- Competitive trading fees at 0.2%
- Free fiat and cryptocurrency deposits
- Referral program available
- 24/7 live customer support
- Fast deposit and withdrawal processing
- CAD only fiat accepted
- Limited amount of cryptocurrencies available
In the ever-changing world of cryptocurrency, it can be difficult to know which trading platforms are worth your time and which aren’t. To help you cut through the clutter, we bring you this NDAX review, which takes an in-depth look at what features the Canadian exchange offers, how user-friendly it is, and how well it stacks up against other platforms in the industry.
The National Digital Asset Exchange is a Calgary-based digital currency exchange that allows users to buy, sell, and store cryptocurrencies. NDAX, which was founded at the end of 2017, began operations in 2018, quickly becoming a popular choice for Canadians.
Thanks to NDAX’s efforts, the process of buying and selling cryptocurrencies has been streamlined for crypto traders of all skill levels, providing them with quick access to the 33 most popular cryptocurrencies of the moment.
The NDAX exchange has a number of features that allow it to compete with some of the leading Canadian crypto exchanges. Read on to learn more about NDAX’s trade and staking options, the NDAX Wealth, the NDAX app, and its referral program.
NDAX has 35 trading pairs on its regular Trade platform. Except for BTC/USDC and BTC/USDT, all pairs on the exchange are tied to the Canadian dollar. As the platform does not support crypto-to-crypto trading, you will be limited to the crypto trading pairs offered by NDAX.
What most NDAX reviews fail to mention is that although the exchange’s trading costs are not enormous, they can add up if you wish to exchange cryptocurrencies.
However, NDAX’s advanced charting features will appeal to advanced cryptocurrency traders, and inexperienced investors can benefit from NDAX’s low trading fees and simple registration process.
In addition to its regular trading platform, NDAX.io offers over-the-counter trading services to high-volume investors on its platform called NDAX Wealth. This OTC desk is designed for investors seeking to invest at least $200,000 without experiencing price fluctuations.
To make the most of this personalized service, get in touch with an NDAX representative for an introductory consultation before you start investing.
NDAX’s OTC trading comes with various benefits, including a vast selection of crypto assets, protected assets with Ledger Vault, large liquidity pools, and no deposit or withdrawal fees.
There are currently five cryptocurrencies you can stake on NDAX:
- Ethereum (ETH) – 5% APY
- Polkadot (DOT) – up to 12% APY
- Cardano (ADA) – 4.3% APY
- Polygon (MATIC) – 8% APY
- The Graph (GRT) – up to 8% APY
NDAX’s staking options aren’t as broad as those offered by some other crypto exchanges, but there are some advantages, such as not having to lock up your assets when you start staking.
Another advantage is that staking rewards are evaluated on a daily or weekly basis. The gains from ETH and GRT are distributed weekly and from ADA, DOT, and MATIC daily.
Additionally, the minimum staking amounts are not absurdly high. For example, 0.001 ETH is sufficient to begin staking, which is reasonable. The staking feature can be set up using a web or mobile application.
NDAX App Review
NDAX’s mobile app stands out for its sleek design and user-friendliness. The app features are also available on the desktop platform, including advanced order types and detailed charting for an in-depth examination of the tokens’ price movements.
It’s worth noting that the app has 4.7 stars out of five from over 5,200 ratings on the App Store. The app is also accessible on Google Play.
NDAX Referral Program
We’d be amiss if we didn’t mention NDAX’s referral program in our NDAX.io review. By referring friends and family to NDAX, you can earn up to $25 in BTC (or another digital asset) for each referred user who signs up and deposits at least $100 (CAD). Also, whenever they make a trade using NDAX, you will earn a 10% commission on the trading fee revenue.
The referral program has three tiers: Avid, Ambassador, and Partner. The tier you fall into depends on the number of people (monthly rolling average) who join the platform through your NDAX Canada affiliate link.
