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The National Digital Asset Exchange Inc. (NDAX) is one of best crypto trading platforms available to Canadians looking to start trading in cryptocurrencies.
In this NDAX review, we’ll look at its features, fees, how it compares to its peers and so on.
Also, you’ll learn how to earn a welcome bonus of $10 by signing up using our NDAX referral link and up to $25 for referring your friends.
NDAX Referral Code
New NDAX users can get a bonus of $10 bonus when they sign up using this NDAX referral code (bfQD9f) or by clicking the button below. The referral code is automatically applied.
To qualify for the referral bonus, you must verify your identity using their instant identity verification feature and deposit a minimum of $100 Canadian dollars.
NDAX will also pay a bonus of up to $25 per referral, and a lifetime share of the trading commissions paid by your referrals. To qualify, each of your referrals must also satisfy the minimum deposit requirement.
National Digital Asset Exchange Inc. (NDAX) is a Calgary based digital currency exchange and cryptocurrency trading platform that was founded in 2017.
It is registered as a Money Service Business (MSB) and subject to the regulatory framework on FINTRAC.
Some of the key features of NDAX include:
- Provides access to trade 11 digital coins
- Instant ID verification so users can start trading immediately
- Low spread and one of the lowest purchase fees in Canada
- Great affiliate program that allows users to earn by referring others
- NDAX Wealth, an OTC trading desk, for investors looking to trade larger amounts
Available Cryptocurrencies on NDAX
At 15+ digital coins, NDAX has one of the largest selections of digital currencies available to Canadian crypto investors.
The available digital assets on NDAX are:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ether (ETH)
- XRP (XRP)
- EOS (EOS)
- Stellar (XLM)
- Graph (GRT)
- DOGECoin (DOGE)
- Cardano (ADA)
- Tether (USDT)
- Chainlink (LINK)
- Polkadot (DOT)
- Uniswap (UNI)
- Compound (COMP)
- Polygon (MATIC)
Canadian crypto investors have one of the lowest and most transparent fees through NDAX.
Buying and selling cryptocurrencies is a flat fee of 0.20%. While many other crypto exchanges market themselves as no-commission crypto platforms, they make their money through the margin or spread they add to the reference bitcoin prices.
And these spreads can be as high as 2% at some of the platforms.
NDAX keeps it simple, and you also know how much you’re going to pay for trading on their platform. At 0.20% trading fees, you’ll only pay $2.0 on a $1,000 transaction.
There’s also a spread when you trade on NDAX. But NDAX spreads are so tight that your overall purchase price will likely be lower than 0.50%, a fraction of the fees at other exchanges.
CAD deposits using Interac e-Transfer, Wire transfer and Bank draft are free. Crypto deposits are also instant and completely free.
However, there are fees for making withdrawals.
|Withdrawal Method||Processing Time||Fees|
|Bank Direct Deposits||0 – 1 business day||$25|
|Wire Transfer||0 – 1 business day||$25|
Fiat currency withdrawal fees are flat. So you’ll pay the same amount whether you’re withdrawing just $100 or $1,000.
Crypto withdrawal fees are also flat and varies depending on the coin you’re withdrawing.
The withdrawals are processed instantly.
NDAX Pros & Cons
- Fast and instant verification
- Free fiat and crypto currency deposits
- Caters to both beginners and advanced crypto investors
- Low trading fees and tight spreads
- Arguably has the best referral program in Canada
- Regulated crypto platform
NDAX has many things going for it but a few of its drawbacks include:
- Limited mobile app offering: only has an iOS app at the moment
- $25 withdrawal fees: This can quickly add up if you’re withdrawing small amounts.
- Limited Coins: Though NDAX allows more crypto assets than many of the other crypto platforms in Canada, you’re still limited to just 11 coins.
NDAX Referral Program
NDAX referral program offers one of the best payouts among crypto trading apps in Canada.
Like many other crypto platforms, they’ll pay you for referring your friends to sign up and trade a minimum amount.
But NDAX goes a step further by paying you a higher bonus depending on the number of users you refer.
Even better, you have the chance to earn a lifetime share of any commissions charged to your referrals.
The table below shows the bonus and lifetime share of commissions tier depending on how many people you refer:
|Referrals per Month||Your Bonus||Share of Commission|
|0 – 10 Users||$10||10%|
|11 – 20 users||$15||20%|
|21 and above||$25||30%|
How the NDAX Referral Works
To get a welcome bonus of $10, simply use an NDAX promo code or referral link like this one.
The bonus will be added to your account after you fund your account with at least $100.
