NDAX.io Review for 2023
Quick Summary: If you’re a Canadian crypto trader or investor, then NDAX is an excellent choice for you since it is regulated by and registered with FINTRAC. The exchange ensures that their user investments and funds are safe by using the national bank to store their funds.
NDAX also offers enough liquidity and fast trade executions to satisfy the crypto needs of both seasoned and new traders. Furthermore, aside from the platform’s intuitive and sleek trading dashboard, NDAX also provides users with different tools that they can utilize to analyze markets, trends, and different crypto assets.
If you’re searching for a safe and reliable crypto exchange that can offer basic and advanced features, then NDAX is for you!
Table of Contents
NDAX at a Glance
Mobile app: Yes
Deposit Methods: Interac e-Transfer, bank draft, wire transfer, cryptocurrency
Trading Fees: 0.20%
Fiat Currencies: CAD, USD.
List of Features
- Very secure platform, partnered with Ledger Vault
- Registered with FINTRAC and AMF as an Money Service Business (MSB)
- 24 Hour Customer Service available through NDAX live chat or email
- Advanced charting and types of orders for traders with experience
- Quick Buy/Sell function ideal for those who are just beginning
- OTC Desk for large trades
- More than 30 of the world’s most renowned cryptocurrency accessible
- Mobile app for iOS and Android
- Friendly interface for users
- Secure and user-friendly platform
- Quick and simple account sign-up process
- Low trading fees
- Free deposits
- Competitive NDAX transfer fee
- Deep-liquidity pool
- Suitable for beginners and experienced traders
- The withdrawal fees are on the more costly side
- Not accepting credit card or debit card transactions
- No margin trading
- Available to Canadian citizens only
What Is NDAX?
National Digital Asset Exchange (NDAX) is the name of this Canadian exchange, widely regarded as Canada’s premier digital asset trading platform.
Established in 2017 by Bilal Hammoud, NDAX provides financial operations supported by robust, enterprise-level systems managed from the company’s headquarters in Calgary, Alberta, Canada.
The primary goal of developing NDAX was to simplify the process of exchanging crypto assets for Canadian dollars (CAD). Moreover, the fintech engineers at NDAX actively work with Canadian financial regulators and organisations to ensure the exchange is up to par with what they consider to be the benchmark for trading cryptocurrencies. Hence, investors need not worry about their money leaving Canada as all investors’ funds on NDAX remain within Canada under the applicable laws.
For further security, all user assets deposited on the cryptocurrency trading platform are held in a dedicated Canadian bank account rather than being conflated with the exchange’s operating funds.
Who Is NDAX Aimed At?
NDAX’s user interface (UI) is so straightforward and easy to use that even investors with no trading experience can purchase cryptocurrencies successfully through the platform. The exchange also features advanced trading alternatives, such as an over-the-counter (OTC) desk, aimed at institutional investors primarily interested in high-volume trading of digital assets.
NDAX Crypto List: What Coins Does NDAX Have?
The NDAX exchange helps you exchange Bitcoin (BTC) and more than 30 other altcoins for Canadian dollars in a snap. In case you’re wondering what are your trading options on the platform, NDAX supports a wide variety of market-favoured cryptocurrencies and tokens, including but not limited to EOS (EOS), Chainlink (LINK), Ethereum (ETH), Stellar (XLM), Ripple (XRP), Aave (AAVE), Cardano (ADA), Polkadot (DOT), Tether (USDT), Dogecoin (DOGE), Litecoin (LTC), Shiba Inu (SHIB), and Polygon (MATIC), to name a few.
It’s evident that the selection of supported cryptocurrencies isn’t the widest one out there, but here I’d like to draw your attention to the fact that the coins supported on the NDAX platform are some of the most actively traded ones on the market. Also, you can rest assured that you will be able to quickly and effectively exchange these cryptocurrencies for CAD or USD due to their high liquidity.
NDAX, with headquarters in Calgary, Alberta, now caters exclusively to Canadian traders.
The NDAX exchange successfully juggles the competing needs of beginner and advanced crypto investors by finding a happy medium between the simplicity of trading crypto and the advanced financial mechanisms.
At this point, I suggest we dive deeper into some of NDAX’s most appealing features.
The staking option on NDAX is something you will value if you are fond of HODLing your coins in the longer term. Namely, the platform enables you to stake your digital assets and receive rewards for locking them on the platform through periodic payouts. You can also estimate your potential earnings with the help of the staking calculator available on NDAX – a tool I found to be highly convenient when using the staking option.
