NDAX Review 2024 : Is NDAX Safe for Canadian Cryptocurrency Exchange?

The popularity of cryptocurrencies and Bitcoin trading has surged across the globe. People from different professional backgrounds are growingly becoming interested in crypto trading. Since the crypto market is a new domain in the finance world, most people need help figuring out how to make an entry. Several cryptocurrency exchanges are helping people become advanced traders in Bitcoin, Ethereum, and other crypto coins to ease things out.

The adoption of crypto exchanges is increasing activity in various countries. Canada, in particular, is one of the most powerful markets for crypto adoption. However, most Canadians are unsure which crypto exchange they should opt for. The National Digital Asset Exchange (NDAX) platform helps Canadians become successful crypto traders and investors.

This NDAX review explores how this Canadian exchange works toward profiting Canada-based traders in the crypto marketplace. Based on several trusted NDAX reviews, the following information evaluates NDAX based on trading fees, advanced features, security measures, supported digital assets, and more.

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What Is NDAX?

NDAX is a Canadian cryptocurrency exchange and trading platform. It is exclusively available for Canadians and has many active traders and investors. This crypto-trading platform was launched in 2018 to drive the adoption of Bitcoin and other stablecoins in Canada. The founders of this platform have registered their company in Canada and run their operations from Calgary.

Today, it serves millions of Canadian residents. NDAX is also gaining popularity for providing unique features such as the referral program, instant withdrawals, and more. Competitors such as Coinbase and Binance cannot capture the Canadian crypto market NDAX.

This platform is also supporting some of the biggest stablecoins in the market. It offers a large selection of digital assets. Low trading fees are also considered one of the main USPs of NDAX.

Moreover, NDAX offers standard trading features and Over-The-Counter services in trading cryptocurrency. It is designed to serve high-volume investors and provide adequate liquidity. People from Canada can register at NDAX and make instant profits from Bitcoin trading and Ethereum exchange. This company’s deep liquidity pool, the NDAX Wealth, is one of the most reliable pools in the North American digital asset markets.

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How Does NDAX Work?

The platform works as a crypto trading service provider. The cryptocurrency trading platform provides services for its users through its OTC desk. Various advanced trading tools are packed into this platform. These tools help users in making valuable trades in the crypto landscape.

The users profit from these trades, while the NDAX platform generates revenue with trading fees and commissions. The platform also works towards increasing the adoption of cryptos in Canada.

Key Features of NDAX

The following features NDAX offers are the best features amongst any Canadian crypto exchange for Bitcoin traders at competitive fees:

• The platform provides unlimited access to the 14 top crypto coins. These include stablecoins such as Bitcoin, Ether, and more.
• The trading features of this platform are versatile and flexible, designed to fit the needs of every individual user.
• The platform is also designed to train beginners and prepare them to become experienced crypto traders.
• One of the coolest features of the platform is free deposits. The platform does not charge any fees on deposits.
• Numerous order types are available on the exchange platform, including market, limit, stop loss, trailing stop market, fill or kill, and IOC (immediate or cancel).
• Besides this, the other trading fees the platform charges are set at competitive rates. The platform also charges low fees on withdrawals.
• A user can link their bank account and buy or sell digital currencies. The platform also allows users to deposit, withdraw and transfer crypto via Interac e-transfer, bank, or wire transfer. All of these have a specific verification process.
• Measurements, trendlines, timeframes, and other technical analysis tools are available on the Canadian cryptocurrency exchange. This function, known as TradingView, enables more advanced traders to keep track of the performance of coins, forecast price movements, and place trades based on their analysis all in one location.
• NDAX, as a crypto service provider, is regulated and registered by Canadian financial authorities, namely the FINTRAC regulatory framework.
• It is a legitimate company registered as a Money Service Business (MSB) in Canada.
• To provide effective services, it helps its customers via email support, 24/7 live chat, and phone support.

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Products by NDAX

The crypto exchange offers various fintech products to its tech-savvy users. This platform primarily provides a robust crypto wallet in the decentralized finance (DeFi) spectrum. The NDAX crypto wallet is one of the reliable hot wallets. It stores the funds of its users via online storage facilities.

Private and public keys to the crypto assets are stored in offline cold storage. This product is also available in a cold version, where the users can keep a significant share of their digital wealth in cold crypto wallets.

One of the top crypto wallets available in the market, this product also enables long-term investments coupled with its storage capabilities. NDAX Product Wealth is the second key product offered by this platform. NDAX Wealth runs as an online over-the-counter service for digital asset trading. This trading desk and its OTC services are specially built to help institutional investors make large volume trades upwards of $200,000.

