Highlights
What Is NDAX?
NDAX.io (National Digital Asset Exchange) is a Calgary-based cryptocurrency exchange founded in 2018. They offer 30+ cryptocurrencies, beginner and advanced trading tools, free interac e-transfers, and a simple user interface.
One of its key selling points is their low fees. After factoring in trading fees, spreads and more, they have some of the lowest fees in Canada. It's a great place to quickly buy Bitcoin and popular cryptocurrencies with Canadian dollars.
Things To Know
Pros & Cons
Key Features & Benefits
Other NDAX Features
NDAX Walkthrough
Home Dashboard
On the home dashboard you can get an overview of your portfolio value, 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 and quickest way for beginners to make trades on NDAX.
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. There are also many advanced order types like:
- Market Orders
- Limit Orders
- Stop
- Stop limit
- Trailing stop market
- Trailing stop limit
- Fill or kill
- IOC
- Reserve order
Crypto Staking
NDAX's staking service supports Ethereum (ETH), Polkadot (DOT), Cardano (ADA), The Graph (GRT), and Polygon (MATIC). Depending on the asset, the APY falls between 4.8% to 12% and payouts are made daily or weekly. However, the downside is NDAX charges a 20% admin fee and doesn't have the highest rates. Another alternative to research would be Kraken because it has more coins and zero-fee staking.
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!"
- 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 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 had 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 also holds crypto transfers long after its been processed on the blockchain, sometimes for days. NDAX has a 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.
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 has been operating since 2018 and has never had any hacks. In addition, they hold crypto in cold storage, are working with regulators in Canada, and have strict security protocols. You can also add extra protection to your account with features like two-factor authentication and address whitelisting.
All things considered, NDAX is safe, just like any other regulated platform in Canada. However, they are still a centralized exchange who has control over your funds. It doesn't beat a self-custody wallet like a hardware wallet.
Company Security Measures
Account Security Features
Online Reviews
I headed to Reddit, Trust Pilot and other online reviews to see what other people thought about NDAX. The main concerns are slow withdrawal times, blocking or holding crypto deposits, and slow customer service. Despite a few negative reviews, there was many positive reviews about the customer service as well and overall, NDAX is well-liked by the community.
NDAX Alternatives
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.
The Bottom Line
Overall, NDAX is less popular than apps like Shakepay and Coinbase, yet it's one of the cheapest places to buy Bitcoin in Canada. My tests showed that the all-in purchase fee to buy Bitcoin was 0.49%. This was first overall out of 18 platforms.
NDAX is a great platform for cheap Bitcoin and Ethereum purchases and it has free e-Transfers, 0.20% trading fees, and a simple user-interface. However, the downsides include low volume on certain altcoins, high crypto withdrawal fees, and a limited selection of assets.
Reasons To Use and Not Use NDAX:
Get $10 Free when you deposit $100 or more