The procedure of staking your assets on the NDAX platform is not a difficult one in the least. After selecting the eligible coin from the staking panel and entering the investment amount, you will soon begin collecting your staking bonuses.
Currently, NDAX allows you to lock Ethereum (ETH), Cardano (ADA), and Polkadot (DOT) on the platform and generate a passive income on these coins. The annual percentage yields (APYs) for initial stakes can be anywhere from 4.8% to 12% across a wide variety of assets and exchanges.
Finally, if you’re not familiar with the way staking works, the comprehensive collection of learning materials offered by NDAX may help you discover the ins and outs of the procedure.
Fast CAD Deposits
There are three different ways to deposit cash into your NDAX account: Interac e-transfer, wire transfer, and bank draft. You can have your CAD or USD bank transactions cleared the very same day with one of the several financing methods offered by NDAX. Here are some more details.
When using any of the available payment options, adding Canadian dollars to your account is quick and easy, and it doesn’t take very long. While deposits made using Interac e-Transfer can take anywhere from 0 to 30 minutes, transactions made via bank wire or bank draught can take up to one business day.
Mobile and Desktop App
The NDAX trading platform provides a user-friendly interface. All users benefit from the exchange’s intuitive and minimalistic dashboard layout since they can locate the needed information at once.
NDAX is a good place for beginners to start, and they might keep using it as they learn the more advanced concepts of crypto trading like technical indicators, assessment and forecasting instruments, and comment threads that are also featured on the platform.
There’s also the NDAX mobile app, which allows you to trade cryptocurrencies from the convenience of your Android or iOS-supported gadget, whenever and wherever you choose. Most of the trading capabilities available on the exchange’s web platform are also readily accessible through the NDAX app. To operate this application, all you need is the same credentials you use for your NDAX trading account.
NDAX Referral Program
NDAX offers a three-tiered affiliate program to thank its loyal affiliates. Let me see if I can explain this reward program to you effectively.
You reach the first level of this affiliate program, i.e. the Avid level, when you successfully refer the exchange to 1-10 users. When this happens:
- The person you mention gets $10.
- Affiliates get $10.
- For 1 year, affiliates earn a 10% commission on any trading fee income produced by referrals, up to a maximum of $1,000.
You reach the second level of this affiliate program, i.e. the Ambassador level, when you successfully refer the exchange to 11-20 users:
- The person who makes the referral gets $15.
- The affiliate earns $10.
- For one year, referrals earn a maximum of $1,000 (10% of the trading fee income earned by affiliates for their overall trading volume).
You reach the third level of this affiliate program, i.e. the Partner level, when you successfully refer the exchange to 21+ users:
- The person who makes the recommendation gets $25.
- Affiliates get $10 for every successful referral.
- For 1 year, affiliates earn a 10% commission on any trading fee income produced by referrals, up to a maximum of $1000.
To participate in NDAX’s affiliate program, the affiliate must adhere to NDAX’s terms and regulations and activate the referrals affiliate link. Additionally, the affiliate must be a new client who does not have a preexisting NDAX account under an alternative email address/username, has deposited at least an NDAX minimum deposit of $100, and has also completed NDAX’s account verification procedure within the month of enrolment to this reward program.
In my opinion, the NDAX referral program is a very generous way for this crypto venture to show appreciation to the partners that help them acquire new market makers. Consequently, if you see yourself as a person of influence, you should use your force of personality to persuade your Canadian peers to give NDAX a go. And I assure you, it will be well worth it.
The exchange supports a wide range of customised orders in addition to the conventional market and limit orders. Some examples of these advanced order types offered on NDAX are: stop, trailing stop, stop-limit, stop-market, reserve/iceberg, instant or cancel (IOC) and fill or kill orders.
To my astonishment, the site does not facilitate crypto-to-crypto trading. Instead, you must stick to the currency pairings offered by NDAX.
OTC Desk (NDAX Wealth)
NDAX Wealth is the instrument that you should use if you want to invest more than $200,000 in digital assets in your trading strategy. The OTC trading desk for NDAX crypto provides access to a robust liquidity pool in addition to a wide range of different digital currencies. The NDAX OTC desk also prevents slippage, thus allowing for the smooth execution of high-volume trades.
In addition to not charging you any fees for deposits or withdrawals, NDAX Wealth allows you access to compartmentalised bank accounts, same-day clearance, and API connectivity through Websocket, Rest, and FIX. All of these features are included at no additional cost to you.
