NDAX Exchange Review 2022

NDAX Exchange Review 2022

Robert McDougall 

July 3, 2022

Cryptocurrency

What is NDAX?

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.

  • Web Address: www.ndax.io
  • Main Location: Calgary, AB, Canada
  • Deposit Methods: Interac e-Transfer, Wire Transfer, Bank Draft, Cryptocurrency
  • Deposit Fee: Free
  • Mobile App: Yes 
  • Fiat Currencies: CAD, USD
  • Cryptocurrencies: BTC, ETH, LTC, XRP, EOS, DOGE, ADA & 20+ more
  • Withdrawal Fees: Bank transfer: $25, Wire transfer: $25
  • Trading Fees: 0.2%

My Overall Thoughts on NDAX

NDAX is an excellent crypto exchange that makes it easy for newcomers to the crypto market to buy and sell their first cryptocurrency. These are the top 3 reasons why I like to recommend NDAX to Canadian crypto investors.

1) NDAX has a simple layout which is great for beginners, yet still manages to suit experienced traders with the advanced charts and order options. It is a platform that newcomers can start on, and continue to use even as they gain more knowledge.

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. 

3) NDAX offers 30+ of the most popular cryptocurrencies that you can buy directly using CAD. Although some users prefer a wider range of coins, for most beginners and day-traders, the range supported by NDAX is sufficient. New coins are also added from time to time, so their collection is slowly growing.

One downside is that NDAX charges hefty fees when withdrawing your Canadian Dollars. It costs $25 to withdraw via bank or wire transfer. The good news is that you can receive a $10 signup bonus just by using this link.

Key Features & Advantages of NDAX

There are a lot of great reasons to use NDAX, and I have highlighted some of the top features and advantages you will find on their platform.

Negatives and Disadvantages of NDAX

Despite NDAX's positives, I think that there is some room for improvement. These are some points that I think NDAX could do better. To find out more, click on the corresponding jump links below.

What Services does NDAX offer?

NDAX has become one of Canada's favourite cryptocurrency exchanges, so let's see what they offer that makes them so popular.

User-friendly interface:  NDAX has an intuitive and user-friendly interface that is easy for beginners to get a handle on. It has a fresh, uncluttered look that only takes a couple of seconds to understand where everything is.

Mobile app for iOS and Android:  NDAX has a mobile app available for iOS and Android devices to enable easy crypto trading wherever you are. Keep an eye on prices, track your portfolio, use advanced trading features, securely store your crypto, and send crypto to friends, all from within the app. 

30+ of the most popular cryptocurrencies available:  NDAX offers 30+ of the most popular cryptocurrencies to buy, sell and trade on their platform. The full list of coins are: BTC, ETH, XRP, ADA, FTM, DOGE, USDT, XLM, MATIC, DOT, GRT, LINK, USDC, LTC, AAVE, UNI, COMP, EOS and SHIB.

OTC Desk for large trades:  For large institutional investors or High Net Worth Individuals, NDAX offers an Over The Counter (OTC) trading desk called NDAX wealth. This was built exclusively for investors that want to make trades of $200,000 or more. NDAX provides access to a deep liquidity pool to enable quick transactions with no price slippage. OTC clients also receive personalized service to assist with all their large orders.

Quick Buy/Sell feature - perfect for beginners:  For those that are unfamiliar with trading on the market, NDAX makes it easy with a Quick Buy/Sell feature found right on the Dashboard. Simply select which coin you want to buy or sell, choose the amount in fiat or cryptocurrency, and you can buy or sell, easy as that.

Advanced charts and order types for experienced traders:  NDAX is also great for experienced crypto traders, as they can access advanced charts with analysis tools such as trend lines, measurements and predictions, and annotations. There are plenty of order types such as market, limit, stop loss, trailing stop market, fill or kill and IOC (immediate or cancel).

24/7 Customer Support available via live chat and email:  NDAX is committed to customer service, with 24/7 support available so you can always reach out when you need assistance. There is the option of Live Chat as well as email, and the responses from NDAX are generally quite quick.

