NDAX Review
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National Digital Asset Exchange, more commonly known as NDAX, is a Canadian exchange that allows retail and institutional traders to access a wide range of cryptocurrency assets. In this NDAX review, we will compare and assess the platform to see how it compares to the best crypto exchanges in Canada. The criteria for our analysis will include examining its features, deposit methods, available cryptocurrencies, ease of use, trading fees, security, and customer support.
Our Take
Bottom line:
NDAX is a superb option for first-time investors that want to purchase cryptocurrency in Canadian Dollars (CAD). There are no deposit or withdrawal fees to transfer CAD using a bank account with zero fees and the trading fee of 0.2% is competitive. The disadvantages include a limited number of crypto assets, no staking features, and the app often having technical issues.
Promotion:- Straightforward and simple to use exchange specifically for Canadians
- Rapid ID verification process to start trading immediately
- Competitive fees of 0.2% is reasonable for Canadian market
- Supports Interac e-Transfer and wire transfer for CAD deposits
- Advanced charting with Tradingview and variety of order types
- Limited number of cryptocurrency assets that can be bought or sold
- Lacks features such staking, yield farming and savings accounts
- Cannot buy crypto using a credit or debit card
- Does not offer a 24/7 customer support desk
- Mobile app has poor reviews and rated 1.6/5 stars
NDAX At A Glance
NDAX.IO is a reputable altcoin trading platform that was founded in 2014 in the province of Alberta. It allows residents within Canada to buy, trade, and sell 12 cryptos such as Bitcoin, Ethereum, Dogecoin, and others. NDAX.IO has been designed for beginners with its easy-to-use platform and offers a variety of features such as same-day CAD deposit and withdrawals, mobile trading app, OTC desk and visually appealing tools to track and manage a crypto portfolio.
- Digital currency platform that has been designed for everyone
- Deposit CAD using wire transfer, Interac e-Transfer, or Bank draft
- No deposit or withdrawal fees
- Flat 0.2% trade to buy and sell
- Powerful crypto trading tools with TradingView charts
- Mobile app supported on iOS and Android devices
| Exchange Name | NDAX |
|---|---|
| FIAT Currency | CAD & USD |
| Cryptocurrency | BTC, ETH, LTC, ADA, XRP, BCH, UNI, DOGE, USDT, LINK, DOT, XLM & EOS |
| Deposit Method | Wire transfer, Interac e-Transfer, Bank Transfer & Crypto |
| Trading Fee | 0.2% |
| Deposit Fee | None |
| Withdrawal Fee | None |
| Mobile App | Yes |
NDAX Compared
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Kraken | 222 | 0.16% (maker) and 0.26% (taker) | Rating  | None available at this time | Visit Kraken | Kraken Review |
 BitBuy | 24 | 2% | Rating | None available at this time | Visit BitBuy | BitBuy Review |
 VirgoCX | 60+ | Included in spread | Rating | None available at this time | Visit VirgoCX | VirgoCX Review |
NDAX Features & Services Reviewed
Beginner Friendly
Getting started with cryptocurrencies can be confusing for new investors, so it is essential to find an exchange that is easy to use. NDAX has created a trading platform to buy and sell popular digital currencies without complications. The trading experience offers the best of both worlds. An advanced trading platform with TradingView charts for experienced investors with an intuitive and easy-to-follow design for beginners. NDAX also has a calculator to see how much Bitcoin or crypto can be bought and sold with CAD.
Fast CAD Deposit Methods
As a crypto exchange that provides services to Canadian traders and institutions, NDAX has made it easy for locals to fund an account. There are zero deposit fees unlike other exchanges in Canada such as Bitbuy which charge 0.5% or 1.50% depending on the payment method. The exchange has partnered with several Canadian banking providers to offer a same-day settlement for CAD and USD deposits and withdrawals.
OTC Desk For Large Trades
NDAX Wealth is the platform Over The Counter (OTC) trading desk that is specially designed for institutional investors who trade $200,000 or more. NDAX provides institutional clients with a deep liquidity pool and a large selection of digital assets. The clients get to enjoy a personalized service that allows them to trade at high volumes with no deposit fees, withdrawal fees, low spreads and same-day settlement.
