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NDAX vs. Bitcoin Well: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

The realm of cryptocurrency exchanges in Canada is vast and varied, with NDAX and Bitcoin Well leading the charge. These platforms, although similar in certain respects, have unique offerings that make them stand out in the ever-evolving digital currency landscape.

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.

Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.

Coins

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

Bitcoin only

Fees

  • Fixed 0.2% buy/sell fee
  • Free deposits
  • $25 fixed fee for wire/bank withdrawals

Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 

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
  • Immediate self-custody of assets
  • Option to buy bitcoin privately with cash
  • Buy online with Visa debit, e-Transfer or wire
  • No withdrawal fees or wait times
  • Public Company which offers transparency

Cons

  • Only CAD deposits accepted
  • No credit/debit cards accepted
  • $25 fixed fee for wire/bank withdrawals
  • Hidden fees
  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types

Account Limits

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

Methods to buy

  • Interac e-Transfer
  • Wire transfer
  • Bank draft

Security

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

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Mobile and Desktop Trading

Both NDAX and Bitcoin Well recognize the importance of flexible trading, offering robust desktop platforms and mobile applications. NDAX's mobile application boasts a 4.7-star rating on the iOS App Store and has no rating on Google Play. Bitcoin Well, while not explicitly mentioned, has also garnered commendation for its desktop interface that is user-friendly and caters to a broad spectrum of traders, from novices to professionals.

NDAX

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

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Transaction limits on Bitcoin Well

Setting up the account with Bitcoin Well

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. 

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

In the dynamic world of cryptocurrency, security is paramount. NDAX outshines with cold storage solutions provided by Ledger Vault and mandates two-factor authentication for all users. Bitcoin Well, on the other hand, also prioritizes user security, implementing multi-factor authentication, cold storage, and continuous monitoring. While both offer cutting-edge measures, NDAX's stringent protocols and transparency give it a slight edge in terms of safety.

Regulatory Compliance

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

Bitcoin Well is registered with FINTRAC and fully legal in Canada.

Canadian regulations play a pivotal role in ensuring crypto exchanges function within legal parameters. Both NDAX and Bitcoin Well highlight their adherence to Canadian norms. NDAX is registered as a Money Service Business with FINTRAC and AMF, emphasizing its commitment to operating within the bounds of Canadian law. Bitcoin Well, too, showcases its alignment with Canadian regulations, fostering trust and reliability among users. Federal organizations like FINTRAC monitor the compliance of such platforms to ensure they adhere to Canadian standards.

Customer support

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.

Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good.  If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus. 

Customer support can make or break a user's experience. Bitcoin Well underscores its commitment to users by offering top-tier support for varied queries. NDAX, though having a subpar Trustpilot rating, impresses with rapid email responses. Moreover, its live chat function and extensive knowledge center indicate a deeper understanding of customer needs, although the ambiguity surrounding phone support is worth noting.

Conclusion

Navigating the intricacies of NDAX and Bitcoin Well reveals that both platforms offer unparalleled services in the cryptocurrency sphere. However, NDAX emerges as the winner, given its transparent security measures, comprehensive educational content, and commitment to user empowerment. While Bitcoin Well holds its ground with commendable offerings, NDAX’s well-rounded approach makes it a slightly more enticing choice for traders in 2024.

We recommend choosing NDAX over Bitcoin Well for your cryptocurrency trading needs. By opting for NDAX through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither NDAX nor Bitcoin Well 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.

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.