NDAX Review: A Comprehensive Look at This Crypto Exchange

NDAX has one of the lowest spread fees compared to other Canadian crypto exchanges, but one drawback is the higher fees to withdraw crypto.

If you are wondering is NDAX is a scam? The answer is NO. It is a legit crypto exchange. I use NDAX for trading and have extensively researched their trustworthiness for over 3 years.

However, it may not be the best crypto exchange for everyone. In this NDAX review, I will take you through the good and the bad of the NDAX cryptocurrency exchange to help you figure out if it’s the best crypto exchange for your needs.

My conclusion: NDAX is best for traders and buying and selling larger amounts of crypto (over ~$3000 and up). NDAX account signup was easy and automated and I got $10.

NDAX uses TradingView charts for the ‘Trade’ dashboard. They offer staking on a number of digital assets. Plus, you can toggle ‘Dark mode’ on and off — so you know it’s legit and made for traders. 🙂

✅ TL;DR Summary of NDAX Review

Why I LIKE NDAX:

1. Tight Spreads
2. NDAX has within-the-hour deposits/ Withdrawals to your bank account for OTC Trades
3. Staking
4. Quick Buy/Sell or Trading View
5. Recurring Buys
6. Advanced Order Types
7. TradeView Charts
8. Good Customer Service

Why I DON’T LIKE NDAX:

1. High Fee to withdraw crypto

NDAX Review Rating

My conclusion: NDAX is best for traders and buying and selling larger amounts of crypto (over ~$2500 and up).

Operating System: Web, iOS, Android

Editor's Rating:
4.4

Get $10 NDAX sign-up bonus

Review Methodology

Community Reputation
We research social media mentions on Reddit, Twitter, and app store ratings over the last year to aggregate a reputation rating.

Buy and Sell Crypto on the App / Exchange
We use every app or service we review. Test how easy it is to use. How fast do funding and deposits happen.

Customer Service
We send in customer questions via multiple channels to measure helpfulness and response time.

Advanced or Uniquely Helpful Features
What makes it special or unique from the competitors.

NDAX Quick Overview

National Digital Asset Exchange (NDAX) is a Canadian-based digital asset exchange designed for both individuals and institutions.

• Founded in 2018
• Located in Calgary, Alberta
• Has 34 employees according to their LinkedIn

Read my NDAX Review

NDAX Fees

• Deposits and withdrawals: $0
• Spread: 0.2%
• Crypto withdrawal: 0.000399 BTC (~$13)
• Interac eTransfer withdrawals: $1.50
• Check fees and prices on NDAX

Funding & Withdrawal Options

• Interac E-Transfer
• Bank Draft

Cryptocurrencies: 30+

✅ NDAX Pros

• Dark mode
• Full exchange for traders
• Low spread fee
• Option to send coins on the Ethereum (ERC20) or the Binance Smart Chain (BEP20) networks
• Staking – Earn staking rewards from your crypto
• Tradingview Charts

❌ NDAX Cons

• Crypto withdrawal fee is high

Visit NDAX (Get $10) 👉

NDAX Fees and Pricing Comparison

How To Use NDAX: User Interface

1. Sign Up To NDAX – Get $10
2. Verify your account
3. Click > Deposit – to transfer CAD $ Dollars with Interac eTransfer or Wire Transfer to NDAX

The NDAX dashboard can be slightly overwhelming at first. The below image is a screenshot of the NDAX dashboard on my desktop website.

The deposit/withdraw options in the top menu are how you send and receive both Canadian dollars $ and crypto to your NDAX wallets. The menu on the left can expand or be minimized by clicking the ‘<‘ arrow at the top. This menu features the services NDAX offers; Trade, Staking, Recurring Buys, Transaction History, and more.

To exchange your $ CAD for crypto — use the ‘Quick Buy/Sell‘ to easily buy or sell.

1. Select the trading pair/cryptocurrency from the dropdown menu
2. Click the ‘Amount’ input box to enter your buy/sell order
3. Confirm and the crypto will be available on via the wallets page to withdraw to your wallet. There will be a fee to send crypto to your wallet. The fee depends on the asset.

Click > Trade for a pro-trade dashboard that shows the order book, coin liquidity, trading pairs, price alerts, TraderView chart, spread, and more.

When you select Buy/Sell in the Trade view you will be shown an order box with more advanced order types like; Market, Limit, Stop, Trailing Stop Limit, and more.

NDAX Withdraw Fees

Send crypto to your wallet or transfer fiat to your Canadian bank account for a flat-rate withdrawal fee. Each crypto has a unique withdrawal fee. No percentages. No hidden fees. NDAX makes it clear at each step what the fee will be and has a transparent breakdown to show you.

They have been lowering the fees in the last year. It’s worth noting that features and pricing can change over time, so you might want to check the official websites for updated information.

A good alternative to NDAX exchange is Newton — It is one of the best all-around exchanges. Has low fees, Interac e-transfer (deposits & withdraws, is simple and easy to use, and has lots of altcoins to buy and sell. It is great for beginners.

