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NDAX Review 2022: Buy and Sell Crypto Fast in Canada

Gravatar for Enoch Omololu
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NDAX is a top crypto exchange in Canada that allows Canadians to trade several 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 account, its 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 for 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 an 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.
  •  Agree to the NDAX’s terms of use, click to verify that you are 18+ and hit SIGN UP.
  • 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 and 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.

CoinSmart Crypto Exchange

coinsmart logo

Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $50 bonus when you deposit $200

NDAX Crypto List

NDAX exchange supports 30+ cryptocurrencies and only CAD as fiat. Below is the NDAX crypto list:

BitcoinEthereum
RippleCardano
TetherTerra
Shiba InuUSD Coin
FantomAvalanche
DogecoinSolana
AlgorandHedera
PolygonChainlink
PolkadotDecentraland
StellarThe Sandbox
Axie InfinityLitecoin
CompoundEOS
AaveUniswap
NearVeChain
The GraphAlien Worlds
Celo 

NDAX Fees

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 methodMin/max amountDeposit feeWithdrawal feeProcessing time
Interac e-TransferNo min/maxFeeN/A0-30 minutes
Bank WireNo min/maxFree$4.99 CAD0-1 Business day
Bank DraftNo min/maxFree$4.99 CAD0-1 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 most 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.

NDAX Review

Pros and Cons of NDAX

Pros

  • 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

Cons

  • 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

NDAX used to offer a $10 bonus when you signed up, but that appears to no longer be the case.

You can also use the NDAX referral program to earn referral bonuses.

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 on the trading fees generated by their trading activities on NDAX.

The NDAX referral program is tiered into 3 levels, as follows (no longer active):

  • Avid: If you refer up to 10 monthly users, you both get $10. You’ll then continue to earn a 10% commission on their trading fees.
  • Ambassador:  If you refer up to 20 monthly users, your referral gets $10, and you get $15, then continue to earn a 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.

For a crypto promotion that’s still valid, consider CoinSmart and get a $50 welcome bonus after depositing $200 or more.

NDAX vs Wealthsimple Crypto

Wealthsimple Crypto ($25 bonus) supports a wider selection of 50+ crypto coins vs NDAX’s 30.

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 70+ cryptocurrencies vs NDAX’s 31 coins. Plus, Newton offers commission-free trading with no extra deposit/withdrawal fees.

However, you’ll incur an in-built Newton spread of 0.5%-2.00% applied on the bid-ask price.

Learn more in this Newton review.

NDAX vs Coinberry

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’s trading fee of 0.20%.

Learn more in this Coinberry review.

NDAX vs BitBuy

NDAX and Bitbuy offer basic and advanced trading interfaces and tools and are great for beginners and pro traders.

Bitbuy charges up to a 1.5% trading fee, depending on your account tier.

Learn more in this Bitbuy review.

NDAX vs Bitbuy vs Wealthsimple Crypto

FeatureNDAXBitbuyWealthsimple Crypto
Coins/fiat supported30+20+50+
Funding optionsInterac e-Transfer, bank wire, bank draft, crypto depositsInterac e-Transfer, bank wire, crypto depositsE-Transfer, crypto deposits
Trading fees0.20%Up to 1.5%1.5%-2% spread fees
Deposit/withdrawal feesFree fiat/crypto deposits; $4.99 flat withdrawal fee0.5%-1.5%Free deposits/withdrawals
Instant account verificationYesYesYes
Trading platformsBasic and advanced web interface and NDAX mobile appBasic and advanced web interface and Bitbuy mobile appBasic web interface and Wealthsimple Trade & Crypto mobile app
Sing upGet $25 when you deposit $150

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 several cryptocurrencies. It is also a FINTRAC-registered MSB licensed to offer crypto services in Canada.

Is NDAX better than Bitbuy?

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?

CoinSmart offers one of the lowest crypto trading fees in Canada at 0.20%.

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 into the DESTINATION ADDRESS field.
– Enter the amount you want to send and confirm

Related:

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.

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Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert who has a passion for helping others win with their finances. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School and has been writing about money management for over a decade. Enoch has been featured in several leading personal finance publications including MSN Money, The Globe and Mail, Wealthsimple, and the Financial Post.

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