NDAX Review: Is It The Best?

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 the best features of the NDAX platform is the exceptionally low trading fees.

  1. The platform is one of the country’s best exchanges because of its security measures.
  2. While NDAX is considered one of the best crypto exchange platforms in Canada, here’s what to know before signing up.
  3. NDAX is also working on implementing staking for Ethereum, Polkadot and Cardano.
  4. Perhaps one of the best features of staking on NDAX is the flexibility.
  5. The platform is also in partnership with Ledger Vault, one of the industry’s top crypto security solution providers.
  6. DCA is a popular strategy because it’s seen as a way to reduce the volatility risk of the investment.

Chats after hours are only to collect your information so someone can contact you the following business day. NDAX has a smooth, easy-to-use operation, but that doesn’t mean users won’t have questions or concerns. The crypto exchange offers assistance via knowledgeable support representatives via phone. If you choose to deposit funds using Interac e-transfers, the maximum deposit amount will be $10,000, and it takes about three hours to complete. You can also deposit funds into your NDAX account via wire transfers and bank drafts for free, and they have no minimum or maximum order limits.

At Finty we want to help you make informed financial decisions. We do this by providing a free comparison service as well as product reviews from our editorial staff. There is a 0.2% buying fee and a 0.2% selling fee on trades.

NDAX Inc Reviews

Yes, NDAX is a very safe cryptocurrency exchange, with its security standards among the highest in the Canadian FinTech industry. Overall, NDAX is one of the best platforms for Canadians to buy cryptocurrency. Commissions are lower than those on most Canadian crypto exchanges. Although usually the funds added via e-transfer arrive quickly, sometimes it can take hours if not days. However, I like that recently NDAX has been proactively sending email notifications when there are known issues causing delays, such as in e-transfer.

Get home insurance in 5 minutes for as little as $12/month. Best of all, Hardbacon users receive a $20 account credit when they choose Square One. Opening an account on NDAX is incredibly easy and super fast. It took me about 5 minutes to sign up and get my account verified.

The site offers various sought-after features like cryptocurrency wallets, referral programs, low or no-fee transactions, and over 15 crypto coins for trading. NDAX holds most digital assets offline, in cold wallets secured with multi-signature technology. The global leader provides this ndax review storage in crypto security and infrastructure, Ledger Vault. Moreover, all accounts are protected by mandatory two-factor authentication (2FA) and alert notifications. For Canadian-based users, NDAX is a perfect place to store their digital assets and start investing in crypto safely.

Final Thoughts on NDAX

NDAX complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and other applicable laws and regulations. You will be charged a flat rate for transferring cryptocurrency out of NDAX, based on the coin. To see a full list of all the coins and their respective fees, click here. NDAX is an excellent crypto exchange that makes it easy for newcomers to the crypto market to buy and sell their first cryptocurrency.

When you open an account with NDAX, you’ll be required to go through the same two-factor authentication (2FA) that banks employ on their online banking platforms. NDAX Bank draft, wire transfer and interac e-transfer deposits are free for folks in Canada. NDAX is a Canadian cryptocurrency exchange that serves millions of Canadians crypto enthusiasts – both newbies and seasoned pros alike. We signed up for every crypto exchange and brokerage so you don’t have to.

Being a Crypto exchange with the lowest fees makes it one of the most affordable trading experience platforms for Canadians. Low commissions supported by this Canada-based crypto exchange are processed quickly and ensure that the deposits and withdrawals are not delayed. Just wanted to post a positive review, since I’ve only had good experiences with NDAX and all the negative reviews were starting to freak me out and second guess the exchange. I started using the exchange in 2019 on the advice of a friend and bought a little Dogecoin, which blew up in the following spring. I was able to withdraw both cash and Dogecoin and spent the next few years learning about crypto by trading the profits I made with my lucky bet on Dogecoin.

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The spread depends on the specific coin, and it’s more expensive than paying a transaction fee on NDAX. It is important to note that when you begin staking with NDAX, you are not required to lock up your assets for a set period of time. You can exit your position anytime and have your digital assets at your disposal. NDAX supports 13 digital currencies that can be bought and sold using Canadian Dollars or US Dollars. The available assets include BTC, ETH, LTC, ADA, XRP, BCH, UNI, DOGE, USDT, LINK, DOT, XLM and EOS. Each currency can be traded on the exchange against CAD or USDT.

Major Downside to Advanced Trading

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. Yes, NDAX is a legitimate cryptocurrency exchange founded in Canada in 2018.

ETH and GRT profits are distributed weekly, whereas DOT, ADA, and MATIC are distributed daily. Remember, if you currently stake ETH, you will not be able to unlock your assets until the launch of Ethereum 2.0. This is not dictated by NDAX but is rather due to Ethereum’s transition to proof of stake. In this NDAX review, we will closely examine what this platform offers and how it stands up to the competition. For beginners, the chart can be changed to a simple line chart to see the short, medium or long-term price trend. Like several other Canadian exchanges, they are registered with FINTRAC, Canada’s watchdog for money laundering and other illegal activities, such as terrorist financing.

In addition, NDAX offers staking for 5 cryptocurrencies, including Ethereum, Graph, Polygon, Polkadot, and Cardano. However, staking on NDAX comes with a high 20% staking fee, which we think is too high. NDAX supports over 33 cryptocurrencies, but some notable assets are missing. Namely, BNB, USDC and Lido Staked Ether, which are in the top 20 cryptos by market cap. After 30+ reviews, NDAX is the best crypto exchange in Canada.

I sent a deposit using e-transfer and it said it is being reviewed. I am going to contact my bank and see if they can reverse the e-transfer. Straightforward and user-friendly, with the flexibility to withdraw at any time. While the trading function operates smoothly, I find the fees a bit high for short trading, hence the four-star rating. Nonetheless, it’s an excellent platform, particularly for Canadians, especially given the recent regulatory challenges faced by other exchanges in the country.

The difference between the three services is their fees and advanced trading features. For both crypto and fiat currencies, NDAX charges flat withdrawal fees. Bank drafts and wire transfers cost $4.99 (CAD), while cryptocurrency withdrawals vary according to the cryptocurrency. However, if you send crypto to other NDAX users, there are no additional costs.

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