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ByBit vs NDAX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In this comparison, we’re delving into the distinct features of ByBit and NDAX, two notable cryptocurrency exchanges in the market in Canada. ByBit, known for its derivative trading services, stands in contrast to NDAX, a Canada-based exchange that emphasizes security and educational content. While ByBit faces regulatory challenges in Canada, NDAX prides itself on local compliance and impressive customer support.

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.


ByBit is a global cryptocurrency exchange with headquarters in Dubai with over 100 cryptocurrencies to trade. Unfortunately, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget.

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.


1000+ crypto coins

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


  • Low trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P fees
  • Fixed 0.2% buy/sell fee
  • Free deposits
  • $25 fixed fee for wire/bank withdrawals


  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • 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


  • Won't be available in Canada in October 2023
  • Advanced trading platform can be confusing for beginners
  • Only card payments or third-party transfers
  • No CAD deposits
  • Only CAD deposits accepted
  • No credit/debit cards accepted
  • $25 fixed fee for wire/bank withdrawals
  • Hidden fees

Account Limits

A peer-to-peer trading limit of $1000 per day and a withdrawal limit of 2 BTC per day

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

Methods to buy

  • CAD deposits are not available
  • You can deposit  by card payment, a third-party such as Banxa (3% commission)
  • Peer-to-peer marketplace
  • Interac e-Transfer
  • Wire transfer
  • Bank draft


  • ByBit uses cold storage for assets
  • 2FA

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

Mobile and Desktop Trading

ByBit offers a seamless trading experience on both desktop and mobile platforms. Its mobile app, available for iOS and Android, has an average rating of 4.3 stars on the App Store and 4.8 stars on Google Play, demonstrating a largely positive user experience. Users have lauded the app for its easy-to-use interface, though some complaints about minor bugs and performance issues have been recorded.

NDAX also offers a solid mobile and desktop trading experience. Its mobile app, available for iOS and Android, has impressive ratings: 4.7 stars on the App Store. Users have praised its simplicity, functionality, and intuitive design. The desktop platform is user-friendly, boasting a sophisticated and professional look, easy navigation, and features a useful sidebar for various functions.


ByBit has a mobile app for both iPhone and Android users. On iOS, the ByBit app has a 3.9-star rating from 689 reviews. On Google Play it has a 4.3-star rating from 76,000 reviews.

Desktop view for ByBit app

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit

One-click buy on ByBit App

ByBit's mobile app screenshot from my account

ByBiy app main screen


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

NDAX desktop interface

How to buy Polkadot on NDAX crypto exchange

NDAX trading screen

Ndax app screenshot

NDAX app interface

Ndax buying crypto app

NDAX app interface while trading

Security Compliance

ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage. 

For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account. 

This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario. 

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. 

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

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.

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

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. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.

NDAX provides a knowledge centre on its website. Articles here answer some of the most common questions. They also have a live chat function, which is handy when you need a quick answer. You can also email them for support. Confusingly, NDAX lists its phone number on its contact page, which is rare for a crypto exchange to do. We weren’t sure if this meant they had phone support, so we reached out via email to ask. They got back to us a very impressive 20 minutes later to let us know that they only have email support. So that’s that. Still, that’s the fastest response we’ve seen.

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.


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.


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.