The National Digital Asset Exchange (NDAX) is a Canada based cryptocurrency exchange where users can buy and sell Bitcoin (BTC) and a bunch of other popular digital currencies using Canadian dollars (CAD). NDAX was established in 2018, its primary focus is to offer fast, easy and safe crypto trading for people and institutions.
My Overall Thoughs on NDAX
NDAX is a good option for Canadians, most importantly they are registered with FINTRAC and clients funds are held in a national bank's dedicated facility, which means your investments are super safe. They have created a really nice dashboard & app that allows you to easily deposit your CAD and then buy and sell 10 of the most popular cryptocurrencies. Their trading fees are very competitive, the only downside is that their withdrawal fee can be expensive (in excess of $25).
Which Cryptocurrencies are available on NDAX?
You can trade the following cryptocurrencies on NDAX: Bitcoin, Litecoin, XRP, XLM, Ethereum, DOGE, EOS, ADA
You can also trade the following pairs: BTC/CAD, LTC/CAD, XRP/CAD, ETH/CAD, EOS/CAD, XLM/CAD, DOGE/CAD, ADA/CAD
Which countries is NDAX.io available in?
Right now NDAX is only available to Canadian residents and entities.
NDAX deposit & withdrawal methods:
NDAX accepts three deposit methods: Interac e-Transfer, Wire transfer, Bank draft/certified cheque
To withdraw from NDAX you can use one of the following: Cryptocurrency transfer, Direct bank deposit/EFT, Wire transfer
It can cost you to use NDAX in three different ways, deposit fees, trading fees and withdrawl fees.
Deposit fees: Right now NDAX do not charge any deposit fees
Trading fees: Maker: 0%, Taker: 0.2%
Withdrawal fees: These fees change depending on payment method and if you are withdrawing fiat or crypto.
Direct bank deposit/EFT
NDAX Trading Features
An Institutional-Grade Platform. With deep liquidity and swift trade execution, NDAX is suitable for beginners and experienced traders alike.
Two-Factor Authentication. All NDAX accounts are secured by two-factor authentication. While the feature is mandatory for logging in, you can also enable 2FA on specific actions, such as withdrawing funds.
Trading Tools. NDAX comprises an intuitive trading interface with various tools for analyzing market trends. An order book and time series charts are also available.
Versatility. Professional users benefit from access to multiple order types. This includes limit, market, stop limit and fill or kill, along with stop and trailing stop orders.
How Quickly are Transactions Processed at NDAX?
If you need your funds to be available as soon as possible, the Interac e-Transfer option typically clears payments within three hours. As for wire transfers, deposits may require up to a day depending on your location. The same applies for bank draft or certified check transactions.
When making withdrawals, all channels clear within two business days. However, unlike direct bank deposits, electronic funds transfers, or wire transfers, cryptocurrencies move to your wallet immediately. The only caveat is that withdrawals are subject to limitations, as outlined below.
What are the Transfer Limits?
The following daily limits apply to deposits on NDAX:
- One bank draft/certified check transaction for at least $3,000
- One Interac e-Transfer deposit between $100 and $3,000
- One wire transfer with a minimum of $3,000
For withdrawals, limits are based on your verification status:
- 0 BTC for new and unverified accounts
- 2 BTC per day for basic accounts
- 10 BTC per day and $500,000 per month for enhanced accounts
NDAX also suspends withdrawals for 24 hours if any changes are made to your credentials. This reduces the risk of losing your funds in the unlikely event that your account is compromised. Plus, funds can only be withdrawn when two-factor authentication is activated on your profile.
The modern trading platform generally maintains high security standards, with numerous measures in place to protect your finances and personal information. Let’s take a closer look.
Is NDAX Safe?
NDAX has an anti-money laundering and counter-terrorist financing compliance program. The company is also registered with FINTRAC, which means users need to provide certain details and perform a basic verification before trading stocks or withdrawing funds. Your name, address, birth date, and contact number is required.
In order to raise your transfer limits, you need to undergo another verification process. This involves uploading your Canadian government-issued ID and a recent PDF document certifying your name and address. A current and original statement or utility bill is likely to suffice.
Here are the key security measures that NDAX has implemented to protect your account and funds:
- An array of data servers that are supervised around-the-clock
- Client funds are held by a national bank in dedicated facilities that are separate to NDAX operating accounts
- Compulsory utilization of two-factor authentication
- Digital assets on the platform are guarded by multi-signature technology and primarily (98%) stored offline
- Distributed Denial of Service (DDoS) attack prevention measures
- Email notifications for log-in attempts
- External security audits by third parties
- IP address whitelist and IP change detection system for stopping malicious activity
NDAX Pros & Cons
- CAD enables fast and effortless purchases of leading cryptocurrencies
- Simple account creation and verification procedures
- Mobile apps for both Android and iOS devices
- No market maker fees
- Wide range of advanced security features
- Currently reserved for the Canadian market only
- High fiat currency withdrawal fees exceeding $25 CAD
- Relatively new to the exchange space (less established)