NDAX was launched in June 2018 as a Canadian Exchange based in Calgary. NDAX stands for National Digital Asset Exchange and they stand for clear transparency to make safety and compliance a gold standard in the crypto industry.
With many regulatory registrations, NDAX exchange does their best to protect user funds and also offer the best trading experience for anyone on the platform.
NDAX is founded by a strong leadership team. The CEO is Bilal Hammond, CIO is Omar Abbas. Omar has had positions within the Royal Bank of Canada’s investment positions.
How to use NDAX
- Sign up here to create your NDAX account.
- Once confirmed, set up your 2FA authentication. You’ll need to download the Google Authenticator from the app store if you haven’t already.
- Deposit some CAD or cryptocurrency and you’ll set to start trading!
Buy & sell crypto on NDAX
- To deposit CAD we recommend using the Interac e-Transfer method for the fastest speed.
- Once you’ve deposited CAD, you can buy any of the currencies listed on the exchange.
- Pick what you want to invest in and click buy!
- Selling is as easy as buying aswell.
- Congratulations, you have used the NDAX platform!
Is NDAX Safe?
National Digital Asset Exchange is a safe exchange for investors to use for multiple reasons. They are regulated and are registered with official governmental bodies of Canada such as FINTRAC. Which means they have to be compliant with all the anti-laundering money laws and have to perform Know Your Customer.
In terms of storing and protecting customer funds, NDAX actually keeps 98% of funds in cold storage, leaving 2% being traded. 98% being in cold storage means if hackers were to hack NDAX, the maximum they can even steal is 2% of the funds.
If you were to keep CAD on NDAX, then that money would actually be kept in an insured Canadian bank separate from the company’s bank accounts.
NDAX also requires each customer to set up 2 Factor Authentication (2FA) when you set up your accounts. They don’t use SMS verification for 2FA as that’s a little less secure when compared to Google Authenticator. If you want maximum security for your accounts, you can also set up your account in a way where when you initiate any withdrawals, you would need to do 2FA every time.
NDAX.com Review and Fees Breakdown
Fiat currencies accepted:
NDAX is a Canadian-only exchange so they only accept CAD.
Cryptocurrencies accepted:
National Digital Asset Exchange accepts the major cryptocurrencies:
BTC, LTC, ETH, XRP, EOS, XLM, DOGE, ADA, LINK, USDT and DOT.
NDAX’s fees
NDAX has zero fees when it comes to depositing and you’re able to deposit CAD with three payment methods. Interac e-Transfer, Bank Draft and Wire Transfer. The fastest option is using Interac e-Transfer as it can clear within 0-3 hours. This option does have a $10,000 daily deposit limit and the other is unlimited.
If you choose to deposit Cryptocurrencies, that also does not have a fee. As for their withdrawal fees, NDAX does have a $25 fee if you withdraw any CAD out of your account and will take 2 business days to clear into your bank account.
Cryptocurrency withdrawals will have a fee depending on each currency as different coins have different network fees required to transact. Right now BTC fees for NDAX is 0.0007 which is roughly $13 CAD.
NDAX’s trading fees are 0.2% for every trade you make.
Deposit and Withdrawal methods:
Interac e-Transfer, Bank Draft and Wire Transfer are the three methods the canadian based cryptocurrency exchange offers for you to deposit with.
You’re also able to withdraw CAD to your bank account and withdraw cryptocurrency to any of your addresses.
Security features:
NDAX implements many security features to protect the user’s funds. The most important is the fact that they store 98% of user funds in an offline wallet to minimize any loss potential. They also have multiple data servers so there are backups and they do monitor it 24/7.
NDAX also has third-party security audits and notifies you whenever a new device or IP is logged in and you can whitelist any IP address on your account. The two-factor authentication further protects you against any hackers trying to impersonate you as well – it’s also a good thing where NDAX only allows google authenticator and not SMS because SMS 2FA does have security flaws.
Regulation compliance:
NDAX is compliant with anti-money laundering laws and is registered with FINTRAC. They also conduct Know Your Customer as well.
Customer service:
NDAX has a very well documented with many articles written to explain common FAQ’s or features of the site. The user interface is clean and easy to navigate around.
NDAX also operates on an email based support ticket system. So if you have any issues you can send them a quick email to [email protected] and get that resolved. You can also use their subreddit r/NDAX for updates which they post there as well.
If you’d rather speak to a support agent, you can give the cryptocurrency exchange a call on their support phone line 1-833-727 NDAX (6329) or use their instant live chat function as well.
Mobile functionality/mobile app:
As of currently, they do not have a mobile app available for users to download and trade from.
History of NDAX
Based in Calgary, the Canadian based cryptocurrency exchange was launched to provide users a platform which they can quickly understand and navigate around. And under a strong leadership team which are experienced in managing investments in the Banks of Canada, National Digital Asset Exchange is very compliant with the financial rules and regulations.
The Verdict on NDAX
NDAX as an exchange is decent to use as they are very focused on the security aspect of cryptocurrency trading. Their user interface is a modern, clean and easy to navigate look which makes it feel pleasing to interact with.
Compared to other Canadian exchanges available, we would not rank NDAX exchange at the top of the list as other Canadian exchanges are a little more competitive when it comes to fees. That’s where NDAX exchange falls short as their fees are on the higher end of the spectrum… but you could see it as paying a premium for security.
Overall, the Canadian based cryptocurrency exchange is not a bad exchange to use. It’s easy to use, has a great UI and most importantly it is safe for your funds. If you would like to see what other exchanges you can trade on, we have more reviews here you can check out to see what you like!