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NDAX Review

Last Updated on July 19, 2024

James Headshot
Written by
Adam Headshot
Edited by
NDAX logo
4.19
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
Visit NDAX

The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

NDAX, which stands for National Digital Asset Exchange, is a Canadian crypto exchange that provides a secure platform with low trading fees and strong security measures. It comes with fee-free deposit options like Interac e-Transfer, bank draft, and wire transfer. The platform offers a user-friendly trading environment complemented by efficient customer service.

NDAX prioritizes adherence to regulatory standards, keeping client funds in segregated bank accounts, and operating under FINTRAC regulations. Such security measures enhance the trust of its users.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • Secure platform with strong compliance
  • Supports multiple cryptocurrencies
  • User-friendly interface
  • CAD to crypto trading pairs available
  • Responsive customer support

Cons

  • Limited selection of altcoins
  • Higher fees compared to some competitors
  • No margin trading
  • Limited advanced trading features
  • Withdrawal fees for certain coins and fiat

Quick Summary

Headquarters Location Calgary, Alberta, Canada
Fiat Currencies Supported USD, CAD
Total Supported Cryptocurrencies 37+
Trading Fees 0.20%
Deposit Methods Bank Transfer, Cryptocurrency, Interac e-Transfer
Support Facebook, Twitter, Instagram, Live Chat, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

In 2018, NDAX emerged as a Canadian cryptocurrency exchange and quickly became well-known in the industry. Praised for its compliance with banking standards and dedication to serving the Canadian market, NDAX offers an adherence to banking regulations.

NDAX homepage

The company offers lower fees for its cryptocurrency transactions and advanced trading capabilities. The NDAX operations team is committed to delivering a smooth trading experience throughout your crypto journey.

However, NDAX has some limitations. It lists only a limited number of cryptocurrencies available for trade. The options for depositing or withdrawing funds are also limited, mainly bank transfers and Interac e-transfer.

With its SOC certification and cutting-edge technologies like Multi-Party Computation (MPC) wallets, NDAX clearly takes security measures seriously.

About NDAX

NDAX, launched by its CEO Bilal Hammoud, has become one of the premier Canadian exchanges. The platform’s surge in popularity can be credited to its low trading fees, solid banking affiliations, compliance practices, and collaboration with a Canadian Crown-owned financial institution. These factors have further enhanced NDAX’s portfolio, attracting the attention of major players like Morgan Stanley.

The platform demonstrates its commitment to security and compliance in its operations. NDAX’s client funds are held in a segregated Canadian bank account, separate from the company’s operating capital and other lines. This adherence to local banking laws provides users with an additional layer of safety.

NDAX features

Registered as a Money Service Business (MSB), NDAX operates under the regulatory framework of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

NDAX has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Reddit, TikTok and YouTube.

NDAX has a mobile app on both the Apple App Store and Google Play.

NDAX Supported Cryptocurrencies

NDAX supports trading on over 37 cryptocurrencies on their platform. This exchange currently supports 16 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • USDC (USDC)
  • XRP (XRP)
  • Dogecoin (DOGE)
  • Toncoin (TON)
  • Cardano (ADA)
  • TRON (TRX)
  • Avalanche (AVAX)
  • Shiba Inu (SHIB)
  • Polkadot (DOT)
  • Chainlink (LINK)
  • Bitcoin Cash (BCH)
  • NEAR Protocol (NEAR)
  • Litecoin (LTC)
  • Dai (DAI)
  • Polygon (MATIC)
  • UNUS SED LEO (LEO)
  • Pepe (PEPE)
  • Uniswap (UNI)
  • Internet Computer (ICP)
  • Kaspa (KAS)
  • Artificial Superintelligence Alliance (FET)
  • Ethereum Classic (ETC)
  • Aptos (APT)
  • Stellar (XLM)
  • Monero (XMR)

Download full list of cryptocurrencies NDAX supports

Trading Experience

NDAX has been recognized as one of Canada’s top crypto trading platforms. The company’s account setup and verification process are straightforward, contributing to a hassle-free start for users.

The user-friendly interface is praised for its ease of navigation, making it accessible even for those with minimal experience in crypto trading.

NDAX exchange marketing

NDAX Fees

Despite some criticisms about the expenses incurred when moving Bitcoin to cold storage, users agree that NDAX’s fee structure remains reasonable overall. The platform also features competitive spreads, which are considered a value contributing to relatively low total costs for trades.

