NDAX is a top crypto exchange in Canada that allows Canadians to trade up to 31 cryptocurrencies at competitive fees. Others include CoinSmart, Bitbuy, Wealthsimple Crypto, and Coinberry.
So, is NDAX safe and legit?
In this NDAX review, I take through how NDAX works, how to open an NDAX account, NDAX crypto list, trading fees, pros & cons, and more.
What is NDAX?
The National Digital Asset Exchange (NDAX) is one of the best crypto exchanges in Canada that offers a wide selection of 30+ crypto coins, competitive trading fees, and faster free deposits.
It was founded in 2018 and is headquartered in Calgary.
Built to simplify crypto trading, NDAX offers an intuitive, easy-to-use, secure platform with a basic interface to allow beginners to quickly buy and sell crypto, and advanced features and trading tools to experienced traders.
There’s also NDAX Wealth, an OTC service that offers access to a deep liquidity pool to allow high-volume traders to fill large trades.
How To Open a NDAX Account
Creating an NDAX account is straightforward as long as you’re in the age of the majority. Follow these steps:
- Visit the NDAX website and click the SIGNUP or the GET STARTED button.
- Fill in your details, including your first & last name, username, email address, and password.
- A link is sent to your email. Click that link to verify your email and activate your account
- Click VERIFY IDENTITY to start the verification process by entering your Date of Birth, Phone Number, Address and selecting your account type and employment type.
- You’ll be required to verify your phone number via a phone call or with a 6-digit code sent to you.
- Then proceed to verify your identity by uploading your government-Issued ID and a selfie photo of your face.
You’re done! NDAX will review your documents within 1 business day and notify you via email about your verification status.
How Does NDAX Work?
NDAX works following FINTRAC KYC rules, and you must pass NDAX KYC requirements to join and start trading on the platform.
To make the verification process easy and convenient for everyone, the platform offers both automatic and manual verification.
NDAX runs an automatic identity check with the credit bureaus, and your account is verified instantly if all the provided details match your credit report file.
Otherwise, you’ll be required to upload identification documents, including a government-issued ID and a selfie photo of your face to get your account verified manually.
The manual process is also expedited and takes 0-1 business day.
Once your account is verified, you can fund your NDAX wallet via Interac e-transfer, wire transfer, bank draft, or crypto deposits from an external wallet.
With money in your wallet, simply browse the NDAX crypto list and purchase coins of your choice.
NDAX Crypto List
NDAX exchange supports 31 cryptocurrencies, and only CAD as fiat. Below is the NDAX crypto list, including NDAX new coins.
|Shiba Inu||USD Coin|
|The Graph||Alien Worlds|
Unlike some exchanges that hide their trading fees with expensive spreads, NDAX fees are simple, transparent, and competitive.
The platform uses a flat fee structure, and you’ll pay a trading commission of 0.20% on buy and sell trades.
There are no NDAX fees for fiat and crypto deposits, so you can fund your NDAX wallet without any extra costs.
However, you’ll incur a flat NDAX withdrawal fee of $4.99 CAD for fiat, with no minimum/maximum transfer amount. Fiat withdrawals are processed within 0-1 business day.
|Transfer method||Min/max amount||Deposit fee||Withdrawal fee||Processing time|
|Interac e-Transfer||No min/max||Fee||N/A||0-30 minutes|
|Bank Wire||No min/max||Free||$4.99 CAD||0-1 Business day|
|Bank Draft||No min/max||Free||$4.99 CAD||0-1 Business day|
NDAX crypto withdrawal fees vary by coin, and the fee will be displayed at the time of transfer so that you know how much you are paying.
Is NDAX Safe?
NDAX exchange is a safe and legitimate crypto platform. It’s a FINTRAC-registered Money Service Business (MSB), and a majority of digital assets are held offline in cold storage with multi-signature wallets.
Other securities features employed to keep your assets secure on NDAX include:
Insurance for assets in hot and cold storage
- 2FA to protect your account from unauthorized access
- Adherence to Canada’s top security standards
- Compliance with Canadian banking regulations.
That said, no crypto exchange is 100% secure, and you should always consider transferring your coins to a non-custodial software or hardware wallet that offers more security.
Pros and Cons of NDAX
- Supports a wide selection of 30+ cryptocurrencies
- Instant account verification so that you can start trading in minutes
- Simple, transparent, and competitive flat fee structure
- Free fiat and crypto deposits
- Multiple funding methods with same-day deposits and faster withdrawal settlements
- NDAX staking to earn rewards from your digital assets
- NDAX Wealth offers an OTC desk with a deep liquidity pool to cater to high-volume traders
- Basic and advanced trading interfaces to accommodate both beginners and experienced traders
- NDAX Learn where you can increase your knowledge on various digital assets
- NDAX is only available in Canada, and only supports CAD as fiat
- Though deposits are free, you’ll incur a flat withdrawal fee of $4.99
NDAX Referral Bonus
If you sign up via this link, you get a $10 NDAX referral bonus.
