NDAX is a fully regulated cryptocurrency exchange in Canada with some of the lowest fees on the market. You can sign up here to get $10 free when you deposit $100.
Key features include 37 cryptocurrencies, free e-transfer deposits, competitive fees, crypto staking, and an easy-to-use interface with beginner and advanced trading tools.
We like NDAX because after comparing 25+ Canadian exchanges, they were the cheapest place to purchase Bitcoin with Canadian dollars (even with their 0.20% trading fee).
What Is NDAX?
NDAX.io (National Digital Asset Exchange) is a Calgary-based cryptocurrency exchange founded in 2018. They offer 39 cryptocurrencies, beginner and advanced trading tools, and free Interac e-Transfers.
A big selling point is their competitive fee structure. We've tried a lot of exchanges at RankFi, and NDAX has consistently been one of Canada's cheapest Bitcoin exchanges.
Things To Know
NDAX has a trading fee of 0.20%
Our tests showed it was the #1 cheapest place to buy Bitcoin in Canada
Sometimes small altcoins can be expensive due to low volume. Consider a dedicated exchange for altcoins if you want a wider selection and more volume
NDAX has been operating since 2018 and have never been hacked or lost users funds
Deposits are free however, withdrawals cost $1.50 for e-transfers and $4.99 for Bank Transfers
Other features include recurring buys, staking, and an OTC desk
The crypto withdrawal fees and staking fees are relatively high
Pros & Cons
Good Prices:Lowest fee to buy Bitcoin and cash out Bitcoin in Canada (18 platforms tested).
Good UX: Users enjoy beginner and advanced trading features.
Great Fiat On/Off-Ramp: Easily deposit and withdraw Canadian dollars from your bank account.
Good Security: Fully compliant in Canada and never had any hacks or incidents.
Fast Sign Up: Start trading the same day with NDAX's automated approval process.
Expensive for Small Altcoins: Just like many Canadian-based exchanges, some altcoins have low liquidity and can therefore be expensive.
Cashing Out: $1.50 withdrawal fee for e-transfers and $4.99 for EFT withdrawals.
Slow Crypto Transfers: NDAX can hold your crypto much longer than the actual blockchain times, sometimes for hours or days. They have also locked our funds once and asked a ton of questions due to "compliance".
Crypto Withdrawal Fees: Some coins are expensive to withdraw, make sure to check the fees first. Competitors like Newton, VirgoCX, Shakepay have free withdrawals on many coins.
Small Selection Of Assets: They are slow to add coins and only support 39 cryptocurrencies.
NDAX Key Features
Free e-Transfers:NDAX offers free Interac e-Transfer and bank transfer deposits, letting you quickly deposit funds from any Canadian banking institution.
Competitive Fees:NDAX has a fixed trading fee of 0.20%, which is lower than most platforms who have zero trading fees but charge a hidden spread. We published a comparison tool and found that NDAX was the #1 cheapest place in Canada to buy Bitcoin. This is one the major reasons to consider NDAX.
Fully Regulated: NDAX is a secure and compliant Canadian crypto exchange. They are licensed in every province and territory and have been operating since 2018 without any hacks or loss of funds. More info on their security below.
Fast Verification: Opening an NDAX account took me just a few minutes. After uploading my ID and filling out the info, I was automatically verified and ready to trade within minutes. You can sign up here to get $10 free when you deposit $100 or more.
Trading for All Levels:NDAX has Quick Trades for beginners and a Pro Trading Terminal for advanced users. You'll find charting tools, live order books, and many advanced order types. Everything works on the mobile app as well if you like to trade on the go.
Other NDAX Features
Staking: NDAX supports staking for 9 crypto assets including Solana (5.5% APY), Celestia (11%), and Polkadot (up to 12%). Keep in mind, NDAX charges a 20% staking fee. We like Kraken for staking in Canada.
Recurring Purchases: For anyone looking to dollar-cost average (DCA), NDAX helps you set up recurring buys. You can buy any coin on autopilot on a daily, weekly, or monthly timeframe.
NDAX Wealth: Investors looking to trade $200,000 or more can visit the NDAX OTC desk. They give you a personalized service, a deep liquidity pool, and help you trade at higher volumes with reduced slippage.
Affiliate Program: You can invite friends to NDAX and earn up to $25 when they sign up. Your friend will also get $10 free once they deposit $100.
Instant Crypto: This feature allows you to send or receive payments and gifts to friends.
NDAX Trading Fees
NDAX has a fixed trading fee of 0.20% and doesn't make money from the spread, unlike many other Canadian platforms. Overall, NDAX was the #1 cheapest platform to buy Bitcoin in Canada out of 20+ platforms we tried. We published the results in our comparison tool.
Deposit & Withdrawal Fees
NDAX lets customers deposit Canadian dollars via Interac e-Transfer and Wire Transfer completely free. Withdrawals, however, will cost $1.50 for e-Transfers (max. $3,000) and $4.99 for Bank Transfers (no limit).
As for crypto withdrawals, NDAX charges a flat fee (usually with a mark up), rather than dynamic fees based on the actual blockchain rate. For instance, BTC withdrawals cost a flat 0.000399 BTC ($37.56 currently) and ETH withdrawals cost 0.0099 ETH ($50.16 currently). They do, however, support multi-chain withdrawals which can dramatically reduce the costs and recently added a free Bitcoin withdrawal option.
NDAX Security: Are They Safe?
