By: Alex Dabek

Last Updated: Jul 11, 2021

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3.8

NowFuture Rating:

The Bottom Line: NDAX is a trustworthy exchange with competitive fees. They have 12 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:

3.8

Coins Available (12):

BTC, LTC, ETH, XRP, EOS, XLM, DOGE, ADA, LINK, DOT, UNI, USDT

Fees:

Spread: 0.40% (On Mar 1, 2021)

Trading Fees:  0.20% buy/sell

BTC Withdrawal Fee: 0.000399 BTC

CAD Withdrawals: $25

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
  • $25 fee to withdraw CAD
  • Relatively high crypto withdrawal fees compared to other exchanges
  • Mobile app is still in beta and not finished

This is What NDAX Looks Like:

NDAX Exchange Trading View

NDAX Features

  • Web, iOS and Android
  • Beginner and advanced trading page
  • Referral program
  • Instant Crypto: Send, request, or gift funds to other NDAX users for free
  • Ndax Wealth - OTC Desk for large purchases
  • Phone support and live chat
  • Bounties - Get paid $20 CAD in BTC if you find a security bug. More info here
  • Recurring Purchases - Setup settings for automatic purchases so you can dollar cost average into the market

NDAX vs. the Competition

How I Tested This

I reviewed 11 Canadian crypto exchanges to see how they compare in price and features. For the reference price, I used Google's price of Bitcoin (which takes data from Coinbase). This reference price was the baseline to compare all exchanges fairly. I then opened every platform at the same time to record the data.

Header
NDAX Exchange
Newton Exchange

Coins Offered

12

20

2

Best Funding Fee

Free

Free

Free

Fastest Deposit Time

0-30 mins

5-30 minutes

Almost instant

Best Trading Fee

0.20% buy/sell

0%

0%

Spread

0.40%

1.27%

2.54%

BTC Buy Price

$62,245

$62,486

$62,945

BTC Sell Price

$62,000

$61,701

$61,387

Reference Price Difference

Buy: +0.30%

Sell: -0.09%

Buy: +0.69%

Sell: -0.58%

Buy: +1.43%

Sell: -1.09%

Reference Price

$62,058

$62,058

$62,058

Crypto Withdrawal Fees

0.000399 BTC

First $5 of network fees are covered

Free

Promotion

Get $10 free when you trade $100

$25 free when you trade $100

$30 free when you trade $100

Best Purchase Fee

0.50%

0.69%

1.43%

Cell


This data was recorded March 01, 2021

You can also use our Crypto Exchange Comparison Tool to compare NDAX side by side with 10+ popular Canadian exchanges.


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, look out when you're withdrawing funds as this is NDAX's biggest downside.

Trading Fees - 0.20%

For every transaction where you buy or sell crypto, there is a 0.20% fee. This means for every $1000 the trading fee will be $2.00.

CAD and Crypto Deposit Fees

NDAX Cad and Crypto Deposit Fees

CAD and Crypto Withdrawal Fees

NDAX CAD and Crypto Withdrawal Fees

NDAX charges a $25 fixed fee to withdraw $CAD and fixed fees for withdrawing crypto as you can see in the picture above. Most exchanges have free $CAD withdrawals and the crypto withdrawal fees are reasonable but not the cheapest either.


Security

Is NDAX Regulated?

Yes, NDAX's website shows they are 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?

While it's never 100% safe to keep your crypto on an online exchange, NDAX has never been hacked or lost users funds since being founded in 2018. Also, they follow all required regulations in Canada and they use cold storage to secure users funds:

"NDAX holds the majority of digital assets offline in cold storage protected by multi-signature technology, provided by Ledger Vault"

On the user side, theres mandatory 2 factor authentication, email notifications for logins and more which can be found on their security page.

Overall, NDAX looks as safe as any other Canadian exchange. However, it’s always safest to store your crypto on a hardware wallet like the Ledger.


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.


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%).

12 Cryptocurrencies -  NDAX offers 12 cryptocurrencies which is the second most of any exchange based in Canada. Newton offers the most at 15 and Coinsquare offers 10.

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.


More Info

About NDAX

NDAX (National Digital Asset Exchange) was founded in 2018 and they are based in Calgary, Alberta. The platform offers 12 coins and they’re trying to make crypto trading accessible for everyone by building a platform that beginners and experienced investors can use.

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.


Who Should Use NDAX?

NDAX is for anyone who wants very low total purchase fees for buying cryptocurrency in Canada. The platform has 12 coins which is second most in Canada and it's also suitable for beginner and experienced traders.

The only downsides are NDAX has a fixed $25 fee to withdraw CAD and relatively expensive crypto withdrawal fees compared to other platforms. 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 still one of the best platforms for Canadians in 2021.

NDAX Exchange
  • Trade 12 cryptocurrencies
  • Fast funding and low fees
  • Get $10 free when you trade $100

Best NDAX Alternatives:

Newton Exchange
  • Trade 20+ cryptocurrencies
  • Fast funding and super low fees
  • $25 free when you trade $100
Shakepay
  • Trade Bitcoin and Ethereum
  • Very beginner-friendly
  • Get $10 free when you trade $100

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