Here is more proof I have been a longtime NDAX user. Below are screenshots of some of my deposits and withdrawals when testing NDAX.

NDAX Coins & Trading Pairs

NDAX Staking

Earn more from your coins while you HODL! Stake your digital assets easily and collect rewards through regular payouts. NDAX users can earn up to 13% APY by staking their crypto. With daily and weekly payouts.

NDAX offers staking on 9 crypto assets; Near (NEAR), Polkadot (DOT), Solona (SOL), The Graph (GRT), Matic (MATIC), Ether (ETH), Celestia (TIA), Cosmos (ATOM), and Cardando (ADA).

I haven’t tried staking yet on NDAX. I am kind of paranoid about leaving crypto on exchanges.

NDAX Wealth – OTC Desk

Make large trades through NDAX Wealth offering a personalized service with no price slippage. Built exclusively for investors looking to trade $200,000 or more.

NDAX Security

The official website URL of NDAX is: https://ndax.io

NDAX is backed by Ledger Vault. There have been no known hacks or security breaches at NDAX.

• Customer private keys are stored in isolation and protected by an enhanced governance framework, reducing custodial risk
• Segregated crypto asset accounts with multi-signature technology
• Hardware Security Module (HSM) with true N-signature access, giving predetermined legal and accounting firms access as additional key holders in case of emergency
• Regulatory compliance
• Fully operational cold storage and liquidity management

For insurable incidents, including fraud, NDAX holds:

• USD 5 million on its cold wallets, covering internal theft and Hardware Security Module (HSM) malfunction.
• USD 3 million in insurance per instance on its hot wallets.
• CAD 5 million in general business liability.

Read more about NDAX security.

NDAX Regulation

NDAX is registered with the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC) and Revenue Québec as a Money Service Business (MSB). NDAX complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and other applicable laws and regulations.

Robust compliance procedures set NDAX apart in the cryptocurrency industry by fostering a strong reputation with regulatory and governmental bodies. NDAX maintains strict Know Your Client (KYC) processes aligned with industry best practices and required under legislation.

FINTRAC Registered: M18632135

Revenue Québec License Number: 904486

NDAX Customer Service

In my experience — NDAX has had excellent customer service.

NDAX has a contact email and phone number on the website that can be used to contact support. You can also ‘create a ticket’ for support within your account., on the support center page.

Reddit – /r/NDAX is the NDAX subreddit. Staff from NDAX are responsive to questions in the subreddit.

Whenever I have contacted NDAX customer support they have usually responded within an hour to answer my question. If I had a more difficult problem — I would still receive a quick reply and someone else would be getting back to me in the future. It is always appreciated to know that the message was at least received.

NDAX is closed on some Canadian holidays. So this will mean delays on those days when transferring funds. They are always vocal via email ahead of time to clarify when this is happening.

NDAX Reputation and Reliability

NDAX’s reputation so far is good on Reddit, Twitter, and the app stores. I haven’t had any issues with NDAX. I also never leave crypto on any exchange. I always self custody my digital assets.

There have been intermittent issues with the exchange but nothing out of the ordinary and seems to hold up well during peak times.

NDAX.io App Compared to Other Canadian Exchange Apps

Alternative Exchanges To NDAX

If you already use NDAX and want to try another Canadian crypto exchange, I think NDAX vs Newton or NDAX vs Kraken has the most similar features and comparable prices/fees.

Newton – Best all-around exchange. Good for buying smaller amounts if you want to dollar cost average. Low fees, easy to use, and lots of altcoins to buy and sell. Recommended for beginners.

Kraken – For traders and larger investors. Kraken has a low spread fee, more liquidity, a full trader dashboard, crypto-to-crypto trading pairs, staking, and advanced order types.

NDAX Reviewed: Conclusion and Recommendation

Reasons to like NDAX:

1. Tight Spreads
2. NDAX has within-the-hour deposits/ Withdrawals to your bank account for OTC Trades
3. Staking
4. Quick Buy/Sell or Trading View
5. Recurring Buys
6. Advanced Order Types
7. TradeView Charts
8. Good Customer Service

NDAX is recommended for traders or for buying larger amounts based on the spread fee and crypto withdrawal fee.

NDAX is the lowest fee crypto exchange if are buying, trading, selling, and withdrawing crypto for amounts greater than ~$3000 worth of crypto.

NDAX Review Rating

My conclusion: NDAX is best for traders and buying and selling larger amounts of crypto (over ~$2500 and up).

Operating System: Web, iOS, Android

Editor's Rating:
4.4

(Source)

Craig Leontowicz

nooxli is basic how-to crypto guides, reviews, and information for beginners to get started with cryptocurrency in Canada. Personal investment disclosure: I am long BTC & ETH. I take profits when I feel like it. I trade altcoins in hot markets. NOT investment advice. Investing in cryptocurrency is risky. Do your own research.

Seen in: Finbold, CoinMarketCap, Times Tabloid, and TheBitTimes.com