Competitive Fees
NDAX offers a flat trading fee of 0.2% per buy and sell trade which is very competitive when compared to the best crypto exchanges in Canada. This fee includes spread and foreign currency conversion costs without any hidden charges. NDAX's offers a low-fee alternative to popular exchanges used in Canada such as Crypto.com, CEX.IO and MyBTC.ca.
Getting Started
To buy, sell, send and receive cryptocurrency using NDAX, users will need to create an account and be at least 18 years or older. There are no fees to create or maintain an NDAX exchange account or wallet. However, users must verify their identity before transferring CAD to an NDAX wallet.
Depositing Funds
NDAX.IO accepts 4 payment options to deposit funds for buying, trading or selling cryptocurrencies. The payment options include Interac e-Transfer, Wire Transfer, Bank Draft and crypto. There is no option to purchase Bitcoin with a credit card, debit card, PayPal or using an Amazon gift card. However, NDAX includes the most common and safest deposit options for Canadians.
For each deposit method, there are no minimum or maximum limits per 24 hours or account. The fastest method to transfer funds is using Interac e-Transfer which can take up to 30 minutes. Wire transfers, bank draft and crypto deposits are processed on the same day. All fiat currency deposits to NDAX are kept within local banks and not sent offshore.
NDAX has introduced automatic recurring purchases or 'Dollar Cost Averaging' (DCA) on the exchange. The feature is still currently in Beta. The advantage of using DCA is to remove the stress associated with 'price' and swings in volatility and is a suitable method for funding an account for beginners.
To cash out of crypto back to Canadian Dollars, NDAX exchange allows crypto deposits for customers to transfer funds and convert into fiat currency. The funds can be withdrawn to a local bank account with no fees and same-day settlement.
Supported Countries & Fiat Currencies
NDAX is available to customers that reside in Canada only. The exchange is limited to deposits in CAD or USD from Canadian banks and/or financial institutions. The exchange does not support payments in Euros or British Pounds. Customers that want to buy crypto with these currencies will need to find a trading platform based in the UK that accepts GBP and EUR deposits.
13 cryptocurrency assets that can be bought and sold on the exchange using Canadian and US Dollars. The digital currencies offered include BTC, ETH, LTC, ADA, XRP, BCH, UNI, DOGE, USDT, LINK, DOT, XLM & EOS. The selection of cryptos is quite limited and does not offer DeFi tokens. To compete with the global platforms that are available in Canada such as Coinbase, Gemini, Kraken and Binance, more cryptocurrencies should be added.
Trading Platform
NDAX provides a simple user interface from the main dashboard that can be used to buy and sell popular cryptocurrencies. The interface shows the available funds in CAD or crypto with a drop-down menu to select the trading pair. The basic menu to buy/sell crypto is recommended for beginner investors. There is also a calculator to see the amount of crypto that will be received.
For users that are experienced with using price charts, NDAX Exchange has an advanced mode that has TradingView charts. The popular crypto charting suite includes a wide variety of technical indicators, chart patterns, and overlay drawing tools to perform analysis on the charts.
NDAX users will benefit from using one of the most powerful charting packages available in the market and can understand how to read a candlestick price chart and analyze price history. For beginners, the chart can be changed to a simple line chart to see the short, medium or long-term price trend.
Placing orders on NDAX using the exchange is relatively simple. The most common way to trade Bitcoin/CAD or other pairs is to place a market order at the desired price. Other order types offered include limit, stop, trailing stop, trailing stop market, fill or kill, reserve & iceberg and IOC. The wide variety of execution methods to fill a position is excellent and will suit a wide range of users with different crypto trading strategies.
Overall, NDAX exchange has a well-rounded platform that is suitable for recommended for retail investors or professional traders that want to buy crypto with CAD, or trade against 13 pairs using Canadian Dollars or USDT. The user interface is quite intuitive, responsive and elegant in design.
Trading Fees
The buying and selling fee on NDAX is 0.2% which includes all conversion and market spread costs. For example, if you buy CAD $10,000 worth of Bitcoin, the trading fee will be CAD $20.00. To sell Bitcoin back to Canadian dollars, the same fee will apply. The fees are similar to the Canadian exchange Bitbuy, however, the total fees on NDAX are slightly cheaper due to zero deposit and withdrawal fees. Overall, the fees on NDAX offer excellent value for money for residents in Canada to maximize their Bitcoin or crypto investment or cash out and sell back to CAD.
