NDAX io Review: Pros, Cons & How it Compares: Pros, Cons & How it Compares in Canada June 2023

ndax review

CAD withdrawals are also free with Newton but NDAX charges $4.99 for the service. NDAX keeps it simple, and you also know how much you’re going to pay for trading on their platform. At 0.20% trading fees, you’ll only pay $2.0 on a $1,000 transaction. Yes, NDAX is a very safe cryptocurrency exchange, with its security standards among the highest in the Canadian FinTech industry. 2) Low trading fees of only 0.2% is great for new investors who can get more crypto for their CAD, and is also perfect for frequent traders, to maximise profits. The National Digital Asset Exchange (NDAX) is a Canadian cryptocurrency exchange that makes it easy for Canadians to buy and sell crypto using Canadian dollars (CAD).

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On top of this, NDAX offers very competitive fees and a highly regulated environment for trading crypto. I believe that if the exchange were to expand the list of trading pairs, it would become the top crypto destination for the professional crypto community in Canada in no time. Funding your NDAX account as a verified user is the easy part of the onboarding process. As I already explained in the Deposit Method section, there are three options for depositing CAD. Also, all supported cryptos can be easily transferred from your external wallet to your in-exchange NDAX wallet. Start building your crypto portfolio on Canada’s most secure trading platform.

OTC Desk

There are more than 10 crypto apps and exchanges operating in Canada. NDAX referral program offers one of the best payouts among crypto trading apps in Canada. But NDAX spreads are so tight that your overall purchase price will likely be lower than 0.50%, a fraction of the fees at other exchanges. At 30+digital coins, NDAX has one of the largest selections of digital currencies available to Canadian crypto investors.

First of all, you need to understand that staking is an in-blockchain business. Unlike mining, this process doesn’t incentivize participants (validators) to contribute computing power but coins they already possess. It’s simple — you lock your capital on the blockchain to serve as collateral for validating transactions between blockchain-native coins and receive more of the same coin in return.

NDAX VS Newton

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. While many other crypto exchanges market themselves as no-commission crypto platforms, they make their money through the margin or spread they add to the reference bitcoin prices. The trading platform does a good job at creating an environment that supports new and experienced traders as well as high volume and institutional investors. NDAX offers fast fiat deposits and withdrawals, with most being completed within the day if not instantly. Cryptocurrency deposit and withdrawal speeds are dependent on network congestion.

My tests showed that the all-in purchase fee to buy Bitcoin was 0.49%. It has fast and free CAD deposits via e-transfer and wire transfer. 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.

ndax review

Finder’s account was verified within 5 minutes of completing the verification step. There is a comprehensive support page that covers the majority of issues and frequently asked questions that users may run into. These security and KYC protocols have so far proven successful as NDAX has not been hacked. If the trading platform were to be successfully hacked or experience a data breach, it has insurance in place to cover users’ lost assets. NDAX implements best practices when it comes to storing and moving cryptocurrencies between cold and hot wallets.

Company Security Measures

Before making any financial commitment you should seek professional advice from a qualified investment or financial adviser. Any exchanges we list on our pages should be diligently researched, we list exchanges based on public information at the time. Exchanges have been known to suddenly collapse and we highly recommend keeping any cryptocurrencies you own on a cold wallet. The exchange simply knows how to combine the two most conflicting traits in the crypto realm — feature-rich trading platform and ease of use.

The space’s growth has seen companies innovate in their offerings, even when it comes to quality and focus. NDAX holds a majority of user funds in an offline, multi-signature wallet. That’s a fancy way of saying that your digital assets are locked up tight and will be there when you want them.

Is NDAX safe?

New NDAX users can get a bonus of $10 bonus when they sign up using this NDAX referral code (bfQD9f) or by clicking the button below. Yes, NDAX is a trustworthy cryptocurrency exchange that has been around since 2018. It is a legitimate company registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and AMF (Autorité des marchés financiers) as a Money Service https://forex-review.net/ndax-crypto/ Business. NDAX complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and other applicable laws and regulations. Yes, NDAX is a legitimate cryptocurrency exchange founded in Canada in 2018. It is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and AMF (Autorité des marchés financiers) as a Money Service Business.

New users can utilize the NDAX Blog to learn about the cryptocurrencies offered, blockchain technology and new features on the trading platform. One important factor to always consider when choosing a cryptocurrency trading platform are the fees charged. NDAX charges a 0.2% trading fee, and no deposit fees on fiat and cryptocurrencies. The cryptocurrency exchange have the largest cryptocurrency portfolio available on a Canada’s crypto trading platform, with several trading pairs being available for users. Trading pairs for CAD are available for most top cryptocurrencies, including BTC, ETH, XRP, LTC, EOS, DOGE, USDT, and LINK.

In both cases, mistakes will result in an unsuccessful transaction without a recovery option supported by NDAX. It’s obligatory for full AML/CFT compliance, and you can’t use any of the exchange services without completing it. For full transparency, the exchange keeps fiat funds in segregated bank accounts at a Crown-owned Canadian bank.

Also, you’ll learn how to earn a welcome bonus of $10 by signing up using our NDAX referral link and up to $25 for referring your friends. Get the latest exchange reviews, releases, and how-to guides on Bitcoin, cryptocurrency and more. Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.

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  • Both exchanges are very similar in the number of supported digital assets and, more or less, very close in terms of total costs.
  • Withdrawal fees are fixed and can be seen on NDAX’s fee schedule.
  • All things considered, I’m pretty sure that Bitbuy is a better overall solution unless you’re determined to spend your early crypto days analyzing market trends.
  • Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency.
  • NDAX has added to its list of cryptocurrencies by offering a solid list of services which it is constantly expanding.

From my experience with different crypto exchanges, I can tell you that trading-oriented platforms are always desktop-first because of the charting-system placement. They have carefully designed every aspect to offer an intuitive platform regardless of whether you use the basic or advanced mode. If you are looking to buy Bitcoin in Canada, head over to NDAX’s website and sign up. To follow up with the cryptocurrency exchanges progress follow them on  Twitter.

NDAX vs Bitbuy

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. NDAX has added to its list of cryptocurrencies by offering a solid list of services which it is constantly expanding. Staking is a service found on NDAX that many other Canadian trading platforms don’t offer. That’s why I’m bringing onboard a crypto exchange whose aim is to break this fear of seemingly advanced trading platforms. NDAX is one of the most successful crypto stories in Canada, as it has managed to reshape the view of trading cryptocurrency on local ground.

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Similar to NDAX, the ultimate goal of Newton is to establish a user-friendly and secure basis for trading crypto. Personally, I found the NDAX design better, which doesn’t mean that Newton has any significant UI drawbacks. On the contrary, this exchange features a state-of-the-art outline. NDAX has an active profile on all popular social media platforms Facebook, Linkedin, Twitter, Instagram, Youtube, and Reddit.

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