Security Compliance
ByBit's security record now carries a major asterisk. In February 2025, attackers linked to North Korea's Lazarus Group exploited ByBit's multi-signature wallet transfer process and stole roughly $1.5 billion in Ethereum, the largest crypto theft ever recorded. To ByBit's credit, no customers lost funds: the exchange covered all losses from its own liquidity and replenished reserves within about 72 hours, a crisis response widely considered the best the industry has seen. Still, the breach shows that even cold storage and multisig setups can be defeated. Users can secure their accounts with two-factor authentication via Google Authenticator. ByBit also previously ran into trouble in Canada specifically, paying a roughly $2.5 million penalty to the Ontario Securities Commission in 2022 for operating without registration.
NDAX keeps roughly 95% of digital assets in cold storage using Ledger Vault, a big name in crypto security, alongside multi-signature wallets and regular audits. Two-factor authentication is mandatory at sign-up, a policy we like since most exchanges leave it optional. Changing account details like your email or phone number requires submitting a selfie with a handwritten note, an old-school but effective defence against account takeover. As a CIRO member, NDAX also keeps client CAD balances in segregated accounts, though crypto assets themselves aren't covered by deposit insurance.
ByBit utilizes a variety of security methods, including the use of cold storage for protecting assets, implementing encryption procedures, and mandating two-factor authentication. However, the exact proportion of funds kept in cold storage isn't specified. NDAX has robust security measures, storing its digital assets in cold storage through Ledger Vault, renowned for secure hardware wallets. The platform requires mandatory two-factor authentication upon sign-up and has unique security measures such as selfie verification for changes in personal details. While NDAX doesn't state the exact percentage of funds kept in cold storage, their security measures have been lauded as being amongst the best in the industry.
Regulatory Compliance
ByBit exited the Canadian market in 2023 due to Canadian regulations and Canada remains on its restricted jurisdictions list. Notably, ByBit has since obtained licenses elsewhere, including a MiCA license serving the EEA through ByBit EU and a UK relaunch in late 2025, but it has shown no intention of registering with Canadian regulators.
NDAX is one of the most compliant platforms in Canada: a registered investment dealer and CIRO member since December 2024, licensed across all provinces and territories, and registered with FINTRAC and the AMF. It has also received CIRO approval to offer staking, which very few Canadian platforms can claim.
ByBit has faced regulatory issues in Canada. The Ontario Securities Commission (OSC) accused ByBit of operating without the required license, leading to a fine of $2.5M and restrictions on new accounts from Ontario residents. This raises concerns about ByBit's overall compliance in the Canadian market. NDAX is fully compliant with Canadian regulations. It is registered as a MSB with FINTRAC and AMF, ensuring it operates within the stipulated guidelines. They also have protections in place for users' Canadian dollars, held in segregated accounts, providing an extra layer of security not seen in many other exchanges.
Customer support
ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange, plus ticket-based and chat support. For Canadians this is academic, since the platform is off-limits entirely.
NDAX provides a knowledge centre answering the most common questions, plus live chat, email and phone support available Monday to Friday from 10 AM to midnight ET. When we contacted them, we got a reply in an impressive 20 minutes. Their team also responds to negative reviews publicly, which speaks well of how seriously they take support.
ByBit offers 24/7 customer support via live chat and email in multiple languages.
NDAX maintains a well-rounded knowledge base on its website and provides customer service via live chat and email. Their response times have been noted as particularly fast, a point that enhances their overall customer service experience.
Conclusion
In conclusion, both ByBit and NDAX are reputable and well-constructed platforms for cryptocurrency trading, each boasting impressive features and secure measures. However, when all is said and done, ByBit edges out NDAX as the winner in this comparison. This decision primarily hinges on ByBit's competitive fee structure and broader range of trading options, both factors that benefit a larger spectrum of traders from novices to professionals. Furthermore, despite some regulatory setbacks, ByBit's commitment to addressing these issues and enhancing their compliance shows their dedication to their user base. While NDAX excels in its own right, ByBit's broader global footprint and versatile features make it the winner in this matchup.
Initially, we recommended choosing ByBit over NDAX for your cryptocurrency trading needs. However, Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over NDAX.
If you find that neither ByBit nor NDAX meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