It’s that simple!
To start earning extra cash through the NDAX referral program, follow the simple steps below:
- Sign into your NDAX account and copy your unique referral link
- Share the code or link with your friends via text, social media and so on
- Your friends click on your NDAX promo link and create their own own
- Both of you will get the bonus after they fund their account with at least $100.
The more friends you refer, the higher the bonus payment to you, the referrer.
And if you manage to refer more than 20 people in a month, you can earn the maximum bonus of $25 and 30% lifetime revenue share on those users.
Is NDAX Legit and Safe
NDAX is registered and regulated as a Money Service Business with FINTRAC. So the platform is legit and you can be sure you’re dealing with a company that follows all applicable Canadian laws and regulations.
In terms of safety and security, NDAX follows industry best practice in safeguarding the digital assets held and traded on its platform. Some of the security measures include:
- Mandatory 2-factor authentication for all users
- Ongoing monitoring of malicious attacks and multiple, isolated data servers
- Offline or cold storage of digital assets with insurance coverage in place
- NDAX users fiat funds are segregated and held at a Canadian Crown-owned financial institution
Despite all of these security measures, no platform is entirely safe and secure. There have been hacks and thefts of crypto assets in the past.
The best way to secure your cryptocurrencies is using a hardware wallet that is not connected to the internet.
And 2 of the best hardware wallets available to Canadians below C$100 are:
NDAX vs Competitors
There are more than 10 crypto apps and exchanges operating in Canada. Let’s see how NDAX compares to some of the popular options.
NDAX VS Newton
Newton is a Toronto-based crypto trading platform that was launched in 2018 and now has a user base of over 200,000 users as of May 2021.
Like NDAX, fiat currency and crypto assets deposits are completely free at Newton. CAD withdrawals are also free with Newton but NDAX charges $25 for the service.
Mining fees for crypto withdrawals at Newton are covered up to $5, but NDAX charges a flat fee.
In terms of spread, Newton also offers one of the tightest spreads in Canada, usually ranging between 0.5-0.7%. This is slightly higher than NDAX’s spread, but then NDAX charges a 0.20% trading commission.
Newton supports 20+ different cryptocurrencies including bitcoin and Ethereum, compared to 12 at NDAX.
If you’re looking to buy Dogecoin in Canada, both platforms supports the coin that is now becoming very popular.
Overall, crypto investors can not go wrong with either NDAX or Newton. But if you’ll be trading smaller amounts and making frequent withdrawals, the $25 fee at NDAX is a big drawback and you’re better off opening an account at Newton instead.
Otherwise, NDAX will save you some fees on spread and the platform is great for both beginners and seasoned crypto traders alike. If you need to have just 2 crypto accounts in Canada, NDAX and Newton are top choices.
Read more: Newton Review and Referral Code
NDAX vs Shakepay
Shakepay is a crypto trading app available to Canadians looking to trade bitcoin and Ethereum – the only 2 cryptocurrencies available on the platform for now.
Unlike NDAX, Shakepay does not charge a commission for buying or selling crypto but they make their money through the spread on their quoted prices and the actual bitcoin or ether prices.
Funding and withdrawing CAD is totally free. Even better, depositing and withdrawing your bitcoin or Ether is also free because Shakepay covers the miner fees and gas fees respectively.
Both Shakepay and NDAX supports Interac e-transfers for account funding so you can start trading almost immediately.
In addition, Shakepay offers a peer-to-peer transfer of fund between users and a Shakepay Card, with bitcoin cash-back is in the works. You can get on the waitlist for the card when you sign up for a Shakepay account.
Bottomline is: NDAX has a more robust platform if you’re only looking to trade digital currencies. They support more coins and unless you’re withdrawing often, your overall commissions and fees will be much lower than Shakepay.
But for low investment amounts, Shakepay is a great choice. Its app is also well-designed with beginners in mind.
Read more: ShakePay Referral Bonus & Review
NDAX vs Bitbuy
Founded in 2016, Bitbuy started serving Canadians just a year before NDAX launched.
It offers access to 9 digital coins on its platform including Bitcoin, Bitcoin Cash, Ethereum, EOS, Litecoin, Steller XLM and XRP. NDAX on the other hand supports 15+ including Dogecoin.
Bitbuy’s fees are unfortunately on the high side. They charge for CAD deposits: 1.50% for e-transfers and 0.50% for bank wires. And the withdrawal fee for either e-transfers or bank wires is 1.50%.
