NDAX Review 2022: Is it a Safe Exchange?

This post may contain affiliate links. Please read this disclosure for more info.

This NDAX review provides an in-depth review of one of the best crypto exchanges in Canada.

As the adoption of cryptocurrency continue to grow and more platforms are coming on board, it can be confusing to know where to start especially as a beginner in the crypto market.

Several crypto exchanges now offer beginner to advanced features to make the trading process smooth but very few exchanges have managed to stand out from the rest.

NDAX is one of the exceptional Canadian exchanges in the Canadian crypto market. The platform offers a safe and secure trading platform to Canadian crypto traders.

This NDAX review will give you all the information you need to make a decision about using this crypto exchange. 


About NDAX

NDAX is a Canadian cryptocurrency exchange launched in 2017. It is based in Calgary, Alberta and it focuses on offering Canadian crypto traders enterprise-class security with advanced trading options in both fiat and cryptocurrencies.

The exchange is committed to providing Canadians with a user-friendly platform to trade 32 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).

The NDAX team consists of experienced professionals that have extensive knowledge of blockchain technology as well as financial markets. Registered with FINTRAC under the MSB category, NDAX combines unique features, compelling security, flexibility, and convenience.


NDAX Key Features

NDAX has a few key features that make it stand out from the crowd. Let’s take a closer look at the features it offers to find out whether this platform is right for you.

  • Supported Cryptocurrencies: 32
  • Inception Year: 2017
  • Headquarters: Calgary, Alberta
  • Supported Fiat Currency: Canadian Dollar
  • Funding Options: Wire transfers, e-transfers and crypto
  • Minimum Deposit: $0
  • Spread: 0.40%
  • Trading Fees: 0.20%
  • Deposit Fees: 0%
  • Withdrawal Fees: $4.99 CAD
  • Sign-up Bonus: $10
  • FINTRAC Regulation: Yes

How Does NDAX Work?

NDAX’s goal is to offer the best in security, speed and convenience when it comes to buying and selling cryptocurrencies online in Canada.

To achieve its goal, NDAX offers a variety of features designed to help you send and receive payments, track your digital assets, and more.

With an intuitive interface and no account minimums, it’s easy to start trading with NDAX’s simple mobile app or web platform. 

You can also store your digital assets in the NDAX Vault, which is a secure wallet that lets you buy and sell instantly.

And if you have any questions related to cryptocurrencies, their team of customer service is ready to help make sure your experience is as smooth as possible.

Whether you’re new to cryptocurrency or a pro, NDAX offers a simple way to start investing in cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Dash (DASH) and many more.


NDAX Supported Cryptocurrencies

There are currently 32 different digital currencies supported by the NDAX exchange at the time of writing this review.

Some of the popular cryptocurrencies available to trade on NDAX include:

  • Bitcoin (BTC)
  • Ether (ETH)
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • Cardano (ADA)
  • Terra (LUNA)
  • Tether (USDT)
  • XRP (XRP)
  • Stellar (XLM)
  • Polkadot (DOT)
  • Shiba Inu (SHIB)
  • Compound (COMP)
  • Chainlink (LINK)
  • The Graph (GRT)
  • EOS (EOS)
  • Uniswap (UNI)
  • Aave (AAVE)
  • Polygon (MATIC)
  • Decentraland (MANA)
  • Axie Infinity (AXS)
  • Avalanche (AVAX)
  • Solana (SOL)
  • Near (NEAR)
  • Algorand (ALGO)
  • VeChain (VET)
  • The Sandbox (SAND)
  • USD Coin (USDC)

NDAX has one of the largest collection of crypto available to trade among the Canada-based crypto platforms. And they continue to add support for more coins.

So if you’re looking for a crypto platform that gives you access to several digital coins to trade under one roof, NDAX is definitely one of the top choice in Canada.


Pros and Cons of NDAX

This exchange makes it easy to buy cryptocurrency but there are some pros and cons you need to consider before jumping into NDAX. 

Let’s look at both sides of the coin so that you can decide if NDAX is right for you.

