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NDAX.io Review

Last Updated: Aug 3, 2022  |  Published: Mar 27, 2022


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NDAX.io is a relatively popular crypto exchange in Canada with 30+ coins, advanced trading, staking, and more. In this review, we took a deep look at NDAX on over 60 variables from fees, security, features, and more. This is also part of a larger review where we tested 20 Canadian cryptocurrency exchanges.

This post will show you how NDAX compares to other exchanges and why it's one of the best choices for Canadians. Let's jump in.

NDAX Overview

Total Fees & Spreads: Mar 02, 2022

Coins Offered

30+ (BTC, ETH, XRP, ADA, SHIB, DOGE, LUNA, AVAX, SOL, GALA, DOT, XLM, SAND, USDC, UNI, and more)

Total BTC Purchase Fee

0.49% (🏆 1st overall)

Total BTC Selling Fee

0.26% + $4.99 (🏆 1st overall)

BTC Spread

0.35% (6th place)

Trading Fee

0.20%

Funding Methods

Interac e-Transfer

Wire Transfer

Bank Draft

CAD Deposits

Free

CAD Withdrawals

$4.99 fee (fixed)

BTC Withdrawals

0.000399 BTC fee

Notable Features

Low fees, Staking, beginner & advanced trading

If you're looking for just the overall review, here it is:

The Bottom Line

We recommend NDAX if you want some of the lowest fees for buying Bitcoin and cryptocurrencies in Canada.

All fees considered, NDAX is the cheapest platform we found in Canada. The total CAD/BTC purchase fee was 0.49% which was 1st place out of 18 platforms. They have 30+ coins, 0.20% trading fees, free e-transfer deposits, pro trading, and more.

Pros & Cons

  • Lowest fee to buy Bitcoin in Canada and cash out Bitcoin (18 platforms tested)
  • Beginner and advanced trading tools
  • Good fiat on/off ramp for Canadian dollars (e-transfers, bank transfers, etc)
  • Fixed crypto withdrawal fees (Newton, VirgoCX, Shakepay have mostly free crypto withdrawals)
  • Only 30 cryptocurrencies (lower than the Canadian average of about 50)
  • $4.99 flat fee to withdraw CAD (other top platforms are free)
  • High fees for staking

Video Review

Don't want to read? Watch the video review published on Mar 20, 2022. Some info in the video could be outdated so refer to the rest of the blog post as well.

What Is NDAX?

NDAX.io (National Digital Asset Exchange) is a Calgary-based cryptocurrency exchange founded in 2018. The platform is for everyone since it offers beginner and advanced trading, staking and low fees for Canadians.

When you visit the web app or mobile app, it has a good user interface that's straightforward to use. The key difference from 20+ other Canadian exchanges is NDAX has some of the lowest fees and spreads. By using NDAX, you get a great bang for your buck. 

Some Stats

  • Founded in 2018
  • Based in Calgary 🇨🇦
  • 25+ employees according to LinkedIn

User Interface

  • Web app

  • Mobile App

NDAX Features

NDAX has built a platform for traders at all levels. Beginners can access a quick buy/sell page while advanced traders can use their pro trading terminal. Opening an account is also very smooth and the process takes a few minutes. On the downside, NDAX only has 30+ coins which is less than half of other popular Canadian platforms Newton and VirgoCX.

Here is everything you can do on NDAX:

List of Features:

  • iOS, Android and Web app
  • 30+ cryptocurrencies
  • Quick Buy/Sell
  • Advanced Trading
  • Recurring Purchases
  • Staking
  • NDAX Wealth (OTC Desk)
  • Affiliate Program

Quick Buy/Sell

NDAX Web App Home Page

On the home dashboard, beginners can use the Quick Buy/Sell on the top right section of the screen. This is the easiest way to use NDAX and the same thing can be done in the mobile app.

Advanced Trading

NDAX Web App Advanced Trading

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 CAD trading pairs. And if you need to trade on the go, everything is available in the mobile app as well. There are also many advanced order types like:

  • Market
  • Limit
  • Stop
  • Stop limit
  • Trailing stop market
  • Trailing stop limit
  • Fill or kill
  • IOC
  • Reserve order  

Recurring Purchases

For those looking to dollar-cost average (DCA), users can setup recurring purchases on the web app. Buy any coin on autopilot based on how much you want to invest and the timeframe (daily, weekly, monthly).

Stake 5 Coins

NDAX Staking

NDAX recently rolled out staking for Ethereum, Polkadot, Cardano, The Graph, and Matic. The APY currently ranges between 4.8% to 8% and payouts are made daily or weekly depending on the coin. Many exchanges offer staking so I recommend comparing rates. For example, NDAX charges a 20% admin fee on staking and doesn't have the highest APY's. Kraken is the best (centralized) place to stake in Canada as of this writing. 

NDAX Wealth (OTC)

Investors who are 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 high volumes with reduced slippage. 

Affiliate Program

Every account comes with its own unique affiliate link that you can share with friends. You will earn up to $25 for free when your friend opens an account and deposits $100. You can also earn 10% of all trading fees for 1 year or a cap of $1,000.

Other NDAX Features

  • Light theme & dark theme
  • API Key
  • English/French
  • Price alerts
  • Instant Crypto (send or receive payments/gifts to friends)

Fees & Spread

After testing Canada's most popular exchanges, NDAX is one of the cheapest all fees considered.