Security
NDAX has multiple layers of security to ensure customer funds are protected when stored within its wallets. The majority of digital assets are stored offline in cold storage wallet solutions provided by Ledger Vault. Other common measures include 2 Factor Authentication, multi-signature approvals, fund insurance, segregated bank accounts and daily security audits.
Multi-Party Computation (MPC) technology is another security feature that NDAX has implemented. This technology provides an advanced security level for hot wallet management solutions to protect stored assets from internal and external threats. A full list of the security measures used by NDAX can be viewed on their website.
Mobile App
NDAX has a mobile app available for its users to buy, trade and sell Bitcoin and other digital currencies. New customers can create an account, complete identity verification and deposit funds using the app. Unfortunately, NDAX's mobile app has received an overall star rating of 1.6/5 on TrustPilot based on 5 reviews.
The comments are generally negative with complaints on the NDAX app shutting down repeatedly after updates. This is not a good indicator as the team at NDAX may not be regularly updating their mobile app to fix technical issues in a timely manner.
Customer support
NDAX does not provide a 24/7 customer support service to assist with day-to-day troubleshooting issues. There is a direct support email address to get in touch with support and a live chat-bot which is useful during hours to talk to a staff member. However, after hours the chat-bot will collect your details to be contacted the next day.
Other methods to reach out to the team include their social media channels or contacting via phone. The website has several guides that cover the majority of topics to get started with NDAX with videos for new customers to follow. Overall, the customer service function on NDAX is basic and could be improved to provide real-time support to individuals within Canada and abroad that use the exchange.
Frequently Asked Questions
NDAX partnered with Ledger Vault, an institutional-grade digital asset security solution to bring the highest level of protection for Canadians and institutional investors to store their digital assets. The customer's cryptocurrencies are stored in world-class multi-signature cold storage wallets or Canadian Crown-owned banks in segregated accounts. Since its launch, NDAX has never been hacked or compromised, unlike other Canadian exchanges that have been hacked in the past.
NDAX is a legitimate and trustworthy company that is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The company adheres to Canada’s highest security standards and follows the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). NDAX offers insurance protection up to USD $5 million and customer funds are kept safe using cold wallet storage solutions by Ledger Vault.
The owner of National Digital Asset Exchange (NDAX) is Bilal Hammoud who resides in Calgary, Canada. Bilal is the President and CEO has been leading the cryptocurrency exchange since its inception in April 2018.
NDAX supports 13 digital currencies that can be bought and sold using Canadian Dollars or US Dollars. The available assets include BTC, ETH, LTC, ADA, XRP, BCH, UNI, DOGE, USDT, LINK, DOT, XLM and EOS. Each currency can be traded on the exchange against CAD or USDT. There is no option to instantly swap each crypto asset or trade against BTC, ETH or LTC.
NDAX is a centralized cryptocurrency exchange that stores its client's assets using a combination of hot and cold wallets. Each customer account has its own secure wallet for the supported digital currencies which is protected by mandatory Two Factor Authentication to login and withdraw funds.
Final Verdict and Rating
To conclude our NDAX exchange review, the trading platform is a good exchange for residents in Canada to convert CAD into digital currencies. There are no fees to deposit or withdraw fiat, have same-day transfers using a local bank account and the trading fees of 0.2% are competitive in the market.
Some areas of improvement would be to increase the number of supported cryptocurrencies, allow trading between Bitcoin and altcoins, improve the mobile app and offer 24/7 customer support. Overall, NDAX is a suitable exchange for beginners and experienced investors to buy, trade and sell digital assets in Canada.
| Review Criteria | HedgewithCrypto Rating |
|---|---|
| Features | 4/5 |
| Supported Fiat and Deposit Methods | 4.3/5 |
| Supported Crypto & Trading Pairs | 3.2/5 |
| Fees | 4.5/5 |
| Ease of Use | 4.8/5 |
| Customer support | 3/5 |
| Security Measures | 4.7/5 |
| Mobile App | 3.5/5 |
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