Pros

  • Easy to use: One of the best advantages of NDAX is its ease of use. You can sign up in just a few minutes, verify your identity and start trading. The interface is simple and intuitive, so even beginners will have no problem trading on this platform.
  • Competitive trading fees: NDAX charges a low trading fee of just 0.2%. This is currently one of the lowest trading fees in Canada.
  • Deposits are completely free: NDAX doesn’t charge deposit fees when you add funds into your account no matter the method you use.
  • Instant verification: NDAX offers instant verification for all users, which means you can start trading digital assets right away. No more waiting for hours or days to get verified before you can start trading.
  • Coins staking: NDAX allows coin staking. You can stake your coins to get an extra interest for them. It is a great way to earn some passive income on your crypto assets without having to sell them. 
  • Customer support: NDAX offers 24/7 customer support via email, phone, and live chat.
  • Referral program: NDAX offers a referral program where you can earn a referral bonus of up to $25 depending on the number of friends you refer to the platform.

Cons

  • Withdrawals are not free: NDAX charges a withdrawal fee of $4.99 for CAD withdrawals. Many other Canadian crypto platforms offer free withdrawals for fiat currencies.
  • Only available to Canadians: The platform’s main focus is only on Canadians. This means that if you’re outside Canada, you won’t be able to use this platform.
  • Accepts only CAD for fiat: NDAX accepts only CAD. Users cannot deposit other fiat currencies like USD or EUR on the platform.

NDAX Fees

When it comes to fees, NDAX is one of the cheapest crypto trading platforms in Canada. Let’s take a closer look at the NDAX fees below:

NDAX Trading Fees

NDAX  charges a trading fee of 0.20% for all trades completed on the platform regardless of the amount traded. This makes it one of the lowest and most transparent fees in Canada.

In addition, there are narrow spreads between the buy and sell prices on the exchange. But the NDAX spreads are one of the lowest in Canada.

NDAX  Withdrawal Fees

When you withdraw CAD from your NDAX account using wire transfer or bank direct transfer, you will be charged a withdrawal fee of $4.99 CAD no matter how much you withdraw from your account. 

NDAX charges crypto withdrawal fees that depend on the type of cryptocurrency you withdraw.

For instance, Bitcoin withdrawals are charged at 0.000399 BTC per transaction while Ethereum transactions are charged at 0.0099 ETH per withdrawal.


NDAX Referral Program

NDAX has a referral program that is designed to reward you for helping the exchange grow its community and increase its trading volume. 

The NDAX referral program allows you to earn a bonus by referring your friends and family to sign up for a free NDAX account. You can earn commissions on every trade your referrals make, regardless of the amount traded.

How does it work?

Create an account on NDAX and sign in to your account. Once logged in, click on “Refer Friends” from the menu. 

The next step is to copy and send your invite link to your friends via email, text message or social media post. 

When they click on it and sign up for an account using your code, you will receive 10% profit sharing credit every time they trade on the NDAX platform. 

The number of referrals you have determines how much you can earn. The more people you refer to, the more money you can earn. The best part is that there is no limit on how many people you can refer. 

Learn about NDAX referral promotion in the linked post.


NDAX Staking

NDAX allows you to earn interest on your holdings by staking them in its exchange. This is a great way to earn passive income, as you don’t have to do any work or actively trade. 

NDAX offers a variety of staking options that allow you to maximize your ROI by utilizing its advanced tools and features.

The platform offers both short-term and long-term plans with varying discounts off its current bid price for each subscription period. 

The best part about NDAX’s staking plans is that they don’t require you to lock up capital for long periods. 

You simply select how much you want to stake as well as a start date, and then choose how often you would like to receive payments. 

You can cancel or change your plan at any point without being penalized by having your funds locked up or being forced into paying another subscription fee.

Earn with your crypto using NDAX crypto

NDAX Wealth

NDAX Wealth is an advanced trading platform for sophisticated investors who want to trade in large volumes and make use of sophisticated order types for their transactions. 

NDAX Wealth provides liquidity to institutional and accredited investors in the form of large-scale OTC trades. 

It is designed specifically for high net worth individuals who have up to $200,000 or more to invest in crypto. 

Through the platform, you can enjoy the opportunity to buy or sell large volumes of cryptocurrencies without affecting the market price of these assets.

In addition, you can trade any asset available on the exchange platform with no restrictions on your account activity.