NDAX had a 0.49% total BTC purchase fee (1st place) and a 0.26% + $4.99 total fee to cash out BTC to your bank (1st place). The BTC spread was 0.35% (6th place). Out of 18 platforms tested and all fees considered, NDAX has the lowest fees for buying Bitcoin in Canada

NDAX.io Fees

Amount

*Total BTC Purchase Fee

0.49% (🏆 1st place)

*Total BTC Selling Fee

0.26% + $4.99 (🏆 1st place)

Trading Fee

0.20%

Staking Fee

NDAX takes a 20% admin fee

CAD Deposits

Free

CAD Withdrawals

$4.99 Fee (Fixed)

BTC Withdrawals

0.000399 BTC

Other Fees

N/A

More Information

We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
  • Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference

You can compare all platforms from the price test on this page

Price Test & Spread

Price Test (On Mar 2, 2022)

Prices

BTC Spread

0.35% (6th place)

BTC Buy Price

$55,936

BTC Sell Price

$55,738

Ref. Price Difference

Buy: +0.29%

Sell: -0.06%

Reference Price (Google)

$55,774

Deposit & Withdrawals

Overall, NDAX is a good fiat on/off ramp in Canada. It has fast and free CAD deposits via e-transfer and wire transfer. Withdrawals have a $4.99 fixed fee which was lowered from $25.

When it comes to crypto withdrawals, the fees are not the cheapest in Canada. NDAX has flat fee to withdraw Bitcoin and cryptocurrencies. For BTC, it's a 0.000399 BTC withdrawal fee ($23 fee when this was written). On NewtonVirgoCX and Shakepay BTC withdrawals are free.

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

0-30 Minutes

Max $10,000

Wire Transfer

Free

0-1 Business Day

No Limits

Bank Draft

Free

0-1 Business Day

No Limits

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Wire Transfer

$4.99

0-1 Business Day

No Limits

Direct Bank Transfer

$4.99

0-1 Business Day

No Limits

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0.000399 BTC

0.000399 BTC

Ethereum

0.0099 ETH

0.0099 ETH

USDC

16 USDC

16 USDC

XLM

8 XLM

8 XLM

Security

NDAX is as safe as any popular Canadian exchange. They are compliant and follow industry best practices like putting crypto in cold storage, requiring 2 factor authentication to login, and more. They are also good at communicating their security features on their website. 

Here is a list of NDAX's security features:

Company Security Features

  • Never had any hacks (founded in 2018)
  • FINTRAC Registered: #M18632135
  • Holds majority of crypto in cold storage (doesn't say how much)
  • Multi-Signature approvals to move crypto out of cold storage
  • $13 million in insurance on cold storage
  • Data servers are isolated and monitored 24/7
  • Employee screening and security training
  • Daily audit
  • See the rest on their security page

User Security Features

  • 2 Factor Authentication
  • Whitelist addresses in your address book
  • View login history for suspicious activity (see IP addresses, recent logins, etc)
  • Force logout after 20 minutes of inactivty
  • Face ID / Touch ID / Pattern Login on mobile
  • See the rest on their security page

Is NDAX.io Safe?

Yes, NDAX is a safe platform. They've never been hacked (founded in 2018), they hold the majority of assets in cold storage, and users can secure their accounts with 2FA. They are also FINTRAC registered in Canada and have many other security features.

⚠️ Although NDAX is considered safe, 44% of platforms we tested have had a hack or incident. We strongly recommend storing and protecting your crypto on a hardware wallet or a wallet where you own the private keys.

Customer Support

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.

NDAX Compared

NDAX vs. Newton

Newton has 70+ coins, $5 off crypto withdrawals, and a total BTC/CAD purchase fee of 0.69%. On the other hand, NDAX has 30+ coins, pro trading, and a total purchase fee of 0.49%. Both are great choices for Canadians. NDAX is better for advanced trading and has slightly better purchase fees. Newton is better for altcoins and withdrawing crypto cheaply, but is still low-cost as well.

See the full NDAX vs Newton review

NDAX vs. Coinbase

Overall, NDAX has 30+ coins, CAD trading pairs, and a total BTC/CAD purchase fee of 0.49%. On the other hand, Coinbase has 140+ coins, no CAD trading pairs, and a 4.54% total purchase fee. NDAX is significantly cheaper and a better fiat on/off ramp for CAD.

Here at RankFi, we're tracking Canada's top cryptocurrency exchanges. You can compare all of them below to find the best one for you:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

150+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

35+

Yes

1.24%

1.67%

0.50%

11/18

25+

Yes

1.99%

0.41%

1.50%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool

Summary

Overall, NDAX is a low-cost cryptocurrency exchange and a good fiat on/off ramp for Canadians. It has 0.20% trading fees, low spreads, beginner and advanced trading, and 30+ cryptocurrencies.

After comparing over 20 platforms, NDAX is one of the best choices for Canadians who want low fees, low spreads, and advanced trading.

Reasons To Use NDAX

  • Lowest spreads and total purchase fee in Canada (15+ platforms tested!)
  • Suitable for beginner and advanced traders
  • Good advanced trading platform
  • Good fiat on-ramp and off-ramp for CAD

Reasons To Not Use NDAX

  • Only 30+ coins offered (Try Newton for 70+ or Binance for 600+)
  • Crypto withdrawal fees are a bit higher than Newton and other places
  • Staking has a 20% fee (Try Kraken for staking in Canada)
NDAX.io

Get $10 Free when you deposit $100


NDAX

NDAX.io

Get $10 Free When You Deposit $100 Or More

Best Crypto Exchanges Canada 2022

Newton.co

Top Overall

1. Newton

NDAX

Lowest Fees

2. NDAX

VirgoCX

Top Runner Up

3. VirgoCX