NDAX Exchange Review

NDAX has an iOS app with a 4.6-star rating with 550 reviews. Withdrawing coins depends on the network but takes up to 10 minutes for bitcoin. Spreads can often be hidden and the exchange won’t always be transparent. So you may think you are paying low fees, but in reality you’re paying hidden costs. A spread is the difference between the highest price a buyer is willing to pay (bid price) and the lowest price a seller is willing to sell (ask price). Get home insurance in 5 minutes for as little as $12/month.

  • Digital assets in their custody are insured against fraud, hack, internal theft, and hardware malfunction.
  • Luckily, NDAX is partnered with Ledger Vault to secure your digital assets in cold storage.
  • Like all good design though, the clean UI incorporates some more complex features.
  • It offers its clients free and convenient access to Bitcoin, Ethereum, Fantom, Litecoin, Cardano, including stable coins like the USD and Tether Coins.

You can withdraw crypto to your wallet or transfer fiat to your Canadian bank account for a flat-rate withdrawal fee of CAD $4.99 for bank transfers and wire transfers. In addition to its standard trading platform, NDAX offers Over-The-Counter trading services to high-volume investors who want access to a deep liquidity pool. NDAX has some unique features compared to its competitors, including one of the largest selections of cryptocurrencies and low trading fees. NDAX has an OTC Desk for anyone looking to trade $200,000 or more. You’ll get personalized service and access to a wide range of digital assets.

No other Canadian crypto exchange that we have reviewed mentions fiat money protection, so this is a big plus for NDAX. On March 29, 2021, the OSC communicated  to crypto asset trading platforms that they must contact Staff to initiate the registration process, or face enforcement action. In conclusion, alongside other competitive crypto trading platforms like Bitbuy and Coinsmart, NDAX sits at the top having no shortage of cryptocurrencies to trade with. Furthermore, their charts make it easy for all levels of crypto traders (beginners, intermediate, experts, and even babies) to conveniently process any exchange of their choice. NDAX fees and commissions are one of the lowest and transparent among the competitive Canada-based cryptocurrency trading platforms.

However, before you can buy any crypto you have to fund your account. There are three ways to add money to your NDAX account, and they’re all free. NDAX charges a flat rate of $25 to transfer your funds off the platform back to your bank account. NDAX offers its clients an advanced trading platform that allow a choice of different trading account types according to individual requirements.

Let’s take a closer look at the main functions of each platform. When NDAX moves funds from cold storage, multiple approvals from their senior management team are required, which prevents unauthorized internal transactions from occurring. 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. Like several other Canadian exchanges, they are registered with FINTRAC, Canada’s watchdog for money laundering and other illegal activities, such as terrorist financing. You don’t have to actively trade to participate in the referral program, but you are required to have an NDAX account. If everything checks out, NDAX will confirm your account, and you’ll be ready to transfer funds and begin trading.

With NDAX you can purchase Bitcoin, Litecoin, Ethereum, EOS, Stellar Lumens, Dogecoin, Cardano, USDT, Chainlink, Polkadot, Uniswap, The Graph, Compound, Axie Infinity (AXS), Aave, and Polygon. Some of the drawbacks from the NDAX exchange was the extra information collected during the registration process, and lack of additional coin trading pairs. While the 26 pairs that were offered were good, solid, vetted projects, it did lack the riskier projects in the space that some of the more advanced traders like trading into. It did not offer any futures options or derivatives or staking opportunities, but provided a nice clean layout for basic trading for new to intermediate users. That’s not a big deal for experienced crypto-whales trading large volumes and cashing out big profits. But if you’re a little fish just getting started, that’s actually really expensive.

Transfer Fees

This is a great investment strategy for beginners or anyone who doesn’t have a pile of cash on hand. NDAX is registered with the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC) and Autorité des marchés financiers (AMF) 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. NDAX holds a majority of user funds in an offline, multi-signature wallet.

ndax review

Founded in 2000, Qtrade offers a variety of products such as trading platforms, mutual funds, GICs, and ETFs, some of which are entirely commission-free, while others come with low fees. Moreover, the site provides numerous helpful educational tools and articles for smart investing. One interesting point that NDAX addresses is how money held in customers’ fiat wallets is protected. NDAX says that its users’ Canadian dollars are held in a segregated Canadian bank account. It means that should anything happen to the exchange, for example, insolvency, then your funds could be located and distributed back to you.

