{"menuItems":[{"label":"Round 1: NDAX vs. Bitbuy on vital statistics","anchorName":"#round-1-ndax-vs-bitbuy-on-vital-statistics"},{"label":"Round 2: Supported coins","anchorName":"#round-2-supported-coins"},{"label":"Round 3: Supported fiat currencies","anchorName":"#round-3-supported-fiat-currencies"},{"label":"Round 4: Fees","anchorName":"#round-4-fees"},{"label":"Round 5: Wallets","anchorName":"#round-5-wallets"},{"label":"Round 6: Security","anchorName":"#round-6-security"},{"label":"Round 7: Ease of Use","anchorName":"#round-7-ease-of-use"},{"label":"Bitbuy vs. NDAX Winner: Draw","anchorName":"#bitbuy-vs-ndax-winner-draw"}]}
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
NDAX and Bitbuy are similar in that they are both based in Canada and are on the smaller side when compared to other, more global exchanges. Bitbuy is a great introductory platform for beginners just starting out, while NDAX has begun to focus on expanding its features to service more advanced traders. Here’s our NDAX vs. Bitbuy breakdown to help you choose the platform that’s right for you.
Round 1: NDAX vs. Bitbuy on vital statistics
Looking at vital statistics, there is not much to choose between NDAX and Bitbuy. Both are located in Canada and both FINTRAC registered as money business services. Their offerings are similar in that they have a quick registration process and easy to use platforms which means that users can begin trading as soon as they are signed up. Bitbuy offers a Pro Trade option along with over the counter (OTC) accounts for large volume traders, while NDAX has its NDAX Wealth service which supports OTC trading and has introduced a staking option for users.
While they aren’t in the same league as some of the bigger exchanges when it comes to the number of supported coins, NDAX and Bitbuy both have a decent variety. There is a nice mixture of the mainstream coins alongside a few more obscure altcoins. You will most likely find what you need from either exchange if you are looking to trade in the most common cryptocurrencies.
NDAX and Bitbuy are completely evenly matched when it comes to supported fiat currencies as they are both solely focused on Canadian customers. If you are based in Canada, this isn’t a problem for the majority of transactions you will want to make. However, if you are looking for a larger number of supported fiat currencies, you are best looking at one of the bigger platforms.
NDAX stands out with its fee structure. There are no fees for deposits and it has a flat rate across the board on all its listed cryptocurrencies. You will also find that its trading fees are competitive with its counterpart trading platforms operating in Canada. Bitbuy also has free deposits but charges for withdrawals, although its trading fees are fairly reasonable.
Bitbuy has a built-in wallet for every account with insurance in place through BitGo to cover up to the full price of your assets. Coin holdings are also kept in an offline vault. NDAX’s wallet is pretty functional. It allows users to deposit a decent range of cryptocurrencies from external wallets. Funds are also held in cold storage.
Winner: Draw
Round 6: Security
While NDAX and Bitbuy are smaller operations, they are committed to keeping users funds secure. NDAX holds most of the crypto assets in cost storage and has insurance in place to cover funds. It is registered and fully compliant with FINTRAC and Securities Quebex as a Money Services Business. Meanwhile, Bitbuy’s security credentials are just as strong. It is a federally approved restricted dealer for digital assets in Canada. It also holds 95% of all its digital assets in cold storage and has a comprehensive insurance policy with BitGo.
Winner: Draw
Round 7: Ease of Use
NDAX is a straightforward and user-friendly exchange. It places a lot of emphasis on education by including a learning tool at the top of every page. Overall it creates a good environment that supports both new and experienced traders. Bitbuy is similar in that it has an approachable UI that is easy to navigate whether you are a beginner or an established crypto enthusiast.
Winner: Draw
Bitbuy vs. NDAX Winner: Draw
NDAX and Bitbuy are so evenly matched across most areas and it was so close across all rounds that we could not crown a clear winner here. We feel that both Bitbuy and NDAX are worthy of consideration.
Disclaimer:
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
the nature of any product or service (including its legal status and relevant regulatory requirements)
and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Kate Steere is a deputy editor at Finder, specialising in fintech, cryptocurrency and banking. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
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