What Are NDAX.io Fees?
|Deposit Fee||Trading Fees||Withdrawal Fees||Crypto Transfer Fees|
Selling and buying on the NDAX result in trading fees, which the exchange uses to generate revenue. When you cash out to your bank account or an external wallet, NDAX also makes a profit. But, if you’re looking for minimal trading costs in Canada, look no further. These are the specifics.
NDAX’s fees are among the lowest compared to other cryptocurrency exchanges like CoinSmart. No matter how much crypto you purchase or sell, the exchange will charge you just a 0.2% commission on each transaction. With this flat rate, you can predict with absolute certainty how much you will spend on transaction fees which I find to be a great aspect of this fee scheme.
Withdrawal and Deposit Fees
Deposits made to your NDAX account in Canadian dollars or a cryptocurrency are free of charge.
On the other hand, the NDAX withdrawal service from your trading account to your bank account includes a flat cost of 25 CAD that is deducted from your NDAX balance no matter how much money you take out.
This withdrawal fee is hardly a concern for seasoned crypto-whales who trade in massive quantities and make substantial gains every day. However, for a beginner or a small business, 25 CAD is exorbitantly pricey, you’d agree.
NDAX Deposit Methods
Interac e-Transfer, bank draft, wire transfers, and direct bank transfers are all viable payment methods on NDAX. Regarding the quantity of money you can deposit into your NDAX account, there are no restrictions imposed, either on the low or the high end.
NDAX Security: How Safe Is NDAX?
is NDAX.io safe? This is one of the most frequently asked questions we always get. NDAX is a secure, hack-proof platform with some of the industry’s strictest security standards. To get things started, most of the exchange’s virtual currency is kept in offline data centres. Ledger Vault, a pioneer in the crypto security field, developed a multi-signature mechanism to safeguard these cold storage structures.
To continue with, this Canadian marketplace safeguards your investments from fraudulent acts. NDAX also separates its clients’ fiat money from its operating funds by depositing them in a separate deposit account at a Canadian financial institution. This way, these fiat assets can be distributed to the approved creditors in case NDAX declares bankruptcy.
For further protection of user data and exchange funds, NDAX employs DDoS tracking, several data servers under constant scrutiny, and an obligatory activation of the two-factor authentication protocol (2FA), which some people also called as NDAX authenticator.
Last but not least, NDAX incorporates the Multi-Party Computation (MPC) mechanism in its platform. To help you get a better grasp on how this system works, let me clarify that MPC is an encryption algorithm that ensures the safety and confidentiality of data while also safeguarding the funds and accounts of NDAX traders.
Is NDAX Regulated? Is NDAX Legit?
NDAX is a regulated and licenced marketplace for digital assets. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Revenue Québec have both confirmed the company’s status as a Money Service Business (MSB) under the registration number M18632135.
In addition, NDAX adheres to all applicable crypto trading laws and rules, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Acts (PCMLTFA). Also, NDAX follows the strict Know Your Client (KYC) requirements imposed by the highest international financial authorities to ensure that none of its traders will abuse their access to the platform.
How to Open an NDAX Account
Step 1: Enter Your Personal Information
When creating an account on NDAX, you’ll be asked to choose your country of residency before entering your email address and password. After you verify your password, verify your age, and accept the terms and conditions, you will be granted access to the main trading platform.
When you click the Sign-Up button, NDAX will send you a confirmation email with further instructions. To continue with your account registration, simply follow the instructions included in the email you received.
Step 2: Enter Your Contact Information
In this step, you’ll need to provide your first and last name, birthdate, address of residence, and a government-issued photo ID such as a driver’s licence to confirm it. While voluntary, submitting your Social Insurance Number (SIN) might help move the verification process along more quickly.
Step 3: Enter Additional Information
After you input your living area using the address locator, you’ll be confronted with inquiries about your motivations for establishing an account, the nature of your work, and how you came to learn about NDAX.
Step 4: Phone Number Verification
Next, you will be asked to verify your phone number using the SMS or Call Me function once you have finished entering the additional data. Finally, you’ll be sent to the verification page, which allows you to provide an ID photo and complete the sign-up process.
Step 5: Identity Verification
To complete this step, you’ll need to provide several legal papers to prove your identity because NDAX follows the KYC verification procedure guidelines to the letter.
