It is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and AMF (Autorité des marchés financiers) as a Money Service Business. The charting options are decent but not amazing compared to platforms like Coinbase and Kraken. The customization is limited along with the charting indicators available. But you still have access to popular and effective tools like Moving Averages, Relative Strength Index (RSI), Bollinger Bands, and more. The good news is that NDAX is true to its word about the flat 0.2% fee on every trade. Was the lowest if experienced so far at just 0.47% higher than BTC’s live market price.
2) Low trading fees of only 0.2% is great for new investors who can get more crypto for their CAD, and is also perfect for frequent traders, to maximise profits. NDAX has partnered with Ledger Vault to secure your digital assets in cold storage. Ledger Vault is a third-party cold storage provider for individuals and institutions. Digital assets in their custody are insured against fraud, hack, internal theft, and hardware malfunction. You are certainly welcome to withdraw your funds from staking, as long as any required “unbonding” periods have been completed.
There is no option to instantly swap each crypto asset or trade against BTC, ETH or LTC. Interac e-Transfer is instant, while Wire Transfer can take up to one business day before the funds arrive. Users can also deposit cryptocurrencies into their accounts. NDAX is a basic exchange that offers spot trading for a limited range of 40 cryptocurrencies. The exchange also supports recurring buys for those that prefer to dollar cost average.
I have tried all Candian exchanges and I can confirm without hesitation that NDAX is in the top 2 of the ones I use. Their spreads are very good, fees are competive and customer service is the best of any Canadian exchange I have used. Quick and savvy staff (even during peak times when crypto is in bull market etc).Highly recommend. It is safe as it stores all the crypto funds in offline cold storage. Additionally, to move assets out of cold storage, multiple senior management approvals are needed, which raises the level of safety. Cryptocurrency trading on NDAX is protected with advanced blockchain technologies.
- NDAX is a great Canadian cryptocurrency exchange for beginners as well as more advanced traders.
- The company adheres to Canada’s highest security standards and follows the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
- If you’re interested in trading altcoins, using a more established marketplace like Kraken is best.
- I have tried all Candian exchanges and I can confirm without hesitation that NDAX is in the top 2 of the ones I use.
NDAX’s offers a low-fee alternative to popular exchanges used in Canada such as Crypto.com, CEX.IO and MyBTC.ca. NDAX is a cryptocurrency exchange that allows users to withdraw their CAD or cryptocurrencies. For CAD withdrawals, NDAX only provides one method which is EFT (Direct Bank) which takes 1 business day to arrive and costs $4.99 CAD to execute. NDAX is a great ndax review platform for cheap Bitcoin and Ethereum purchases and it has free e-Transfers, 0.20% trading fees, and a simple user-interface. However, the downsides include low volume on certain altcoins, high crypto withdrawal fees, and a limited selection of assets. NDAX is a very secure platform with its security standards among the highest in the Canadian FinTech industry.
They have a great support team and they offer many cryptocurrencies. Each tier has been categorized based on the number of referrals that join the platform. Users can level up in this program by adding more and more users and generating better affiliates for the exchanges. Unfortunately, the NDAX mobile app has inconsistent ratings. Ratings on customer review sites range from 1.6 out of five stars to 4.7 out of five stars. Most of the lower reviews mention fluctuating prices and frequent app shutdowns after system updates.
Fantastic company
This is the easiest and quickest way for beginners to make trades on NDAX. While NDAX has its perks, the fee discrepancy is problematic. But even with the hidden cost, the fees really are the lowest I’ve encountered since Binance. It’s called Know Your Customer (KYC) information and is required in order for them to be compliant with Canadian financial regulations. However, NDAX is the first exchange I’ve used that asked for my Social Insurance Number (SIN).
Features
Other common measures include 2 Factor Authentication, multi-signature approvals, fund insurance, segregated bank accounts and daily security audits. The buying and selling fee on NDAX is 0.2% which includes all conversion and market spread costs. For example, if you buy CAD $10,000 worth of Bitcoin, the trading fee will be CAD $20.00. To sell Bitcoin back to Canadian dollars, the same fee will apply. The fees are similar to the Canadian exchange Bitbuy, however, the total fees on NDAX are slightly cheaper due to zero deposit and withdrawal fees.
Unfortunately, NDAX is only available to Canadian residents and the only fiat currency it allows you to deposit is Canadian dollars (CAD). Overall, NDAX has 30+ coins, CAD trading pairs, and a total BTC/CAD purchase fee of 0.49%. On the other hand, Coinbase has 140+ coins, no CAD trading pairs, and a 4.54% total purchase fee. NDAX is significantly cheaper and a better fiat on/off ramp for CAD.
Ratings methodology – how we scored NDAX
I then resorted to contacting their email support, only to be met with a response from Vince himself, claiming that he was the person I had spoken to on chat. Hoping for some resolution, I attempted to reach out to their chat support today, but to no avail. All I wanted was a simple favor – for them to lift the restrictions on my account. However, it seems that even this basic request is beyond their capabilities. Based on my experience, it is clear that their operations are flawed and their customer support is non-existent. Private and public keys to the crypto assets are stored in offline cold storage.
Fees
There are plenty of safe options, such as NDAX, where you can safely invest. Low fees are essential for a cryptocurrency exchange to create a friendly trading environment. On NDAX, you’ll pay a 0.2% fee for buying and selling cryptocurrencies. For Canadian-based crypto exchanges, NDAX supports a surprisingly large number of digital currencies, 14 in total. This includes major coins like Bitcoin and Ethereum and several alternative coins.
Free deposits are such a refreshing change from some other platforms that lure you in with cheap trading but nail you on deposit fees. Even with the ghost fee, the total trading cost on NDAX is significantly cheaper than massive exchanges like Kraken and Coinbase. Rest assured, NDAX really is one of the cheapest crypto trading platforms in Canada, even if the fees aren’t exactly transparent. Hi Rob,Sorry to hear that you had a negative experience when trying to make a withdrawal. There are occasionally minor delays with crypto withdrawals due to processing times, usually this takes a few minutes at most. We unequivocally do not use client funds to trade or for any other purpose.
The pros of trading cryptocurrency on NDAX:
Canada-based NDAX is a cryptocurrency exchange that’s putting an emphasis on security and compliance. The platform is registered as a Money Service Business (MSB) with AMF and FINTRAC, the national financial intelligence agency of Canada. NDAX, which stands for National Digital Asset Exchange, was launched in May of 2018.
If you are after other options, take a read of this article on the best Canadian cryptocurrency exchanges. Cryptocurrency can be overwhelming, simplify it with NDAX; A platform that works. You will receive 10% of that trading fee each time your affiliate trades.