Our Cryptocurrency Exchange Reviews in Canada for 2023

A platform’s registration as a dealer does not eliminate the risks and volatility related to cryptoassets. National Digital Asset Exchange Inc. (NDAX) is safe and secure cryptocurrencies exchange based in Canada forward. NDAX was developed with the high quality, security and compliance standards both retail clients expect and institutional clients require.

Beginner and experienced traders use the platform because its user interface is easy to use and understand. Like all good design though, the clean UI incorporates some more complex features. Log in to NDAX.io and click on “Wallets” on your dashboard. Select your CAD wallet and click on “Withdraw.” https://forex-review.net/ Select your preferred bank from the dropdown and enter the amount you want to withdraw. The funds should be in your account within 1 business day. Yes, the NDAX crypto exchange is safe to use, and it is registered with Canadian authorities to offer crypto services in the country.

ndax review

After checking the trading guide in the help section, there are no volume trade bonuses and the commission is a flat rate of 0.20% no matter how big or small the trade is. The exchange is busy, the hundreds of trades happening each hourly interval so the order book is constantly updating and refreshing to give the new price spread and order prices. The NDAX trading fee is great news for beginners starting out with less money, making smaller trades. Their profits won’t take as much of a hit since the fee is proportionate to the size of the trade. It also eliminates frustration and headaches for experienced traders who want to know exactly how much their trades will cost. We love that NDAX is completely transparent about fees so users can make an informed decision.

NDAX Referral Program

NDAX has been good for buy/sell /fiat withdraw ….but I had a simple problem with their site , something could not be sumitted , a form on their site . If a problem occurs service slow but they don’t give up or brush you off [for long ]. Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

The platform’s low-fee and instant transactions provide a base for satisfied customers and rave reviews. 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. Funds deposited from a Canadian bank account into your NDAX are free. Although there are exchanges where you can stake a wider choice of assets, NDAX have told me that they plan on expanding what can be staked in future.

If you’re interested in opening a crypto trading account with NDAX, the process is an easy one. To get started, head to the NDAX website, and select the “Sign Up” button. You’ll need to provide NDAX with your name and email address, in order to set up a user name and password. To be approved rewarded from the referral program, your ndax review referral must sign up for an account using your affiliate link. NDAX will not be able to add your referral to your list of affiliates if they do not sign up using your affiliate link, and you will not be compensated for sending them the link. Cryptocurrency deposits on NDAX are free and reflect on your account immediately.

What to know before you invest in crypto for your business

One of my favourite features is the ability to connect your bank account and set up automated, recurring crypto purchases. This allows you to invest using the Dollar Cost Average (DCA) method. Cryptocurrency is a volatile market with intense price action. The affiliate program offers users the opportunity to share their link through social media channels as well as directly using the html link. Some of the channels that you can share to include Reddit, Facebook, Twitter, Linkedin, Telegram, and WhatsApp, so that users can share the word about NDAX through affiliate marketing.

NDAX is a good starting exchange for Canadians who want to get in on some solid projects in the cryptocurrency space because it works with Canadian banks and accepts deposits from a wide range of coins. It has a range of preferences so that users can customize their trading experience, and full functionality with most Canadian banks. Now that you have increased your security, verified your account, and made your first deposit either through an e-transfer, bank wire, or crypto deposit, you can enter the trading area of the platform. The chart itself offers a range of viewing options and tools along the left side of the chart, and other viewing options and capture options along the topside of the chart. The chart includes the opening price, the high, low, close, and daily gain or loss against the opening price to make you aware of the daily price range. After you have registered an account and completed the lengthy verification process, you can begin to fund your account and move onto the trading component of the exchange.

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