NDAX

NDAX.io is a Canadian cryptocurrency exchange with 30+ coins, low spreads, 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 crypto exchanges and brokers.

Keep reading to see how NDAX compares to the competition and why it's one of the best choices for Canadians.

NDAX Overview

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 Some info in the video could be outdated so refer to the rest of the blog post as well.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

NDAX's Best Features

Quick Buy/Sell

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

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 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. One of the best staking platforms in Canada is Kraken (centralized exchange).

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 18 Canadian brokers and exchanges, NDAX was one of the cheapest apps overall.

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. 

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 Newton, VirgoCX and Shakepay BTC withdrawals are free.

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

User Security Features

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.

• Live Chat (visit website or login to your account)
• Contact Page (https://ndax.io/contact-us)
• FAQs (https://help.ndax.io/)
• Email (support@ndax.io)
• Phone (1-833-727-NDAX)

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.

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)