NDAX Canadian Exchange Review, Safety & Fees

NDAX is a Calgary-based cryptocurrency exchange platform known for having the lowest trading fees in Canada. NDAX has simplified the buying and selling process for crypto-enthusiasts of all experience levels. For the newbies, you get quick access to 32 different cryptocurrencies on an easy-to-use platform. Veteran crypto-traders can take advantage of more advanced features and sophisticated trading tools.

To get more favourable rates on Bitbuy, you’ll need to use Bitbuy Pro or the API, which are not as easy to handle by beginners. Furthermore, withdrawal rates at NDAX are fixed, which is more affordable than the percentage rate that Bitbuy imposes on its users. Low fees are essential for a cryptocurrency exchange to create a friendly trading environment. On NDAX, you’ll pay a 0.2% fee for buying and selling cryptocurrencies.

NDAX will give you a preview of the transaction and disclose the fees. However, while NDAX promises no hidden fees, that’s not what I experienced when I tested the platform. Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. We do this by providing a free comparison service as well as product reviews from our editorial staff. If you would like to send cryptocurrency to a friend or relative, you can do so from within NDAX for any of the coins listed.

1. A limited amount of cryptocurrencies isn’t an issue since some of the best projects in the industry are available on the platform.
2. For more information, please read our editorial policy and find out how we make money.
3. Our goal at MapleMoney is to present readers with reliable financial advice and product choices that will help you achieve your financial goals.
4. NDAX aims to create the most secure and seamless experience for traders, high net worth individuals, and institutions.

If you are after other options, take a read of this article on the best Canadian cryptocurrency exchanges. NDAX is a Calgary-based platform with beginner and advanced trading, 0.20% trading fees, 30+ coins and more. Its main selling point is advanced trading and some of the lowest fees in Canada. For Canadian-based users, NDAX is a perfect place to store their digital assets and start investing in crypto safely. A limited amount of cryptocurrencies isn’t an issue since some of the best projects in the industry are available on the platform.

So far, NDAX has worked with brokerage firms, hedge funds, investment banks, mining farms, merchants, and ATM providers, and it offers same-day order settlements. Professional traders will appreciate having a detailed graph with each trading pair, with various tools and functions available to make price predictions easier. The editorial team of Trading Browser is required to use first-hand sources to collect and share information regarding the businesses we promote. Among these sources, you will find LinkedIn profiles, Trustpilot reviews, Crunchbase, Sitejabber ratings, whitepapers, government reports, and other reputable sources.

Since launching in 2018, it has built a reputation for its large selection of cryptocurrencies, free deposit fees, a unique referral program, and its FINTRAC membership. Newton doesn’t charge commission fees on trades but does earn on spreads between buy and sell prices, like other major exchanges. The spread depends on the specific coin, and it’s more expensive than paying a transaction fee on NDAX. Newton is another cryptocurrency exchange that’s often compared to Shakepay and NDAX. All of these Canadian crypto trading platforms offer similar options, but there are subtle differences that may sway your decision. Bitbuy’s trading fees of 0.5% aren’t as affordable as those on NDAX.

Cold Storage

At this time, the NDAX team does not have plans to operate outside of Canada. NDAX added this staking option in February 2022, and you can set up staking through a web or mobile application. For instance, only 0.001 ETH is enough to start staking, which is much more affordable than the 32 ETH you would need to set up a validation node for yourself. In this section of our NDAX review we highlight 6 special features that deserves extra attention. Tom Drake is the owner and head writer of the award-winning MapleMoney. With a career as a Financial Analyst and over a decade writing about personal finance, Tom has the knowledge to help you get control of your money and make it work for you.

Trading Fees

Experienced investors are going to be familiar with the trading window NDAX uses. However, even beginners will quickly learn how to place buy and sell orders. You can also choose your favourite pairs and set up price movement alerts. Except for the BTC/USDC pair, almost all currencies on the exchange are pegged to the Canadian dollar.

NDAX was established in 2018, with its primary focus on offering fast, easy and safe crypto trading for both individuals and institutions. On the downside, you can only withdraw money from NDAX by having the money directly deposited in your Canadian bank account by Electronic Funds Transfer (EFT) for a flat fee of $4.99. Other platforms offer several withdrawal methods to choose from, and usually one of those methods are free. While I personally prefer the EFT withdrawals, I’m not crazy about the fee. I typically choose the free method, even if it means waiting longer to receive the cash.

NDAX only deals in Canadian dollars, so you can’t deposit crypto or any foreign fiat currency directly into your account. However, the good news is that deposits are free, regardless of the amount. Before you can even get started trading on NDAX, you have to go through the rigorous verification process (which usually involves proof of identification). The reason for this is NDAX’s commitment to certifications, and compliance with regulations and insurers. NDAX Bank draft, wire transfer and interac e-transfer deposits are free for folks in Canada. NDAX is a custodial platform, which means they take care of storing and securing your coins for you.

Verifying your NDAX account and Know Your Customer (KYC) information

NDAX is a Canadian cryptocurrency exchange that serves millions of Canadians crypto enthusiasts – both newbies and seasoned pros alike. Best of all, Hardbacon users receive a $20 account credit when they choose Square One. It’s called Know Your Customer (KYC) information and is required in order for them to be compliant with Canadian financial regulations. However, NDAX is the first exchange I’ve used that asked for my Social Insurance Number (SIN). Providing your SIN is optional, but it definitely weirded me out a little bit because other major exchanges have not asked for my SIN.

Funding Methods & Fees

This includes major coins like Bitcoin and Ethereum and several alternative coins. To date, I haven’t found another Canadian crypto exchange that lets you trade as many coins. The National Digital Asset Exchange (NDAX) is a Canadian cryptocurrency exchange that makes it easy for Canadians to buy and sell crypto using Canadian dollars (CAD).

How to Open an NDAX Account

The exchange caters to mostly high net worth individuals, traders, and institutions. However, one does not need to be a large buyer in order to enjoy the world-class experience, security, and features that NDAX offers. With its strong ties to Canadian banks and enhanced governance framework for its cryptocurrency storage, the majority of Canadians now have access to fast, simple, and secure trading.

Why NDAX

Traders from Canada will find local payment methods and very low entry fees as well as trading fees. This exchange is also great for large traders thanks to the no-limit policy on deposits and withdrawals, which are processed the same day as they are requested. There is no shortage of Canadian cryptocurrency exchanges to choose from, ndax and NDAX is right up there with names like Bitbuy and Coinsmart. One downside is that NDAX only supports 30+ different cryptocurrencies, which is a very limited range compared to some competitors. If you are after an exchange where you can buy lots of different coins, you can try Binance with over 600+ different cryptocurrencies.

If you are living in Canada and you want to cash out your bitcoin gains for your local currency CAD, Canadian dollars, you can easily do it on NDAX. First, you need to send a message with your question, then a representative will contact you later on when they are available. I was surprised when the live chat started to send me notifications and I found Belle on the other side. A bigger pool of altcoins is also a huge plus and I know more traders would be attracted to sign up if NDAX would offer more coins. NDAX has a very beginner-friendly trading interface that lets you analyze your coins technically through the Tradingview charts and also with a complete order book engine. The trading dashboard is very clean which I like when I’m trading myself.