How to Sign-up for NDAX

Sign-up at NDAX is easy and fast, with no complicated processes to worry about. 

The first step is to create an account with NDAX (it only takes a few minutes). During the registration process, you will be asked for your name, email address and phone number.

After that, you will receive an email from NDAX with a link that enables you to complete the registration process by verifying your identity. 

After completing the registration process, you will be able to access your account dashboard from where you can deposit funds into it and start trading with them in minutes.


Is NDAX Safe?

NDAX is safe because it uses a variety of security measures to protect your coins and information including state-of-the-art technology. 

The funds on NDAX are stored in cold wallets. The cold storage wallet ensures that your funds are stored securely offline, thus making it impossible for hackers to access your funds even if they ever gain access to NDAX servers. 

To provide even more protection against hacking attempts, NDAX has implemented 2FA on the platform which requires an additional password when logging into your account from an unknown device or browser. 

Additionally, NDAX is registered by FINTRAC as a Money Services Business. This means that all transactions are fully in compliance with all Canadian regulations regarding cryptocurrency exchanges.


NDAX Alternatives

The NDAX is one of the best crypto exchange platforms in Canada. However, it is not the only option out there. Let’s look at how NDAX compares to some of its alternatives:

NDAX vs Newton

NDAX and Newton are two of Canada’s top cryptocurrency exchanges. They both offer high-quality trading services and a wide range of digital coins.

However, Newton has an advantage over NDAX as it offers more coins than NDAX does. While Newton supports 71 cryptocurrencies, NDAX supports only 32.

Another difference between NDAX and Newton is fees. With NDAX, fiat currency deposits are free while withdrawals cost $4.99 CAD. With Newton, however, all fiat currency deposits and withdrawals are also free of charge.

This makes Newton an attractive choice for people who are looking for a cost-effective way to trade crypto assets in Canada.

Read my full Newton Review here.

NDAX vs Netcoins

Netcoins has been around since 2014 and has built up a strong reputation as one of the leading cryptocurrency exchanges in Canada.

NDAX and Netcoins are two exchanges that target Canadian customers. While the two cryptocurrency exchanges are similar in some features, there are some key differences that we’ll discuss below. 

Both NDAX and Netcoins supports 30+ cryptocurrencies including Bitcoin, Ether, Cardano, Litecoin, Dogecoin and USD Coin.

The significant difference between the two crypto exchanges is their trading fees. NDAX charges a trading fee of 0.20% while Netcoins charges a trading fee of 0.50%.

If you want a secure platform to buy or sell cryptocurrencies on an online exchange then either of these two options may be suitable for you. However, with lower fees, staking and more coins supported, NDAX outshines Netcoins for crypto trading and investing.

Learn more about Netcoins in this detailed Netcoins Review.


FAQs on NDAX Review

Can I trust NDAX?

Yes, you can trust NDAX. It is a reputable exchange that has been in operation since 2017. 

Is NDAX regulated?

Yes. NDAX is registered as a Money Service Business with FINTRAC. This means your funds are safe with the platform.

Is it safe to leave crypto on NDAX?

NDAX has one of the strongest security standards in Canada. The platform stores most of its assets in cold wallets which makes it difficult for hackers to access your funds.

Can I buy Shiba Inu on NDAX?

Yes, the NDAX platform supports the buying and selling of Shiba Inu. All you have to do is create an account with the platform and you can start trading your Shiba Inu.


Verdict on NDAX Review

NDAX delivers a straightforward, easy-to-use platform that allows Canadians to easily trade cryptocurrencies such as Bitcoin, Ethereum, Litecoin and more. 

Therefore, my NDAX review is very positive. Whether you are an experienced trader or someone who is just getting started in the crypto market, NDAX has plenty of resources that can help you make your trading successful.

Thanks for reading this NDAX review. I hope it has helped you gain a better understanding of the platform.

I also hope it has helped you to make a decision regarding whether or not to start trading cryptocurrencies on NDAX.

If you have any questions or concerns, you can drop them in the comments section below.

NDAX Review
4.6

Summary

NDAX is a Canadian cryptocurrency exchange launched in 2017 that focuses on offering Canadian crypto traders enterprise-class security with advanced trading options in both fiat and cryptocurrencies.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

Leave a Comment