The following are some of the required documents to confirm your identity: a valid government-issued photo ID, selfie, municipality-issued property tax assessment, passport, monthly utility bills, driver’s licence, Canada Pension Plan (CPP) declaration, etc.
Step 6: Submit a Selfie
This step concludes the requirements for opening an NDAX account. Simply scan your face per the on-screen directions to submit a selfie. If you’re looking for some useful tips, you’ve come to the right place.
First, turn your face upfront to the camera. Maintain complete facial inclusion in the frame. In order to finish a 3D scan, slowly move the head in a circling motion. If you’re having trouble scanning your face in a rotational movement, try looking up, down, right, and left instead.
And that would be all. All of your data has been sent in for evaluation. In no more than one business day, expect to get an email updating you on your account verification status.
Making Your First Deposit
When you have finished verifying your account and are ready to make your first transaction, you will be prompted to make a crypto or fiat deposit into your account. Here’s what you need to know.
To make your initial cryptocurrency deposit, simply follow these instructions:
- Go to NDAX and sign in.
- To access your money, choose Wallet on the display’s left side.
- Find the relevant cryptocurrency and click Deposit to add it to your NDAX account.
- Simply press the green Receive option at the very bottom of the display.
- To move your cryptocurrency holdings to your NDAX wallet, enter the wallet address into your external wallet.
Please note that when sending XLM, XRP, or EOS to your NDAX account, you must also submit the destination tag or memo along with your wallet address.
To complete your first fiat deposit transaction, simply pick an NDAX payment method, decide the fiat currency to use, key in the desired amount, and click the Confirm button. It’s really as simple as that.
NDAX Customer Support
NDAX provides several channels for reaching assistance. The bulk of problems and queries that customers typically have are addressed in the NDAX Help Center.
However, the live chat function is my personal favourite when it comes to contacting any exchange. You can initiate a live chat session on NDAX from the bottom right of any page on the web platform. Please note that you can’t get started with the live chat unless you’ve already created an account, so if you’re having trouble with the signup procedure, you’ll need to look elsewhere for help.
As NDAX also provides a customer service email address (firstname.lastname@example.org) and a phone number for users to get in touch with the exchange, you can use these options instead. Both of these client support alternatives are quick to respond to your inquiry, but none of them is operational around the clock like the live chat. The next business day is the soonest you may expect a reply if you email or call after the regular hours of NDAX processing time.
Social Media Channels
As NDAX has a significant presence on social media, you can get touch with the NDAX team through the following platforms: Facebook, Instagram, Reddit, LinkedIn, Crunchbase, Youtube, Quora, Twitter, and Medium.
NDAX’s Competitors Among the Canadian Exchanges
Here’s a quick rundown of some of NDAX’s competitors if you’re curious to see how they measure up.
NDAX vs Bitbuy: Which Is Better Bitbuy or NDAX?
When it comes to Canadian traders, Bitbuy and NDAX are two of the most popular crypto trading platforms. Both exchanges offer services that are relatively similar to one another.
Nevertheless, the fees on Bitbuy are somewhat pricier than the trading costs on NDAX. Bitbuy makes up for this by letting you trade a wider variety of cryptocurrencies than NDAX.
NDAX vs Newton: Which Is Better Newton or NDAX?
Newton is an excellent option to consider if you are a newcomer in the cryptocurrency market and looking for a Canadian crypto exchange. This trading platform provides buy and sell capabilities intended for beginner traders or those who want a more no-frills approach to crypto trading.
In this regard, NDAX has the edge over Newton since it offers more sophisticated trading products for experienced investors than Newton does.
NDAX vs Coinberry: Which Is Better Coinberry or NDAX?
When it comes to trading virtual currencies in Canada, Coinberry stands out as one of the most user-friendly markets that are subject to the most stringent regulations. When buying or selling cryptocurrency on Coinberry, the trading fee is 0.5% of the whole transaction, which is somewhat more than the NDAX’s flat fee of 0.2%.
While Coinberry doesn’t charge any costs associated with depositing or withdrawing Canadian dollars, NDAX does levy rather pricey withdrawal fees, putting the two exchanges on comparable footing.
In this NDAX review, we learned that NDAX is one of the most well-known cryptocurrency exchanges because of its flexibility and user-friendliness. The available range of sophisticated financial instruments suggests that most of the exchange’s customers are high-net-worth individuals and corporate investors who trade cryptocurrencies through this platform.
