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NDAX Review (Feb 2023): $50 Bonus Offer Inside

The National Digital Asset Exchange (NDAX) is a Canadian cryptocurrency exchange that offers access to Bitcoin, Ethereum, Litecoin, Fantom, Cardano, and even stablecoins like Tether and USD Coin.

Cryptocurrencies have grown in popularity in recent years. While they remain a highly speculative asset, the unbelievable price increases exhibited by Bitcoin and several altcoins have led many retail and institutional investors to jump in despite the risks.

Canadians looking to trade the Canadian dollar fiat for crypto can access the marketplace using platforms such as NDAX, CoinSmart, Bitbuy, and Wealthsimple Crypto.

This NDAX review covers how it works, its pros and cons, fees, security, crypto list, and more. You also learn how to get a $50 bonus through CoinSmart (more details below).

NDAX Crypto Exchange Summary

  • Offers access to 30+ coins, including Bitcoin, Dogecoin, Ether, Cardano, USDC, Solana, Algorand, Hedera, Avalanche, and many more
  • Versatile platform designed for both beginners and experienced traders
  • Free deposits and competitive fees for trading and withdrawals
  • Registered as a Money Service Business (MSB) and subject to applicable FINTRAC regulatory framework
  • Offers email, chat, and phone support

How Does NDAX Work?

NDAX offers instant ID verification, which means you can start trading soon after creating an account.

To get started, create an account online. You will need to provide your name, username, email address and password and agree to the terms and conditions. You must also be the age of the majority in your province.

A confirmation email is sent to your inbox, and you can activate your account by clicking on the link in the email.

Fill in the additional details required to verify your identity and phone number.

A valid government-issued ID is required, and you can upload a passport, driver’s license, or ID Card. You will also need to submit a selfie.

Once your account is set up, you can fund it using Interac e-Transfer, bank wire, bank draft, and depositing cryptocurrency.

Related: Top Crypto Trading Apps.

Crypto Assets Available on NDAX

The coins available on NDAX are:

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

NDAX Fees

NDAX has one of the lowest trading fees/commissions among the Canada-based cryptocurrency trading platforms I have reviewed. It also has fast processing times for deposits and withdrawals.

The trading fee for buying and selling is a flat rate of 0.20%. Unlike many other crypto sites, you don’t pay a fee to deposit fiat.

For fiat withdrawals, the following low fees apply:

Funding MethodDepositWithdrawalFeesProcessing Time
Interac e-TransferNo min/maxN/A$00-30 minutes
Wire TransferNo min/maxNo min/maxFree for deposits; $4.99 flat fee withdrawals0-1 business day
Bank draftNo min/maxNo/maxFree for deposits; $4.99 flat fee for withdrawals0-1 business day

Cryptocurrency deposits are free and occur instantly.

For crypto withdrawals, you pay:

  • Bitcoin: 0.000399 BTC
  • Litecoin: 0.0499 LTC
  • Ether: 0.0099 ETH
  • XRP: 3 XRP
  • EOS: 1 EOS
  • Stellar: 8 XLM
  • Dogecoin: 10 DOGE
  • Cardano: 3 ADA
  • Chainlink: 0.35 LINK
  • Tether: 3.5 USDT
  • Polkadot: 0.3 DOT
  • Tether: 16 USDT
  • Uniswap: 0.3 UNI
  • Compound: 0.015 COMP
  • Aave: 0.025 AAVE

Pros of NDAX

  • Competitively low trading fees at 0.20%
  • Fiat and crypto deposits are free
  • Instant verification is available to new clients
  • Fast processing times for both deposits and withdrawals
  • 24/7 customer support
  • Good selection of coins available
  • Low withdrawal fees
  • Advanced order types, including stop order, stop limit order, trailing stop order, and more

Cons of NDAX

  • Accepts only CAD for fiat
  • Only available to Canadian residents
  • No welcome bonus

Is NDAX Safe and Legit?

That said, NDAX is a legitimate company registered with the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC) as a Money Service Business.

As per its website, most digital assets are held offline in cold storage, and fiat is held at a Canadian financial institution.

The platform also adopts standard industry practices to protect your account, including 2-factor authentication (2FA) and DDoS mitigation.

For more details about what the platform has in place to protect your account, the risks you face, and their privacy terms, check the NDAX website.

While NDAX is safe, you should always consider moving crypto coins you are not actively trading to your cold hardware wallet.

What is NDAX?

NDAX is a crypto-trading platform that was founded in 2018. Its headquarters is based in Calgary, and it serves residents of Canada.

NDAX has some unique features compared to its competitors, including one of the largest selections of cryptocurrencies and low trading fees.

In addition to its standard trading platform, NDAX offers Over-The-Counter trading services to high-volume investors who want access to a deep liquidity pool. This service is called NDAX Wealth.

