NDAX Review: Low Fees and Canada’s Best Selection of Cryptocurrency Coins
NDAX, which stands for the National Digital Asset Exchange is a Canadian cryptocurrency exchange based in Calgary. It’s been around since 2018 and is known for its large selection of cryptocurrencies, currently at 14 and counting. In this full NDAX review, I’ll let you know the benefits, as well as the limitations, of dealing with this popular crypto trading platform.
NDAX: Key Features
- Supports 14 cryptocurrencies, tops in Canada
- Competitive trading fees (.20% to buy and sell)
- Free deposits
- 24/7 live customer support
- FINTRAC member
- Referral program available
How to Open an NDAX Account
If you’re interested in opening a crypto trading account with NDAX, the process is an easy one. To get started, head to the NDAX website, and select the “Sign Up” button. You’ll need to provide NDAX with your name and email address, in order to set up a user name and password.
NDAX will send you a confirmation email that you will use to activate your account. You will need to supply them with your picture, along with a copy of your photo ID, i.e. passport or driver’s license. These can be uploaded directly to NDAX.
If everything checks out, NDAX will confirm your account, and you’ll be ready to transfer funds and begin trading.
NDAX Funding Methods
NDAX only deals in Canadian dollars, so you can’t deposit crypto or any foreign fiat currency directly into your account. However, the good news is that deposits are free, regardless of the amount.
When you deposit funds, you can do so in three different ways: Interac e-Transfer, wire transfer, and bank draft. E-Transfers are almost instant, processed in up to 30 minutes, while the other 2 funding methods take up to 1 business day.
Withdrawals out of the account to Canadian dollars are a bit pricey at $25 each, but the fee is standard on all amounts, which is nice.
What Crypto Coins Are Supported
For Canadian-based crypto exchanges, NDAX supports a surprisingly large number of digital currencies, 14 in total. This includes major coins like Bitcoin and Ethereum and several alternative coins. To date, I haven’t found another Canadian crypto exchange that lets you trade as many coins.
NDAX Trading Platform
NDAX claims that its trading platform is designed for newbies and experienced traders alike. They do offer advanced orders, including stops, stop limits, trailing stops, etc.
NDAX has its own Over-The-Counter trading platform called NDAX Wealth, for investors who need to trade $200,000 or more. NDAX states on their website that OTC traders benefit from highly personalized service, a dedicated slack channel for accessible and secure communication, and no price slippage.
NDAX fees are transparent, and competitive with other crypto exchanges. They feature a dedicated page on their website that explains both transfer and trading fees in a language that’s easy to understand.
Trading Fee: .20% (buying and selling)
Deposits: Free (Canadian dollars only, via Interac e-Transfer, wire transfers, bank draft)
Withdrawals: $25 for any amount, via direct bank payment, wire transfer
NDAX Referral Program
When you sign up with NDAX, you can obtain a unique referral link to give to your friends. There are three tiers to the affiliate program: Avid, Ambassador, and Partner. Here’s the breakdown for each tier:
Avid: When you refer up to 10 users in a month, you will both earn a referral bonus of $10 for signing up. In addition, you’ll earn a 10% commission on the trading fee whenever they trade. It doesn’t matter if they trade $10 or $1000.
Ambassador: If the number of members you refer is between 10-20 on a monthly rolling average basis, the new member will earn $10 at sign-up, and you’ll earn $15. You’ll still get the 10% commission on the trading fees.
Partner: The Partner level applies when you’ve achieved more than 20 referrals in a month. This will get you $25 per referral, and $10 for the new member. As with the other two tiers, you’ll earn a 10% commission on trading fees.
You don’t have to actively trade to participate in the referral program, but you are required to have an NDAX account.
Is NDAX Safe?
NDAX is a legitimate cryptocurrency exchange that takes its customer’s security seriously. Below are some of the
Like several other Canadian exchanges, they are registered with FINTRAC, Canada’s watchdog for money laundering and other illegal activities, such as terrorist financing.
Two Factor Authentication
When you open an account with NDAX, you’ll be required to go through the same two-factor authentication (2FA) that banks employ on their online banking platforms.
While I couldn’t find the exact percentage, NDAX states on their website that they hold the majority of their assets offline, in cold storage, for maximum security.
When NDAX moves funds from cold storage, multiple approvals from their senior management team are required, which prevents unauthorized internal transactions from occurring.
NDAX vs. Bitbuy
You may be wondering how NDAX stacks up against Bitbuy, our top-rated crypto exchange for 2021. To be honest, there isn’t a lot that separates these two exchanges. If we had a runner-up category, it might even go to NDAX. Let’s take a closer look at the main functions of each platform.
Both NDAX and Bitbuy’s standard trading fee is similar (.20% to buy/sell), but Bitbuy maker trades are only .10%. Both exchanges are transparent about the fees they charge.
This one’s a toss-up. NDAX offers free deposits, while Bitbuy deposit fees range between .50% and 1.5%. However, NDAX gouges smaller customers on the way out with a standard $25 withdrawal fee which seems steep for small investors withdrawing funds in the hundreds, and not thousands, of dollars. For example, a $500 withdrawal will set you back $7.50 with Bitbuy (1.5%), while you’ll pay $25 with NDAX, or 5%. Edge: Even
Bitbuy recently bumped their coin offering from seven to nine, but NDAX still supports more coins (14 vs. 9), a clear advantage. Edge: NDAX
NDAX claims that its trading platform is designed for all levels, but Bitbuy boasts two distinct platforms: Express and Pro. Beginners can manage simple trades without confusion, and experienced traders can access sophisticated technical analysis and advanced functionality. The Bitbuy trading app is available on iOS and Android devices, while the NDAX app is iOS only. Edge: Bitbuy
Final Thoughts on NDAX
There is no shortage of Canadian cryptocurrency exchanges to choose from, and NDAX is right up there with names like Bitbuy and Coinsmart. While it has its limitations – you must be a Canadian resident and only accept Canadian dollars – the free deposits and competitive pricing, along with the sheer number of currencies, make it an excellent bet for crypto traders of all experience levels.