Services by NDAX

Financial services provided by the exchange are mainly involved in helping institutions with crypto trading and brokerage services. This platform offers executive services for institutional users and helps them gain the necessary consultation to identify their trading needs and investment goals correctly.

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. Moreover, the platform avoids price slippage.

NDAX Review: Pros and Cons

Pros	Cons
NDAX is best known for offering competitively low trading fees. Canadians are charged a 0.20% fee on their trades.	This platform is available only to Canadian residents.
The instant ID verification process helps in registering new clients as fast as possible.	It accepts fiat payments in Canadian Dollars (CAD) only.
With free deposits offered by the platform, there are no deposit fees charged.	The platform does not allow to trade crypto derivatives.
Executing advanced trade orders is easy on NDAX, which supports stop orders, trailing stop orders, stop-limit orders, and more.	No margin trading option.
The platform runs an experienced 24/7 customer support service.
The processing time registered during deposits and withdrawals is agile.
It also hosts a wide range of crypto coins for trading.
The affiliate and referral programs help experienced traders become affiliates and drive the platform’s adoption rate in Canada.

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NDAX Registration Process

Follow the below steps for opening an account:

Open an Account

• The user must generate the NDAX login credentials via a simple registration process.
• NDAX ensures that an instant ID verification procedure helps new users start trading with NDAX as soon as possible.
• The trading will start soon after account verification.

Sign Up

• The user must visit the website and sign up with an email address, name, and phone number.
• With this sign-up, the user gets a $10 welcome bonus.
• Then, a username is created, and a password is generated via email address verification.
• The user must agree to the terms and conditions of NDAX and must be a Canadian legal resident over 18 years of age.

New Account Confirmation

• As NDAX sends the account confirmation email, the user can instantly activate the account by clicking the link in that email.
• The platform procures additional details such as government-issued ID and proof of residence, such as a driver’s license with a physical address, passport, and crypto-friendly bank account, in this next step.

Start Trading

• The NDAX exchange also takes a real-time image of the user.
• Finally, the user can add funds using Interac e-Transfer, or bank transfer. Users can also issue a bank draft and deposit Canadian Dollars.

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NDAX Trading Platform

The platform offers various trading features, mainly designed to support the execution of different order types. It also provides various trading tools, from technical indicators to price charts, helping users become pro traders quickly. The detailed order book by NDAX is a cool trading feature of this platform.

Regarding ordering types, NDAX supports advanced order types, which help experienced traders make profits flexibly. These types of orders include:-

• Market Order
• Limit Order
• Stop Order
• Fill or Kill Order
• Stop Limit Order
• Trailing Order

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NDAX Fees

NDAX fees are low and adequately distributed across various categories based on the type of cryptocurrency and transaction limit. Being a Crypto exchange with the lowest fees makes it one of the most affordable trading experience platforms for Canadians. Low commissions supported by this Canada-based crypto exchange are processed quickly and ensure that the deposits and withdrawals are not delayed.

The standard trading fee to buy and/or sell crypto on NDAX is 0.20%. This flat rate does not change based on the volume of the trade.

It charges a $25 flat fee for fiat withdrawals, compelling the users to make high-volume withdrawals. For crypto withdrawals, on the other hand, the NDAX platform charges the fees as follows:-

• Bitcoin – 0.000399 BTC
• Ether – 0.0099 ETH
• Litecoin – 0.0499 LTC
• Cardano – 3 ADA
• EOS – 1 EOS
• Dogecoin – 10 DOGE
• Stellar – 8 XLM
• Ripple -3 XRP, and so on.

For more information on this exchange fee schedule, click here.

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NDAX Deposit and Withdrawal Methods

Since the NDAX account only deals with Canadian dollars, the deposit and withdrawal methods are limited. The platform supports fiat as well as crypto deposits. However, it only offers support to CAD fiat deposits. Users cannot directly add foreign fiat currency to the NDAX safe account. The platform will ensure that this money is converted at real-time forex rates and deposited in CAD only.

NDAX Deposit Methods

The good news is that every NDAX safe deposit is free of cost. No fees are deducted as deposit charges. The platform helps users deposit their fiat funds via Interac e-Transfer, bank draft, and wire transfer. This e-transfer process is instant and does not take more than 20 minutes in the worst cases. A bank draft or wire transfer will take up to 1 business day for clearance.

NDAX Withdrawal Methods

Withdrawals can be made via bank transfer and only support Canadian dollars. The platform charges $25 for each withdrawal. Hence, the users are advised to make bulk withdrawals once or twice a month to avoid recurring withdrawal fees.

