NDAX

Written By
Deniz Saat
Reviewed By

NDAX is arguably the most secure platform to buy and sell cryptocurrencies in Canada. Learn about all of the features and offers NDAX has available for retail and institutional investors.

Overview

Highly secure

Supports many different cryptocurrencies

Insurance protection for lost funds

Overall Rating
  • Features
  • Ease of Use
  • Payment Options
  • Fees
  • Security

Jump to Section

Who Are They?FeaturesCurrencies SupportedPayment MethodsSupported CountriesFees and Buying LimitsCustomer Reviews
Is 
NDAX
 Safe? 
ProsConsFAQ

Who are they?

NDAX stands for National Digital Asset Exchange and was founded in 2017 by Bilal Hammoud. The company is headquartered in Calgary, Alberta, Canada and is built on institutional-grade infrastructure. NDAX is considered to be Canada's most advanced cryptocurrency trading platform. It offers a large portfolio of digital currencies that may be traded and paired with Canadian Dollars. 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. The NDAX platform aims to be the most secure and compliant cryptocurrency exchange in Canada.

Features

NDAX has some of the highest standards for security while adhering to all of the latest regulations required for cryptocurrency exchanges. The NDAX team aims to provide the smoothest experience for all of their users with the most in demand features for trading. Here are the main features that NDAX’s platform provides for its users:

  • Fast ID verification: NDAX will require a government issued ID in order to sign up. The verification process is automated and customers will be able to start trading the same day as they sign up.
  • Largest portfolio of digital assets in Canada: NDAX offers the biggest selection of cryptocurrencies for their users. The team also plans to expand their support for additional cryptocurrencies.
  • Auto DCA feature: Customers will be able to set up automatic purchases on a schedule that is most convenient for them.
  • Canadian-based segregated accounts: NDAX safeguards users’ fiat in a segregated bank account held at a Canadian Crown-owned financial institution. This measure keeps funds separate from NDAX’s operating capital. In the event of insolvency, fiat assets can be identified and appropriately distributed to the entitled parties.
  • Adherence to Canada’s highest security standards: NDAX is registered with the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC) and Autorité des marchés financiers (AMF) as a Money Service Business (MSB). NDAX complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and other applicable laws and regulations. NDAX maintains strict Know Your Client (KYC) processes aligned with industry best practices.
  • Mandatory two-factor authentication for accounts: Every NDAX user must enable Two-Factor Authentication (2FA) in order to withdraw or deposit funds. Users are also required to confirm all withdrawals via email, acting as a third form of verification.
  • Insurance protection for assets in hot and cold storage: Hot storage or hot wallets allow for the storage of Bitcoin or other cryptocurrency private keys to be stored on a device that is connected to the internet. Cold storage refers to Bitcoin and other cryptocurrency private keys that are stored on devices that never touch the internet. NDAX’s Distributed Denial-of-Service-Protection (DDoS) mitigation reliably monitors, resists and defends against threats to the NDAX platform.
  • Affiliate Program: Users may receive $10 for every referral and a 10% commission from the revenue generated from their referrals. The more referrals a user signs up, the more commission they will receive from each referral’s transactions.
  • Mobile app: The NDAX mobile app makes it simple to sign up, fund your account, and start trading on-the-go from any iOS or Android device. 
  • 24/7 live Customer Support: NDAX provides their users with a dedicated support team. NDAX also has a knowledge base that covers most inquiries. If further assistance is needed, a user may reach out to customer support via email or telephone.

Cryptocurrencies

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • EOS (EOS)
  • Litecoin (LTC)
  • Chainlink (LINK)
  • Ripple (XRP)
  • Stellar (XLM)
  • Dogecoin (DOGE)
  • Cardano (ADA)
  • Tether (USDT)

Fiat Currencies

  • Canadian Dollar (CAD)

Payment Methods

  • Interac E-transfer
  • Bank draft 
  • Wire transfer

Supported Countries

  • Canada

Fees and Buying Limits

  • For individual accounts, buying and selling are currently both 0.2% per transaction.
  • Withdrawal fees will vary based on the currency that is being withdrawn. For Canadian dollars, there is a flat fee of $25 CAD. For Bitcoin, it will vary but is currently 0.000399 BTC.
  • NDAX trading fee details for individual accounts may be found here: https://ndax.io/fees
  • Fees for Wealth accounts have no deposit or withdrawal fees.

Customer Reviews

“NDAX is a Canadian cryptocurrency exchange that lets Canadian users change CAD to any cryptocurrency or vice versa. The website design is very comfortable and intuitive. It looks modern and cool. The trading fees are very low. Nevertheless, the withdrawal fees can bite into your profits.”
https://forex-reviews.org/ndax/

NDAX is changing the game for Canada’s crypto industry from its home base in Calgary. This newcomer to the Canadian exchange landscape offers a solid selection of popular coins, a good relationship with a bank (imagine that!) as well as advanced order options.” 

https://coiniq.com/ndax-io-review/

“NDAX Wealth provides a seamless and secure high-volume trading experience with the benefit of a dedicated account executive to guide clients through initial consultations and each subsequent transaction.” 

https://medium.com/the-capital/ndax-io-expands-its-otc-desk-for-crypto-trading-5d943f0780b7


Is 

NDAX

 safe? 

NDAX aims to be the most secure and compliant exchange in Canada. By using segregated bank accounts for user fiat funds, NDAX utilizes their banking relationships to keep funds separate from the exchange’s operating capital. This allows for all parties involved to receive funds in the event of insolvency. By being registered with FINTRAC and the AMF as a Money Service Business (MSB), NDAX complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and other applicable laws and regulations. NDAX maintains strict Know Your Client (KYC) processes aligned with industry best practices. Every NDAX user must enable Two-Factor Authentication (2FA) in order to withdraw or deposit funds. Users are also required to confirm all withdrawals via email, acting as a third form of verification. NDAX also has protection insurance for their hot and cold storage assets. NDAX’s Distributed Denial-of-Service-Protection (DDoS) mitigation reliably monitors, resists, and defends against any threats to the NDAX platform.

Pros of 

NDAX

  • High-level security.
  • Trustworthy and fully compliant with Canada’s banking standards.
  • Competitive trading fees for Wealth accounts.
  • Fast sign up process.
  • Mobile app for Android and iOS.

Cons of 

NDAX

  • Withdrawal fees are on the high end for individual retail accounts.
  • Limited funding methods.
  • Only available in Canada.

FAQ

Is NDAX a good crypto exchange?

NDAX is an excellent exchange for traders who are looking for security and quick transactions. NDAX aims to create the most secure and seamless experience for traders, high net worth individuals, and institutions. Retail investors benefit from the high standards that are necessary to service huge transactions. NDAX holds a majority of user funds in an offline, multi-signature wallet in order to adhere to the highest standards of digital asset security.

Will NDAX be available in other countries outside of Canada?

At this time, the NDAX team does not have plans to operate outside of Canada.

Does NDAX have a minimum amount for opening an account?

No, NDAX does not require a minimum initial deposit or an opening balance.

Do I have to pay a fee to sign up for an NDAX account?

No fee is required when signing up for an NDAX account.

Does NDAX have a referral program?

Yes, users may receive $10 for every referral and a 10% commission from the revenue generated from their referrals. The more referrals a user signs up, the more commission they will receive from each referral’s transactions.

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WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY

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