You can then take advantage of the NDAX referral program to earn up to a $1000 referral bonus.
Simply copy your referral link or code and share it with others on social media or your website.
If your invites sign up via your referral link, you earn up to $25 per referral and continue to earn a 10% commission of the trading fees generated by their trading activities on NDAX.
The NDAX referral program is tiered into 3 levels, as follows:
- Avid: If you refer up to 10 monthly users, you both get $10. You’ll then continue to earn a 10% commission of their trading fees.
- Ambassador: If you refer up to 20 monthly users, your referral gets $10, and you get $15, then continue to earn 10% commission on their trading fees.
- Partner: If you refer 20+ users per month, your referral gets $10, you get $25, and continue to earn 10% commission on their trades.
NDAX vs BitBuy
Both NDAX and Bitbuy offer basic and advanced trading interfaces and tools, and is great for beginners and pro traders.
However, NDAX offers a wider selection of 31 crypto coins vs Bitbuy’s 15.
That said, Bitbuy has a more competitive fee structure of 0.1% maker fees and 0.20% taker fees compared to NDAX’s flat fee of 0.20%.
Learn more in this Bitbuy review.
NDAX vs Wealthsimple Crypto
Wealthsimple Crypto ($50 bonus) supports a wider selection of 42 crypto coins vs NDAX’s 31.
Wealthsimple Crypto offers commission-free trading and doesn’t charge extra deposit/withdrawal fees.
However, a spread of 1.5%-2% is applied on the bid-ask price, which is quite expensive compared to NDAX’s flat fee of 0.20% on trades.
Learn more in this Wealthsimple Crypto review.
NDAX vs Newton
Newton supports a wide selection of 60+ cryptocurrencies vs NDAX’s 31 coins. Plus, Newton offers commission-free trading, with no extra deposit/withdrawal fees.
However, you’ll incur an in-build newton spread of 0.5%-0.7% applied on bid-ask price, which is quite high compared to NDAX’s flat trading of 0.20%.
Learn more in this Newton review.
NDAX vs Coinberry
NDAX offers a wider selection of 31 cryptocurrencies vs Coinberry’s 29 coins. Coinberry offers commission-free trading, with no extra deposit/withdrawal fees for fiat.
That said, Coinberry applies a spread fee of 0%-2.5% on bid-ask prices, which may run high compared to NDAX trading fee of 0.20%.
Learn more in this Coinberry review.
NDAX vs Bitbuy vs Wealthsimple Crypto
|Funding options||Interac e-Transfer, bank wire, bank draft, crypto deposits||Interac e-Transfer, bank wire, crypto deposits||E-Transfer, crypto deposits|
|Trading fees||0.20%||0.10% and 0.20%||1.5%-2% spread fees|
|Deposit/withdrawal fees||Free fiat/crypot deposits; $4.99 flat withdrawal fee||0.5%-1.5%||Free deposits/withdrawals|
|Instant account verification||Yes||Yes||Yes|
|Trading platforms||Basic and advanced web interface and NDAX mobile app||Basic and advanced web interface and Bitbuy mobile app||Basic web interface and Wealthsimple Trade & Crypto mobile app|
|Sing up||Get $10 when you sign up and deposit $100||Get $40 when you make an initial deposit of $250||Get $50 when you deposit $150 worth of assets.|
NDAX Review FAQs
Is NDAX a good trading platform?
Yes, NDAX is a good platform with basic and advanced interfaces to allow newbies and pros to trade up to 31 cryptocurrencies. It is also a FINTRAC-registered MSB licensed to offer crypto service in Canada.
Is NDAX better than Bitbuy?
Both NDAX and Bitbuy are great platforms offering basic and advanced trading features and tools. That said, NDAX supports more cryptocurrencies than Bitbuy.
Which crypto exchange has the lowest fees in Canada?
Bitbuy offers the lowest fee structure in Canada, with 0.1% maker fees and 0.2% taker fees.
How do I transfer crypto from NDAX to Binance?
– Login to your NDAX account
– On the left-hand side of your dashboard, click WALLET
– Select the crypto coin you want to transfer to your Binance wallet, and hit the SEND button
– Copy your Binance wallet address and paste it on the DESTINATION ADDRESS field.
– Enter the amount you want to send and confirm
Disclaimer: Cryptocurrencies are volatile and speculative investments. If you choose to invest, we recommend you do your own research and only use funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.