NDAX provides multiple funding options in Canadian dollars without associated fees and a standardized flat rate when you withdraw money (applicable to cryptocurrency and Canadian dollar withdrawals).

These offerings present significant benefits compared to other exchanges where you might encounter deposit fees. The platform stands out by consistently ensuring low-fee services across various operations.

Type Fee
Deposit Fee (Bank Transfer) 0%
Trading Fee 0.20%
Withdrawal Fee (Bank Transfer) $4.99 CAD

NDAX supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.000399 BTC. The average across all other exchanges that we've reviewed is 0.000395 BTC. This means NDAX charges above the industry average by 1.01%. This is worth noting because it likely means they are also charging higher fees and spreads across all cryptocurrencies on their platform.

Security - Is NDAX Safe?

NDAX recognizes that maintaining tight security is very important in a cryptocurrency exchange. The platform implements safety protocols by separating funds and using a combination of cold and hot wallet storage solutions. This separation guarantees that customer money is safely stored and distinct from company assets.

NDAX strengthens account protection while adhering to anti-money laundering norms by adopting advanced technologies such as multi-signature approvals and Multi-Party Computation (MPC).

NDAX Customer Support

In general, users seem to love NDAX’s customer service. Some users describe it as professional and courteous, and it has been praised as the best among Canadian exchanges.

The platform’s customer service response times have also been commended, with some users reporting responses within a minute and an average response time of under 20 minutes. The platform even extends courtesy phone calls through their support line to confirm withdrawal actions and offer advice.

NDAX support

NDAX Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

How to Sign Up on NDAX

  1. Create Account - Visit the NDAX website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Paypal
  • Apple Pay
  • Google Pay
  • Interac e-Transfer

NDAX Alternatives

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Binance

3.23
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
391+

Trading Fees
0.10%

Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others

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Kraken logo

Kraken

3.25
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
269+

Trading Fees
0.08% - 0.40%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other

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OKX logo

OKX

3.57
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
354+

Trading Fees
0.08% - 0.10%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others

Visit OKX

Final Thoughts

To sum up, NDAX delivers a sturdy platform suited for trading cryptocurrency. It offers low fees, strict compliance, solid banking partnerships, and an intuitive user interface that provides an economically favorable setting for all crypto transactions.

Although the number of cryptocurrencies supported is somewhat restricted, the advantages offered by NDAX significantly overshadow this minor setback.

Overall, users have recognized NDAX for its exceptional customer service, contributing to a positive experience on the platform.

NDAX FAQs

NDAX is a Canadian-based cryptocurrency exchange known for its emphasis on security and compliance. NDAX employs industry-standard security measures to protect user accounts, such as SSL encryption and two-factor authentication (2FA). It also follows Anti-Money Laundering (AML) policies to help prevent fraudulent activities on its platform.

The withdrawal process time from NDAX to your bank account can vary depending on several factors, including the method of withdrawal and the processing times of the banks involved. Typically, withdrawing fiat currency to a bank account may take a few hours to several business days.

NDAX provides users with an online wallet to store their cryptocurrencies. While you can use this wallet for your transactions on their platform, you can also use an external wallet to transfer and hold your digital assets outside the exchange.

NDAX adheres to a strict Anti-Money Laundering (AML) policy, which includes measures like Know Your Customer (KYC) verification, monitoring of suspicious transactions, and compliance with legal reporting obligations. These efforts are in place to prevent the misuse of their services for money laundering or terrorist financing.

On NDAX, users can trade various cryptocurrencies, which may result in potential profits based on market movements and trading strategies. However, trading cryptocurrencies involves risk, and profits are not guaranteed.

To transfer money from NDAX to your bank account, you need to log in to your NDAX account, go to the wallet section, select the fiat currency you wish to withdraw, enter the amount, and follow the instructions to complete the withdrawal to your linked bank account.

Transactions on NDAX, like any other cryptocurrency exchange, can be taxable events. In many jurisdictions, trading, selling, or using cryptocurrencies for purchases may trigger capital gains taxes or other tax liabilities. It’s recommended to consult with a tax professional for advice specific to your situation.

NDAX offers various features on its platform. However, specific details like the minimum staking amount can change over time. Users should refer to NDAX’s official resources or contact their customer support for the most up-to-date information regarding minimum requirements for features available on their platform.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
Adam Headshot
Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: