NDAX Review: Low Fees and Canadas Best Selection of Cryptocurrency Coins
Founded back in 2014, Coinsquare is one of the first Canadian cryptocurrency platforms in Canada. Founded in 2016, Bitbuy is another famous Canadian crypto exchange. But remember, the platform is custodial, so your funds will be kept by the centralized institution. This can potentially mean that your funds are not in safe hands. The platform also uses standard industry practices to keep your funds safe, such as 2-factor authentication and DDoS mitigation. And unlike many other crypto sites, there’s no fee for deposits.
After combing through numerous genuine NDAX user reviews, the takeaway is that the NDAX customer service could use some work. Specifically, some users have complained about the slow response rate of support representatives and their inability to solve specific issues. It is among the highest in the Canadian FinTech industry and the first crypto platform to receive SOC2 Type II certification in Canada. Trade of cryptocurrencies is a high risk investment, not suitable for all investors.
It allows residents within Canada to buy, trade, and sell ndax review 12 cryptos such as BTC, ETH, DOGE, and others. NDAX is extremely secure, regulated, and has a great customer support system, but it supports fewer assets and has higher trading fees. NDAX is still a great platform with helpful learning resources and a decent trading interface.
Useful features
NDAX has created a trading platform to buy and sell popular digital currencies without complications. An advanced trading platform with TradingView charts for experienced investors with an intuitive and easy-to-follow design for beginners. NDAX also has a calculator to see how much Bitcoin or crypto can be bought and sold with CAD. NDAX.IO is a reputable Canadian trading platform that was founded in 2014 in the province of Alberta.
The National Digital Asset (NDAX) Review – Fees, Deposit Methods, Supported Coins
Your fiat funds are held in segregated bank accounts separate from NDAX’s own operations. If anything were to happen to the exchange, like insolvency, your money is protected and can be returned to you – something most exchanges don’t highlight. While some exchanges advertise zero trading fees, they often compensate with higher spreads. In our experience, NDAX keeps spreads reasonable, which can make it a more cost-effective choice for trading. That said, traders moving larger amounts might benefit more from NDAX’s predictable fee structure. These questions are part of the regulatory requirements set by FINTRAC (Canada’s financial intelligence agency).
- It also has fast processing times for deposits and withdrawals.
- While Ndax’s focus on Canadian residents ensures a specialized and secure trading environment, it also means the application won’t be an option for you if you’re not based in Canada.
- Ndax has simplified the buying and selling process for crypto-enthusiasts of all experience levels.
- NDAX has an easy-to-grasp and user-friendly interface ideal for beginners.
- Ndax is a homegrown crypto exchange for new and seasoned crypto enthusiasts in Canada.
- Advanced traders are generally familiar with the account opening process, but beginners new to the crypto world may be questioning how the process works.
It’s updated regularly and is worth checking out if you want some crypto news or are interested in learning. The charts and order books aren’t clunky or squished, as is often the case with mobile trading apps, and its simplicity is a real strength. I would highly recommend downloading it if I were using their services. For those less interested in trading, NDAX allows you to set up recurring purchases to secure any dollar-cost averaging you want to do, making it great for passive investors as well. Our extensive analysis of the Canadian Crypto Exchanges doesn’t stop here.
- These regulatory bodies enforce stringent security and transparency standards.
- If everything checks out, NDAX will confirm your account, and you’ll be ready to transfer funds and begin trading.
- After thorough research and testing, it’s clear NDAX is a strong cryptocurrency exchange geared towards a Canadian audience.
- It also follows Anti-Money Laundering (AML) policies to help prevent fraudulent activities on its platform.
- In a few short years, NDAX has earned the trust of Canadians looking to trade crypto by managing to become fully compliant with all local financial regulations.
How to Buy Crypto on Ndax
When you add the markup and the trading fee to the mix, this purchase cost me a total of 1.70%, and the majority of that cost is attributed to the missing $0.30. For perspective, if that $0.30 had not been deducted, my trade would have only cost me 0.67% in total. This is where you need to be vigilant and pull out that trusty calculator. Make sure everything adds up, that your trading fee is no more than 0.2%, and that you are not being shorted on the trade like I was. To buy crypto on Ndax, you can use the Quick Buy/Sell block on the right side of your dashboard.
NDAX Review FAQs
This way, you can trade without worrying about shady activities. Firstly, you can earn Annual Percentage Yields (APYs) ranging from 3.5% to 12%, depending on the cryptocurrency you choose to stake. This means you can grow your holdings without actively trading.
Comparing NDAX to Other Leading Crypto Exchanges in Canada
To see a full list of all the coins and their respective fees, click here. One downside is that NDAX charges hefty fees when withdrawing your Canadian Dollars. The good news is that you can receive a $10 signup bonus just by using this link. NDAX is an excellent crypto exchange that makes it easy for newcomers to the crypto market to buy and sell their first cryptocurrency. These are the top 3 reasons why I like to recommend NDAX to Canadian crypto investors.
Lack of Margin and Futures Trading Options
This is the only trading option available, so if you want to swap directly between crypto pairs, you’re out of luck on Ndax. You will always have to trade back into CAD and then re-trade your CAD with the new token you want. While the Quick Buy/Sell feature on the main dashboard certainly is convenient, it won’t meet the needs of more advanced traders. If you need more sophisticated tools, navigate to the menu panel on the left of your screen and click Trading. There was no mystery discrepancy, the fee was a consistent 0.198%, lower than the advertised fee of 0.2%. I actually fetched a better price on my sale because Ndax quoted a BTC price that was 0.4% HIGHER than its live market price.
You may be wondering how NDAX stacks up against Bitbuy, our top-rated crypto exchange for 2021. To be honest, there isn’t a lot that separates these two exchanges. If we had a runner-up category, it might even go to NDAX.