NDAX is a secure exchange. They've been operating since 2018 and have never been hacked or lost users funds. They also hold digital assets in cold storage, are regulated in Canada, and have strict security processes.
Users can further secure their account with two-factor authentication and address whitelisting. All things considered, NDAX is safe and has no red flags. Here is a list of all the security features I could found:
Company Security Measures
Never had any hacks (founded in 2018)
FINTRAC Registered: #M18632135
Pre-registered with the Ontario Securities Commission (OSC)
Holds majority of crypto in cold storage (doesn't say how much)
Multi-Signature approvals to move crypto out of cold storage
While NDAX is considered safe, you still shouldn't hold large balances on a centralized platform. The safest option is to self-custody your funds, ideally on a hardware wallet. Our hardware wallet list makes it easy to research the best ones.
NDAX Walkthrough
Home Dashboard
On the home dashboard you overview your portfolio, transaction history and other information. There is also a Quick Buy/Sell section on the top right section of the screen. This is the easiest way for beginners to trade.
Advanced Trade
Here, users can access TradingView Charts with technical analysis tools. In the screenshot above, you'll also see there is a live order book, price alerts, and many CAD trading pairs. If you need to trade on the go, everything is available on the NDAX mobile app as well. Advanced order types include:
Market Orders
Limit Orders
Stop
Stop limit
Trailing stop market
Trailing stop limit
Fill or kill
IOC
Reserve order
Customer Service
NDAX.io can be contacted through live chat, email and phone. If you don't need to speak with a member of their team, you can visit the help desk for answers to common FAQs. According to reviews online and my personal experience, NDAX has great customer support. A Google Review online wrote:
"I'm on many different crypto exchanges so I can say from experience, the customer service on NDAX is really the best! Can't believe how fast they solve the problems compared to other exchanges! Quick, polite, professional!"
Helpful Info:
Live Chat (visit website or login to your account)
I headed to Reddit, Trust Pilot, and other online review sites to see what other people are saying about NDAX.
The main concerns are slow withdrawal times, blocking or holding crypto deposits, and slow customer service. However, despite a few negative reviews, the overall response was positive and NDAX is well-liked by the community.
A reddit user wrote, "They seem very safe and trusted by the community and do not have hidden fees. I don't understand why aren't yet the biggest exchange here in Canada."
Another wrote, "the spread is visible on buy/sell and they’re upfront about withdrawal. I never had trouble with the site, and their customer service is legit."
Another Reddit user wrote, "No issues with ndax, if I withdraw funds I receive within 2 days, easy to see your profit and loss you just need to know where to look. Only issue is they need to add more coins."
One user on Trust Pilot had to wait days to receive their crypto, "Blockchains send crypto instantly between wallets and all exchanges except NDAX plays games and holds all crypto deposits for hours and sometimes days before allowing you access to it. You get a code stating Anti Money Laundering Failed, they say its a general statement, but do nothing to assist you getting your crypto."
Another 1-star review had a similar story, "Highly disappointed at the blatant disregard of logic and the turnaround times. Beware, they WILL HOLD YOUR MONEY UNTL THEY SEE FIT. There is no logic to the holds and "compliance" and they offer no real solutions just delays and delays and you hoping to god after a week they haven't stolen your funds. There's more reliable exchanges."
"Depositing is a breeze they'll take that in a second, but the moment you try to withdraw they're going to charge you a ridiculous fee, lock your funds, and have not one support rep answer for about a week."
Is NDAX Worth It For Canadians?
After using NDAX for several years, it's my go-to crypto exchange for buying Bitcoin, Ethereum and USDC with $CAD because I can't find anything cheaper. I've tried lots of platforms to find Canada's lowest cost option, and NDAX is it. If you'd like to sign up, click here to get $10 free when you deposit $100.
However, no platform is perfect. The drawbacks with NDAX are a limited selection of coins (39), occasional app bugs, and low volume on small altcoins, resulting in higher fees or slow execution on your trades.
In fact, most platforms based in Canada have low volume compared to the global players. So if you want to buy mid-cap or low-cap altcoins cheaply, I recommend a second exchange dedicated for altcoins, while keeping NDAX is as your fiat on and off-ramp.
Pros and Cons
Cheap Bitcoin and Ethereum purchases in Canada
Suitable for beginner and advanced traders
Good fiat on-ramp and off-ramp for CAD
Only 37 coins supported (Try Newton for 70+ or LBank for 400+)
High crypto withdrawal fees and slow transfers sometimes
Staking has a 20% fee (Try Kraken for zero-fee staking in Canada)
Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.
To get these numbers, we bought Bitcoin on 18 platforms at the same time and compared it to Google's BTC price as a reference.
*Total Purchase Fee = CAD Deposit Fee + Trading Fee + the % difference from Google's BTC Price
**Total Selling Fee = Trading Fee + CAD Withdrawal Fee + the % difference from Google's BTC Price
***BTC Spread was taken on a random day to compare all platforms. It is subject to change
Security
Founded
Uses Cold Storage?
FINTRAC Licensed
OSC Regulated
Insurance Policy
Hacks or Incidents
CDIC Insured?
2018
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Proof of Reserves
2FA
KYC
Publicly Traded
Headquarters
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Calgary
A summary of Canada's major cryptocurrency exchanges and brokers. Over the last 3 years, we put every Canadian platform to the test across 60+ features each. Visit our free comparison tool here or see this year's Best Canadian Exchanges.
