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.
16 (BTC, LTC, ETH, XRP, EOS, XLM, DOGE, ADA, LINK, DOT, UNI, USDT, COMP, AAVE, GRT, MATIC)
Spread: 0.40% (On Mar 1, 2021)
Trading Fees: 0.20% buy/sell
BTC Withdrawal Fee: 0.000399 BTC
CAD Withdrawals: $25 (fixed)
Interac E-transfer: 0-30 mins, Free
Wire Transfer: 0-1 days, Free
Connect Bank Account: 0-1 days, Free
Pros & Cons
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
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.
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)
Spread (Mar 01, 2021)
BTC Buy Price
BTC Sell Price
Ref. Price Difference
Reference Price (Google)
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
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.
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!
*Total BTC Purchase Fee
Best CAD Deposit Fee
BTC Withdrawal Fee
0.1% / 0.2%
0.1% / 0.2%
Network fees minus $5
0.80% + $1.25
0.16% / 0.26%
*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.
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)
- Trade 16 cryptocurrencies
- Fast funding and low fees
- Get $10 free when you trade $100