Security Compliance
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.
Coinsmart and NDAX both have multi-layered security protocols in place to ensure the safety of user information and funds. Coinsmart implements SSL encryption, two-factor authentication, and biometric authentication. NDAX utilizes Ledger Vault for cold storage of its digital assets, and Canadian dollars belonging to users are securely held in a segregated bank account in Canada. Although both Coinsmart and NDAX are regarded as secure exchanges, NDAX provides more comprehensive and transparent details about its security measures.
Regulatory Compliance
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.
Coinsmart and NDAX are both fully compliant with Canadian regulations. They are registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as MSB/
Moreover, both exchanges are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), which requires them to implement various measures, such as customer identification and verification procedures, record keeping, and reporting of suspicious transactions to FINTRAC.
The Canadian Securities Administrators (CSA) is also responsible for regulating securities in Canada, and some cryptocurrency tokens may fall under securities regulations. Coinsmart and NDAX are both licensed by the CSA, which means they are authorized to operate as digital asset trading platforms in Canada.
In summary, Coinsmart and NDAX are compliant with Canadian regulations and have the necessary licenses and registrations to operate as cryptocurrency exchanges in Canada.
Customer support
CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.
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.
Both Coinsmart and NDAX offer customer support through a live chat function on their website. Coinsmart also provides phone support and claims to have a high customer satisfaction rate. On the other hand, NDAX provides a knowledge center on its website and responds to email support inquiries quickly. While Coinsmart has more options for customer support, NDAX's quick response time is impressive.
Conclusion
Coinsmart and NDAX are great options for trading cryptocurrency in Canada. However, Coinsmart stands out as the winner due to its superior customer support and more user-friendly interface. Additionally, while both exchanges have strong security measures in place, Coinsmart's multi-layered security protocols provide an extra layer of protection for users' information and funds.
We recommend choosing Coinsmart over NDAX for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!
If you find that neither Coinsmart 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.