What I Don't Like About NDAX

Limited range of cryptocurrencies:  NDAX only offers 30+ different coins, which is a lot less than some of their competitors. Depending on the type of investor or trader you are, you may or may not find this an issue. Most beginner crypto investors and frequent day traders do not mind, because the biggest coins are available on NDAX, but if you like to look for unique smaller coins to invest in, then an exchange like Binance with over 600+ coins is more suitable.

Expensive withdrawal fees:  The fees charged by NDAX for withdrawing CAD is too high, especially compared to some exchanges, such as Coinberry with free withdrawals. The withdrawal fee using bank transfer of wire transfer is $25. This is a large fee for most people, who are not going to be withdrawing thousands of dollars in one transaction.

No staking available on the platform:  If you are planning on holding your cryptocurrency for the long-term, you may want to stake your coins so you can earn interest on them. This isn't possible on NDAX, so you will have to send your coins to another wallet, if staking is part of your plan. Alternatively, you can choose a crypto exchange that supports staking, such as Binance or KuCoin.

NDAX Fees

NDAX Deposit Fees

It is free to deposit cryptocurrency and fiat into NDAX.

NDAX Trading Fees

NDAX charges 0.2% for buying and selling cryptocurrency on their exchange.

NDAX Withdrawal Fees

Withdrawal using bank transfer: flat fee of $25

Withdrawal using wire transfer: flat fee of $25

NDAX Crypto Transfer Fees

You will be charged a flat rate for transferring cryptocurrency out of NDAX, based on the coin. To see a full list of all the coins and their respective fees, click here.

Pros and Cons of NDAX

Pros
  • User-friendly platform that is great for beginners
  • Experienced traders can also use the platform with advanced charts and order types
  • 24/7 Support via Live Chat and email
  • Mobile app for iOS and Android
  • OTC desk for large trades
Cons
  • Only 30+ cryptocurrencies supported
  • Expensive withdrawal fee of $25
  • No staking available

The Verdict

NDAX is a great Canadian cryptocurrency exchange for beginners as well as more advanced traders. There is a simple Quick Buy and Quick Sell feature that makes it extremely easy for first-timers to get their hands on their first cryptocurrency. Advanced charts and order types allow experienced crypto traders to analyse trends and set automatic trades to maximise profits, and the low trading fees of 0.2% are very competitive. First-time users also receive $10 FREE signup bonus when registering with this link.

One downside is that NDAX only supports 30+ different cryptocurrencies, which is a very limited range compared to some competitors. If you are after an exchange where you can buy lots of different coins, you can try Binance with over 600+ different cryptocurrencies. If you are after other options, take a read of this article on the best Canadian cryptocurrency exchanges.

Frequently Asked Questions

Is NDAX legitimate?

Yes, NDAX is a legitimate cryptocurrency exchange founded in Canada in 2018. It is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and AMF (Autorité des marchés financiers) as a Money Service Business. NDAX complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and other applicable laws and regulations.

Is NDAX safe?

Yes, NDAX is a very safe cryptocurrency exchange, with its security standards among the highest in the Canadian FinTech industry. NDAX stores the majority of their digital assets offline in cold storage protected by multi-signature technology, partnered with Ledger Vault, the global leader in crypto security and infrastructure solutions.

Can NDAX be trusted?

Yes, NDAX is a trustworthy cryptocurrency exchange that has been around since 2018. It is a legitimate company registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and AMF (Autorité des marchés financiers) as a Money Service Business. NDAX complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and other applicable laws and regulations.

Can NDAX be hacked?

NDAX is a very secure platform with its security standards among the highest in the Canadian FinTech industry. NDAX stores the majority of their digital assets offline in cold storage protected by multi-signature technology, partnered with Ledger Vault, the global leader in crypto security and infrastructure solutions. However, even the most secure exchange has a small chance that it can be hacked. NDAX has so far never been hacked since its establishment in 2018.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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