NDAX Exchange Review for Canadians

Updated: Oct 6, 2021 | Published: February 24, 2021   

By: Alex Dabek

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3.9

NowFuture Rating:

The Bottom Line: NDAX is a trustworthy exchange with competitive fees. They have 16 coins, tight spreads (0.40%), and a 0.20% trading fee. They also had the cheapest total purchase fee (0.50%) out of 12 Canadian crypto exchanges. Their downside is higher fees on fiat and crypto withdrawals.

I ranked NDAX the 2nd best crypto exchange for Canadians.

NDAX Exchange

NDAX Overview

Overall:

3.9

Coins Available:

16 (BTC, LTC, ETH, XRP, EOS, XLM, DOGE, ADA, LINK, DOT, UNI, USDT, COMP, AAVE, GRT, MATIC)

Fees:

Spread: 0.40% (On Mar 1, 2021)

Trading Fees:  0.20% buy/sell

BTC Withdrawal Fee: 0.000399 BTC

CAD Withdrawals: $25 (fixed)

Funding Methods:

Interac E-transfer: 0-30 mins, Free

Wire Transfer: 0-1 days, Free

Connect Bank Account: 0-1 days, Free

Pros & Cons

  • Lowest total purchase fees (0.50%) of any Canadian exchange tested
  • Great web user-interface
  • Beginner and advanced trading page
  • Lots of security settings and features
  • Fixed $25 fee to withdraw CAD
  • Relatively high crypto withdrawal fees compared to other exchanges
  • Mobile app is still in beta and not finished

About

NDAX (National Digital Asset Exchange) was founded in 2018 and they are based in Calgary, Alberta. The platform offers 15+ coins and they’re trying to make crypto trading accessible for everyone by building a platform that beginners and experienced investors can use. According to LinkedIn, they have over 20 employees.


Opening An Account

Opening an NDAX account takes just a few minutes. 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.

Who Is Eligible?

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

Sign Up Requirements

  • Email address and 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

NDAX Exchange Trading View

Deposits & Withdrawals

NDAX is free to fund your account but charges a $25 fixed fee to withdraw $CAD and fixed fees for withdrawing crypto. Overall, withdrawing crypto and Canadian dollars is more expensive than other platforms.

Deposits

NDAX Cad and Crypto Deposit Fees

Withdrawals

NDAX CAD and Crypto Withdrawal Fees

Fees

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.

Total BTC Purchase Fee

0.50% (Mar 01, 2021)

Trading Fees

0.20% buy/sell

CAD Deposits

Free

CAD Withdrawals

$25 fixed

BTC Withdrawals

0.000399 BTC

Other Fees

N/A

Spread (Mar 01, 2021)

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 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 List Of Features

  • Web, iOS and Android - Access NDAX on your favourite devices with a sleek mobile app. The platform is built with both beginners and advanced traders in mind
  • Quick Buy/Sell - Beginners can use this to easily get in and out of positions
  • Advanced Trade - Access more technical charts provided by TradingView, a live order book, multiple order types and more
  • Recurring Purchases - Create settings for automatic purchases so you can dollar cost average into the market on a daily, weekly or monthly basis
  • Affiliate program - NDAX offers a tiered affiliate program with increasing rewards the more people you refer. Invite friends and they'll get $10 free when they trade $100. You'll earn $10, $15 or $25 depending on your tier plus 10% of their trading fees 
  • 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
  • Instant Crypto: A built-in feature that makes it easy and free to send crypto to friends, send gifts, or request funds
  • Bug Bounty Program - Search NDAX for bugs or vulnerabilities and earn rewards for your work. The minimum they pay is $20 per bug you find
  • Resources - Anyone can benefit from NDAX's blog, news, buying guides and learn section to get crypto knowledge for free

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
  • Address whitelists available
  • See account activity (recent logins, IP addresses, etc)

Is NDAX Regulated?

