Pros and cons of NDAX
- Quick and reasonable registration process
- Good selection of cryptocurrencies
- Low competitive fees
- Customer service not 24/7
- Only available in Canada
NDAX is a Canadian cryptocurrency trading platform where you can buy and sell Bitcoin (BTC) and popular digital currencies with Canadian dollars (CAD).
Finder.com’s rating: 4.0 / 5.0
|Product Name||NDAX Cryptocurrency Trading Platform|
|Cryptocurrencies||BTC, ETH, LTC, XRP, EOS, DOGE, ADA, XLM, USDT, LINK & 10+ more|
Bank transfer (ACH)
|Trading Fee||0.2% for buying and selling|
Interac e-Transfer: Free
Wire transfer: Free
Bank draft/certified cheque: Free
|Withdrawal Fees||Fees vary|
NDAX is a Canadian cryptocurrency trading platform founded in 2018, and based out of Calgary, Alberta. NDAX offers a quick registration process which is great for new and experienced traders alike. The UI is clean and easy to navigate with a selection of 30 cryptocurrencies to trade. NDAX added a staking option earlier this year and has full intentions of expanding these offerings for users.
Yes. NDAX is a solid cryptocurrency trading platform, offering a broad range of cryptocurrencies, and staking options. It continues to expand these offerings regularly. Users can also benefit from a generous referral program that rewards based on attracting new users and recurring business. These aspects of the trading platform combined with its security protocols and approachable UI make it a good option for both new and experienced traders.
Yes. NDAX implements best practices when it comes to storing and moving cryptocurrencies between cold and hot wallets. NDAX is fully registered and compliant with FINTRAC and Securities Quebec as an MSB. It actively seeks to engage in best practices when it comes to its security protocols and requires all users to have 2-factor authentication in place before it will allow users to fund their account.
These security and KYC protocols have so far proven successful as NDAX has not been hacked. If the trading platform were to be successfully hacked or experience a data breach, it has insurance in place to cover users’ lost assets.
The approachable nature of the trading platform makes it a good option for someone new to the cryptocurrency industry. New users can utilize the NDAX Blog to learn about the cryptocurrencies offered, blockchain technology and new features on the trading platform. Experienced traders will have enough tools to keep them engaged with the trading platform, while the OTC trading desk enables large volume and institutional investors a specialized option for their needs.
|Transferring money or assets|
|Fees and costs|
|Ease of use|
NDAX has a decent selection of digital assets. It includes the 2 most recognizable blockchains (Bitcoin and Ethereum), along with some of the more recent layer 1 blockchains in Cardano, Solana and Polkadot. NDAX carries stablecoins, meme coins, decentralized gaming and metaverse tokens.
NDAX offers fast fiat deposits and withdrawals, with most being completed within the day if not instantly. Cryptocurrency deposit and withdrawal speeds are dependent on network congestion. The trading platform charges a 0.2% trading fee which enables it to reduce the cost of deposits and withdrawals.
The fees associated with fiat deposits and withdrawals are competitive with other trading platforms that operate in Canada. There are 3 ways you can fund your account with fiat currency, and 2 ways to withdraw it.
|Interac e-Transfer||Free||$4.99||0 – 30 minutes|
|Wire transfer||Free||$4.99||0 – 1 business days|
|Bank draft||Free||N/A||0 – 1 business days|
NDAX cryptocurrency withdrawals and deposits work a little differently from other trading platforms. It has flat rates across the board on all its listed cryptocurrencies. Depositing cryptocurrency on NDAX is free. Withdrawing it carries fees that vary both on the type of cryptocurrency and which blockchain network it is being moved on.
Additionally, you can move cryptocurrency from one NDAX account to another for free. This can be done by requesting, sending or gifting cryptocurrency.
NDAX has an easy-to-navigate interface. This helps all users quickly find what they are looking for. The trading platform does a good job at creating an environment that supports new and experienced traders as well as high volume and institutional investors. It implements several tools to achieve these goals.
NDAX has several different customer support options. There is a comprehensive support page that covers the majority of issues and frequently asked questions that users may run into.
There is a live chat option in the bottom right of every page. However, you need to have a registered account to start this process so if your issue is with the registration process itself, then you will need to use a different option. The live chat option is responsive but if it is experiencing a high volume of tickets there may be a longer wait time.
You can also contact NDAX customer support via email through firstname.lastname@example.org or the customer support phone line 1-833-727-NDAX (6329). Both of these options are responsive but are not available 24/7. If you contact outside regular office hours they will respond the following day.
NDAX has added to its list of cryptocurrencies by offering a solid list of services which it is constantly expanding. Staking is a service found on NDAX that many other Canadian trading platforms don’t offer.
NDAX employs best practices across the board for its security and insurance. It hasn’t experienced any hacks or data breaches. NDAX actively seeks to implement the most secure protocols and encourages its users to report any possible weaknesses they uncover.
The trading platform holds most of the crypto assets in cold storage. Moving funds to and from the cold storage requires multiple signatures from NDAX’s senior management. Additionally, NDAX’s cold storage is whitelisted which restricts which addresses that funds can be moved to. The hot wallets implement Multi-Party Computation (MPC) technology
The registration process with NDAX is straightforward and user-friendly. The whole process can be completed within 15 minutes from start to finish if you have appropriate government ID ready for verification.
To register an account, click on the Green Button here:
You can then sign up through the tab in the top right-hand side of the home page.
Here you will need to register with an email account and choose a username for your profile.
Once you have registered your email account you will need to complete the verification process before you can fund your account and begin trading. You will need a government-issued ID for this stage.
After the verification process you’ll need to wait for your account to be verified by the trading platform. NDAX states it could take 1 or 2 business days to verify your account. Finder’s account was verified within 5 minutes of completing the verification step.
*Before you can fund your account you will be required to implement a 2-factor authentication (2FA). After it is activated your account is ready to use.
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