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NDAX vs CoinSmart 2022: Compare the Best Crypto Exchanges in Canada

NDAX and CoinSmart are some of the best crypto exchanges in Canada that make it easy for Canadians to invest in crypto with flat fees.

NDAX fees stand at 0.2%, and you can buy 30+ cryptocurrencies with CAD. CoinSmart fees are about the same at 0.2%, and a list of about 16 crypto coins can be purchased with CAD, USD, or EUR.

In this NDAX vs CoinSmart comparison, I delve into their top features, pros & cons, and whether they are safe so that you can choose the one that fits your needs.

What is NDAX?

The National Digital Asset Exchange (NDAX) is a top crypto exchange in Canada that was launched in 2018.

The Calgary-based exchanges simplify crypto trading in Canada by offering an easy-to-use, secure platform to enable users to buy 30+ cryptocurrencies instantly with CAD.

Its web-based desktop platform is packed with advanced features and TradeView charting tools to enable experienced traders to take control of their trading activities.

NDAX Top Features

  • A wide selection of 30+ Coins
  • Instant to same-day free deposits for fiat and crypto
  • Faster withdrawal settlements: 0-1 business day
  • Competitive flat fees of 0.2% on all trades
  • Powerful crypto trading features and TradeView charting tools to cater to experienced investors
  • An OTC desk via NDAX Wealth to fill large orders
  • Offers crypto staking so you can hold and earn interest on your coins
  • Top security via cold storage and insurance protection
  • Multiple free funding methods, including Interac e-Transfer, bank draft, bank wire, and crypto
  • 24/7 live customer support

NDAX Pros & Cons

Pros

  • Wide crypto list
  • Same-day free deposits and faster withdrawal settlements
  • Offers crypto staking
  • Competitive flat trading fees of 0.2%

Cons

  • Only available in Canada
  • Supports only CAD as fiat
  • Doesn’t support crypto payments

What is CoinSmart?

CoinSmart is one of the best crypto exchanges in Canada that enables Canadians to buy, sell and trade about 16 digital currencies easily and quickly via its desktop interface and mobile crypto trading app.

The Toronto-based exchange works as a FINTRAC-registered MSB and an OSC-Restricted Dealer that offers basic and advanced trading features/charting tools to accommodate both newbies and pro traders. 

CoinSmart Top Features

  • Supports 15+ cryptocurrencies and 3 fiat currencies
  • Instant-to-same-day account verification
  • Same-day deposits so that you can leverage the market without a long wait
  • Multiple funding methods, including Interac e-Transfer, E-Transfers, SEPA, Wire Transfers, and crypto deposits
  • Simple and transparent flat trading commissions
  • Top security with Bitgo and Fireblocks custody, cold storage, and 2FA
  • Offers both basic and advanced trading tools
  • An OTC desk that offers tight spreads and best-in-class execution for large orders
  • CS Premium offers deep liquidity, excellent rates, and same-day settlements for users looking to trade $25,000 or more
  • 24/7 omnichannel customer support via phone, email, or live chat
  • SmartPay to send and receive crypto payments
  • Available in about 15 countries

CoinSmart Pros & Cons

Pros

  • Supports crypto payments
  • Instant account verification and same-day deposits
  • Offers basic and advanced trading interfaces
  • Supports 3 fiat currencies
  • Available in 15 countries

Cons

  • Limited crypto list
  • Levies 1% withdrawal fees
  • 1.5% Interac e-Transfer fee for deposit amounts below $2,000

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

NDAX vs CoinSmart: Supported Cryptocurrencies

NDAX offers a wider selection of coins than CoinSmart. While CoinSmart supports only about 16 cryptocurrencies, NDAX allows you to trade 32+ cryptocurrencies.

So if you want to access more coins than what CoinSmart offers, you could check out NDAX.

NDAX vs CoinSmart: Trading fees

CoinSmart fees stand at 0.20% for single trades. You’ll also incur deposit/withdrawal fees of between 0% to 1.5% depending on the transfer method and amount. Crypto deposits are free.

NDAX fees come in at 0.20% for buy and sell orders. Both fiat and crypto deposits are free on NDAX, but there’s an NDAX flat fee of $4.99 CAD for fiat withdrawals, regardless of the amount.

NDAX vs CoinSmart: Crypto Payments

CoinSmart offers SmartPay Invoicing, which makes it easy for businesses to accept crypto payments.

Its SmartPay Auto-Sell feature sells your crypto automatically on receipt and wires the funds to your bank account to cushion you from losses that may arise due to price volatility.

As of this writing, NDAX doesn’t support crypto payments.

NDAX vs CoinSmart: Crypto Staking

NDAX supports crypto staking, and users can hold up to 5 digital coins on the platform to earn rewards.  

They include:

  • Ether (ETH): 5%
  • Cardano (ADA): 4.3%
  • The Graph (GRT): 8%
  • Polkadot (DOT): 12%
  • MATIC: 8%

As of this writing, CoinSmart doesn’t seem to offer crypto staking.

NDAX vs CoinSmart: Trading Platforms

Both NDAX and CoinSmart offer web-based and mobile trading platforms. NDAX offers 3 trading platforms, while CoinSmart offers 4.

NDAX Trading Platforms

  • NDAX Trade: A web-based desktop trading platform packed with TradeView charting tools to enable experienced traders to analyze crypto trade with ease.
  • NDAX Mobile App: The NDAX crypto trading app enables you to trade from anywhere using any iOS or Android device.
  • NDAX Wealth: An OTC desk to make large trades of $200,000 or more with no price slippage.

CoinSmart Trading Platforms

  • SmartTrade: Allow beginners to easily and quickly trade one coin for another without the need to worry about trading pairs or having to trade Bitcoin or Ethereum first.
  • Advanced Trade: Offers advanced trading features, including limit orders, real-time charting, and stop-loss orders to allow experienced traders to place customized orders through an order book.
  • CS premium: Offers an OTC desk and personalized services for individuals and institutions looking to fill large orders of $25,000 and above.
  • CoinSmart app: Offers a top crypto trading app for iOS and Android to allow you to access your wallet and trade 24/7.

NDAX vs CoinSmart: Promotions

CoinSmart offers a more generous sign-up bonus than NDAX.

If you create a CoinSmart account via my special link and deposit $200+, you get a $50 cash bonus vs NDAX’s sign-up bonus of $10.

Is NDAX safe?

NDAX is a safe and legit crypto exchange in Canada that’s registered with FINTRAC and employs top security standards to keep your digital assets secure.

Top security features on NDAX include 2FA, cold storage, and insurance protection.

Is CoinSmart Safe?

CoinSmart is a safe and legit FINTRAC-registered MSB that employs top security features to secure users’ crypto assets, including 2FA, Bitgo and Fireblocks custody, Cold storage, and safe/secure verification.

NDAX vs CoinSmart: Conclusion

CoinSmart is great for beginners looking for an easy-to-use platform to buy crypto with a single click. It’ll also work well for experienced traders as it offers advanced trading features and real-time charting.

NDAX is great for experienced traders looking to access a wider crypto list, TradeView Charting tools, and crypto staking services.

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.

Related:

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.

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