NDAX Supported Currencies and Countries

NDAX is only available in Canada and not for users in other parts of the world. The Canadian Dollar is the only fiat currency supported by this cryptocurrency exchange. The platform supports the following crypto assets:

NDAX Mobile App

NDAX also has a mobile application that runs on Android and iOS devices. The mobile app offers all the trading functions of the web app. It is free to download and uses the same account credentials for logging in. This app works better than web-based platforms in terms of being optimized for resource usage and having a straightforward app navigation process.

Like many exchanges, the app provided is also easy to use and delivers the best experience for traders on the go.

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NDAX Referral Program

The National Digital Asset Exchange (NDAX) helps users become affiliates and pays up to $25 per referral. This program has three levels:-

• NDAX Avid
• NDAX Ambassador
• NDAX Partner

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.

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NDAX Privacy & Security

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 is also a legitimate company and a Money Service Business entity regulated by Canada’s Financial Transactions and Reports and Analysis Centre (FINTRAC). The Canadian exchange protects user data with standard industry practices such as Two Factor Authentication (2FA) and DDoS mitigation. 2FA ensures authorized access control. DDoS mitigation practices curb cyberattacks at early stages.

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Is NDAX Regulated?

Yes, the cryptocurrency exchange is a regulated entity in Canada. It is currently managing thousands of active traders from the country. The platform also registers a record time as one of the end-to-end, fully compliant Canadian crypto exchanges. It also meets the regulations set by the local Canadian financial regulators.

NDAX is registered as a corporate entity under the Money Service Business label. This MSB adheres to various financial laws in Canada. For example, NDAX adheres to the Proceeds of Crime (Money Laundering) regulation and the Terrorist Financing Act (PCMLTFA). Under these laws, it ensures no fraudulent activities take place on the platform.

As of 2020, NDAX gained compliance under the regulatory framework of the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC).

NDAX Customer Support

The NDAX support staff is available via live chat. This 24/7 live chat is great for getting instant solutions to trading queries. The customer support team is available via email – [email protected], which is used to generate and track support tickets. The website is responsive and can solve customer queries within 24 hours of ticket submission.

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NDAX Review: Conclusion

In this NDAX review, we understand why most NDAX reviews speak positively about the platform. NDAX is undoubtedly the best crypto service provider in Canada. The National Digital Asset Exchange is user-friendly and designed to help experienced traders make advanced orders. Besides the NDAX order book and trading tools, the platform offers a deep liquidity pool and manages thousands of trades via its OTC desk.

Along with security features like Two Factor Authentication, NDAX uses multiple data servers that are isolated and monitored 24/7 to prevent damage to a user’s data and access to crypto assets held on the platform. The Canadian cryptocurrency exchange supports wire and bank transfers, while Interac e-Transfer remains the primary payment method.

Although the trading fees for crypto withdrawals are not the lowest in Canada, the cryptocurrency exchange charges zero deposit fees and a low trading fee, making NDAX a sought-after destination for crypto enthusiasts in Canada. The platform would do wonders if it were also available in other countries.

FAQs

Is NDAX IO Trustworthy?

Yes, the website, web app, and mobile app are highly trusted and reliable avenues that make NDAX one of the best crypto exchanges in Canada.

How Do I Withdraw Money From NDAX?

There are two ways – Interac e-transfer and wire transfer. Users can also withdraw and shift their digital assets into different crypto wallets.

How Safe Is the NDAX Wallet?

It is completely safe for users in Canada. Canadian financial regulators regulate the company, and it has not been hacked to date.

How Does the NDAX Referral Works?

Payments under the referral program are made on a monthly rolling average basis. Avid affiliates can get $10 per referral and add up to 10 monthly users. Ambassador affiliates can add up to 20 users and get $15 per user. Partner affiliates can add over 20 monthly users and get $25 per referral.

Does NDAX Have Dogecoin?

Yes, the platform supports DOGE trading.

What are NDAX’s Accepted Payment Methods? 

Interac e-Transfer is the main payment method used on the NDAX account. This electronic funds transfer service creates a gateway for users from the Canadian bank account and financial institutions to add funds to the NDAX trading account. Like many other exchanges, the platform supports payments via a bank draft and wire transfers from Canadian banks.

How Do I Set Up A Business Account?

You must open a business account on NDAX before using it for commercial activities or funding it with money from a commercial bank account. Fill in the details for the business application form and provide all the necessary documentation proving the business’s existence to set up a business account.

How does Commission Work?

NDAX charges 0.20% trading fees. You will receive 10% of that trading fee each time your affiliate trades.

Is NDAX Legit and Safe?

The company is a legit MSB in Canada. 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.

What are the Buying and Selling Fees for NDAX?

NDAX is known for its low trading fees. Their buying and selling fee remains 0.20%.

Is NDAX Only for Canadians?

To use NDAX, Canada is the only country supported. So, yes, the platform is only for Canadians.