading Fees

0.20% buy/sell

CAD Deposits

Free

CAD Withdrawals

$25 fixed

BTC Withdrawals

0.000399 BTC

Other Fees

N/A

Overall, NDAX is one of the cheapest Canadian exchanges for buying crypto. It's free to deposit, the trading fees are reasonable, and the spread was only 0.40% when tested. However, withdrawing fiat or crypto has higher fees relative to other Canadian platforms.

Spread (Mar 01, 2021)

Header

BTC Spread

0.40%

BTC Buy Price

$62,486

BTC Sell Price

$61,701

Ref. Price Difference

Buy: +0.69%

Sell: -0.58%

Reference Price (Google)

$62,058

From my test, NDAX was the second cheapest place to buy crypto in Canada after all fees. The total fee to buy Bitcoin was 0.50% on Mar 01, 2021. This means $100 would get you $99.50 of Bitcoin. To compare, Newton would get you $99.31, Bitbuy would get you $97.71, and Wealthsimple Crypto would get you $96.52 in the same test.

Keep in mind, these spreads fluctuate daily so shouldn't be taken exactly, but rather as a tool to compare platforms.


NDAX Features

Let's break down everything you can do on the NDAX platform.

1. Web, iOS and Android App

Access NDAX on your favourite devices with a sleek mobile app and web app. The platform is built with both beginner and advanced traders in mind.

NDAX App Home Page
NDAX App Charts
NDAX App Advanced Orders

2. Quick Buy/Sell

Beginners can use the Quick Buy and Sell to easily trade crypto regardless of their experience.

NDAX Quick Buy Sell

3. Advanced Trading Terminal

Access technical charts provided by TradingView, a live order book, multiple order types and more.

Order Types:

  • Market orders
  • Limit orders
  • Stop orders
  • Stop limit orders
  • Fill or kill
  • Trailing stop market
  • Trailing stop limit
  • IOC
  • Reserve order
NDAX Exchange Trading View

5. Recurring Purchases

Customize automatic purchases so you can dollar cost average into the market on a daily, weekly or monthly basis.

NDAX Recurring Purchase

6. NDAX Wealth

NDAX has a dedicated trading desk for those looking to trade $200,000 or more. They can manage your portfolio and give you the best exchange rates.

NDAX Wealth OTC Desk

7. Instant Crypto (Pay Friends)

The built-in feature allows users to easily send cryptos to friends, send gifts, or request funds for zero fees.

NDAX Instant Crypto Feature

8. Affiliate Program

Refer friends to earn rewards. NDAX has a tiered affiliate program with increasing rewards as more people are referred. Based on your tier, you get $10, $15, or $25 plus 10% trading fees. Your friends will earn $10 when they trade $100.

NDAX Affiliate Program

9. Other Features

  • Light theme/Dark theme
  • Bug Bounty Program - Get rewarded for finding bugs and vulnerabilities in NDAX. They pay a minimum of $20 per bug you find
  • Resources - Browse NDAX's blognewsbuying guides and learn section for more

Security

NDAX markets themselves as a secure platform so let's breakdown their features and company protocols: 

Company Security Features

  • Majority of crypto is held in offline cold storage via Ledger Vault
  • FINTRAC regulated and a registered Money Service Business in Canada
  • $5m insurance on their cold wallets and $3m on their hot wallets
  • Owns multiple data servers which are isolated and monitored 24/7
  • Conducts employee background checks and security training
  • See the rest here

User Security Features

  • 2-Factor Authentication (mandatory)
  • Email notifications for logins
  • Email confirmation for withdrawals
  • Toggle on/off trade confirmations
  • Address whitelists available
  • See account activity (recent logins, IP addresses, etc)
  • Close account button

Is NDAX Regulated?

Yes, NDAX is a Money Service Business (MSB) that's regulated with FINTRAC (#M18632135) and the AMF (#904486). They are licensed to operate in all Canadian provinces and territories.

Is NDAX Safe?

Overall, NDAX is a secure platform since it has two-factor authentication, address whitelisting, cold storage, FINTRAC regulation, $8 million of insurance and more. However, there are safer ways to store your crypto than on an exchange wallet. One of the safest options is a hardware wallet.