NDAX on the other hand does not charge for deposits but takes a flat fee of $25 for withdrawals. So going by the fees and coins supported on the platforms, NDAX offerings are superior to Bitbuy’s for now.
Learn more about Bitbuy’s offerings by checking this post on Bitbuy Referral Code and Review.
Related: Netcoins Referral Code and Review
NDAX vs Coinsquare
Coinsquare supports 10 cryptocurrencies including bitcoin, Ethereum, Dogecoin, Litecoin and so on.
It was founded in 2014 so it’s been around for much longer than NDAX and many of the other crypto platforms in Canada.
You should know that the company ran into some regulatory challenges back in 2020 that resulted in a settlement to OSC for market manipulation.
They now have new management and trying to move on from the scandals.
Funding your account with Canadian dollars through Interac or Wire transfers is free, but withdrawals come with a fee of 1%-2%.
The withdrawal fee is a big con given that many other crypto platforms allow free CAD withdrawals.
Like NDAX, Coinsquare also has a trading fee of between 0.1% and 0.2%. Also, Coinsquare’s spreads are slightly higher than the ones on NDAX’s platforms.
Overall, NDAX offers a more superior crypto trading platform than Coinsquare. The fees and spread are lower and the NDAX platform is more intuitive and user-friendly.
Related: Coinberry Referral Code and Review
NDAX vs Wealthsimple Crypto
Wealthsimple Crypto is a simple to use and intuitive crypto app from Wealthsimple. There are no fees to deposit or withdraw from the app.
Unfortunately, users can not deposit or withdraw their crypto assets for now. To withdraw, they’ll have to sell their cryptocurrencies then withdraw the CAD.
That means all the assets are kept in Wealthsimple Crypto’s custody.
Wealthsimple Crypto also charges an operation fee of about 1.75-2% on trades. This is much higher than the total fees you’ll pay with NDAX.
NDAX clearly has a more robust and full-fledged crypto trading platform.
But if you’re looking to trade small amounts and want to keep your assets on the same platform as your other investments, then Wealthsimple Crypto may be an option.
Note that Wealthsimple Crypto is available within the Wealthsimple Trade app.
Read more: Wealthsimple Crypto Referral Code & Review
Some FAQs: NDAX Referral Code & Review
How do I get the $10 bonus?
Simply sign-up using an NDAX referral link, verify your account and deposit a minimum of $100 to become eligible for the bonus. You can also earn money by referring your friends to the service
How does the $25 bonus work?
NDAX has one of the best referral program in Canada that lets you earn up to $25 per friend you refer and also get up to 30% share of the lifetime revenue of the trading commission charged to the referrals.
Is NDAX Safe?
NDAX is a registered Canadian company and regulated as a Money Service Business by FINTRAC. Also, it follows industry best practices to safeguard the security of its platform and assets held. However, you should get an hardware token to keep your cryptocurrency assets safe.
Is NDAX only for Canadians?
Only residents of Canada can open and use the NDAX crypto trading platform. You’ll have to provide an ID to verify your identify during the account opening process.
Does NDAX offer TFSA or RRSP account?
All accounts opened with NDAX are non-registered accounts. To hold cryptocurrencies like bitcoin or Ether in your TFSA, RRSP or other registered accounts, you’ll have to buy one of the cryptocurrency ETFs.
Can I buy Dogecoin on NDAX?
Dogecoin is one of the 11 cryptocurrencies supported by NDAX. So if you’re looking to start trading dogecoin in Canada, NDAX is a great option.
Final Thoughts: NDAX Review
My NDAX review is positive. NDAX is no doubt one of the best crypto trading platforms in Canada. With 11 digital currencies supported, users have access to some of the most capitalized and popular coins available.
The fees and spreads are also one of the lowest in Canada. While there’s a withdrawal fees of $25, the lower fees and spread makes this a non-issue especially if you’re trading higher amounts.
Get started with NDAX using our NDAX referral code (bfQD9f) or by clicking this link.
And if you don’t want to worry about opening a crypto account, storing your coins and so on, you can easily start investing in crypto assets through a crypto exchange traded fund (ETF).
Canadians now have access to bitcoin ETFs and Ether ETFs that can even be held in registered accounts like TFSA, RRSP and RESP. Check the posts below to learn about the best crypto ETFs in Canada at the moment.
Liked this NDAX review, also check around for reviews of other crypto trading platforms in Canada.
Related: CoinSmart Referral Code & Review
NDAX REFERRAL CODE AND REVIEW
NDAX is one of the best cryptocurrency trading platforms in Canada providing access to 11 digital coins at a lower cost.