BitBuy vs NDAX: What Works Better For Canadians?

Oleg Galeev

1 year ago

BitBuy vs. NDAX crypto exchange featured image

BitBuy and NDAX are two Canadian cryptocurrency exchanges that allow you to purchase Bitcoin, Ethereum, and more in just a few clicks. Both are reputable exchanges and many Canadians can’t decide between these two. Keep reading our BitBuy vs NDAX to have a clear understanding of which crypto trading platform works the best for you. 

Description

National Digital Asset Exchange Inc (NDAX) claims to have both the lowest fees and the most coins available in Canada (not 100% true). It has a beginner-friendly platform and a high-rated app.

Bitbuy was founded in 2016 and it offers the most popular cryptocurrencies. It has an Express platform for beginners and a Pro platform for more experienced traders.

Coins

Bitcoin, Litecoin, Ethereum, XRP, EOS, Stellar Lumens, Dogecoin, Cardano, USDT, Chainlink, Polkadot, Uniswap, The Graph, Compound, Aave, and Polygon.

Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Sushiswap (SUSHI), Polygon (MATIC), MANA and USDC

Fees

  • Fixed 0.2% buy/sell fee
  • Free deposits
  • $25 fixed fee for wire/bank withdrawals
  • 1.5% CAD deposit and withdrawal fees for e-Transfer
  • 0.5% fee for wire transfer
  • 0.79% spread
  • 0.1% Maker 0.2% Taker fees
  • Wire transfer 0.50% ($20k min)
  • 0.00025 BTC crypto withdrawal fee

Pros

  • Free deposits
  • No deposit/withdrawal minimum or maximum
  • Fixed 0.2% buy/sell fee
  • Wide range of coins available
  • Fast Interac deposits 
  • Send, request, and gift crypto to another NDAX user for free, instantly
  • Address whitelisting
  • Offers seven of the world’s most popular cryptocurrencies
  • Express Trade and Pro Trade makes it suitable for beginners and advanced traders
  • OTC Desk available
  • Digital assets held in cold storage
  • $20 referral bonus
  • Interac e-Transfer available

Cons

  • Only CAD deposits accepted
  • No credit/debit cards accepted
  • $25 fixed fee for wire/bank withdrawals
  • Hidden fees
  • Deposits can take a few hours
  • 1.5% Interac e-Transfer fee (both in and out)
  • Low Android app rating

Account Limits

  • Deposit $100 - $10,000 via Interac daily
  • $50 minimum e-Transfer withdrawal
  • $20,000 minimum for wire transfers
  • Deposit $100 - $10,000 via Interac daily
  • $50 minimum e-Transfer withdrawal
  • $20,000 minimum for wire transfers

Methods to buy

  • Interac e-Transfer
  • Wire transfer
  • Bank draft
  • Debit card
  • Interac e-Transfer
  • Wire transfer

Security

Assets stored in cold storage using the Ledger Vault (amount unknown)

  • Up to 98% of digital assets are held in cold storage
  • Users can withdraw crypto to private wallets
  • Bitcoin backed 1:1 with Knox insurance policy

BitBuy vs. NDAX: Mobile and Desktop Trading

NDAX has a packed website full of helpful resources. There is a page about each cryptocurrency they offer. These articles include the coin’s history, use cases, charting, how to buy, and more. 

NDAX has an iOS app with a 4.6-star rating with 550 reviews. Its Android app has a 4.0-star rating with 80 reviews. It has obviously done a good job with its app and people seem to like it.

NDAX Desktop interface vs. Bitbuy

NDAX desktop interface

 

Ndax app vs. Bitbuy

NDAX app interface

Ndax buying crypto app vs Bitbuy

NDAX app interface while trading

The Bitbuy app has a 4.6-star rating and 6,000 ratings on the Apple App Store. It has a 2-star rating with 1,000 ratings on Google Play. According to reviewers, the Android app has bugs that prevent them from logging in and verifying their accounts. 

Bitbuy’s iOS app, however, is highly rated. It is easy to use and offers a modern interface similar to the desktop platform. It has live charting and funds can easily be deposited.

Bitbuy has two great platforms for Canadians wanting to buy crypto. Express Trade is suitable for beginners or anyone seeking a quick market trade. The Pro Trade platform is geared toward more experienced traders who wish to place advanced order types. 

Express Trade

Express trade view for Bitbuy

Pro Trade

Express trade on Bitbuy app

 

Bitbuy app interface

Bitbuy app interface

Bitbuy app interface while trading

Bitbuy app interface while trading

BitBuy vs NDAX: Security

Both Bitbuy and NDAX are secure crypto exchanges. NDAX keeps its digital assets in cold storage using Ledger Vault, although they do not state the percentage. Ledger is a big name in the cryptocurrency space, known for making secure hardware wallets. 

When signing up to NDAX, you are forced to enable two-factor authentication. Most crypto exchanges will leave this optional, but we think everybody should do it, so we like this mandatory policy.

Additionally, when you wish to change your details such as your email, address, phone number etc, NDAX requires you to submit a selfie with a handwritten note outlining the request. 

As for Bitbuy, the Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is the highest percentage we’ve seen. 

It is a red flag that NDAX does not disclose what percentage of coins are held in cold storage. We like how transparent Bitbuy is on this point because utilizing cold storage is the main way to prevent hackers from stealing crypto from an exchange. 

BitBuy vs NDAX: Regulatory compliance

NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations. 

Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high-quality regulatory standards and strengthen Canadian markets. 

BitBuy vs NDAX: Customer support

NDAX and Bitbuy have FAQs and knowledge centres on their websites with lots of helpful articles. Customers can message the support teams either online via their support pages or through email. Although NDAX lists a phone number on its website, it does not offer phone support, which is confusing. However, it does have a live chat function which is handy when you need a quick answer.

Both Bitbuy’s and NDAX’s support teams respond to requests relatively quickly. 

Conclusion

Both Bitbuy and NDAX are great choices for Canadians looking to trade cryptocurrency. They both have top security features, although NDAX could be more transparent about its cold storage usage. They both have beginner-friendly platforms, and both make it easy for Canadians to trade crypto.

NDAX claims to be the cheapest Canadian crypto exchange and with its fixed 0.2% buy/sell fee, it might appear the cheapest at first glance. However, here is an example of how Bitbuy compares to no-fee exchanges:

Bitbuy's actual fees vs. spread fees

You can see that Bitbuy is the cheaper option because of its lower spreads. 

Due to its highly regarded reputation, its transparency on security, its commitment to regulatory compliance, and its lower spread, we think Bitbuy is the clear winner when it comes to choosing a Canadian crypto exchange. You can sign up here.

On top of these two, we would recommend Coinsmart for a number of reasons. Why? Check on our Coinsmart review.

Author

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.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.