NDAX review

What is NDAX?

NDAX is a Canadian cryptocurrency trading platform founded in 2018, and based out of Calgary, AB. 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.

• If this is your first trading platform. NDAX is approachable and easy to use. Its registration process is quick and can be completed within 15 minutes.
• If you’re switching trading platforms. NDAX offers a good selection of cryptocurrencies with options for staking that are constantly expanding.

Verdict: Is NDAX any good?

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.

What to know about NDAX

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.

Finder ratings for NDAX

Supported cryptocurrencies
Transferring money or assets
Fees and costs
Ease of use
Customer service
Staking/earn rating?
Trustworthiness/security
Overall score

NDAX Supported cryptocurrencies

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.

A full list of coins includes: BTC, ETH, SHIB, USDT, ADA, XRP,AVAX, MATIC, FTM, SOL, LTC, USDC, DOGE, MANA, DOT, LINK, LUNA, VET, SAND, HBAR, GRT, AXS, UNI, ALGO, NEAR, TLM, AAVE, EOS, CELO and COMP.

Transferring fiat and cryptocurrency with NDAX

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.

NDAX Fees and costs

Fiat withdraw and deposit fees

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.

Cryptocurrency withdraw and deposit fees

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.

What is it like to use NDAX?

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 Learn

  NDAX provides its learning tool at the top of every page. This combined with the NDAX blog helps create more engaged and knowledgeable users.

  

• NDAX Wealth OTC desk

  NDAX Wealth is an OTC (over-the-counter) trading desk designed for large volume and institutional traders looking to trade $200,000 or more. NDAX Wealth offers additional features and benefits to the retail version including no withdrawal fees and access to expert traders who will handle the execution of trades directly.

  

• NDAX Blog

  NDAX Blog is a learning tool where users can access information on new services the trading platform is offering. It is a good source of information for both new and experienced traders.

  

Does NDAX have good customer support?

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 support@ndax.io 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 services

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.

• Trading on NDAX

  The fees on NDAX are competitive with other trading platforms that operate in Canada.

  Buying	Selling
  0.2%	0.2%

• Earning on NDAX

  NDAX offers a staking option for Ethereum, Cardano and Polkadot. The trading platform does not yet offer yield farming or lending options on any of its cryptocurrencies. The Staking UI is clean and easy to understand.

  

• NDAX promotions

  NDAX Affiliate program

  NDAX offers a tiered-affiliate program. It’s an incentive-based referral program that rewards referrals and commissions on the referrer’s trades. New users will receive $10 for using the referral link while the person referring them will receive $10, $15 or $25 per user based on the volume of referrals for the month. The person referring them will also receive a 10% commission of the trading fees for all referrals. The commission is capped at $1,000 per referral per year.

  

  NDAX Vulnerability rewards program (VRP)

  NDAX offers rewards for uncovering vulnerabilities in its security. The minimum reward for reporting a vulnerability in the trading platform is CAD$20 paid in BTC to the user’s NDAX account. The larger the vulnerability, the larger the reward will be.

NDAX Trust rating

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

• Past hacks

  NDAX hasn’t experienced any successful hacks on the trading platform.

• NDAX Security audits

  NDAX is registered and fully compliant with FINTRAC and Securities Quebec as a Money Services Business (MSB). The trading platform complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). NDAX requires mandatory 2-factor authentication (2FA) to deposit or withdraw funds on the trading platform.

  Both NDAX’s cold and hot wallet service providers are System and Organizational Controls (SOC) 2, type 1 certified. However, NDAX’s internal security hasn’t been audited.

• Insurance

  NDAX holds:

  • US$5 million of insurance for its cold storage wallet in case of internal theft or hardware security module (HSM) malfunction.
  • US$3 million of insurance for its hot wallets
  • US$5 million for general business liability

How to sign up on NDAX

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.

Step 1

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.

Step 2

Here you will need to register with an email account and choose a username for your profile.

Step 3

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.

Step 4

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.

Compare NDAX against other trading platforms

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Name	Product	Deposit methods	Fiat Currencies	Cryptocurrencies
Bitbuy Digital Currency Exchange		Cryptocurrency, Interac e-Transfer, Wire transfer	CAD	24 cryptocurrencies	Limited time only: Free $40* when you sign up and fund your Bitbuy account. At this Canada-based cryptocurrency exchange, you can fund your account in CAD via Interac eTransfer and bank wire.	Go to site View details	Compare	loading Fetching your data...
Netcoins Exchange		Cryptocurrency, Interac e-Transfer, Wire transfer	CAD, USD	11 cryptocurrencies	Buy Bitcoin and 5 other cryptocurrencies instantly using this straightforward broker.	Go to site View details	Compare	loading Fetching your data...
NDAX Cryptocurrency Trading Platform		Bank transfer (ACH)	CAD	30 cryptocurrencies	Get a $10 bonus when you open an account and deposit at least CAD$100. T&Cs apply. NDAX is a Canada-based digital asset exchange with CAD currency pairs and with options for advanced traders.	Go to site View details	Compare	loading Fetching your data...

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How to stake on NDAX

NDAX Frequently Asked Questions

Who owns NDAX?
Bilal Hammoud is the owner of NDAX. He lives in Calgary, AB where the company was founded. He has been the president and CEO of NDAX since its founding in 2018.

Is NDAX safe?
Yes. NDAX implements best practices when it comes to storing and moving cryptocurrencies between cold and hot wallets. It is registered and fully compliant with all of FINTRAC and Securities Quebec’s AML protocols.

Is it safe to store cryptocurrency on NDAX?
Yes. NDAX holds the majority of users’ crypto assets in cold storage. It has a combined US$8 million of insurance between its cold and hot storage wallets. NDAX has practices in place to ensure large withdrawals require multiple sets of approvals.

What cryptocurrencies are on NDAX?
A full list of coins includes the following BTC, ETH, SHIB, USDT, ADA, XRP,AVAX, MATIC, FTM, SOL, LTC, USDC, DOGE, MANA, DOT, LINK, LUNA, VET, SAND, HBAR, GRT, AXS, UNI, ALGO, NEAR, TLM, AAVE, EOS, CELO and COMP.

Can I trade on NDAX if I’m not a Canadian resident?
No, the platform is currently only available to Canadian users.

Does NDAX offer margin trading?
No, margin trading is not available on NDAX.