- What Is NDAX?
- How Does NDAX Work?
- Is NDAX Regulated?
- Pros and Cons
- Sign Up Process
- NDAX Trading Platform
- Deposit & Withdrawal Methods
- Accepted Payment Methods
- Supported Currencies and Countries
- Mobile App
- Referral Program
- How Does the NDAX Referral Works?
- NDAX Security & Privacy
- Customer Support
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 are not sure how to make an entry. To ease things out, several cryptocurrency exchanges are helping people become pro traders in Bitcoin, Ethereum, and other crypto coins. 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 not sure which exchange they should opt for. The National Digital Asset Exchange (NDAX) is a platform that helps Canadians in becoming successful crypto traders and investors.
In this NDAX review, we explore how this Canadian exchange works towards profiting Canada-based traders in the crypto marketplace. Based on several trusted NDAX reviews, the following information evaluates NDAX on the basis of trading fees, features, security measures, supported digital assets, and more.
|Listed Cryptocurrency||BTC, ETH, DOGE, XRP, ADA & More|
|Supported Fiat Currencies||CAD|
|Withdrawal Fees||Depends on Currency|
|Customer Support||24/7 via Live Chat, Email, Phone, & FAQs|
What Is NDAX?
NDAX is a cryptocurrency exchange and a crypto trading platform for Canada. It is exclusively available for Canadians and has a high number of active traders and investors. This crypto-trading platform was launched in 2018 to drive the adoption of Bitcoin and other stable coins 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 are unable to capture the Canadian crypto market like NDAX.
This platform is also supporting some of the biggest stable coins in the market. It offers a large selection of cryptocurrency assets. Low trading fees are also considered as one of the main USPs of NDAX.
Moreover, it offers standard trading features and Over-The-Counter services in crypto trading. 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. The deep liquidity pool of this company, called the NDAX Wealth, is one of the most reliable pools in the North American digital asset markets.
NDAX Platform Interface
How Does NDAX Work?
The platform works as a crypto trading service provider. The cryptocurrency trading platforms provide OTC services for their users. Various advanced tools are packed in this platform. These tools help the users in making valuable trades in the crypto landscape.
With these trades, the users earn profits while the NDAX platform generates its revenue with commissions and fees. The platform also works towards increasing the adoption of cryptos in Canada.
Features of NDAX
The following features make this Canadian exchange one of the most action-packed platforms for professional Bitcoin traders in Canada:-
- The platform provides unlimited access to the 14 top crypto coins in the market. These include stable coins 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 get them prepped in becoming experienced crypto traders.
- One of the coolest features of the platform is free deposits. The platform does not charge any fees on the deposits.
- Besides this, the other trading fees charged by the platform are set at competitive rates. The platform also charges low fees on withdrawals.
- NDAX as a crypto service provider is regulated and registered by Canadian financial authorities, namely the FINTRAC regulatory framework.
- The company is a registered Money Service Business (MSB) in Canada.
- To provide effective services, it helps its customers via email support, 24/7 live chat, and phone support.
Is NDAX Regulated?
Yes, the exchange is a regulated entity in the Canadian crypto market. It is currently managing thousands of active traders from the country. The platform is also registering a record time in terms of being an end-to-end fully compliant crypto trading platform. The exchange 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).
Products by NDAX
The exchange offers various fintech products to its users. In the decentralized finance (DeFi) spectrum, this platform primarily provides a robust crypto wallet. The NDAX crypto wallet is a reliable hot wallet. 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 store a major share of their digital wealth in cold crypto wallets.
Besides storage, this crypto wallet product also enables long-term investments. 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 crypto trading desk and its OTC services are specially built to help investors make large volume trades to 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 provides executive services to institutional users and helps them gain the necessary consultation to properly identify their trading needs and investment goals.
In terms of communication, the platform helps in registering trade dates and creating Slack channels. The platform 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 services and get a guaranteed fixed return on their staked BTC and ETH. Moreover, the platform avoids price slippage.
NDAX Review: Pros and 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 online verification process helps in registering new clients as fast as possible.||It accepts fiat payments in Canadian Dollars (CAD) only.|
|Deposits made on the platform are free and do not come with any fees.|
|Executing advanced trade orders is easy on NDAX, which supports stop orders, trailing stop orders, stop-limit orders, and more.|
|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 NDAX referral program helps pro traders become affiliates and drive the platform’s adoption rate in Canada.|
Getting Started With NDAX Sign Up Process
Follow the below steps for opening an account:-
- To open an account, the user needs to generate the NDAX login credentials via a simple registration process. In this process, NDAX ensures that an instant ID verification procedure helps the users start trading with NDAX as soon as possible. In this procedure, the trading starts soon after account verification.
