NDAX exchange review – January 2020
Buy and sell a selection of leading cryptocurrencies with Canadian dollars and take advantage of 0% fees for market makers and 0.2% fees for market takers.
The National Digital Asset Exchange (NDAX) is a Canadian cryptocurrency exchange where you can buy and sell Bitcoin (BTC) and a handful of other popular digital currencies with Canadian dollars (CAD). Established in mid-2018, it aims to offer fast, simple and secure crypto trading for individuals and institutions.
1
Fiat currencies
8
Cryptocurrencies
Details
| Product Name | NDAX Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | CAD |
| Cryptocurrencies | BTC, BCH, ETH, LTC, XRP, EOS, ADA, XLM |
| Deposit Methods |
Cryptocurrency Debit card Interac e-Transfer Bank transfer (SEPA) Wire transfer |
| Trading Fee |
Maker: 0%
Taker: 0.2% |
| Deposit Fees | None |
| Withdrawal Fees | Fees vary |
Pros
- Supports major cryptocurrencies like bitcoin, Ether and XRP
- Low trading fees
- Low withdrawal fees
Cons
- Only available in Canada
- Limited number of cryptocurrencies supported
What is NDAX?
Launched in June 2018, Calgary-based NDAX allows you to trade Bitcoin, XRP (XRP), Ethereum (ETH) and other major cryptocurrencies in and out of Canadian dollars. Built with the aim of simplifying cryptocurrency for traders, NDAX claims to offer Canada’s most advanced high-frequency trade engine with order-book liquidity.
NDAX is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and aims to offer a secure and compliant trading platform.
Trading features
- Institutional-grade platform. NDAX claims to offer fast trade execution and deep liquidity to suit everyone from first-time buyers to sophisticated traders.
- Order types. NDAX offers a choice of multiple order types to suit advanced traders. These include fill or kill, limit, market, stop limit, stop and trailing stop orders.
- Trading tools. The NDAX trading interface includes time series charts, an order book and a number of tools to help you analyze market trends.
- Mandatory 2-factor authentication. For increased security, 2-factor authentication is a compulsory feature for all NDAX user accounts. You also have the option to enable 2-factor authentication on other specific actions, for example whenever you want to make a withdrawal.
Which cryptocurrencies can I buy/sell?
You can trade the following digital currencies on NDAX:
- Bitcoin
- Litecoin
- XRP
- XLM
- Ethereum
- Bitcoin Cash
- EOS
- ADA
You can also trade the following pairs:
- BTC/CAD
- LTC/CAD
- XRP/CAD
- ETH/CAD
- BCH/CAD
- EOS/CAD
- XLM/CAD
- DOGE/CAD
- ADA/CAD
- BTC/USD
Available countries
At the time of writing, NDAX is currently only available to Canadian residents and entities.
Which payment methods are accepted?
You can deposit funds into your NDAX account via three payment methods:
- Interac e-Transfer
- Wire transfer
- Bank draft/certified cheque
When you need to withdraw funds from your account, you can do so using the following options:
- Cryptocurrency transfer
- Direct bank deposit/EFT
- Wire transfer
How much will it cost me to use NDAX?
There are three types of fees you need to be aware of when using NDAX: deposit fees, trading fees and withdrawal fees.
Deposit fees
There are currently no deposit fees charged on NDAX.
Trading fees
- Market maker: 0%
- Market taker: 0.2%
Withdrawal fees
Withdrawal fees vary depending on the payment method used and whether you are sending fiat or cryptocurrency:
| Withdrawal method | Fee |
|---|---|
| Direct bank deposit/EFT | $25 |
| Wire transfer | $50 |
| Bitcoin | 0.0007 BTC |
| Ethereum | 0.015 ETH |
| XRP | 10 XRP |
| Bitcoin Cash | 0.0065 BCH |
| Litecoin | 0.066 LTC |
| XLM | 15 XLM |
| EOS | 0.8 EOS |
| ADA | 20 ADA |
How fast will my funds be available?
The quickest way to fund your account is usually via Interac e-Transfer, with payments usually processed within three hours.
Wire transfers can take up to two business days depending on when you initiate your transaction.
Bank draft/certified cheque deposits take up to seven days to clear.
When you want to withdraw funds from your account, all payment methods (direct bank deposit, electronic funds transfer, wire transfer) take up to two business days, while crypto withdrawals are instant.
Are there any transfer limits?
Yes. NDAX has the following deposit limits:
- One bank draft/certified cheque deposit per 24 hours for a minimum of $3,000
- One wire transfer per 24 hours (minimum of $3,000)
- One Interac e-Transfer deposit per 24 hours (minimum of $100 and maximum of $3,000)
Withdrawal limits also apply and vary based on your account verification status as follows:
- New/unverified accounts: 0 BTC withdrawal limit.
- Basic accounts: Basic accounts can withdraw up to 2 BTC (or equivalent) per day.
- Enhanced accounts: 10 BTC (or equivalent) per day and up to $500,000 a month.
It’s important to note that if your NDAX password has been changed, you cannot make a withdrawal for 24 hours. You will also not be allowed to make any withdrawals if you have not enabled 2-factor authentication on your account.
Is it safe to use NDAX?
NDAX is registered as a money service business with FINTRAC and has implemented an anti-money laundering and counter-terrorist financing compliance regime.
As a result, you’ll need to provide your name, address, birth date and phone number to undergo basic verification before you can trade or withdraw from your account. Enhanced verification will need to be completed if you want to access a higher withdrawal limit, and this requires you to provide your Canadian government-issued ID and a current original pdf of a specific document (for example a utility bill) to verify your name and address.
NDAX also offers a range of other protective measures to help secure your funds, including the following:
- All client funds are held separately from NDAX’s operating account with a Canadian-based banking institution
- 98% of digital assets are stored offline and protected by multi-signature technology
- 2-factor authentication is mandatory
- Multiple data servers that are monitored 24/7
- Distributed Denial-of-Service-Protection (DDoS) mitigation techniques
- Third-party security audits
- Email notification every time someone logs into your account
- IP address change detection and an IP address whitelist
Customer support
If you need help with a specific transaction or just have a question about your account, the NDAX Support Centre features plenty of useful guides and answers to a number of FAQs.
If you still need assistance, you can submit an online support ticket, email support@ndax.io, open a live chat window or make a general enquiry by phoning 1-833-727-NDAX (6329).
Pros and cons
Pros
- High-level security features
- Quick and easy to buy leading cryptocurrencies with CAD
- 0% market maker fees
- Fast sign-up and verification process
- Mobile app for Android and iOS
Cons
- Currently serves Canadian customers only
- High withdrawal fees of CAD$25 or more when you withdraw fiat currency
- Still a relatively new exchange
Compare NDAX against other exchanges
Next steps
If you’ve compared NDAX with a host of other crypto exchanges and decided you’d like to register for an account, navigate your way to the NDAX homepage and click on “Sign Up”.
You’ll need to enter your name and email address, as well as create a username and password to register. You’ll also be asked to verify your cell phone number and complete the ID verification process before you can start trading.
FAQs
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.