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

Moreover, all accounts are protected by mandatory two-factor authentication (2FA) and alert notifications. NDAX has a mobile app available for its users to buy, trade and sell Bitcoin and other digital currencies. New customers can create an account, complete identity verification and deposit funds using the app.

1. Personal and contact information is needed, and you’ll complete the know-your-customer procedure by uploading an image of a government-issued ID or passport.
2. Users can level up in this program by adding more and more users and generating better affiliates for the exchanges.
3. It allows residents within Canada to buy, trade, and sell 12 cryptos such as Bitcoin, Ethereum, Dogecoin, and others.

Here, we can also mention that NDAX offers an OTC service called NDAX Wealth, which is geared toward clients that want to trade $200,000 or more. Through the Recurring Purchase feature on NDAX, you can set up a DCA strategy for crypto – for example, you can choose to automatically buy CA$50 worth of Ethereum once per week. You can of course choose different amounts and time intervals, and the feature is very accessible because you can buy as little as CA$10 worth of crypto with each purchase. If you’ve been thinking about investing, you’ve probably encountered the term dollar-cost averaging or DCA.

This technology provides an advanced security level for hot wallet management solutions to protect stored assets from internal and external threats. A full list of the security measures used by NDAX can be viewed on their website. The user interface is quite intuitive, responsive and elegant in design. Our ndax review found that fiat withdrawals usually take up to one business day, mostly depending on the bank’s business hours. Insurance policies, regulations, cooperation with Ledger, and Canadian banks ensure that everything is done above board and that your assets and investments are safe. Unsurprisingly, this makes the NDAX wallet and exchange one of the more popular ones in Canada.

Rest assured, NDAX really is one of the cheapest crypto trading platforms in Canada, even if the fees aren’t exactly transparent. After factoring in trading fees, spreads and more, they have some of the lowest fees in Canada. It’s a great place to quickly buy Bitcoin and popular cryptocurrencies with Canadian dollars. One such example would be USDT, which is available on Ethereum, TRON, the Omni layer for Bitcoin, and other blockchains. NDAX isn’t reinventing the wheel with its trading interface, but delivers a clean and intuitive trading environment that users should get accustomed to pretty quickly. The exchange’s price charts are powered by TradingView, which most (cryptocurrency) traders know and love.

NDAX uses 2-factor authentication (2FA) every time you sign into your account. When you attempt to sign into your NDAX account, it will prompt the Authenticator app to generate a unique 6-digit number. NDAX will require you to enter that number in order to access your account. Once you have agreed to the terms and conditions, you can begin your access to the main exchange platform. Once you click the Sign-Up button, you will receive an activation email to complete the registration process. Click on the link to open an email that confirms your membership along with a message to verify your identity.

NDAX Features & Services Reviewed

NDAX has been operating since 2018 and has never had any hacks. In addition, they hold crypto in cold storage, are working with regulators in Canada, and have strict security protocols. You can also add extra protection to your account with features like two-factor authentication and address whitelisting. NDAX offers a set of powerful cryptocurrency trading tools for Canadians. While we are independent, we may receive compensation from our partners for featured placement of their products or services. NDAX supports over 33 cryptocurrencies, but some notable assets are missing.

Write a review

Their phone number doesn’t work; it’s just a robot collector of your personal info. Chat support answers once an hour and never says anything adequate. NDAX is also working on implementing staking for Ethereum, Polkadot and Cardano.

Deposits and withdrawals

On the other hand, Kraken is one of the oldest cryptocurrency platforms available to Canadian traders. Kraken supports more currencies, including Canadian dollars, U.S. dollars, European pounds, and Australian dollars. If you’re interested in trading altcoins, using a more established marketplace like Kraken is best. Out of the three Canadian crypto marketplaces, Coinsquare has the lowest trading fees. However, NDAX and Bitbuy have excellent OTC desks for experienced and institutional traders. Furthermore, NDAX holds majority of their crypto holdings in offline, cold storage for the highest level of security.

My Thoughts on NDAX: A Mixed Bag for Canadian Crypto Traders

Providing your SIN is optional, but it definitely weirded me out a little bit because other major exchanges have not asked for my SIN. I hold a small bag of this, but it’s another one that’s hard to find on the major exchanges in Canada. From your dashboard, navigate to the Quick Buy/Sell block, click on Sell, enter an amount, preview the transaction AND CRUNCH THOSE NUMBERS.

Although usually the funds added via e-transfer arrive quickly, sometimes it can take hours if not days. However, I like that recently NDAX has been proactively sending email notifications when there are known issues causing delays, such as in e-transfer. Back in the day, cryptocurrency exchanges that emphasized compliance typically had a very limited offering of listed cryptocurrencies. Thankfully, companies like NDAX have since figured out a way to provide a compelling product while still adhering to the regulatory framework of their respective country.

These systems are protected by a multi-signature protocol designed by Ledger Vault, the industry’s leading crypto security company. 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%.

If you only have ETH and want to buy DOT, for instance, you would have to exchange ETH for CAD and then CAD for DOT and pay the trading fee twice. NDAX has also implemented a Distributed Denial-of-Service-Protection (DDoS) that protects the platform against hacks and other malicious attacks. That platform is run over multiple servers isolated from each other which are monitored around the clock.

Withdrawals have fees at rates that depend on the type of cryptocurrency a user withdraws. The platform allows you to take out $100 to $100,000 in Canadian dollars through a direct bank deposit for a $25 fee or $50 for a wire transfer. Price fluctuations affect the cost of fees for crypto withdrawals.