- The user needs to 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 needs to agree to the terms and conditions of NDAX and must be a legal Canadian resident more than 18 years of age.
- When NDAX sends the account confirmation email, the user can instantly activate the account by clicking the link in that email. Additional details such as government-issued ID, proof of residence, passport, and crypto-friendly bank account are procured by the platform in this next phase of the registration process.
- The process also takes a real-time image of the user. After account registration, the user can add funds by using Interac e-Transfer, or wire transfer. Users can also issue bank drafts and make deposits in CAD fiat currency.
NDAX Sign Up Process
NDAX Trading Platform
The platform offers various trading features, mostly 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 in no time. The detailed order book by NDAX is a cool trading feature of this platform.
When it comes to 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
NDAX Trading Platform
NDAX fees are low and properly distributed across various categories, based on the type of cryptocurrency and transaction limit. Crypto exchange with lowest fees structure makes it one of the most affordable crypto trading platforms for Canadians. Low commissions supported by this Canada-based trading platform are processed at a fast pace and ensure that the deposits and withdrawals are not delayed.
The standard trading fee to buy and/or sell Bitcoin and other cryptos on NDAX is 0.20%. This flat rate does not change based on the volume of the trade.
For fiat withdrawals, it charges a $25 flat fee, 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.
NDAX Deposit and Withdrawal Methods
Since the NDAX account deals with Canadian dollars only, the deposit and withdrawals methods are quite limited. The platform supports fiat as well as crypto deposits. However, it only offers support to CAD fiat deposits. Any foreign fiat currency cannot be directly added 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 of cases. Wire transfer and bank drafts 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 Accepted Payment Methods
Interac e-Transfer is the main payment method used on the NDAX account. This is an electronic funds transfer service that creates a gateway for users from Canadian banks and financial institutions to add funds into the NDAX trading account.
These payments are moderated by the Interac Corporation. Like many exchanges, the platform also supports payments via bank drafts and wire transfers from various Canadian banks.
NDAX Supported Currencies and Countries
NDAX is only available in Canada and not for users in any other part of the world. Canadian Dollar is the only fiat currency supported by this Canadian exchange. The platform supports the following crypto assets:-
- Bitcoin (BTC)
- Ether (ETH)
- Dogecoin (DOGE)
- XRP (XRP)
- Cardano (ADA)
- Polkadot (DOT)
- Tether ( (USDT)
- Litecoin (LTC)
- Stellar (XLM)
- Chainlink (LINK)
- Uniswap (UNI)
- EOS (EOS)
- Aave (AAVE)
- Compound (COMP)
NDAX Mobile App
NDAX also has a mobile application that runs on Android and iOS devices. NDAX mobile app offers all trading functions of the web app. It is free for 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.
NDAX Mobile App
NDAX Referral Program
The NDAX referral program 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.
NDAX Referral Program
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 users per month. Ambassador affiliates can add up to 20 users and get $15 per user. Partner affiliates can add more than 20 users per month and get $25 per referral.
NDAX Security & Privacy
Cryptocurrency trading on NDAX is protected with advanced blockchain technologies. Like other exchanges, transactional data is secured with multi-layered end-to-end encryption. Crypto 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 the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC). The Canadian exchange protects user data with standard industry practices such as 2-factor authentication (2FA) and DDoS mitigation. 2FA ensures authorized access control. DDoS mitigation practices curb cyberattacks at early stages.
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.
NDAX Customer Support
NDAX Review: Conclusion
In this NDAX review, we understand why most NDAX reviews speak positively about the platform. NDAX is surely the best crypto service provider in Canada. This national digital asset exchange trading platform is not only user-friendly but also 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.
Zero deposit fees and low trading fees make NDAX a sought-after destination for crypto enthusiasts in Canada. The platform would do wonders if it were available in other countries as well.
Is NDAX IO Trustworthy?
Yes, the website, web app, and mobile app are highly trusted and reliable avenues of the Canadian crypto exchanges.
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. The company is regulated by Canadian financial regulators and has not been hacked to date.
Does NDAX Have Dogecoin?
Yes, the platform supports DOGE trading.
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.
Is NDAX Only for Canadians?
To use NDAX, Canada is the only country supported. So, yes, the platform is only for Canadians.