NDAX Review 2022: Pros, Cons, Fees & Is It Safe? (Up to $25 Bonus)

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by Enoch Omololu

Updated

Advertiser Disclosure

The National Digital Asset Exchange (NDAX) is a cryptocurrency exchange in Canada 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.

VISIT NDAX

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 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 frame work
  • 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, you can sign up here. This link offers a $10 welcome bonus. 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 by 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 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 (33 types)
  • Has a referral program
  • 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
VISIT NDAX

Is NDAX Safe and Legit?

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

As per its website, a majority of its 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 personal cold hardware wallet.

Related: CoinSmart Canada Review

NDAX Referral Program

NDAX has a referral program that pays you up to $25 per referral. The program has 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.

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 34 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% – 0.30% 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; up to $25/friend$30 after a $100 depositCash bonus after depositing and trading $300$20 when you make an initial deposit of $250
Learn moreVisit NDAXVisit CoinSmartVisit WealthsimpleVisit Bitbuy

NDAX Review FAQs

Can I transfer crypto to NDAX?

Yes, 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 so it can 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 you can use to hold the cryptocurrency you buy on the platform. These wallets are custodied 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
4.5

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.

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

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Enoch Omololu

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 has a passion for helping others win with their personal 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, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

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 2022: Pros, Cons, Fees & Is It Safe? (Up to $25 Bonus)”

  1. Can you open a TFSA account to trade? Thanks.

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

  2. 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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