Yes, NDAX is registered as a Money Service Business (MSB) in Canada. They are also registered with FINTRAC and the AMF making them regulated and legally allowed to operate in Canada.

Is NDAX Safe?

Yes, NDAX is a safe Canadian crypto exchange. You can find multiple layers of security features, they hold funds in cold storage, and they have a good track record so far. However, they were only founded in 2018 and your funds are not CDIC insured like a traditional bank account so always be careful.

Crypto exchanges can get hacked so it's recommended to hold crypto on a wallet where you own the private keys. The safest option is usually a hardware wallet.


Support

NDAX Support

NDAX offers live chat support, email support ([email protected]), phone support (1-833-727-NDAX) and a useful help centre.

In my experience, the email support varies from a couple days to no replies at all which is frustrating. Keep in mind, most Canadian exchanges have slow support because of an influx of new users.


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

2

1.43%

Free

0%

Free

7

1.41%

Free

0.50%

0.0005 BTC

9

2.60%

Free

0.20%

0.00025 BTC

9

2.29%

1.50%

0.1% / 0.2%

0.00025 BTC

10

0.72%

Free

0.1% / 0.2%

0.0005 BTC

16

0.50%

Free

0.20%

0.000399 BTC

19

2.83%

Free

0%

0.0003 BTC

20+

3.48%

Free

1.48%

N/A

20+

1.48%

Free

0%

0.00025 BTC

25+

0.66%

Free

0%

0.0005 BTC

40+

0.69%

Free

0%

Network fees minus $5

50+

0.80% + $1.25

Free

0.16% / 0.26%

0.00015 BTC

75+

4.55%

3.99%

0.50%

Network fees

100+

1.52%

Free

0%

0.0004 BTC

350+

2.24%

2.00%

0.10%

0.0005 BTC

*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 2nd best exchange for Canadians. However, here are some alternatives depending on the features that you're looking for:

  • More coins available (25+)
  • Also very cheap (0.69% total purchase fee)
  • Cheaper fiat and crypto withdrawal fees (free and almost free)
  • More beginner friendly, less advanced features
  • Better app and U/X
  • 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 Kraken)
  • Can't connect a CAD bank account (so sign up for a domestic exchange as well)

Where NDAX Shines:

One Of Canada's Cheapest Exchanges - From my test on March 01, 2021, NDAX had a total purchase fee of 0.50%. This was 1st place out of 12 exchanges and Newton was second (0.69%).

Features -  NDAX offers 16 cryptocurrencies and a platform beginners and advanced traders can use.

Great User-Interface - The NDAX website has a great layout which lets you find what you need quickly and see all the information at once. Beginners can use the "Quick Trade" feature while intermediate investors can look at charts provided by Trading View and more.


Where NDAX Falls Short:

CAD Withdrawal Fee - NDAX charges a $25 fee to withdraw Canadian dollars. For small investors this is a significant fee. Only 3 out of 8 Canadian exchanges charge fiat withdrawal fees which are Bitbuy (1.50%) and Coinsquare (2.00%).

Crypto Withdrawal Fees - NDAX has fixed crypto withdrawal fees which are slightly higher than competing platforms like Newton and Shakepay. If you're a smaller investor sending crypto to different exchanges or wallets these fees will be annoying.

Mobile App in in Beta - The NDAX mobile app is not as impressive as their web experience. It's still in beta so every feature is not available yet. The bright side is, it looks very promising they just need to finish it.


Summary

NDAX is one of the best overall platforms in Canada. They have some of the cheapest purchase fees in the country, 16 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 2nd place out 12 exchanges meaning it's one of the best platforms for Canadians.

Who Should Use NDAX?

  • Investors wanting 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 16 cryptocurrencies
  • Fast funding and low fees
  • Get $10 free when you trade $100
Newton Exchange
  • Trade 40+ cryptocurrencies
  • Fast funding and super low fees
  • $25 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.

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