There is no limit to the number of people you can refer, although there is a commission cap of $1,000 for a timeline of one year.
NDAX may not be the most affordable Canadian cryptocurrency exchange available but it comes pretty close with its fairly low trading fees, including a 0.2% buying fee and a 0.2% selling fee.
A bank draft, Interac e-Transfer, or wire transfer is required to fund your account in Canadian dollars. While bank drafts and wire transfers can take up to one business day, Interac deposits can take as little as 30 minutes to process. Depositing cryptocurrencies is instant and free.
Transferring or receiving cryptocurrencies from other NDAX users through the Instant Crypto function is also free.
NDAX Withdrawal Fee
NDAX charges a flat fee for crypto and fiat currency withdrawals. The fee charged per CAD bank or wire transfer is $4.99, while fees on cryptocurrency withdrawals depend on the type of coin.
NDAX Coin List
The following is the list of all 33 coins that NDAX currently supports:
Is NDAX Safe?
NDAX has a stellar track record on regulations and security. It is a licensed member of Revenu Québec and a registered money services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
In addition to the industry-standard cold storage and multi-signature technology supplied by Ledger Vault, NDAX also offers insurance coverage that protects its users’ assets against theft. Furthermore, users’ fiat funds are protected by segregated bank accounts at a Crown-owned Canadian financial institution.
Two-factor authentication and DDoS mitigation are among other security measures implemented by the platform.
How NDAX.io Compares to Other Crypto Exchange Services
Other secure exchanges that can compare to NDAX include Newton and Bitbuy. Although all of these Canadian crypto trading platforms have comparable features and options, there are some slight distinctions that could influence your decision.
Newton vs. NDAX
Unlike other large exchanges, Newton does not charge commission fees on trading – it instead makes money on the difference between the buy and sell prices. This is more expensive than paying a transaction fee trading on NDAX because the spread depends on the currency.
Newton has the upper hand over NDAX on the number of cryptocurrencies available for trading, as it lists 70+ digital assets. The Newton and Shakepay trading platforms are frequently compared to NDAX – while Newton offers twice as many cryptocurrencies as NDAX, Shakepay only trades in two.
NDAX vs. Bitbuy
In comparison to NDAX’s 0.2%, Bitbuy’s 0.5% trading fee is significantly higher, and beginners have to learn how to use Bitbuy Pro or Bitbuy’s API to achieve better prices on the exchange. Additionally, NDAX’s withdrawal rates are more reasonable than Bitbuy’s percentage fee.
Another difference between the two platforms is the available cryptocurrency selection, for Bitbuy discussed in more detail in our Bitbuy review. NDAX has 33 crypto coins and tokens available, while Bitbuy offers 25.
NDAX provides round-the-clock customer support, including live chat, phone, and email assistance.
In addition to a comprehensive FAQ section, its website features a variety of educational resources to assist you in learning the fundamentals of digital currency trading and making the most of your trading experience.
Is NDAX a Good Platform for Cryptocurrency Exchange?
If you live in Canada, NDAX is a good option for investing in cryptocurrency safely and storing your digital assets. A limited supply of cryptocurrencies is offset by excellent other features and competitive fees.
Moreover, the company adheres to all safety regulations, which makes the NDAX crypto exchange a safe place for your money.
How long do NDAX withdrawals take?
Fiat withdrawals can take up to one working day and crypto transactions are almost instantaneous.
Is NDAX a good crypto exchange?
If you’re looking for a safe and fast exchange, NDAX is an excellent option. NDAX seeks to provide the most secure and user-friendly experience possible. An offline, multisignature wallet is used to ensure the highest levels of digital asset protection for its users.
Is NDAX legit and safe?
Yes, as mentioned in our NDAX review, the Calgary-based company operating the platform complies with all applicable rules and legislation. In addition, the cryptocurrency exchange is registered with Revenu Québec and with FINTRAC as a money service business.