NDAX Referral Program

In the past, the NDAX referral program paid clients up to $25 per referral; however, it appears this offer is no longer available.

The previous program had three tiers: Avid, Ambassador, and Partner.

The tier you fall into is based on how many users join the platform using your NDAX affiliate link on a monthly rolling average basis. It also determined how much you earn.

  • Avid (0-10 users); you both get $10
  • Ambassador (10-20 users); referral gets $10; you get $15
  • Partner (20+ users); referral gets $10; you get $25

NDAX vs. Bitbuy vs. CoinSmart

See how NDAX Canada compares with Bitbuy, Coinsmart, and Wealthsimple Crypto below. CoinSmart has a $50 bonus offer when you deposit $200+.

CoinSmart Crypto Exchange

coinsmart logo

Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $50 bonus when you deposit $200

FeaturesNDAXCoinSmartWealthsimple CryptoBitbuy
Coins offeredBTC, LTC, ETH, XRP, EOS, XLM, DOGE, ADA, LINK, USDT, DOT, UNI, COMP, AAVE, etc. BTC, ETH, SOL, AVAX, USDC, XLM, LTC, UNI, ADA, DOT, LINK, SHIB, etc.Bitcoin, Ethereum, and many othersBTC, ETH, LTC, BCH, EOS, XLM, AAVE, and more
Funding optionsInterac e-Transfer, bank wire, bank draft, cryptoInterac e-Transfer, bank wire, bank draft, credit card, cryptoElectronic fund transferBank wire; Interac e-Transfer
Fees0.20% trading fee, free deposits, $4.99 flat rate for fiat withdrawal0.20% trading fee; variable fees for deposits and withdrawals1.5 – 2% trading fees; no fees for deposits and withdrawalsUp to 0.20% trading fees; variable fees for deposits and withdrawals (up to 1.5%)
CIPF/CDICNoNoNoNo
SecurityCold storage policy; 2FACold storage policy; 2FACrypto assets held with regulated custodian – GeminiCold storage policy; 2FA, bitcoin insurance
Referral program (sign up bonus)$10 when you fund with $100 or more$50 after a $200 deposit$25 cash bonus after depositing $150$20 when you make an initial deposit of $250
Learn moreVisit CoinSmartVisit WealthsimpleRead review

NDAX Review FAQs

Can I transfer crypto to NDAX?

You can transfer your crypto from an external wallet or another crypto exchange to your NDAX crypto wallet. It is free.

How does NDAX make money?

NDAX makes money from trading fees on both buy and sell transactions. These trading fees are some of the lowest in Canada. NDAX also makes money when you withdraw fiat to your bank account and crypto to your external wallet.

Is NDAX safe to use?

Yes, the NDAX crypto exchange is safe to use, and it is registered with Canadian authorities to offer crypto services in the country.

Who owns NDAX?

The National Digital Asset Exchange was founded by Bilal Hammoud.

Does NDAX offer crypto wallets?

Yes, NDAX.io offers 30+ crypto wallets to hold the cryptocurrency you buy on the platform. These wallets are held in custody by the exchange.

Does NDAX offer leverage?

No, you can’t use NDAX for margin trading or to trade crypto derivatives.

How do I withdraw money from NDAX?

Log in to NDAX.io and click on “Wallets” on your dashboard. Select your CAD wallet and click on “Withdraw.” Select your preferred bank from the dropdown and enter the amount you want to withdraw. Follow the onscreen prompt to provide your 2FA code. The funds should be in your account within 1 business day.

How do I deposit money in NDAX?

You can deposit Canadian dollars in your NDAX account using Interac e-Transfer, wire transfer, and bank draft.

Related reading:

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

NDAX review
  • Coin selection
  • Ease of use
  • Withdrawals and deposits
  • Trading fees
  • Welcome offer
4

Summary

NDAX is a cryptocurrency exchange in Canada for buying Bitcoin, dogecoin, and more. This NDAX review covers its fees, pros, cons, and whether it is safe.

Pros

  • Low trading fees at 0.20%
  • Free fiat deposits
  • Instant verification for new clients
  • 30+ coins supported
  • Low withdrawal fees

Cons

  • Only Canadian dollar fiat funding
  • Not available outside Canada
  • No referral program

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

3 thoughts on “NDAX Review (Feb 2023): $50 Bonus Offer Inside”

  1. Gravatar for Jagdish Dalal

    Can you open a TFSA account to trade? Thanks.

    • Gravatar for Enoch Omololu

      @Jagdish: For TFSA/RRSP cryptocurrency investing options, you can look at crypto ETFs.

  2. Gravatar for Kevin

    We have had a really unpleasant experience with NDAX and $20,000 that we tried to deposit into a new account. Their compliance team put a hold on the funds and we are still trying to get back our money.

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