Support

NDAX Support

NDAX offers multiple types of support including:


NDAX vs. the Competition

Look at recent data of other popular Canadian crypto platforms. See how NDAX compares!

Name

Coins

*Total BTC Purchase Fee

Best CAD Deposit Fee

Trading Fee

BTC Withdrawal Fee

350+

0.24%*

2.00%

0.10%

0.0005 BTC

20+

0.50%

Free

0.20%

0.000399 BTC

30+

0.66%

Free

0%

Free

40+

0.69%

Free

0%

Network fees minus $5

10+

0.72%

Free

0.1% / 0.2%

0.0005 BTC

50+

0.80% + $1.25

Free

0.16% / 0.26%

0.00015 BTC

7

1.41%

Free

0.50%

0.0005 BTC

2

1.43%

Free

0%

Free

20+

1.48%

Free

0%

0.00025 BTC

100+

1.52%

Free

0%

0.0004 BTC

9

2.29%

1.50%

0.1% / 0.2%

0.00025 BTC

10+

2.60%

Free

0.20%

0.00025 BTC

19

2.83%

Free

0%

0.0003 BTC

20+

3.48%

Free

1.48%

N/A

75+

4.55%

3.99%

0.50%

Network fees

*Total BTC Purchase Fee was calculated on Mar 01, 2021 and changes daily. It adds all fees to make a purchase (CAD deposit fees, trading fees, etc) plus the % difference to Google's price of Bitcoin which was the reference price.

This table is up to date as of Aug 13, 2021


Best NDAX Alternatives

I ranked NDAX as the 3rd best exchange for Canadians. However, here are some alternatives depending on the features you're looking for:

  • More coins available (40+)
  • Also very cheap (0.69% total purchase fee)
  • Cheaper fiat and crypto withdrawal fees (free and almost free)
  • Less advanced features
  • 25+ cryptocurrencies
  • Advanced features
  • Zero trading fees
  • Also has expensive crypto and fiat withdrawal fees
  • U/X can be improved
  • The most features (interest accounts, margin, advanced charts, and much more)
  • Biggest exchange in the world, high volume, low 0.1% trading fees
  • Over 350+ cryptocurrencies
  • Not available in Ontario on Dec 31, 2021! (In which case check out Kucoin)
  • Can't connect a CAD bank account (so sign up for a domestic exchange as well)

Summary

NDAX is one of the best overall platforms in Canada. They have some of the cheapest purchase fees in the country, 20+ coins, and it's suitable for beginner and experienced traders.

The only downsides are relatively expensive withdrawal fees for fiat and crypto. If you're looking to send crypto to your hardware wallet or to other exchanges, NDAX is a little more expensive compared to Newton or Shakepay.

Overall, I ranked NDAX 3rd place out 15 exchanges meaning it's one of the best platforms for Canadians.

Who Should Use NDAX?

  • Investors wanting some of the lowest all-in fees in Canada (0.50% total purchase fee)
  • Advanced traders who want to use a Canadian-based exchange

Who Should Not Use NDAX?

  • If you want free fiat withdrawals (not a $25 fixed fee)
  • Small investors who will be making lots of crypto/fiat withdrawals (NDAX has higher crypto withdrawal fees)
NDAX Exchange
  • Trade 20+ cryptocurrencies
  • Fast funding and low fees
  • Get $10 free when you trade $100

FAQ

Is It Safe to Store Crypto on NDAX?

You can keep your crypto on an exchange but the safest way to store your crypto is on a software wallet or a hardware wallet. Many exchanges have been hacked in the past so it's not recommended for storing large amounts.

Does NDAX Have TFSA or RRSP Accounts?

No, TFSA and RRSP accounts do not exist on Canadian crypto exchanges. This is because Canadians can not hold cryptocurrencies directly in these accounts. You can only buy crypto in a TFSA or RRSP indirectly via ETFs or crypto-related stocks.

Is Your NDAX Account CDIC Insured?

No, your NDAX account is not CDIC insured like a typical bank account. If NDAX loses your funds, it's probably gone however, they do have $3-$5m in insurance policies but I would not rely on that.

NDAX Exchange

NDAX

Get $10 free when you buy $100 of crypto

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