NDAX Review Canadian Crypto Exchange

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. Private and public keys to the crypto assets are stored in offline cold storage.

We’ve reviewed all the mainstream (and a couple of off-beat) coins to make your decision as easy as possible. The NDAX Wealth  Over-The-Counter (OTC) services are one of the most reliable liquidity pools in North America. Canadian crypto traders will be interested to know the main differences between NDAX and Bitbuy. After entering your email, first name, last name, and password, you will be required to verify your email. After that, identity verification is required before you can begin trading. 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.

1. The platform is registered as a Money Service Business (MSB) with AMF and FINTRAC, the national financial intelligence agency of Canada.
2. These tools help users in making valuable trades in the crypto landscape.
3. Since launching in 2018, it has built a reputation for FINTRAC membership, a unique referral program, free deposit fees, and its wide selection of cryptocurrencies.
4. Withdrawals have fees at rates that depend on the type of cryptocurrency a user withdraws.
5. One of the best features of the NDAX platform is the exceptionally low trading fees.

Having said that, NDAX is still the cheapest platform I’ve tried so far, with a total trading cost of 1.70% including the ghost fee. That same trade cost me 8.54% on Coinbase, and 2.54% on Kraken. Of course, you can also withdraw your crypto off the platform by sending it to an external wallet. The transaction may also be subject to blockchain network fees outside of NDAX’s control. However, while NDAX promises no hidden fees, that’s not what I experienced when I tested the platform.

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. This markup is about half of what Coinbase and Kraken charge, which means you get more bang for your buck on NDAX compared to the big guys.

Blockchains send crypto instantly…But Not NDAX

NDAX has a smooth, easy-to-use operation, but that doesn’t mean users won’t have questions or concerns. The crypto exchange offers assistance via knowledgeable support representatives via phone. Before including new assets on its platform, the crypto exchange carefully considers its customers’ wants and the assets’ high trading volume. NDAX has become one of Canada’s favourite cryptocurrency exchanges, so let’s see what they offer that makes them so popular. 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. There are no deposit fees for Interac e-Transfers, wire transfers, and bank drafts/certified cheques.

NDAX Withdrawal Fees

Canada is home to several cryptocurrency exchanges, so finding the best one for your needs can be challenging. You must consider several factors, such as the platform’s security for its clients, customer support, and trading features for experienced and novice cryptocurrency traders. 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. The Canadian cryptocurrency exchange supports wire and bank transfers, while Interac e-Transfer remains the primary payment method.

Depending on the asset, the APY falls between 4.8% to 12% and payouts are made daily or weekly. However, the downside is NDAX charges a 20% admin fee and doesn’t have the highest rates. Another alternative to research would be Kraken because it has more coins and zero-fee staking.

What Coins Are Available on NDAX?

NDAX claims that its trading platform is designed for newbies and experienced traders alike. They do offer advanced orders, including stops, stop limits, ndax review trailing stops, etc. The advantage of using the NDAX app for your crypto trades is having a team of professionals to contact if you need help.

Is NDAX a safe exchange to use?

The price chart takes up a large area in the center of the interface, while information about trading pairs is positioned to the left. The right side of the interface features a transparent orderbook and a history of recently completed trades. 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.

It took me about 5 minutes to sign up and get my account verified. First, select your country of residence, then include your first and last name, username, email address and password. There was no mystery discrepancy, the fee was a consistent 0.198%, lower than the advertised fee of 0.2%. I actually fetched a better price on my sale because NDAX quoted a BTC price that was 0.4% HIGHER than its live market price.

For beginners, the chart can be changed to a simple line chart to see the short, medium or long-term price trend. Like several other Canadian exchanges, they are registered with FINTRAC, Canada’s watchdog for money laundering and other illegal activities, such as terrorist financing. Withdrawals out of the account to Canadian dollars are a bit pricey at $25 each, but the fee is standard on all amounts, which is nice. If everything checks out, NDAX will confirm your account, and you’ll be ready to transfer funds and begin trading. NDAX added this staking option in February 2022, and you can set up staking through a web or mobile application. For instance, only 0.001 ETH is enough to start staking, which is much more affordable than the 32 ETH you would need to set up a validation node for yourself.

Finally, the last Canadian company you should look into is Coinsmart, a cryptocurrency trading and investment platform founded in 2018. The site offers various sought-after features like cryptocurrency wallets, referral programs, low or no-fee transactions, and over 15 crypto coins for trading. NDAX offers a flat trading fee of 0.2% per buy and sell trade which is very competitive when compared to the best crypto exchanges in Canada.

With the backing of a major Canadian financial institution, this cryptocurrency exchange hit the Canadian market in 2018 with lots of fanfare. Bilal and Hussein Hammoud created NDAX with the promise of developing a full crypto exchange accessible to novice and experienced users. The National Digital Asset Exchange (NDAX) is a Canadian cryptocurrency exchange that makes it easy for Canadians to buy and sell crypto using Canadian dollars (CAD). NDAX was established in 2018, with its primary focus on offering fast, easy and safe crypto trading for both individuals and institutions. Another successful and long-standing Canadian company is none other than Qtrade. Moreover, the site provides numerous helpful educational tools and articles for smart investing.

There are no deposit fees, and the exchange partners with several banking providers in order to offer same-day settlement for CAD and USD deposits as well as withdrawals. I recently had a highly disappointing and frustrating experience with NDAX, and I feel compelled to share my negative review to warn others about their questionable practices. Not surprisingly, Vince never followed through on his commitment to call me, despite multiple attempts on my end to reach out. 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.