NDAX, which is the acronym for National Digital Asset Exchange, is a Canadian cryptocurrency exchange. Since launching in 2018, it has built a reputation for its large selection of cryptocurrencies, free deposit fees, a unique referral program, and its FINTRAC membership. 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.
The interface supports the instant purchase of cryptocurrency, but it also allows you to set up recurring buys. National Digital Asset Exchange, more commonly known as NDAX, is a Canadian exchange that allows retail and institutional traders to access a wide range of cryptocurrency assets. In this NDAX review, we will compare and assess the platform to see how it compares to the best crypto exchanges in Canada. The criteria for our analysis will include examining its features, deposit methods, available cryptocurrencies, ease of use, trading fees, security, and customer support.
You can fund your account for free via either Interac e-Transfer or Wire transfer, and once your funds clear, you can begin trading. Contrary to other platforms, NDAX doesn’t have a separate basic and pro platform, and instead, its trading hub features everything that both https://forex-review.net/ndax-crypto/ beginner and advanced traders need. NDAX is among the few Canadian cryptocurrency trading platforms with SOC2 Type II certification. Furthermore, all crypto assets are kept in cold storage, essentially offline wallets, with Ledger Vault enabling multisignature access.
Alternatively, check our big research on the best crypto exchanges in Canada or try BitBuy. As with most cryptocurrency exchanges, NDAX provides a knowledge centre on its website. They also have a live chat function, which is handy when you need a quick answer. Confusingly, NDAX lists its phone number on its contact page, which is rare for a crypto exchange to do.
- You can exit your position anytime and have your digital assets at your disposal.
- The National Digital Asset Exchange Inc. (NDAX) – situated in Calgary – is one of the best Canadian crypto exchanges around.
- For days, I have been trying to get NDAX to either unlock my account or return my money – all my requests have been ignored.
- However, it is worth mentioning that Newton charges higher spread fees and we spent $100, NDAX was slightly cheaper to use.
- In order to make up for this, Bitbuy provides a larger range of cryptocurrencies to trade than NDAX.
To begin with, the exchange stores the overwhelming bulk of its virtual currencies in offline cold storage systems. These systems are protected by a multi-signature protocol designed by Ledger Vault, the industry’s leading crypto security company. The NDAX over-the-counter trading desk gives crypto investors access to a diverse assortment of crypto assets and deep liquidity. It also allows conducting large-volume trades with no quote slippage. The NDAX trading platform transaction fees are quite modest compared to other platforms. The exchange boasts a transparent fee schedule that starts as low as 0.20%.
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NDAX Exchange, or National Digital Asset Exchange, is known for its emphasis on compliance, security, and customer support. NDAX withdrawals have flat fees of $4.99 for Interac e-Transfers and wire transfers. It has different rates for all currencies for cryptocurrency withdrawals, while deposits are free.
Then, you buy the asset in regular intervals, regardless of the price. DCA is a popular strategy because it’s seen as a way to reduce the volatility risk of the investment. All of the coins listed on NDAX have trading pairs against the Canadian dollar (CAD).
The CoinCodex Cryptocurrency Price Tracker
Specifically, some users have complained about the slow response rate of support representatives and their inability to solve specific issues. NDAX is one of the few Canadian crypto exchanges that offer crypto staking. You can stake your Ethereum, Cardano, The Graph, Polkadot, and Polygon.
They have a staking calculator so you can approximate your returns, and a dashboard where you can view your staked coins and their performance. There are many Canadian crypto exchanges to choose from such as Bitbuy, which is Canada’s first regulated exchange. It has free deposits and several of the most popular cryptocurrencies. When trading cryptocurrency with NDAX, you can deposit Canadian dollars via a free 30-minute Interac e-Transfer, or via a free, one-day wire transfer or bank draft.
How do I withdraw from NDAX?
It’s a reputable platform, but has less trading volume than more established competitors. Got verified within a few minutes of uploading the required documents. I never keep my Bitcoins in the exchange (got burned for 3.5 BTC in the MtGox fiasco). The $25 fee for withdrawals (any withdrawal) is pretty steep for a small test transaction but it was worth the entire process. I’ll see how good they are over the next few months but so far very positive. One downside is that NDAX only supports 30+ different cryptocurrencies, which is a very limited range compared to some competitors.
Is NDAX Safe? Safety and Security Features
You will receive 10% of that trading fee each time your affiliate trades. Cryptocurrency trading on NDAX is protected with advanced blockchain technologies. Like other exchanges, transactional data is secured with multi-layered end-to-end encryption. Digital assets handled by this platform are predominantly stored in cold storage. NDAX also has a mobile application that runs on Android and iOS devices.
It is important to note that when you begin staking with NDAX, you are not required to lock up your assets for a set period of time. You can exit your position anytime and have your digital assets at your disposal. NDAX supports 13 digital currencies that can be bought and sold using Canadian Dollars or US Dollars. The available assets include BTC, ETH, LTC, ADA, XRP, BCH, UNI, DOGE, USDT, LINK, DOT, XLM and EOS. Each currency can be traded on the exchange against CAD or USDT.
Both NDAX and Bitbuy have a limited range of digital assets available, but that is standard for any Canadian exchange. And you can’t fault the security and ease of using a Canadian-based crypto platform. Neither of them charges any fees to deposit currency, and trading fees are around 0.02% on both. Where they differ is in withdrawals, where NDAX charges $25 flat, and Bitbuy charges 1.50%. So based on the fees, if you’re a high-volume trader, then NDAX would be the better option, but if you’re trading in lower volumes, then Bitbuy might be the better option. Ultimately, both platforms are well-suited for beginner Canadian traders who want to trade popular coins and require limited digital assets.
Unfortunately, representatives for the telephone line are not available 24/7, but you can use the live chat-bot function on the NDAX website to address your concerns at any time. During business https://forex-review.net/ hours, the chat function will connect you to an NDAX customer service agent. Chats after hours are only to collect your information so someone can contact you the following business day.
Pros and cons of NDAX for Canadians
Regarding communication, the platform helps register trade dates and create Slack channels. It also provides communication services to keep the community more proactive and accessible. These executive services are primarily used for lock-in benefits of crypto staking. The users can also enable these crypto services and get a guaranteed fixed return on their staked BTC and ETH. The adoption of crypto exchanges is increasing activity in various countries. Canada, in particular, is one of the most powerful markets for crypto adoption.
The advantage of using the NDAX app for your crypto trades is having a team of professionals to contact if you need help. NDAX’s customer support has a team available through live chat, email, and phone. Newton doesn’t charge commission fees on trades but does earn on spreads between buy and sell prices, like other major exchanges. The spread depends on the specific coin, and it’s more expensive than paying a transaction fee on NDAX. NDAX is a legitimate and trustworthy company that is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).