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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.
|Product Name||NDAX Cryptocurrency Exchange|
|Cryptocurrencies||BTC, ETH, LTC, XRP, EOS, DOGE, ADA, XLM, USDT, LINK|
Bank transfer (ACH)
Interac e-Transfer: Free
Wire transfer: Free
Bank draft/certified cheque: Free
|Withdrawal Fees||Fees vary|
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.
At the time of writing, NDAX is currently only available to Canadian residents and entities.
You can deposit funds into your NDAX account via three payment methods:
When you need to withdraw funds from your account, you can do so using the following options:
There are three types of fees you need to be aware of when using NDAX: deposit fees, trading fees and withdrawal fees.
There are currently no deposit fees charged on NDAX.
Withdrawal fees vary depending on the payment method used and whether you are sending fiat or cryptocurrency:
|Direct bank deposit/EFT||$25|
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 one business day depending on when you initiate your transaction.
Bank draft/certified cheque deposits take up to one day 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.
Yes. NDAX has the following deposit limits:
Withdrawal limits also apply and vary based on your account verification status as follows:
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.
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:
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 firstname.lastname@example.org, open a live chat window or make a general enquiry by phoning 1-833-727-NDAX (6329).
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.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.
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