Nevertheless, NDAX’s financial services are available to everyone, not only institutional traders. Due to NDAX’s excellent security measures and tight adherence to industry regulations, it is widely used by individual traders too.
Then again, NDAX has several drawbacks, including a limited selection of supported currencies and the lack of support for credit and debit cards. However, NDAX may not have as many cryptocurrency trading pairs as Binance does. Still, I’m confident you can securely trade cryptocurrencies on their platform despite the market’s volatility owing to the platform’s robust security and strict compliance with financial regulations.
Frequently Asked Questions (FAQs)
NDAX Withdrawal Time: How Long Does NDAX Withdrawal Take?
CAD withdrawals are handled once a day at 6:30 p.m. Eastern Standard Time (EST). In most cases, after your transaction has been executed, you should have access to your money the next working day. Wire and ACH transfers are not processed on weekends or bank holidays.
To that end, please note that withdrawal requests submitted on Fridays after 6:30 PM EST will not be handled until the following Monday at the same time.
Can You Withdraw Crypto from NDAX?
Yes. Bitcoin and other cryptocurrency withdrawals will be handled within 5 minutes after receiving confirmation through email. If you, by chance, make a mistake during the withdrawal process, then you have 5 minutes to revoke the withdrawal request. After your withdrawal has been completed on NDAX, it will be updated on the blockchain.
The time it takes for a transaction to complete on the blockchain might change depending on the coin, the amount of traffic on the network, and the number of confirmations your receiving crypto wallet requires.
Is NDAX Good for Beginners?
While the platform does make it easy to trade cryptocurrencies with its streamlined crypto swapping services, newcomers to the crypto market could well find it a bit difficult to get started because NDAX does not support credit and debit card payments.
How Does NDAX Make Money?
NDAX makes money by offering their services and products. But mainly by charging 0.2% trading fee.
Is NDAX Staking Safe?
Since NDAX's security has never been compromised so far, it appears that the security and KYC mechanisms put in place on the site are working as intended. Moreover, the clients' funds are insured in the event of an effective theft or data breach. So, the answer would be - yes, I believe NDAX is a secure place to lock your cryptocurrency.
Does NDAX Provide Instant Verification?
Yes. NDAX provides instant ID verification, which suggests you can begin trading immediately after registering an account with this platform.
Is NDAX Registered in Canada?
Yes it is.
Who Owns NDAX?
Bilal Hammoud is the founder of NDAX.
Do I Need a Wallet for NDAX?
It's not mandatory, however it's strongly recommended to store your cryptocurrency in the form of a cold wallet. Remember, these are not your keys, and not your crypto.
NDAX vs Binance: Is Binance Better Than NDAX?
Well, if you're not a Canadian crypto trader or investor, and you're not a beginner in the world of cryptocurrency, then definitely Binance is the better choice.
NDAX vs Coinbase: Is Coinbase Better Than NDAX?
Coinbase is the winner because it supports more cryptocurrency options than NDAX. In contrast, NDAX only had around 30 coin, Coinbase has over 150 digital currencies. However, when it concerns charges, NDAX wins.
How Do I Get My Money Out of NDAX?
Follow these steps:
- Login to NDAX.
- Click the WALLET that is located on the left right side.
- Choose the Cryptocurrency you would like to withdraw from an outside wallet.
- Press the Send button located at the end of your screen.
- Input your DESTINATION ADDRESS as well as the sum you'd like transfer the cryptocurrency to.
Does NDAX Report to CRA?
Absolutely, NDAX might report back to CRA. NDAX is an FINTRAC certified Crypto service supplier. To comply with FINTRAC regulations, NDAX may be required to provide customer information to the CRA upon demand.
What Does NDAX Stands For?
NDAX stands for National Digital Asset Exchange. Take note that sometimes, it is misspelled as NDWX, NDESX, or NDQX. But again, it should be "NDAX".
Is NDAX a Crypto Wallet?
NDAX is primarily a crypto exchange, but they also have their own wallet called NDAX wallet.
Is there Such Thing As NDAX Credit Card?
Was NDAX Hacked Before?
No, it didn't.
Is There An NDAX Withdrawal Limit?
Yes, there is. New accounts that are not yet verified won't be able to withdraw. While basic accounts and enhanced accounts have withdrawal limits of 2 Bitcoin daily and 10 Bitcoin daily and $500k/month respectively.
Is NDAX Scam?
Absolutely not. In fact, it is one of the most regulated crypto exchanges in the world!